Internet based trading permissions: exchange decision timeline cut to seven days and broker confirmation of IBT statistics removed.
SEBI reduces the decision timeline for exchanges on broker applications to provide Internet Based Trading services from thirty to seven calendar days. It also eliminates the mandatory periodic confirmation by brokers of IBT trade statistics prior to publication; exchanges will publish IBT statistics based on IBT terminal details supplied by brokers and may collect additional information or declarations regarding those terminals as deemed necessary. The circular is effective immediately under SEBI's regulatory authority to protect investors and regulate the market.

Investor Protection Fund rules reinforce trust governance and structured claims processing, enabling expedited investor compensation where eligible.
SEBI prescribes comprehensive guidelines effective June 1, 2024, requiring exchanges with commodity derivatives segments to establish separate trusts for the Investor Protection Fund and separate accounts for the Investor Services Fund, ensure fund segregation, specify trustee composition and tenure, mandate contributions from turnover fees with a minimum floor, and adopt investment policies prioritising capital protection and diversification. The framework defines eligibility exclusions for claims, detailed notice and claims processing procedures including timelines, audit, committee recommendations and IPF disbursement rules (including provisional payments recoverable upon asset realisation), disclosure obligations and standards for Investor Service Centres.

Eligibility criteria for commodity futures revised, requiring template submissions, Annexure P proposals, and strict launch and surveillance obligations.
Revision deletes certain legacy eligibility and retention provisions, renames the eligibility heading, and requires exchanges to analyze proposed commodities using the prescribed template and submit supporting evidence to SEBI for statutory notification. Proposals to launch new contracts must include Annexure P details; SEBI approved contracts may trade continuously unless directed otherwise. Exchanges must adhere to SEBI approved contract specifications and launch calendars, notify participants in advance, seek fresh approval if launch timelines are missed, and maintain position limits, mark to market settlement, delivery procedures and surveillance to prevent market manipulation.

Foreign Portfolio Investors: SEBI issues master circular consolidating registration, KYC, investment limits and ODI rules.
SEBI's Master Circular consolidates and supersedes prior circulars governing FPIs, DDPs, custodians and EFIs by prescribing unified procedures for FPI registration (via CAF and PAN), DDP due diligence and reporting, categorical KYC and beneficial ownership requirements, investor group and company level investment monitoring and red flag and disinvestment mechanics, position and margining limits across derivative segments, and comprehensive rules and reporting obligations for issuance and hedging of Offshore Derivative Instruments, with specific processes for IFSC participation, reclassification, surrender and data security.

Exchange outage procedures require prompt notification and set conditions for limited extension of commodity derivatives trading hours.
The SOP requires exchanges to notify market participants within 15 minutes and SEBI immediately upon an Exchange Outage, update status every 45 minutes, restore operations including from Disaster Recovery sites, and follow BCP/DR protocols. It prescribes precise cut-off and intimation windows which, if met, allow a single 30-minute Extension of Trading Hours for specified commodity derivatives contracts; failure to provide the intimation by the stated cut-off precludes any extension.

Eligibility criteria for commodity options revised to lower turnover threshold for agricultural underlyings, allowing exchanges to list new contracts.
The circular revises paragraph 6.1.2 to prescribe separate average daily turnover eligibility criteria for Options on Commodity Futures, lowering the threshold for agricultural and agri-processed commodities while retaining a higher threshold for other commodities; Options are permitted only on underlying futures traded on the same exchange that meet these criteria. Exchanges must amend bye-laws, notify members, and publish the changes; the circular is issued under Section 11(1) for investor protection and market development.

Social Stock Exchange: SEBI specifies additional self regulatory organizations authorized to register Social Impact Assessors for SSE compliance.
SEBI specifies that a Social Impact Assessor is an individual certified by the National Institute of Securities Markets and registered with a Self Regulatory Organization; in addition to the Institute of Chartered Accountants' SRO, ICMAI Social Auditors Organization and ICSI Institute of Social Auditors are designated as authorized Self Regulatory Organizations for registration of Social Impact Assessors in the context of the Social Stock Exchange.

