Relaxation of LODR disclosure obligations extended; entities must follow Master Circular conditions and regulatory provisions.
Extension of the temporary relaxation allowing listed entities not to send physical copies of financial statements and related documents for AGMs and to apply earlier relief on voting-related dispatch requirements for electronic general meetings is granted until September 30, 2025; entities must comply with paragraph 5.1 and 5.2 of section VI J of chapter VI of the Master Circular dated July 11, 2023, and note that the relaxations are issued under regulatory powers and remain subject to the Companies Act and applicable rules.

Upfront option premium collection mandated; calendar-spread benefits revoked on expiry and intraday position monitoring strengthened.
SEBI requires upfront collection of options premium from buyers as part of initial margin, mandates separate margin treatment and withdrawal of calendar-spread benefits for contracts expiring on the same day, prescribes intra-day monitoring of position limits with random snapshots, increases tail-risk coverage for short options expiring that day, recalibrates minimum contract-size criteria for new index derivatives, and limits weekly expiries to one benchmark per exchange, with exchanges and clearing corporations directed to amend rules and systems for phased implementation.

Stress testing enhancements for equity derivatives mandate Stressed VaR, filtered historic simulation and factor-model based MRC determinations.
The circular adds three stress-testing methodologies-Stressed VaR (stress-period variance-covariance matrix, doubled volatility, Monte Carlo, 100% option volatility shock), Filtered Historic Simulation (EWMA =0.94 rescaling of historical returns), and a Factor Model (largest three-day NIFTY moves since 2000 scaled by stock beta with 100% option volatility shock)-to determine the MRC of the Core SGF for equity derivatives, mandates a 3-day SPOR, permits a conditional one-time inter-segment transfer of excess ECM funds and penalties to EDX, sets timelines for initial additional contributions and staggered ongoing contributions, and requires CCs to implement SOPs and disclosure and to categorize CCs for exposure modelling.

Listing timeline reduction enables faster issuer access to funds and earlier investor liquidity through accelerated public-issue listings.
Reduction of the listing timeline for public issues of debt securities and non-convertible redeemable preference shares to T+3 working days (optionally for one year, then mandatory) to accelerate issuer access to funds and investor liquidity. During the voluntary year, the refund/unblocking and interest obligations under regulation 37(2) will apply only after T+6 if the issuer fails to meet the chosen T+3 timeline. The T+3 timeline must be disclosed in offer documents and stock exchanges will monitor compliance; an Annexure prescribes the timebound operational steps to achieve listing within the T+3 schedule.

Foreign Venture Capital Investors must engage DDPs for registration, KYC, beneficial owner checks and monthly reporting under new operational guidelines.
FVCIs must register and operate through DDPs: existing FVCIs must engage a DDP by March 31, 2025 or face staged liquidation; DDPs conduct eligibility, country, regulatory and beneficial ownership due diligence (referencing IOSCO, SEBI bilateral MoUs, BIS and FATF), process Form-A applications, grant SEBI-generated registration numbers, monitor compliance, report monthly to SEBI, and notify SEBI within seven days of sanctions-list or fit-and-proper failures. KYC, BO identification per PML Rules, record retention, data-security controls at KRAs, renewal, surrender, change-of-DDP and material-change procedures are specified.

Market infrastructure institutions must undergo triennial independent external evaluations under a SEBI specified weighted rating framework.
SEBI requires independent external evaluation of all recognised stock exchanges, clearing corporations and depositories using Board approved weighted criteria (technology resilience 40%; investor protection 17%; regulatory role 15%; compliance 10%; governance 8%; resources 5%; fair access 5%), a common rating framework, and triennial assessments (first for FY2024-25, report by 30 Sept 2025). External agencies need SEBI NOC, market domain expertise and no conflict of interest. MD and KMP performance metrics must reflect institutional criteria with MD evaluations giving at least 50% weight to critical operations and regulatory outcomes.

