Mandatory listing of subsequent non-convertible debt issuances applies where an entity's debt securities are listed after commencement.
Listed entities whose non-convertible debt securities are listed on or after 14 October 2026 must list on stock exchange(s) every non-convertible debt security issued after the date of that listing. Regulation 62A(1) is substituted to impose this mandatory listing obligation, while regulation 62A(2) and 62A(3) are omitted. The revised requirement takes effect from publication in the Official Gazette on 14 October 2026.

REIT unitholder voting thresholds now rely on votes cast, while dissenting investors receive exit options after sponsor exits.
The amendments permit issuance of Depository Receipts on REIT units, subject to applicable requirements and Board-specified procedures. They revise specified unitholder approval requirements so that votes in favour must constitute at least seventy-five per cent of total votes cast, excluding votes cast by parties related to the transaction. In a multiple-sponsor REIT, a sponsor exit requires the outgoing or continuing sponsor, or their sponsor-group entities, to provide dissenting unitholders an exit option through purchase of their units.

InvIT governance now permits depository receipts, revises voting thresholds, and protects dissenting unitholders during multi-sponsor exits.
InvITs may issue depository receipts on their units subject to applicable requirements and the manner specified by the Board. Specified unitholder approvals require votes in favour representing at least seventy-five per cent of total votes cast, rather than approval by unitholders holding a prescribed value of units. For transaction-related approvals, votes cast by related parties are excluded. A sponsor exit in a multiple-sponsor InvIT requires an exit option for dissenting unitholders through purchase of their units.

Accredited investor eligibility expands through securities market exposure, while AIF disputes require specified alternative resolution mechanisms.
Accredited investor eligibility is expanded through securities market exposure criteria and accreditation by a specified registered or regulated entity. Alternative eligibility is available for limited liability partnerships, body corporates and family trusts based on prescribed net worth or market exposure, while limited liability partnerships may qualify where each partner independently satisfies accreditation criteria. Investor disputes with an Alternative Investment Fund or its manager must proceed through specified mediation, conciliation and/or arbitration mechanisms. Managerial losses, damages and dispute-resolution expenses cannot be paid from Alternative Investment Fund property.

Mutual fund intermediary framework shifts Fifth Schedule references to Chapter IIID and removes the former Schedule.
Mutual fund regulatory requirements are realigned by replacing references to the Fifth Schedule in regulation 28 and regulation 81(l) with references to Chapter IIID of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. The Fifth Schedule is omitted, and the amendments take effect on the one hundred eightieth day following publication in the Official Gazette.

Common Advertisement Code imposes disclosure, endorsement, and investor-protection standards on regulated entities marketing financial products and services.
Common Advertisement Code requires regulated entities to ensure advertisements are true, fair, accurate, complete, unambiguous, and comprehensible to investors. Celebrity endorsements are limited to brand or entity promotion, require prior approval, cannot include product-specific inducements or claims, and cannot be charged to clients or mutual fund schemes. Advertisements must include prescribed disclosures and disclaimers, substantiate statistical material, avoid investor inducements and dark patterns, and use only permitted ratings or rankings subject to explanatory and comparability conditions.

Institutional investor communications receive a targeted exemption from mandatory call-recording duties under research analyst compliance obligations.
Research analyst regulation introduces an institutional investor definition aligned with the capital-issue and disclosure framework. Maintaining recordings of calls with clients remains prescribed generally, but is no longer mandatory where the clients are institutional investors. This creates a targeted exemption from call-recording compliance for institutional investor communications while retaining the client-communication recording requirement for other clients.

Employee recruitment eligibility now recognises graduation, professional credentials, grade-point conversion, and foreign postgraduate equivalence for specified posts.
Educational eligibility under row 6 of the Employees' Service Schedule is revised with effect from publication in the Official Gazette. The general qualification entry accepts Graduation with prescribed minimum marks, a Master's Degree or Post Graduate Diploma, or specified professional credentials. Aggregate grade points are converted under a defined 10-point scale where no institutional conversion method exists. The desirable advocacy-experience qualification for Grade A Legal Stream officers is omitted. Foreign Master's Degrees or postgraduate qualifications supported by specified equivalence certification are treated as meeting the requisite educational qualification.

Bullion vaulting oversight broadens custody, reconciliation, segregation, compliance reporting, and beneficial-owner indemnification for related instruments.
Vault Manager requirements cover bullion underlying Electronic Gold Receipts, Exchange Traded Funds on bullion, derivatives and other permitted instruments. Managers must accept deposits and deliver bullion as directed, ensure bullion remains within the vaulting system, reconcile physical holdings with relevant records, segregate bullion instrument-wise and entity-wise, and comply with delivery standards. They may not create instruments or deposit stored bullion in their own name. Each manager must appoint a compliance officer, and loss arising during vaulting services requires indemnification of the beneficial owner in the prescribed manner.

Securities-market certification now uses specified persons, adds course-based qualification, and permits extended validity periods for certificates.
Securities-market certification requirements replace "associated person" with "specified person", covering relevant principals, employees, agents, distributors and other natural persons engaged in securities-market business, including specified foreign investor employees working in India. Certification may be obtained through a NISM-specified course or programme, in consultation with the Board. Certificate validity and renewal may extend beyond three years where specified by the Board, and related terminology is updated in the Debenture Trustees and Self Regulatory Organizations frameworks.

