Scheme Categorization: Mutual funds must align scheme names, investment characteristics and portfolio overlap limits to prescribed standards.
Mutual funds must classify schemes into Equity, Debt, Hybrid, Life Cycle and Other Schemes with specified minimum asset allocation thresholds, permitted residual investments, and uniform type-of-scheme descriptions; portfolio overlap limits, methodology for computing overlap, glide-paths for realignment, duration rules for debt schemes, lifecycle glide-path allocations and standardized Fund of Funds categories and nomenclature are mandated, and AMCs must modify scheme nomenclature, objectives and disclosures to comply within prescribed timelines and publish monthly overlap disclosures.

Valuation of physical gold and silver: mutual funds must use polled spot prices from recognised exchanges for domestic valuation.
Mutual funds shall value physical Gold and Silver by using the polled spot prices published by recognised stock exchanges used for settlement of physically delivered Gold and Silver derivatives contracts; the spot polling mechanism must comply with SEBI's spot polling guidelines and the valuation is subject to the investment valuation norms in the Seventh Schedule. This change takes effect from April 01, 2026 and AMFI, in consultation with SEBI, shall prescribe a uniform implementation policy.

Disclosure of registered name and registration number on social media required for securities intermediaries to ensure transparency and investor protection.
Persons registered under the securities law and their agents must prominently disclose their registered name and registration number on social media home pages and at the beginning of each securities-related content; single-registered entities state their SEBI registered name and number directly, multi-registered entities must provide a home-page weblink to a list of registrations and disclose the specific registration relevant to each content, and agents must disclose the principal's registration details followed by their own where applicable.

Registration forms for stock brokers and clearing members specified; exchanges must implement, notify members, and amend rules.
Specification of standardised Form A (stock broker application), Form B (clearing member application) and Form C (certificate of registration) under the SEBI (Stock Brokers) Regulations, 2026, detailing required particulars (entity and trade details, net worth, PAN, particulars of proprietors/partners/directors, experience and supporting documents), required undertakings including compliance with the Fit and proper person criteria, declaration exposing registrants to cancellation for false information, procedural requirements on organizational documents, MoUs, fees, and directions to exchanges/clearing corporations to notify members and amend governance rules; effective retrospectively from the Regulations' notification.

Commodity derivatives capacity planning requires installed capacity of 2x projected peak and action when utilization exceeds 75%.
SEBI establishes a revised Capacity Planning and Real Time Performance Monitoring framework for the Commodity Derivatives Segment requiring installed capacity of at least 2x projected peak load and a policy mandating action when any component exceeds 75% utilization, with SCOT oversight. MIIs must submit a Capacity Planning and Real Time Performance Monitoring Policy, approved by SCOT and the Governing Board, to SEBI within three months and implement required system, process and rule amendments.

Credit rating agencies must segregate disclosures, obtain client consent, and disclose non availability of SEBI protections for other regulator ratings.
CRAs rating instruments under other financial regulators must segregate grievance channels and disclosures, preserve SEBI minimum net worth requirements (with any other regulator requirements being additional), separate advertising and label rating reports to identify the applicable regulator, disclose non availability of SEBI investor protection mechanisms, obtain upfront written disclosures and client confirmations for new engagements, notify existing clients and confirm such notifications to SEBI, and include a Board approved undertaking in half yearly internal audit reports confirming compliance; staggered implementation timelines apply.

Investor protection through consolidated ICDR Master Circular streamlines ASBA, UPI, rights issue and listing procedures and disclosures.
A Master Circular consolidates SEBI circulars under the ICDR Regulations, 2018, rescinds listed circulars relating to ICDR (while preserving prior actions), prescribes enforcement and fine mechanisms to be administered by stock exchanges, and sets uniform operational standards for offer document disclosures, Rights Issues, public issues (including mandatory ASBA and UPI processes), standardised application forms, ISD reporting, timelines for allotment and T+3 listing, audiovisual disclosure requirements and compensation protocols for investor losses arising from intermediary/SCSB failures.