UPI mandatory for retail applications through intermediaries in public issues; requires bank account linked UPI ID for fund blocking.
Individual investors applying through intermediaries in public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments must use UPI for blocking of funds and provide their bank account-linked UPI ID in the bid cum application form for applications within the retail threshold; alternative channels (SCSBs and stock exchange platform) remain available and the mandate applies to issues opening on or after the stated commencement date.

SEBI master circular consolidates surveillance rules: trading restrictions, intermediary controls, PIT disclosures and PAN freezes for designated persons.
Master Circular consolidates SEBI surveillance circulars, prescribes Trade-for-Trade treatment for certain corporate events, mandates intermediaries' internal controls to prevent circulation of unauthenticated information, standardizes PIT disclosure formats and reporting of Code of Conduct violations, endorses system-driven disclosures under Regulation 7(2), and establishes a DD-mediated process to freeze PAN at security level for Designated Persons during trading-window closures with specified timelines for notification, data sharing, freezing, exemptions and reporting.

Financial disincentive policy limited to market infrastructure institutions; MIIs given opportunity to respond before penalty.
SEBI limits automatic monetary penalties for technical glitches to Market Infrastructure Institutions (MIIs), removing separate disincentives on MDs and CTOs. SEBI will invite the concerned MII to submit facts before imposing any disincentive; MIIs must conduct internal examinations for individual accountability and may take personnel actions, while SEBI may still initiate enforcement against individuals if warranted. MIIs must file a compliance report within ninety days detailing computation and payment, and disclose such payments on their websites and in annual reports.

Credit Default Swaps flexibility expands mutual funds' ability to buy and sell CDS with tightened cover, disclosure, and risk rules.
SEBI permits Mutual Funds to buy and sell Credit Default Swaps (CDS) with risk management limits: buy CDS only to hedge credit risk on held debt (not exceeding protected security exposure), close positions within fifteen working days after selling the protected security, and attribute exposure to the higher rated of reference entity or CDS seller for concentration limits. Funds may sell CDS only as synthetic debt securities backed by earmarked Cash/G Sec/T bills with cover, buffer and daily review; such synthetic positions count as notional exposure for issuer, group and sectoral limits and gross exposure, and schemes must comply with operational, disclosure, and valuation rules.

Valuation framework for AIF portfolios updated to standardise guidelines, valuer eligibility, and reporting timelines.
Valuation of AIF portfolios distinguishes securities governed by mutual fund valuation norms from those requiring industry-endorsed guidelines; eligible industry associations endorsing guidelines must represent at least one-third of registered AIFs and consider AIPAC recommendations, with IPEV Guidelines endorsed. Harmonisation for thinly traded and non-traded securities is required for applicability on or after March 31, 2025. Changes to comply with the standardised approach or within prescribed guidelines are not 'Material Change', but valuations under old and new methodologies must be disclosed. Independent valuers must be Registered Valuer Entities and authorized valuers must hold specified professional qualifications; reporting based on audited investee data is extended to seven months and compliance must be certified.

T+2 trading of bonus shares enabled, allowing market trading two working days after the record date under SEBI procedure.
Enables T+2 trading for equity bonus shares by requiring issuers to obtain in principle approval within five working days of board approval, deem allotment on T+1, and for exchanges to notify acceptance and the deemed allotment date. Depositories must receive documents for credit by 12:00 PM on T+1 and issuers must upload distinctive number ranges; shares will be tradable on T+2. Direct credit into permanent ISINs is permitted for bonus issues. The procedure applies to bonus issues announced on or after October 1, 2024, and non compliance attracts penalties under existing SEBI guidance.

Centralized fee collection mechanism for registered investment advisers and research analysts enables transparent client payments through an ASB portal.
Optional Centralized Fee Collection Mechanism (CeFCoM) allows clients to pay fees to registered Investment Advisers and Research Analysts through a designated platform administered by a recognized Administration and Supervisory Body (ASB), creating a closed, transparent payment ecosystem; ASB and registrants are to encourage use and the implementing market infrastructure entity will specify the operational framework and rollout.

