Digital payment requirement mandates electronic-only fee remittance for the securities lending scheme, with receipts upon payment realization.
Payments of fees, penalties and recoveries under the Securities Lending Scheme must be made only by electronic modes (NEFT/RTGS/IMPS, SEBI payment gateway or other SEBI specified digital modes); approved intermediaries shall be sent receipts after realization of such payments. Stock exchanges and clearing corporations must implement system changes, amend bye laws, disseminate the change to members and confirm compliance. Other provisions of the 1997 scheme remain in force; the amendment is effective from April 1, 2023.

Nomination compliance timeline extended for trading and demat accounts, with freezing provisions now deferred and reporting duties strengthened.
The timeline for existing eligible trading and demat account holders to furnish nomination details or a declaration opting out of nomination has been extended, and the freezing provisions will now take effect from September 30, 2023 instead of March 31, 2023. Stock brokers and depository participants must send fortnightly email and SMS communications to clients where nomination details are not captured, while stock exchanges and depositories must amend relevant rules, disseminate the circular, and submit monthly reports on implementation efforts.

FPI onboarding streamlined: scanned applications, digital signatures, SWIFT-certified attestations and PAN verification enabled for faster registration.
Registration may be provisionally granted on the basis of scanned, certified CAFs and supporting documents, with PAN allotment processed via the CAF module and KYC uploaded to KRAs; custodians must block account activity until physical documents are verified and, following verification, apply for CP Codes to enable FPI market access. Digital signatures compliant with the Information Technology Act are permitted for CAF execution, authorised bank officials may certify copies via SWIFT messages, and FPIs may submit a unique investor group ID in lieu of full constituent details. Timing references in the Master Circular are clarified and the changes are effective immediately.

SEBI consolidates surveillance rules: dematerialisation condition, anti rumour controls, automated disclosures, and PAN freeze for trading windows.
SEBI issues a consolidated Master Circular rescinding specified prior surveillance circulars while preserving ongoing actions, conditions trading in normal segment on 100% promoter/promoter group dematerialisation, mandates TFT trading for specified events, directs intermediaries to adopt controls on circulation of unauthenticated market information, standardises disclosure formats and reporting under the PIT Regulations including system driven disclosures for specified Entities, and requires implementation of a PAN freeze framework at ISIN level to restrict Designated Persons' trading during trading window closures.

E-wallet investments allowed within umbrella limit; KYC compliance required and prior circular provisions remain applicable.
Permits use of e-wallets for investment in mutual funds subject to an umbrella limit per mutual fund per financial year, aggregating investments made via e-wallet and cash, while requiring that all e-wallets fully comply with KYC norms as prescribed by the Reserve Bank of India; prior circular provisions remain unchanged and these provisions take effect from May 1, 2023.

Portfolio Managers must follow consolidated SEBI rules on registration, client fund segregation, related party limits, disclosures and reporting.
Master Circular consolidates SEBI portfolio manager circulars into a single framework effective March 20, 2023, prescribes online registration and change-in-control approval procedures, mandates compliance governance (designation of compliance officer, Board-approved written policies on order execution and allocation), segregation and daily reconciliation of client funds, certification requirements for associated persons and distributors, prudential limits and prior client consent for related-party investments, minimum credit-rating rules, reporting obligations to SEBI and clients in prescribed formats, automated systems for large AUM, RFQ execution targets for corporate bonds, and standardized disclosure of fees, performance, investor charter and complaint data.

Investor KYC and nomination norms tighten physical securities compliance, freeze incomplete folios, and standardize RTA service requests.
SEBI prescribed common and simplified norms for processing investor service requests by RTAs and for furnishing PAN, KYC details and nomination in respect of physical securities of listed companies. Physical security holders must furnish PAN, nomination, contact details, bank account details and specimen signature, and folios lacking any required detail after the specified cut-off date are to be frozen, with requests and grievance processing allowed only after full compliance. The circular also standardises document submission modes, dispenses with indemnity except where specifically required, and sets operational rules for signature mismatch, change of name, bank detail updates, address proof, forms, disclosures, compliance certification and reporting.

Qualified RTA status clarified, triggering enhanced compliance obligations and reporting requirements for affected registrars immediately.
An RTA is categorised as a Qualified RTA if its combined physical and demat folios for listed companies exceed the folio threshold during a financial year; the RTA must notify SEBI within five working days. A categorised RTA remains subject to QRTA requirements for the next three financial years irrespective of subsequent folio reductions. Newly categorised QRTAs receive a sixty-day period to comply with enhanced systems, internal policy frameworks and reporting obligations.

Buy-back trading restrictions limit purchase volume, timing and price and require haircut on non-cash escrow deposits.
For stock-exchange buy-backs, purchases are capped at a specified proportion of average daily trading volume (value) over the ten preceding trading days; bids are barred during the pre-open, first thirty minutes and last thirty minutes of the regular session; and purchase prices must remain within a narrow range around the last traded price. Non-cash escrow components are subject to SEBI-prescribed haircuts and merchant bankers must ensure sufficiency of net escrow funds until buy-back completion, while stock exchanges will monitor compliance and may enforce penalties.

SEBI framework requires REs to use MeitY empaneled CSPs, retain data ownership and ensure explicit contractual controls.
SEBI's cloud framework requires REs to adopt Board approved GRC, remain fully accountable for cloud hosted data and services, use MeitY empaneled CSPs with STQC (or equivalent) audited data centres, and ensure explicit, enforceable contracts that delineate responsibilities, provide SEBI/RE audit and access rights, mandate encryption and key management (preferably BYOK/BYOE and HSM), continuous monitoring, incident notification and forensic support, and integrated reporting of compliance in systems audit, cybersecurity audit and VAPT reports within prescribed transition timelines.