RTA regulation: master circular consolidates registration, recordkeeping, dematerialisation and enhanced cyber and BCP requirements.
The Master Circular consolidates SEBI directions for RTAs: it mandates online registration/filing via the SEBI Intermediary Portal, prescribes recordkeeping for eight years, appointment of a Compliance Officer, standardized agreements with issuers, uniform PAN/KYC and investor service request norms, dematerialisation-first processing and Suspense Escrow Demat Account procedures, and enhanced governance, BCP/DR, cyber-security and reporting obligations for QRTAs, while rescinding earlier circulars as applicable and preserving actions taken under them.

Client level segregation mandated for investment advisers; fees, disclosures, AI use, audit and supervision framework clarified.
SEBI consolidates guidance for Investment Advisers: enforce client-level segregation of advisory and distribution activities, require standardized IA-client agreements including MITC, mandate disclosure of AI use, accept fees only through traceable banking channels or centralized mechanism, impose deposit and audit requirements, prescribe qualification and registration transition rules, establish administration and supervision framework via recognised stock exchange as IAASB/RAASB, set advertising, outsourcing and conflict of interest norms, and require periodic reporting and complaint disclosure.

Research analyst regulation consolidates registration, disclosure, client segregation and RAASB supervision for strengthened compliance.
The master circular consolidates SEBI guidance for Research Analysts, prescribing registration and NISM certification requirements, deposit and fee rules, client level segregation, disclosure of terms (including MITC) and mandatory KYC and recordkeeping, annual compliance audits with public disclosure of adverse findings, model portfolio and AI use disclosure obligations, cybersecurity and SaaS advisories, procedures for prior approval of change in control, an advertisement code, outsourcing principles, and operational supervision via an enlisted RAASB with specified reporting and grievance redressal mechanisms.

Alternative Investment Funds must upload unit NAVs to depositories by May 1, 2026 or within 30 days of valuation.
AIFs must upload the latest NAV for each unit ISIN into depository systems before May 01, 2026 or within 30 days of valuation, using the valuation date as the date of the independent valuer's report or the date valuation is documented for internal valuers. The AIF manager is responsible for timely and accurate uploads via RTAs. Depositories must provide upload infrastructure, display a prescribed NAV disclaimer, amend relevant rules, notify participants, and publish the change. Trustees/sponsors must include this requirement in the manager's Compliance Test Report.

Single stock derivatives: calendar spread margin benefit not available on expiry day; exchanges must implement changes within three months.
The circular removes calendar spread margin benefit for single stock derivatives on a contract's expiry day: any spread pairing a contract expiring that day with another expiry will not receive offsetting margin treatment for that pairing, while spreads involving only later expiries remain eligible. Stock exchanges and clearing corporations must update systems and amend rules to implement the change; the measure is effective three months from the circular's date.

Creation/Invocation of pledge of securities requires reasonable notice, standardised pledge form, and invocation intimation to parties.
Depositories must adopt a standardized Pledge Request Form obliging pledger and pledgee to comply with the Indian Contract Act, the Depositories Act and SEBI regulations, require the pledgee to give reasonable notice to the pledger, record the pledgee as beneficial owner at invocation, and send intimation to both parties; bye laws and systems must be amended and provisions disseminated for implementation by April 6, 2026.

Revision of Order-to-Trade framework: equity option pricing and market maker algorithmic orders exempted, effective April 6, 2026.
Equity option orders within +/-40% of LTP (premium) or +/-INR 20, whichever is higher, are exempt from the penalty framework for high OTR. Algorithmic orders by Designated Market Makers for market making activity are excluded from OTR computation. The OTR framework remains applicable to cash and derivative segment orders, including liquidity enhancement scheme orders, subject to these exemptions. Stock Exchanges must amend bye laws and notify participants. The modifications amend specified Master Circular paragraphs and take effect from April 06, 2026.

