NSDL Circulars
Why this page is structured this way: All in-window entries are listed descending by date so the most recent regulatory state is the first thing a reader sees. Use Cmd-F / Ctrl-F for ID-based lookup. Cross-references from the rest of the site point at anchors on this page.
- 112 circulars indexed in this issuer’s section.
- 34 issued in 2025 or later.
- 2 entries flagged
[unknown — verify]in at least one field. - All entries trace to a primary issuer URL (or Wayback fallback) where research could verify the source.
- AI-generated; read the linked PDF before acting on any provision.
Conceptual overview
Section titled “Conceptual overview”This page is the complete listing of NSDL circulars in the project’s 2020–2026 sweep window. Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL. Where the primary URL could not be re-fetched, an archive URL is provided in its place.
Entries (descending date)
Section titled “Entries (descending date)”NSDL/POLICY/2026/0051
Section titled “NSDL/POLICY/2026/0051”- date_issued: 2026-04-10
- issuer: NSDL
- title: “Freezing of KRA KYC Non-compliant Demat Accounts”
- applies_to: depository
- in_force_date: 2026-04-30
- status: in-force
- impact_areas: re-KYC, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2026-0051-Policy-Freezing_of_KRA_KYC_Non-compliant_Demat_Accounts_new.pdf
All demat accounts whose KYC attributes are not verified by KRAs till April 30, 2026 to be frozen (Suspended for debit and credit) with reason code 08 (Account Holder Related- KYC Non-compliant). Follow-up to NSDL/POLICY/2025/0157.
NSDL/POLICY/2026/0016
Section titled “NSDL/POLICY/2026/0016”- date_issued: 2026-03-15
- issuer: NSDL
- title: “SEBI Master Circular for compliance with the provisions of SEBI LODR Regulations 2015 by listed entities”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2026-0016-Policy-SEBI_Master_Circular_for_compliance_with_the_provisions_of_SEBI_LODR_Regulations_2015_by_listed_entities.pdf
SEBI Master Circular for LODR compliance dated November 11, 2024 updated to include all relevant circulars issued till December 30, 2025.
NSDL/POLICY/2026/0003
Section titled “NSDL/POLICY/2026/0003”- date_issued: 2026-02-04
- issuer: NSDL
- title: “DDP-SEBI circular on Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for FPIs and FVCIs”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, non-individual, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2026-0003-Policy-DDP-SEBI_circular_on_Single_Window_Automatic_and_Generalised_Access_for_Trusted_Foreign_Investors_(SWAGAT-FI)_framework_for_FPIs_and_FVCIs.pdf
SWAGAT-FI framework for FPIs and FVCIs via DDPs. Single window onboarding/access for trusted foreign investors per SEBI circular.
NSDL/POLICY/2026/0001
Section titled “NSDL/POLICY/2026/0001”- date_issued: 2026-01-29
- issuer: NSDL
- title: “Availability of SPEED-e facility on Sunday, February 01, 2026”
- applies_to: depository
- in_force_date: 2026-02-01
- status: in-force
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2026-0001-Availability_of_SPEED-e_facility_on_Sunday,_February_01,_2026.pdf
Operational notice on SPEED-e facility availability on Sunday, February 1, 2026.
NSDL/POLICY/2026/0025
Section titled “NSDL/POLICY/2026/0025”- date_issued: 2026-01-21
- issuer: NSDL
- title: “Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process”
- applies_to: depository
- in_force_date: 2026-01-31
- status: in-force
- impact_areas: re-KYC, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2026-0025-Policy-Suspension_of_demat_accounts_of_existing_clients_whose_KYC_records_are_not_found_to_be_valid_by_KRAs_after_the_validation_process.pdf
KRAs provided list of KYC records not valid (including invalid PANs) for PANs updated in KRAs system during December 1-31, 2025. Demat accounts frozen for “Suspended for debit and credit” on January 31, 2026. Participants to send intimation via letter/email/SMS.
NSDL/POLICY/2025/0163
Section titled “NSDL/POLICY/2025/0163”- date_issued: 2025-12-17
- issuer: NSDL
- title: “Implementation of SEBI CSCRF Circular for Cyber Audit Report Submission”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: cyber-security, system-audit, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0163-Policy-_Implementation_of_Sebi_CSCRF_Circular_for_Cyber_Audit_Report_Submission.pdf
Implementation guidance for cyber audit report submission per SEBI CSCRF framework.
NSDL/POLICY/2025/0161
Section titled “NSDL/POLICY/2025/0161”- date_issued: 2025-12-11
- issuer: NSDL
- title: “SEBI Circular on Clarification on the Digital Accessibility circulars of SEBI”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: dpdp, reporting, grievance
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0161-Policy-_SEBI_Circular_on_Clarification_on_the_Digital_Accessibility_circulars_of_SEBI.pdf
Forwards SEBI clarification on Digital Accessibility circulars enabling persons with disabilities to access securities market infrastructure.
NSDL/POLICY/2025/0157
Section titled “NSDL/POLICY/2025/0157”- date_issued: 2025-12-04
- issuer: NSDL
- title: “Upload of KYC records with KRA”
- applies_to: depository
- in_force_date: 2026-01-02
- status: in-force
- impact_areas: re-KYC, aml, reporting, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0157-Policy-Upload_of_KYC_records_with_KRA.pdf
DPs must ensure KYCs of all non-closed clients uploaded to KRAs. Only clients with KRA status “KYC Registered” or “KYC Validated” allowed to transact. KYC upload timeline 3 working days from completion of KYC Process per SEBI Master Circular dated October 12, 2023. Deadline for pending uploads: January 2, 2026.