Social Enterprises must submit annual disclosures and Annual Impact Reports to the Social Stock Exchange by 31 October 2024.
NPOs registered on the Social Stock Exchange, including those with designated securities listed on the SSE, must submit annual disclosures specified in SEBI's 19 September 2022 circular by 31 October 2024 under Regulation 91C(1). Social Enterprises that have registered with or raised funds through the SSE must submit their Annual Impact Report to the SSE by 31 October 2024 under Regulation 91E(1). A copy of the circular is available on SEBI's website under Legal Framework Circulars.

Dynamic price bands tightened with higher flexing thresholds, phased smaller flexes, sliding bands and aligned cross-exchange implementation.
The circular enhances dynamic price bands by increasing preconditions for flexing to more trades, unique UCCs and trading members; implementing phased, smaller flex increments with longer cooling-off periods; requiring concurrent sliding of the opposite band and cancellation of orders outside the slid band; applying temporary option floors/ceilings linked to LTP or theoretical prices during cooling-off; and mandating cross-exchange alignment, operational procedures, infrastructure changes and phased implementation.

Real-time price data sharing restrictions require agreements, due diligence, and one-day lag for investor-education uses.
Sharing of real time price data with third parties is prohibited except for orderly market functioning or regulatory compliance. Permitted sharing requires a formal agreement detailing permitted uses and justification, annual board review of recipients and activities, due diligence, contractual safeguards against misuse, and best efforts to prevent misuse. Market price data may be shared for investor education only with a one-day lag and without monetary incentives. The circular becomes effective 30 days after issuance; MIIs must implement systems, amend bye-laws, and notify and publish the requirements.

Minimum duration of staggered delivery revised to at least three working days, altering scheduling for commodity futures contracts.
SEBI amends paragraph 11.1.3 of the Master Circular for Commodity Derivatives Segment to provide that the minimum duration of staggered delivery period shall be at least three working days. The change applies to contracts with staggered delivery scheduled after July 01, 2024. Recognised stock exchanges and clearing corporations must notify members and publish the amendment on their websites. The circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and operates within the Delivery and Settlement provisions of the Master Circular, with other conditions unchanged.

Audiovisual disclosures must present key offer document information bilingually, uploaded and maintained by issuers and lead managers.
Salient disclosures for main board public issues must be produced as bilingual Audiovisual (AV) presentations, approximately ten minutes per language, factual, non-promotional and compliant with Schedule IX publicity rules. AVs must equitably cover material sections of the DRHP/RHP (company, risk factors, capital structure, objects, business, promoters, management, financial summary, litigations, material developments, offer terms), include a caution directing reliance only on the Offer Document and Price Band Advertisement, be uploaded by issuers and AIBI within five working days of specified filings, made available across digital platforms and QR codes, updated upon RHP/prospectus and price band publication, and remain the responsibility of the Issuer and Lead Managers.

Master Circular consolidates SEBI rules for stock brokers, updating registration, supervision, client protections and tech compliance.
SEBI's Master Circular consolidates and updates all applicable circulars for stock brokers up to March 31, 2024, superseding the May 17, 2023 Master Circular, rescinding specified prior circulars as they relate to brokers while preserving prior actions, applications and liabilities, and sets out comprehensive, domain wise operative requirements on registration, supervision, client dealings, technology, QSB designation and enhanced compliance, issued under Section 11(1) of the SEBI Act.

Master Circular standardizes issuance, listing, EBP/RFQ platforms, ISIN limits, LEI and green debt disclosure for corporate debt instruments.
Consolidated SEBI Master Circular prescribes standardized procedures for issuance, application (ASBA/UPI), validation, roles of SCSBs/sponsor banks/stock exchanges/registrars, timelines for allotment and listing (public issues T+6; private placements/EBP timelines), EBP and RFQ electronic platform rules, ISIN caps and reporting, LEI reporting, green debt disclosure and third party review requirements, nominee director and Settlement Guarantee Fund contribution mechanisms, and continuous monitoring and disclosure obligations.

