ASBA facility expansion: SCSBs must designate branches and brokers may collect forms, enabling wider ASBA access.
The circular mandates expansion of the Application Supported by Blocked Amount (ASBA) facility to syndicate, sub-syndicate and non-syndicate broker networks; requires Self Certified Syndicate Banks with branches in broker-center locations to name at least one branch to receive ASBA forms; directs stock exchanges to publish broker-center locations; requires merchant bankers to disclose the arrangement in offer documents; and makes the instructions applicable to public issue offer documents filed on or after March 1, 2013, with the circular later rescinded by a master circular dated February 9, 2026.

Depository connectivity requirement enables shifting from TFTS to normal rolling settlement if dematerialisation threshold is met.
Companies with connectivity to both depositories may be shifted from TFTS to Normal Rolling Settlement if at least 50% of non promoter holdings are dematerialised, certified by the Registrar and Transfer Agent or, where no RTA exists, by a practicing Company Secretary or Chartered Accountant, and provided there are no other grounds for continuing TFTS; exchanges must report actions in their Monthly/Quarterly Development Report.

Prohibition on acquisition of securities from secondary market bars employee benefit schemes from buying issuer shares and mandates compliance.
Prohibition on acquisition of securities from the secondary market is imposed for employee benefit schemes; all such schemes must comply with the SEBI ESOS/ESPS Guidelines and listing conditions have been amended to require issuers to align pre-existing schemes with those Guidelines. Companies with schemes outside the Guidelines must report scheme details to stock exchanges in the prescribed format and publish the information, and take steps to bring existing schemes into conformity. The ESOS/ESPS Guidelines are amended to state that no ESOS/ESPS shall involve acquisition of securities from the secondary market.

PAN verification online permitted when intermediaries accept alternate proof of identity, easing investor onboarding and compliance.
Intermediaries may verify investors' PAN electronically at the Income Tax website without requiring the original PAN card, provided the investor presents an alternative document serving as Proof of Identity; this operational flexibility applies to exchanges, brokers, depository participants, mutual funds, KRAs, AIFs and CIS and is issued under Section 11(1) to promote investor protection and regulatory compliance.

Price sensitive information must be disclosed to stock exchanges first to prevent selective disclosures to trade bodies and false markets.
Under Clause 36 of the Listing Agreement, all events or material information that could affect company performance or be price sensitive must be disclosed to stock exchanges immediately and before disclosure to other parties; the circular addresses instances of companies sharing monthly sales/production figures with trade bodies without informing exchanges and directs exchanges to ensure compliance and provide or request further information as needed.

ASBA facility requirements: banks must use a separate demarcated account with another SCSB for self applications.
Banks applying on their own account through ASBA must not use an account held with themselves; SCSBs must maintain a separate account in their own name with another registered SCSB exclusively for ASBA public-issue applications, with clearly demarcated funds. Other circular provisions remain unchanged and the clarification is immediately applicable under the regulator's statutory powers.

Debt re-investment cap: annual reinvestment limited to half of prior year-end debt holdings, with transitional relief for new entrants.
SEBI prescribes a uniform mechanism for FII debt re-investment: FIIs holding debt as of the prior December 31 follow the November 07, 2012 rule permitting annual reinvestment up to fifty percent of prior year-end debt holdings; FIIs that acquired debt limits after January 03, 2012 are granted a cumulative reinvestment facility for calendar year 2013 equal to fifty percent of their maximum debt holding during 2013. Reinvestment periods remain five working days for Government Debt and fifteen working days for Corporate Debt.