Offer document filing requirements reduced to fewer physical copies with electronic disclosure; applies to filings after the circular.
Filing requirements for offer documents under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 are streamlined to reduce the number of physical copies submitted to the Board and rely on electronic availability on SEBI and merchant banker websites; the reduction applies to all draft and final offer documents filed with SEBI on or after the date of the circular and is issued under SEBI's statutory authority.

Structured products disclosure requirement: enhanced risk, valuation and distribution safeguards mandated for market linked debentures issuers
Regulation requires enhanced issuer obligations and investor protections for listing of structured products/market linked debentures: ineligible treatment of non principal protected instruments; issuer eligibility, minimum ticket size; expanded offer document disclosures including standardized rating prefix, scenario analyses, prominent model and issuer credit risk warnings, valuation publication and commission disclosure; mandatory third party valuation by a registered rating agency with at least weekly public values; and distributor suitability and investor guidance requirements.

Disclosure of price information for past issues must accompany due diligence, using prescribed format and summary tables for recent IPOs.
Merchant bankers must attach prescribed price information disclosures in the specified Annexure and summary table to the Due Diligence certificate for prospectuses filed on or after the circular's applicability date, covering up to ten IPOs per banker across three financial years, with separate tables for each banker and detailed issue-level price and benchmark comparisons.

Standardized IPO application form mandates a single ASBA/non ASBA booklet with uniform fields, serialisation and disclosure.
SEBI mandates a single standardized Application Cum Bidding Form for ASBA and non ASBA applicants in A4 booklet format, with prescribed color coding by investor/repatriation status, mandatory eight digit serial application numbers with date/time stamping, and strict prohibition on altering spacing or data fields. The circular lists required data fields (PAN, single 16 digit depository account field, investor category/status, bid options with bid price/discount/net price, payment options including ASBA authorizations), signature and stamping rules, acknowledgement slips, and bid revision mechanics; it applies to RHPs/prospectuses filed on or after the specified effective date and is issued under SEBI's statutory powers.

Takeover Regulations update requires amended listing disclosures and prescribed formats for takeover filings and public offers.
Notification of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and consequential amendments to Clause 35 of the Equity Listing Agreement require stock exchanges to adopt revised disclosure tables for Promoter/Promoter Group and public shareholdings (including treatment of warrants, convertible securities and encumbrances) and to use prescribed standardized formats for takeover related intimations, reports, public announcements, letters of offer, offer period disclosures and annual/encumbrance disclosures listed in the circular.

Investor grievance redressal requirement: DPs must resolve complaints within one month via SCORES, with depository enforcement.
SEBI has implemented SCORES to centralize investor complaint processing against DPs, enabling routing of complaints to Depositories, online uploads of Action Taken Reports, and investor tracking. DPs must redress grievances within one month and inform investors and Depositories of actions; non-compliance may attract penalties. Depositories must follow up with DPs, levy penalties for non-compliance, update SCORES with status and supporting documents at every stage, ensure website disclosures match SCORES, amend bye-laws for uniform implementation, report monthly to SEBI, and monitor compliance through half-yearly audits and inspections. The circular is issued under Section 11(1) of the SEBI Act.

Consolidated account statements: monthly statements required, with unit allotment confirmations sent by email or SMS, and option for physical reports.
The circular mandates electronic delivery of scheme annual reports or abridged summaries to investors with registered email addresses while preserving an opt in for physical copies, requires AMCs to solicit and register missing email addresses, display reports on AMC websites and provide physical copies on request, and introduces a requirement that AMCs issue a consolidated account statement each calendar month to investors whose folios had transactions during that month, while maintaining unit allotment confirmation by email and/or SMS within the existing dispatch timeline.

Investor complaint processing now requires electronic ATR submission through centralized SCORES, non-submission treated as non-redressal.
Mandates centralized electronic processing of investor complaints via SCORES, requiring intermediaries to view complaints with assigned credentials and submit Action Taken Reports and supporting documents electronically; physical ATRs for SCORES-lodged complaints will not be accepted and failure to update ATRs will be treated as non-redressal with the complaint shown as pending.

Infrastructure Finance Companies eligibility expanded to permit FII investment in corporate debt under long-term infrastructure category.
NBFCs designated as Infrastructure Finance Companies (IFCs) by the Reserve Bank of India are now recognised as eligible issuers for FII investment under the corporate debt long-term infrastructure category, extending prior SEBI guidance on FII investment in infrastructure-sector corporate bonds to include RBI designated IFCs.

Investor grievance redressal via centralized complaints system mandates brokers to resolve complaints and exchanges to enforce penalties.
Redressal of investor grievances is centralized via the SEBI Complaints Redress System (SCORES), which provides a central database, online complaint routing, ATR uploads and investor tracking. Complaints against brokers and sub brokers are communicated electronically to exchanges, which must pursue the matter with brokers. Brokers and sub brokers must redress grievances and inform investors/exchanges within one month, failing which brokers face penal action; exchanges must follow up, levy penalties for noncompliance, update SCORES with status and documents, and align website disclosures with SCORES.

Investor complaint processing centralized via SCORES requires electronic ATR submission and online complaint tracking by intermediaries.
SEBI mandates that all investor complaints be processed exclusively through the SCORES system, requiring intermediaries to submit Action Taken Reports and supporting documents online via assigned credentials; physical ATRs will not be accepted and failure to update ATRs will be treated as non-redressal and shown as pending.