Listing compliance: consolidated LODR master circular standardises disclosures, ESG reporting, dematerialisation and enforcement measures.
Master circular consolidates SEBI directions for compliance with the LODR Regulations, 2015, superseding prior circulars while preserving actions taken under them. It prescribes standardised formats and timelines for periodic and event-driven disclosures (shareholding pattern, financial results and audit procedures, related party transactions, deviation statements, IDR reporting), mandates BRSR and BRSR Core disclosures and assurance, specifies dematerialisation requirements, introduces Integrated Filing for periodic governance and financial filings, and sets uniform enforcement measures including fines, trading suspension, freezing of promoter holdings and delisting processes.

Special window for transfer and dematerialisation of physical securities opens Feb 5, 2026 allowing transfers with one-year lock in.
A one year special window from February 5, 2026 to February 4, 2027 permits transfer and mandatory dematerialisation of physical securities where the transfer deed was executed prior to April 1, 2019, including prior rejected lodgements. Transferees must submit original certificates, the pre April 1, 2019 transfer deed, proof of purchase, KYC, a DP attested Client Master List, and an Undertaking cum Indemnity. Securities must be credited only in demat form and are subject to a one year lock in; disputes and securities transferred to IEPF are excluded. Listed companies/RTAs must verify identity and signatures, publish a 30 day notice when required, and process complete requests within 70 days.

Direct credit of securities to investor demat accounts replaces LOC requirement, subject to DP attested CML and 30 day processing.
SEBI abolishes the requirement for issuance of a Letter of Confirmation and directs RTAs/issuer companies to verify investor service requests and initiate demat conversion requests to credit securities directly into the investor's demat account. The investor must supply a DP attested Client Master List not older than two months and a demat conversion request form. RTAs must complete credit within 30 days, notify the investor after confirmation, retain and deface physical certificates where available, and record lock in details when applicable; changes take effect April 02, 2026.

Social Stock Exchange establishes NPO registration, ZCZP issuance, disclosure and governance requirements for social fundraising.
The Master Circular consolidates the Social Stock Exchange framework: it prescribes NPO registration eligibility, procedures and disclosures for public issuance of Zero Coupon Zero Principal instruments (ZCZP), minimum initial and annual disclosure requirements including Annual Impact Reports assessed by Social Impact Assessors, quarterly utilization reporting, recognition of Self Regulatory Organisations for assessors, and establishment and terms of a Social Stock Exchange Governing Council; prior circulars on SSE are rescinded with transitional continuity provisions.

Closing Auction Session introduced for equity cash segment to determine closing prices via an equilibrium-price auction and aligned pre-open rules.
Introduce a Closing Auction Session (CAS) for derivative-listed cash equities in a phased manner: a 20-minute session (15:15-15:35) with reference price from 15:00-15:15 VWAP (or LTP/prior close if no trades), +/-3% price band, disclosed limit and market orders only, equilibrium-price closure maximizing executable volume with market-order priority, carryover of CTS limit orders (subject to exceptions and priority rules), applicable cash-market risk and margin rules, dissemination of indicative auction metrics, alignment of pre-open auction mechanics, revised settlement-price computation for derivatives, and SOP and system/implementation timelines.

SWAGAT FI framework grants eligible foreign investors unified access, 10 year registration, and streamlined KYC and account consolidation.
The Circular creates the SWAGAT FI framework to streamline registration and compliance for specified FPIs/FVCIs, listing eligible investor categories, requiring resident Indian contributors to invest via LRS through global funds with under 50% Indian exposure, and mandating an SOP to identify eligible jurisdictions. It enables conversion to SWAGAT FI on application, requires depositories to provide unified accounting for foreign investments, grants 10 year registration and KYC review periodicity, adjusts renewal fees and information obligations, and takes effect June 1, 2026.