Disclosure of investor complaints required to be published by mutual funds, vetted by trustees and included in annual reports.
Mutual funds must disclose investor complaints received from all sources on their websites, the industry website and in annual reports using the prescribed Annexure format; disclosures must be vetted and signed by Trustees, include complaint classification and ageing/resolution details, and be uploaded within prescribed post year end timelines and included in the Trustees' Report to enhance transparency in grievance redressal.

Annual report accessibility required: stock exchanges must host listed companies' annual reports to ensure investor access.
SEBI requires stock exchanges to host on their websites the Annual Reports of listed companies submitted under Clause 31 of the Equity Listing Agreement for the financial year 2009-10 onwards, following discontinuation of the EDIFAR site and omission of Clause 51, and to report implementation status to SEBI.

Index options tenure extension to five years permitted, subject to contract cycle structure and exchange risk management.
Introduction of index options with tenure up to five years is permitted on recognised exchanges provided there are eight semi annual June/December contracts in sequence to three serial monthly contracts and three quarterly contracts of the March/June/September/December cycle, and the exchange has an appropriate risk management framework for such derivative contracts.

Dematerialisation requirement enables shift from trade-for-trade to rolling settlement when sufficient public holdings are dematerialised.
Stock exchanges may shift securities from Trade-for-Trade Settlement to normal Rolling Settlement for companies that have established connectivity with both depositories provided that at least 50% of non-promoter holdings are in dematerialised form, certified by the RTA or, where no separate RTA exists, by a practicing company secretary or chartered accountant, and provided there are no other grounds for continuation of TFTS; exchanges must report actions in Monthly/Quarterly Development Reports to the regulator.

Transparency and disclosure obligations require credit rating agencies to publish default studies, conflicts policies, and detailed rating records.
Prescribes comprehensive transparency and disclosure obligations for registered Credit Rating Agencies, requiring retention of detailed rating records for five years after maturity, publication of default studies using static-pool and weighted-average methods, management and disclosure of conflicts of interest, specific prohibitions and disclosure requirements for structured finance ratings, labeling and disclosure of unsolicited ratings, and standardized periodic website and stock-exchange disclosures on rating procedures, rating movements, defaults, default rates, income sources, shareholding pattern and IOSCO code compliance.

FII collateralisation: government and AAA sovereign securities accepted for cash market margins, but cross margining with derivatives barred.
FIIs may offer domestic government securities and foreign sovereign AAA-rated securities, in addition to cash, as collateral to recognized stock exchanges for cash market transactions; cross-margining between cash and derivative segments for such securities is not permitted. Stock exchanges must amend bye-laws, inform member brokers/clearing members, publish the changes, and report implementation status monthly, under the regulator's statutory powers to protect investors and regulate the market.

Volatility Index derivatives permitted subject to a one year index track record, robust risk management and specified submission requirements.
SEBI permits exchanges to introduce Volatility Index derivative contracts only if the underlying index has at least a one year track record and the exchange has an appropriate risk management framework; exchanges must submit contract specifications, position and exercise limits, margins, stated economic purpose, anticipated market development contribution, safeguards and risk protection mechanisms, infrastructure and surveillance details, settlement procedures, and one year of back testing of margin calculation using specified option deltas.

Market making obligations require continuous two-way quoting, guaranteed execution, capital adequacy and exchange monitoring for SME listings.
Market making on the SME exchange is mandatory for listed scrips and regulated through registration, operational obligations and exchange monitoring. Market Makers must meet exchange eligibility, commence quoting from listing/designation, provide continuous two-way quotes for a prescribed portion of trading time, guarantee execution at quoted price and quantity, maintain minimum quote depth, pre-notify blackout periods, and may be limited in number per scrip. Exchanges must publish Market Maker lists, link allowable coverage to capital adequacy, levy all margins without waiver, monitor compliance and impose disciplinary penalties. Exchanges shall prescribe maximum bid-ask spreads and may set price bands, with spreads for new issues disclosed in the offer document.

Power of Attorney limits: brokers may receive narrowly defined authority for settlement and client directed transfers, revocable by client.
Power of Attorney granted to a stock broker or combined stock broker and depository participant must be narrowly limited to specified securities transfers and pledges to meet margin and delivery obligations arising only from trades executed through the same broker, client directed subscription actions with audit trails, and transfers from client bank accounts strictly for settlement, margin, recovery of outstanding amounts from the same broker, subscription payments, and fees/charges; the PoA must identify specific client demat and bank accounts, be revocable at any time, executed in the registered entity's name, prohibit assignment, require joint holder execution, include return clauses for erroneously received assets, and forbid off market transfers and trading without client consent.

Reduced listing timeline accelerates listing after issue closure, with electronic bid capture and PAN-based verification.
SEBI mandated reduction of time between issue closure and listing to twelve working days by requiring syndicate members to upload complete bid data into the electronic bidding system, permitting a one day amendment window for selected fields, and making syndicate members liable for uploaded data errors. Registrars, SCSBs/collecting banks and depositories must validate DP ID, Client ID and PAN, reconcile payments, carry out technical rejections and finalise basis of allotment within specified day by day timelines for non ASBA and ASBA procedures; PAN is prescribed as the primary identifier and mandatory bidding data fields are specified.

