Minimum contract size in equity derivatives revised with new lot size rules and semiannual reviews requiring advance market notice.
The circular raises the minimum contract size in the equity derivatives segment and prescribes a revised lot size framework: set lot sizes so contract value on review day falls within a specified band; stock derivatives to use specified multiples with minimum lot constraints and alternative smaller multiples where the minimum exceeds the band; index derivatives to use specified multiples with a minimum. Exchanges must harmonise lot sizes, review semiannually using one month average prices, give two weeks' notice for changes, apply higher revised sizes only to new contracts, and follow existing rules for corporate action adjustments.

Cyber security and cyber resilience obligations: market infrastructure institutions must implement controls to manage operational cyber risk and reporting.
Imposes a mandatory Cyber Security and Cyber Resilience framework on Stock Exchanges, Clearing Corporations and Depositories requiring Board approved policies to identify critical assets, assess cyber risks, apply protection/detection/response/recovery processes, designate a CISO, adopt recognised standards, conduct vulnerability assessments and penetration testing, implement access controls, encryption and monitoring, perform incident drills and forensic investigations, submit quarterly reports to the regulator, and ensure vendor and staff security, training and audit coverage.

Offer for Sale retail cut-off bidding option mandated; two-day notice period to be reckoned from banking day.
The OFS framework is amended so that the T-2 notice period is to be reckoned from a banking day rather than a trading day, and sellers must offer retail investors the option to place bids at the cut-off price as well as price bids. Stock exchanges must implement necessary systems immediately, amend bye-laws and rules, and notify member brokers and publish the changes; all other OFS conditions in prior circulars remain unless modified.

Share based employee benefits compliance requires detailed trust, committee, disclosure and filing protocols to protect beneficiaries.
SEBI's requirements for share based employee benefit schemes mandate that trust deeds specify trust particulars, trustee duties, beneficiaries, funding and dissolution; the Compensation Committee set detailed terms on quantum, eligibility, vesting, exercise, corporate action adjustments and long leave treatment; shareholder explanatory statements and stock exchange filings must disclose scheme description, total entitlements, pricing, vesting/exercise terms, implementation route, loan and accounting details; and annual and trust disclosures must report granular ESOS/ESPS/SAR/GEBS data, valuation method and risks.

Interest rate futures on 6-, 10- and 13-year GoI securities allowed, cash-settled with defined contract specs and risk controls.
Permits cash-settled Interest Rate Futures on 6-, 10- and 13-year GoI securities with two underlying options: an actual GoI security meeting residual maturity bands or a notional coupon-bearing basket; exchanges must disclose selection and weighting criteria. Contract specifications set size, quotation, tenure, settlement in INR, daily and final settlement calculations using NDS-OM volume-weighted prices or FIMMDA references, and permit three monthly plus up to three quarterly contracts. Detailed position limits, price bands, and a clearing corporation risk framework (99% one-day VaR, extreme loss and calendar spread margins) are mandated, with pre-launch SEBI approval required.

Registration of FVCIs as FPIs permitted subject to segregation, separate custody accounts, distinct reporting and no opaque structures.
A registered FVCI may be granted registration as an FPI only if it satisfies FPI eligibility criteria and implements clear segregation of funds and securities between registrations, maintains separate custodian accounts (permitting the same custodian), ensures distinct reporting for each registration, complies with all conditions and investment restrictions applicable to FPIs, and does not have opaque structures as defined under the FPI Regulations.

Distinctive number database requirement ensures centralised share records and reconciled issued capital across market participants in real time.
Creation of a Distinctive Number (DN) database is mandated to centralise records of all equity shares, physical and dematerialised, issued by listed companies and to facilitate reconciliation of total issued and listed capital. Depositories must build and maintain the DN database and provide online interfaces; stock exchanges must supply and validate company share totals and update DN entries upon listing approvals; issuers/RTAs must continuously update DN data and reconcile mismatches; depository participants must verify DNs during dematerialisation. Non-compliance attracts action under extant laws.

Master Circular consolidates SEBI circulars for stock exchanges and clearing corporations, standardising trading, settlement, risk and governance.
A Master Circular compiles SEBI circulars applicable to stock exchanges and clearing corporations into thematic chapters-trading, technology, settlement, risk management, exchange-traded derivatives, administration, and depository connectivity-and supersedes the prior master circular, serving as the single reference of regulatory instructions for those operational domains.

Auction session settlement timing revised to allow clearing corporations flexibility to conduct settlement on or before the next scheduled day.
The circular permits Clearing Corporations discretion to schedule settlement of auction trades on or before the previously prescribed close-out day to accelerate delivery; it preserves the auction/close-out sequencing and leaves other provisions unchanged. Recognized Stock Exchanges, Clearing Corporations and Depositories must update systems, amend bye-laws, notify members and intimate SEBI. The circular is issued under Section 11(1) of the SEBI Act read with Section 10 of the Securities Contracts (Regulation) Act to protect investors and regulate the securities market.

Co-location access rules require fair, equal-latency hosting, transparency, security safeguards and mandatory implementation timelines.
Stock exchanges must offer co-location/proximity hosting in a fair, transparent and equitable manner, ensure similar latency for all users, provide sufficient and flexible rack space, decide requests within fifteen working days with written reasons for rejections, allow data feeds and order routing to other recognised exchanges, publish facility descriptions, fees and quarterly latency reports, identify and disseminate statistics on orders/trades from co-located servers, implement security and access controls preventing unauthorized access and prohibiting broker/vendor personnel access to exchange trading platforms and databases, and amend bye-laws and report implementation within three months.