Cybersecurity best practices advisory requires regulated entities to strengthen incident response, patching, MFA and third party risk controls.
Advisory requires SEBI regulated entities to adopt comprehensive cybersecurity measures, define senior information-security roles, maintain incident response plans, integrate compliance reporting with SEBI audit mechanisms, and implement operational controls including phishing detection and takedown, routine patch management and VAPT with timely remediation, robust log retention, encryption of sensitive and PII data, data leakage prevention, strong authentication with multi-factor authentication, least-privilege/zero-trust privilege management, network and endpoint protections, cloud security safeguards, prompt implementation of CERT-In/CSIRT-Fin advisories, mitigation of third-party concentration risk, and consideration of external audits and ISO certification.

Takeover regulations master circular updates formats, mandates system driven disclosures, exchange based acquisition procedures and trust exemption conditions.
Master Circular consolidates and updates formats, reporting templates and operational procedures under the Takeover Regulations, rescinds specified prior circulars while preserving prior actions, mandates online filing via SEBI Intermediary Portal, standardises Letter of Offer and disclosure requirements, prescribes System Driven Disclosures with depository recording of all encumbrances (including ultimate lender/trustee details) and details stock exchange acquisition, tendering, settlement procedures, escrow and financial arrangements, and special conditions for trust acquirers and Regulation 10 exemption reporting.

Website maintenance requirement compels brokers and depository participants to publish specified disclosures and complaint procedures online.
SEBI mandates that stock brokers and depository participants maintain a designated public website displaying registration number, registered addresses, names and contact details of key managerial personnel including the compliance officer, procedures for account opening and complaint submission and tracking, and details of Authorized Persons; entities must report their website URL to the relevant exchange or depository within the prescribed timeframe and notify changes promptly, while exchanges and depositories must ensure dissemination, amend rules, monitor implementation and report compliance to SEBI.

Issue Summary Document requirement mandates standardized XBRL disclosure and exchange dissemination for public offers and corporate actions.
The circular mandates submission of an Issue Summary Document (ISD) in XBRL for public issues, further issues, buy backs, open offers and voluntary delisting where exit is required; ISD filings occur in two stages (pre issue and post issue) using prescribed Table I-X templates with assigned submitting entities, specified timelines, and stock exchange utilities to accept, transmit and disseminate data on exchange and depository websites, alongside a requirement that lead managers post public issue advertisements in PDF on exchange websites.

AoA amendment requirement: first-time debt issuers must amend AoA within six months after listing, with an in-principle undertaking.
Regulation 23(6) requires companies issuing debt securities to provision in their Articles of Association for appointment of the person nominated by the debenture trustee. Stock exchanges may accept, at in-principle approval, an undertaking from first-time issuers to amend their AoA within six months of listing; issuers must report compliance and exchanges will monitor such amendments.

e-KYC Aadhaar Authentication allowed for notified entities as sub-KUA; must register with UIDAI and enter KUA agreement.
Newly notified entities may act as sub-KUA to perform e-KYC Aadhaar Authentication in the securities market provided they enter the UIDAI-prescribed agreement with a KUA, register with UIDAI as sub-KUAs, adhere to SEBI's established Aadhaar-based KYC procedures and any further UIDAI requirements, and be onboarded by KUAs to enable Aadhaar authentication for KYC.

Perpetual securities compliance: instruments with RBI authorisation and discretionary loss absorbing features must follow Chapter V listing rules.
Instruments are subject to Chapter V only if the issuer has RBI permission, the instruments form part of non-equity regulatory capital, they are perpetual debt or perpetual non cumulative preference shares or similar, and they include issuer/RBI discretion over events such as conversion, write off, deferment/skipping of payments, early recall or change of terms. Stock exchanges and depositories must amend rules, disseminate the circular, raise stakeholder awareness and monitor compliance; the circular takes immediate effect.

Extension of time for OBPP registration allows additional filing period for stock broker applications after MCA e filing upgrade.
SEBI permits OBPPs to submit applications for stock broker registration under the SEBI (Stock Brokers) Regulations, 1992, acknowledging Regulation 51A and the requirement that OBPPs be Indian incorporated companies; an additional three week filing period from February 09, 2023 (until March 01, 2023) is granted due to MCA e filing portal upgrade-related filing difficulties, issued under SEBI's powers in Section 11(1) of the SEBI Act and Regulation 55(1) of the Issue and Listing Regulations.

Qualified Stock Broker obligations strengthened to mandate enhanced governance, risk controls, cybersecurity and investor service mechanisms.
Designation of certain stock brokers as Qualified Stock Brokers (QSBs) triggers enhanced obligations: board-level oversight and dedicated committees, documented risk management policies covering KYC, operational, technology and outsourcing risks, surveillance of client behaviour, scalable IT capacity, and frameworks for orderly wind-down. QSBs must implement robust cybersecurity programs with dedicated security teams, regular VAPT and penetration testing, Business Continuity and Disaster Recovery procedures, investor service centers and online complaint redressal, periodic CERT IN audits, and submit prescribed reports to stock exchanges for enhanced monitoring.

Green debt securities disclosure obligations updated requiring enhanced initial and ongoing disclosures and third party review to prevent greenwashing
The circular replaces Chapter IX to require issuers of green debt securities to disclose environmental objectives, project eligibility criteria and alignment with taxonomies, systems for tracking deployment of proceeds, intended allocation between financing and refinancing, temporary placement of unutilised proceeds, and social and environmental risk mitigation. Listed issuers must provide annual verified utilisation reports, disclose unutilised proceeds, list financed projects with qualitative and, where feasible, quantitative impact metrics and methodologies, and include specified Business Responsibility and Sustainability Reporting elements. Third party review is required on a comply or explain transitional basis.