Discontinuation of EDIFAR prompts immediate amendment of Equity Listing Agreement to remove EDIFAR references.
SEBI discontinues the Electronic Data Information Filing and Retrieval (EDIFAR) system effective April 1, 2010, replacing it with the Corporate Filing and Dissemination System (CFDS). Stock exchanges must amend the Equity Listing Agreement to remove EDIFAR references and omit the EDIFAR-specific provision, notify all listed companies of the discontinuation, and implement these amendments with immediate effect under SEBI's investor-protection and market-regulation powers.

MCV and PCC disclosure requirements: FIIs must submit declarations, undertakings and seek prior approval for structural changes.
Foreign Institutional Investors and their Sub Accounts must declare whether they are a Protected Cell Company/Segregated Portfolio Company or a Multi Class Share Vehicle (or equivalent) and state whether portfolios for multiple share classes are common and satisfy the broad based criteria or are segregated with each class broad based. FIIs that are or propose to be MCVs with multiple classes must undertake to allocate common broad based portfolios or ensure each segregated class meets broad based criteria, and must obtain prior SEBI approval for any structural change or addition of share classes.

Allocation of debt investment limits: SEBI prescribes bidding and first-come-first-served procedures with entity caps and minimum bids.
Allocation of unutilized foreign institutional investor debt investment limits is prescribed through two modalities: allocation through a bidding process and allocation through a first-come-first-served process. The bidding round governs government and corporate debt with per-entity allocation caps and minimum bid and tick sizes. The FCFS round allocates remaining amounts after bidding subject to per-entity ceilings, operates from a prescribed opening time and date, requires requests by a dedicated email, includes a limited utilization period for allocated limits, and uses a specified applicant format.

ASBA facility extended to qualified institutional buyers, allowing them to apply through blocked funds in public issues.
ASBA is extended to Qualified Institutional Buyers for public issues opening on or after May 1, 2010, allowing QIBs to submit applications with amounts blocked in bank accounts; stock exchanges, merchant bankers, registrars and Self Certified Syndicate Banks must make arrangements to accept ASBA forms from QIBs. The circular was issued under statutory powers and later rescinded by a master circular in 2026.

Listing conditions: mandatory auditor certification for scheme accounting and stricter timelines for financial disclosures
Amendments require listed companies to file an auditors' certificate that accounting treatments in schemes of amalgamation, merger or reconstruction comply with Accounting Standards under Section 211(3C), with sectoral regulator norms prevailing where applicable. Quarterly results must be disclosed within forty-five days and audited annual results within sixty days where applicable; consolidated publication must include specified stand alone items. Optional consolidated reporting under IFRS is permitted with reconciliation to notified Accounting Standards; stand alone reporting remains under Indian GAAP. Auditors must hold a valid ICAI peer review certificate to submit review/audit reports; half year assets and liabilities must be disclosed in Annexure IX format and Audit Committees must approve CFO appointments.

Disclosure of regulatory orders and arbitration awards required on exchange websites to enhance transparency and protect investors.
Stock Exchanges must post all regulatory orders and arbitration awards issued since April 1, 2007 on their websites within thirty days and must post all such orders and awards immediately as and when issued going forward; exchanges must also publish the circular's provisions on their websites and report implementation status in Monthly/Quarterly Development Reports under the regulator's powers to protect investors and regulate the securities market.

Exchange code allocation for a newly recognised exchange requires member notification to enable correct trading and settlement.
SEBI announced allotment of an exchange code to United Stock Exchange of India Limited-Code No. 27-and directed stock exchanges to inform trading and clearing members to update systems and enable correct routing and settlement of trades using the allotted code.

Broker compliance deadline extended for client-dealing safeguards; exchanges must notify, amend bye-laws, and report implementation.
Stock brokers are directed to achieve full implementation of the prior client-dealing safeguards for all clients by the revised deadline; stock exchanges must notify brokers, publish the directive, amend bye-laws and related rules to ensure uniform implementation, and report implementation status in their monthly development reports, pursuant to the exercise of regulatory powers to protect investors and regulate the securities market.

Dematerialisation requirement for non promoter holdings enables shift from trade for trade to rolling settlement when connectivity is met.
Shift from Trade-for-Trade to Rolling Settlement is permitted where companies have connectivity with both depositories, at least half of non promoter holdings are dematerialised certified by the RTA or, if no RTA, by a practicing Company Secretary or Chartered Accountant, and there are no other grounds for continuing Trade-for-Trade; stock exchanges must report actions taken in their development reports.

ASBA for mutual fund NFOs expanded and NFO period shortened, with stricter disclosure and dividend accounting controls.
Mutual funds must disclose brokerage and commission paid to sponsors and related parties in a prescribed format; ASBA is extended as an additional payment mode for NFOs, NFO period is reduced to 15 days with investment of proceeds only after NFO closure and allotment/refund/statement dispatch within five business days; Unit Premium Reserve cannot be used for dividend distribution and AMCs must disclose voting policies and proxy votes, must not charge additional management fees on no-load schemes, and Fund of Funds AMCs may not enter into revenue sharing with underlying funds.