Insider trading disclosures: companies must publish fair disclosure and conduct codes and confirm them to exchanges.
Companies must adopt and publish a Code of Practices for fair disclosure of Unpublished Price Sensitive Information (UPSI) and a Code of Conduct, confirm both to stock exchanges immediately, maintain disclosure formats under regulation 6 in physical or electronic form, and deal only with intermediaries who have compliant codes; stock exchanges must implement systems, amend bye-laws, and disseminate these requirements.

Master Circular for Depositories: consolidates KYC rules, BSDA, DIS controls, CAS, BCP/DR and PFMI compliance.
Master Circular compiles SEBI directives to 31 March 2015 and prescribes operational and compliance standards for depositories, DPs, issuers and BOs: PAN as primary ID with listed PoI/PoA, mandatory KYC and account opening controls; eligibility, charges and service rules for BSDA; standardized and monitored DIS issuance, scanning and processing; transmission timelines (7 days for demat), ISIN activation/freeze rules for new issues; Consolidated Account Statement (CAS) processes; T+2 settlement schedule; and institutional requirements for PFMIs, annual System Audit, BCP/DR, IT governance, risk management and DP inspection framework.

Mutual fund product labeling now uses a five-level Riskometer replacing colour codes, effective July 1, 2015.
SEBI requires mutual funds to adopt product labeling using a five-level Riskometer (Low; Moderately Low; Moderate; Moderately High; High) replacing colour codes, to be applied to all existing and new schemes per AMFI best practices, effective July 1, 2015, with optional early adoption.

Stress testing requirements for liquid and money market funds mandate regular policy-driven tests and trustee reporting.
AMCs must maintain a documented stress testing policy, approved by the Board, mandating at least monthly stress tests of Liquid Fund and Money Market schemes covering interest rate risk, credit risk, and liquidity and redemption risk; methodologies and parameters must be detailed, vulnerabilities must be reported to trustees with corrective actions, the policy must be reviewed annually for adequacy and integration into risk management, and trustees must report compliance and remedial steps in the Half Yearly Trustee Report.

Listing migration for companies of de-recognized exchanges allowed a time-limited window to secure nationwide exchange listing with conditions.
Exclusively listed companies of de-recognized or non-operational stock exchanges are permitted an eighteen-month period to obtain listing on a nationwide stock exchange subject to conditions: listing limited to previously listed classes of securities; no material change in shareholding indicating change of control; waiver of NOC where the company filed returns with the Registrar of Companies for the prior two financial years provided the company submits independent professional compliance certification and the nationwide exchange verifies compliance. Such companies remain on Dissemination Boards until listed and nationwide exchanges must process applications via a dedicated cell within two months.

Acquisition window mechanism enables stock exchange tendering and clearing for takeover, buyback and delisting offers under prescribed procedures.
The circular establishes an Acquisition Window on recognised stock exchanges for tendering and settlement of shares in takeovers, buybacks and delisting offers (applicable to Public Announcements on or after July 01, 2015). Acquirers appoint registered brokers, buyers place orders at tender opening, sellers place sell orders during trading hours, and tendered shares must be transferred to a special clearing corporation account prior to bidding. The Merchant Banker finalises the basis of acceptance; the clearing corporation executes settlement by transferring accepted shares to escrow, replicating secondary market settlement, with prescribed disclosures and procedures for physical and locked in shares.

Position limits for currency derivatives updated; underlying exposure required for positions exceeding prescribed exchange limits.
The circular revises per exchange position limits for FPIs and domestic clients in USD INR and in the combined EUR INR/GBP INR/JPY INR pairs, permitting positions up to those limits without proof of underlying exposure while requiring qualifying Indian debt or equity exposure to take long positions in excess; short positions are capped and breaches trigger exchange restrictions. Exchanges may set sub limits within the combined limit, must monitor and report breaches to the RBI surveillance team, and implement systems, by law changes, dissemination and reporting to the regulator.

Board composition requirement breaches trigger escalating fines and enforcement actions for delayed appointment of a woman director.
SEBI prescribes a graduated penalty regime for failure to meet the Clause 49(II)(A)(1) requirement of a board-level woman director, directing stock exchanges to levy specified fines for entities that comply after the March 31, 2015 timeline according to defined compliance windows and daily rates, and warning that SEBI may take further action against non compliant entities, promoters or directors for breaches beyond the stated period.

Dematerialisation requirement before shifting to normal rolling settlement - exchanges to verify depository connectivity and certificate compliance.
Companies that establish connectivity with both depositories may apply to nationwide stock exchanges to shift securities from Trade for Trade Settlement to Normal Rolling Settlement. Exchanges shall verify depository connectivity and may shift trading only if at least fifty percent of non promoter holdings are dematerialised, certified by the RTA or a practising Company Secretary/Chartered Accountant where no RTA exists, and no other grounds require continuation of TFTS. Exchanges must inform the market and listed companies of such shifts.

Simplified Account Opening: SARAL AOF permits residents to open trading and demat accounts using single proof of address.
SARAL AOF permits resident individuals to open trading and demat accounts with a simplified form while preserving standard KYC documents and AML/PML obligations. An investor need submit only one documentary proof of address (residence/correspondence or permanent); if that address is not the current residence, a declaration of correspondence address is acceptable without proof, subject to notification of changes within two weeks and intermediary verification by positive confirmation methods such as dispatch acknowledgements, telephone contact or visits.