Reporting obligations for FVCIs: revised quarterly format, mandatory submissions and custodian responsibility enforced.
Foreign Venture Capital Investors must submit quarterly reports in a revised format for all quarters, including when no investments occur. Initial reports are to be emailed in the revised excel format and thereafter filed on the intermediary portal within the prescribed post quarter period. The template requires detailed general information about the FVCI, custody and banking details, investible funds and cumulative and quarterwise investment breakdowns by instrument, scheme and industry, and disclosure of regulatory status and any non adherence to securities laws.

Near zero data loss requirement strengthens business continuity plans, mandating near site replication and DRS staffing parity.
MIIs must implement Near Site (NS) capability alongside Disaster Recovery Site (DRS): stock exchanges must achieve near zero data loss at NS, clearing corporations and depositories must achieve zero data loss. Recovery Point Objective (RPO) must be near zero, with documented data reconciliation for resumption from DRS/NS. DRS must be staffed with personnel having equivalent expertise to Primary Data Centre (PDC) and capable of independently running live operations. Solution architectures must ensure high availability, fault tolerance, no single point of failure, data and transaction integrity; synchronous replication between PDC and NS is required.

Maintenance margin: securities funded through client cash collateral may be recognised as MTF maintenance margin with prescribed margin and eligibility.
Funded stocks received from the Clearing Corporation against client cash collateral may be considered as maintenance margin for MTF to the extent of the cash collateral, provided such stocks are separately identifiable, not comingled, pledged in favor of the trading member, and are Group 1 securities. The applicable margin for such funded stocks is VaR plus five times the Extreme Loss Margin, and trading members must report MTF exposures by 6:00 PM on T+1.

Payment obligation reporting timeline updated to require issuers of listed commercial paper to notify stock exchanges promptly.
Paragraph 8.4 of Chapter XVII of the NCS Master Circular is amended to require a certificate confirming fulfilment of its payment obligations to be submitted to stock exchanges within one working day of payment becoming due, aligning the timeline with Regulation 57 of the LoDR Regulations applicable to listed non-convertible securities.

Eligibility criteria for stock derivatives tightened, with strengthened cash market thresholds and a product success framework enforcing exits.
Stocks qualify for single stock derivatives only if they meet enhanced cash market thresholds on a continuous six month rolling basis, including top market capitalisation ranking, higher Median Quarter Sigma Order Size, increased Market Wide Position Limit, and raised Average Daily Delivery Value. Eligibility on any exchange confers derivatives access across exchanges, with VWAP based settlement. Failure to meet any criterion for three continuous months (post gestation) triggers exit; excluded stocks cannot be re included for one year. A Product Success Framework imposes participation, trading days, turnover and notional open interest minimums; non compliance similarly curtails issuance of new contracts while existing contracts may run to expiry.

Investor complaint review requirements revised: prior board pre approval removed; statements now to be placed quarterly for review.
Amendment aligns REIT disclosure procedures with LODR: the Trustee and Board/Governing Body must ensure investor complaints are redressed and the complaint statement is to be placed quarterly before the Board and Trustee for review; statements of deviation in use of proceeds must be placed for review and submitted to stock exchanges along with financial results. The circular is effective immediately under powers of Section 11(1) of the SEBI Act and Regulation 33 of the REIT Regulations.

InvITs: investor complaint statements to be reviewed quarterly; deviation statements filed with financial results.
The Trustee and the Board/Governing Body of the Investment Manager shall ensure timely redress of investor complaints and shall place the investor complaints statement before them quarterly for review. Statements of deviation in use of issue proceeds must continue until full utilisation or achievement of purpose, be placed before the Trustee and Board/Governing Body for review, and be submitted to the stock exchanges along with the submission of financial results. These amendments are effective immediately.