Standardised SEBI account-opening rules require KYC, a Rights and Obligations document, risk disclosure and uniform tariff disclosure.
SEBI requires stock brokers and trading members to adopt standardized account opening documentation-replacing multiple client-broker agreements with a mandatory Rights and Obligations document-and to use a two-part Account Opening Form (KYC plus trading-details), uniform Risk Disclosure, Guidance Note and tariff/policy disclosures. Brokers must provide tariff sheets and grievance contacts, ensure voluntary clauses do not conflict with mandatory terms, segregate client funds and securities, implement ECN standards and maintain records, and comply with margin, settlement, reporting and audit obligations as coordinated with stock exchanges.

Transaction charges for mutual fund distributors permitted on qualifying subscriptions, with disclosure, AMC deduction, and anti splitting safeguards.
SEBI permits a structured transaction charge paid from qualifying subscription proceeds to distributors while excluding direct investments and non purchase flows; charges must be disclosed in bold, deducted by AMCs with net investment and units shown in statements, be subject to distributor level opt out only, and AMCs remain responsible for distributor malpractices and must detect folio splitting and complete folio de duplication within six months.

Client margin shortfall penalties enforced for derivatives, with escalating daily charges and sanctions for false reporting and non reporting.
Imposes a graduated penalty regime on trading members for short-collection/non-collection of client margins in equity and currency derivatives, with percentage-based penalties on per-client per-segment shortfalls, escalated daily penalties after three consecutive days and additional penalties after five days in a month. Market moves of three percent or more delay penalty application unless shortfall persists to T+2. Non-reporting counts as 100% short-collection; false reporting triggers a penalty equal to the falsely reported amount and one-day segment suspension. Exchanges must collect penalties monthly and credit them to the Investor Protection Fund; SEBI will inspect for compliance.

Qualified foreign investor access to mutual funds: permitted with KYC/AML compliance, designated accounts, ceilings and non transferable units.
SEBI allows Qualified Foreign Investors (QFIs) meeting FATF, PMLA and SEBI KYC/AML standards to invest in mutual fund equity and eligible debt schemes via two routes: direct demat holdings through qualified DPs and indirect holdings via Unit Confirmation Receipts (UCRs). Investments are subject to aggregate ceilings, daily reporting to SEBI, non transferability and non encumbrance of units/UCRs, designated overseas bank account remittances, DP and UCR issuer qualification and operational procedures, tax withholding on redemptions, and compliance with FEMA/RBI regulations.

Investor transaction alerts required: stock exchanges must send SMS/e-mail transaction details to investors upon verification.
Stock exchanges must send daily SMS and e-mail transaction details to investors in equity and derivative segments. Stock brokers shall upload client contact details on exchange platforms, excluding intermediary contacts and permitting shared contacts only for immediate family on written request. Exchanges shall verify contacts by SMS/e-mail or letters and, after investor confirmation, send transaction details generated using the investor's Permanent Account Number. Exchanges must notify brokers of discrepancies, may fund alerts from investor-service listing fees, implement infrastructure within four months, amend bylaws, audit implementation, publicize the facility, and report status to the regulator.

Prior approval for change in control required for regulated intermediaries; single window SEBI application streamlines multi registration approval process.
Prior approval from SEBI is required for change in control of specified intermediaries (excluding Sub-brokers) and, where an applicant holds multiple registrations, a single application must be made to MIRSD SEBI with disclosures about the applicant and acquirer, regulatory history, investor complaints, litigation, fees paid, commitment to honour past liabilities, and board incumbency; registered stock brokers and depository participants must also obtain approvals/NOCs from relevant stock exchanges and depositories and forward self attested copies to SEBI.

Investor complaints processing must occur through a centralized electronic SCORES system, requiring online ATR submission and officer registration.
SEBI mandates exclusive electronic processing of complaints through the centralized SCORES system, which provides a central complaints database, online routing to intermediaries, online upload of Action Taken Reports with supporting documents, and investor access to complaint status; physical ATRs for SCORES complaints will not be accepted or permit status updates. Intermediaries must register a Compliance Officer (name and email) to receive SCORES credentials and will receive daily alerts on pending complaints.

Close-ended debt mutual funds may disclose credit policy, excluded sectors, instruments, and allocation bands; final portfolio must match publicized allocation.
SEBI permits specified additional disclosures for close-ended debt oriented schemes: disclose credit evaluation policy, sectors excluded, instrument types (e.g., CPs, CDs, Treasury bills), and allocation floors and ceilings within a 5% range of intended allocation by sub-asset class/credit rating. After NFO closure the AMC must report the publicized allocation and the final portfolio to the AMC and Trustees; variations between the indicative allocation and the final portfolio are not permissible.

Allocation limits for FII government-debt investments capped per entity; bidding and FCFS processes with fees and non-utilisation charge.
Unutilized Government debt long-term limits will be allocated to FIIs via a bidding process and an FCFS process. The bidding process on the BSE imposes a per-entity cap of INR 600 crore, a minimum bid of INR 100 crore, and a minimum tick size of INR 50 crore, with custodians remitting fees by a set date. Remaining limits are allocated FCFS via a dedicated email window subject to a per-request cap and a non-utilisation charge equal to the average successful bid premium; custodians must remit that charge within three working days after the utilization period.