Master Circular consolidates IA obligations: client segregation, fee limits, reporting, IAASB supervision, complaint disclosure and SaaS data safeguards.
SEBI's Master Circular consolidates IA-related circulars up to May 15, 2024, restates core obligations under the IA Regulations-client level segregation of advisory and distribution, mandatory written agreements, risk profiling and consent, fee modes and limits, recordkeeping, annual audits, and prohibition on cash/ free trial fee collection-while establishing a recognised IA Administration and Supervisory Body framework (IAASB/RAASB) with defined eligibility, supervisory responsibilities, reporting and transitional enlistment requirements; it also prescribes complaint disclosure, advertisement code, outsourcing principles, SaaS data security advisory, reporting formats and procedures for change in control.

Research Analyst regulations: consolidated master circular updates procedural, supervision, disclosures, grievance redressal, advertising, outsourcing and reporting requirements.
SEBI's Master Circular consolidates all circulars to Research Analysts up to May 15, 2024, supersedes the prior Master Circular, and rescinds listed circulars to the extent they relate to RAs while preserving prior actions and pending applications by deeming them under the new circular. It compiles procedural guidelines for proxy advisors (policy disclosure, methodology, conflicts, timelines), establishes a framework recognising a stock exchange as RAASB/IAASB for administration and supervision with enlistment requirements and transitional provisions, prescribes investor grievance disclosure and SCORES/ODR usage, sets advertising, outsourcing, AML, SaaS compliance and reporting obligations, and details change-in-control procedures and annexures.

Verification of market rumours: standards mandated for top listed entities with phased applicability and exchanges to ensure compliance.
Industry standards formulated by an Industry Standards Forum, in consultation with the regulator, require listed entities to follow published standards for verification of market rumours under the Listing Obligations and Disclosure Requirements. The verification obligation applies in a phased manner to the top 100 listed entities from June 1, 2024 and to the next top 150 from December 1, 2024. Stock exchanges must notify listed entities and ensure compliance.

Unaffected price framework: adjusted VWAP replaces rumour-affected prices when rumours are promptly confirmed, altering pricing norms.
Framework prescribes computing an adjusted VWAP by attributing the variation in daily WAP from the day of material price movement until the end of the next trading day after rumour confirmation to the rumour, replacing those days' daily WAPs with the pre-movement daily WAP, and subtracting the measured WAP variation from subsequent daily WAPs to derive an adjusted VWAP for the regulatory look-back period. The unaffected price applies only if the rumour is confirmed within twenty-four hours and operates for a defined applicability window based on transaction stage; repeated confirmations generate separate unaffected-price periods.

ESG rating providers must follow SEBI's master circular on registration, product standards, disclosures, governance and audits.
SEBI's Master Circular mandates registration and procedural requirements for ESG Rating Providers, prescribes designated ESG rating products (including ESG Rating, Transition/Parivartan Score, Combined and Core variants) on a 0-100 scale, detailed rating process and rationale disclosures, governance and board composition norms, conflict of interest controls and trading/disclosure rules for access persons, comprehensive periodic and continuous disclosure obligations including transition matrices and income breakdowns, yearly internal audit requirements with eligible auditors and reporting timelines, and principles for outsourcing and firewalls between ERPs and affiliates.

Credit rating agencies: SEBI compiles a master circular standardising registration, rating operations, disclosures, audits and governance.
SEBI's Master Circular consolidates and updates regulatory requirements for Credit Rating Agencies: mandatory online registration and prior approval for change in control; procedures for transfer, suspension, cancellation or surrender of registration including client migration; standardized rating scales, mandatory Operations Manuals, rating criteria, and press release templates; monitoring, default recognition and non cooperation rules with timelines; withdrawal and provisional rating norms; PD benchmark and default/transition reporting; internal audit, outsourcing, firewall and conflict of interest safeguards; and enhanced disclosure, governance and reporting obligations.