Portfolio manager registration requires client agreements, disclosures, fiduciary duties, investment controls, custody, reporting, and compliance oversight.
Registration as a portfolio manager requires a fit and proper body corporate with adequate infrastructure, designated personnel, minimum net worth of five crore rupees and specified unencumbered liquid assets. Registered managers must maintain client agreements and prescribed disclosures, act in a fiduciary capacity, segregate client funds and securities, observe prudential investment controls, appoint custodians where required, preserve records, provide periodic client reports and maintain independent compliance oversight. Special regimes apply to eligible fund managers, co-investment portfolio managers and the PRIM mutual fund investment route.

Securities-law settlement framework sets application, pricing, remedial terms, confidentiality, and fast-track mechanisms for administrative and civil proceedings.
Settlement of administrative and civil securities-law proceedings may be sought before initiation, while pending before the Board, or during an appeal. Applicants must file prescribed forms, waivers, a proposed settlement computation and fees, and ordinarily must apply within the applicable time limit. Settlement terms may include a formula-based settlement amount, disgorgement with interest, disclosures and remedial or regulatory conditions. Eligibility is restricted for specified prior rejections, pending investigations, certain defaulting persons, and matters involving serious market or investor impact. Internal and advisory committees examine proposed terms, while the Panel of Whole Time Members decides acceptance, rejection or reconsideration.

Renewal of clearing corporation recognition authorises BSE Clearing Limited to operate subject to continuing regulatory compliance.
Recognition of BSE Clearing Limited as a clearing corporation is renewed for a three-year period, subject to compliance with conditions specified by SEBI from time to time and any further conditions that may be prescribed or imposed. The renewal is granted under statutory powers concerning recognition of clearing corporations and is based on the interests of trade, the securities market, and the public interest.

Renewal of clearing corporation recognition takes effect for a defined term, subject to ongoing regulatory conditions and compliance.
Recognition of NSE Clearing Limited as a clearing corporation is renewed for three years under the Securities Contracts (Regulation) framework. Renewal is based on satisfaction that it serves the interests of trade, the securities market and the public. Continued recognition is subject to applicable conditions, and NSE Clearing Limited must comply with conditions specified from time to time, including conditions subsequently prescribed or imposed.

Stock exchange recognition renewal permits securities contracts for one year, subject to ongoing compliance with prescribed regulatory conditions.
Recognition under section 4 of the Securities Contracts (Regulation) Act, 1956 is renewed for Metropolitan Stock Exchange of India Limited in respect of contracts in securities for one year, from 16 September 2026 to 15 September 2027. The Exchange must comply with conditions prescribed or subsequently imposed by the Securities and Exchange Board of India.

Municipal debt securities amendment corrigendum corrects clause numbering within inserted Schedule IB of the English notification.
The corrigendum corrects clause numbering in inserted Schedule IB of the English version of the municipal debt securities amendment notification. In paragraph 9.a, clauses (vi) to (x) are renumbered as clauses (i) to (v). In paragraph 9.b, clauses (iv) to (vi) are renumbered as clauses (i) to (iii).

Alternative Investment Fund scheme filings gain revised fees, timelines, comment compliance duties, and exemptions for accredited-investor-only funds
Scheme fees are required with the application, except for the launch of an Alternative Investment Fund's first scheme. The period for filing specified documents is changed to ten working days. After filing, the Board may communicate comments to the merchant banker or Manager, who must ensure compliance with those comments. These requirements do not apply to an Accredited Investors only fund. The amendment also removes the requirement for action under regulation 19D(4) to be undertaken through a merchant banker and omits regulation 19D(5).

Listed entities must follow Board-specified transfer procedures, while disclosure requirements and Schedule VII provisions are revised.
The amendment requires listed entities to comply with procedural requirements concerning the transfer and transmission of securities as specified by the Board from time to time. It replaces the reference to requirements specified in Schedule VII under regulation 61(4) with requirements specified by the Board from time to time and omits clause C of Schedule VII. The regulations come into force on publication in the Official Gazette.

Conflict of interest and investment restrictions strengthen SEBI employee disclosure, recusal, and non-permitted investment controls.
The amendments revise the employee-service framework by expanding definitions of dependent, family members, financial investment, non-permitted investment, permitted investment, professional interest and relational interest, while introducing the Office of Ethics and Compliance as the key disclosure and approval authority. They prohibit fresh non-permitted investments during service, provide limited relaxations and options for existing holdings, require disclosures of interests, property, financial transactions and future employment negotiations, and introduce a structured recusal regime for conflicted relationships backed by a digital recording system.

Foreign venture capital investor fees and remittance rules are revised, with updated payment timing and designated depository participant obligations.
The fee and remittance framework for foreign venture capital investors is revised under the amended registration regulations. The amendment removes the reference to a fee specified in the Second Schedule from regulation 3(3), and the Second Schedule substitutes the existing fee amounts with revised rupee-equivalent charges payable in eligible foreign exchange equivalent. It also requires initial registration fees to be paid prior to the grant of the certificate of registration, and restates the designated depository participant's obligation to remit collected fees to the Board within five working days.