NSDL/POLICY/2025/0142
Section titled “NSDL/POLICY/2025/0142”- date_issued: 2025-10-15
- issuer: NSDL
- title: “Change in Pay-in & Pay-out time for NSE and BSE settlements”
- applies_to: depository
- in_force_date: 2025-10-21
- status: superseded
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0142-Policy-Change_in_Pay-in__Pay-out_time_for_NSE_and_BSE_settlements.pdf
Pay-in deadlines advanced for NSE and BSE settlements due to Muhurat Trading scheduled on October 21, 2025. CC Calendar in eDPM and Local DPM systems revised.
NSDL/POLICY/2025/0137
Section titled “NSDL/POLICY/2025/0137”- date_issued: 2025-10-08
- issuer: NSDL
- title: “SEBI circular regarding Review of Block Deal Framework”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, surveillance
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0137-Policy-SEBI_circular_regarding_Review_of_Block_Deal_Framework.pdf
Implements SEBI review of block deal framework with operational changes for the depository.
NSDL/POLICY/2025/0135
Section titled “NSDL/POLICY/2025/0135”- date_issued: 2025-10-01
- issuer: NSDL
- title: “Enhancements in the process of movement of securities for Auto-Pledge instructions (MTF or CUSPA)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: mtf, margin, settlement, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0135-Policy-Enhancements_in_the_process_of_movement_of_securities_for_Auto-Pledge_instructions_(MTF_or_CUSPA).pdf
Enhancements in process of movement of securities for Auto-Pledge instructions specifically for MTF (Margin Trading Facility) or CUSPA (Client Unpaid Securities Pledgee Account).
NSDL/POLICY/2025/0128
Section titled “NSDL/POLICY/2025/0128”- date_issued: 2025-09-25
- issuer: NSDL
- title: “Premature Redemption Calendar for Sovereign Gold Bonds for the period October 2025 to March 2026”
- applies_to: depository
- in_force_date: 2025-10-01
- status: in-force
- impact_areas: settlement, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0128-Policy-Premature_Redemption_Calendar_for_Sovereign_Gold_Bonds_for_the_period_October_2025_to_March_2026.pdf
Premature redemption calendar for Sovereign Gold Bonds (SGB) for October 2025 to March 2026.
NSDL/POLICY/2025/0126
Section titled “NSDL/POLICY/2025/0126”- date_issued: 2025-09-22
- issuer: NSDL
- title: “SEBI circular regarding Ease of Doing Investment - Smooth transmission of securities from Nominee to Legal Heir”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: transmission, nominee, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0126-Policy_-_SEBI_circular_regarding_Ease_of_Doing_Investment_-_Smooth_transmission_of_securities_from_Nominee_to_Legal_Heir.pdf
Implements SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/130 dated September 19, 2025. New standardized reason code “TLH” (Transmission to Legal Heirs) for SFT/CBDT reporting to prevent nominee being taxed on capital gains.
NSDL/POLICY/2025/0124
Section titled “NSDL/POLICY/2025/0124”- date_issued: 2025-09-15
- issuer: NSDL
- title: “Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2026/0025
- impact_areas: re-KYC, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0124-Policy-Suspension_of_demat_accounts_of_existing_clients_whose_KYC_records_are_not_found_to_be_valid_by_KRAs_after_the_validation_process.pdf
Periodic suspension cycle of demat accounts in NSDL system whose KRA-side KYC validation fails. Continues the cyclical suspension regime under SEBI’s KRA risk management framework.
NSDL/POLICY/2025/0119
Section titled “NSDL/POLICY/2025/0119”- date_issued: 2025-09-09
- issuer: NSDL
- title: “Changes in Download file formats in respect of Margin Obligations to be given by way of Pledge/Re-pledge in the NSDL Depository System”
- applies_to: depository
- in_force_date: 2025-09-12
- status: in-force
- impact_areas: margin, file-format, mtf
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0119-Policy-Changes_in_Download_file_formats_in_respect_of_Margin_Obligations_to_be_given_by_way_of_Pledge_Re-pledge_in_the_NSDL_Depository_System.pdf
Changes in Margin Pledge/Re-pledge download (.csv format) for TM and TM/CM users; SPEED-e download changes for CUSPA pledge invocation and closure.
NSDL/POLICY/2025/0118
Section titled “NSDL/POLICY/2025/0118”- date_issued: 2025-09-08
- issuer: NSDL
- title: “Change in Pay-in & Pay-out time for NSE and BSE settlements”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2025/0142
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0118-Policy-Change_in_Pay-in__Pay-out_time_for_NSE_and_BSE_settlements.pdf
Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.
NSDL/POLICY/2025/0108
Section titled “NSDL/POLICY/2025/0108”- date_issued: 2025-08-13
- issuer: NSDL
- title: “SEBI circular regarding Extension of timeline for implementation of SEBI Circular on Margin obligations to be given by way of pledge/Re-pledge in the Depository System”
- applies_to: depository
- in_force_date: 2025-08-13
- status: in-force
- impact_areas: margin, mtf, rms
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0108-Policy-SEBI_circular_regarding_Extension_of_timeline_for_implementation_of_SEBI_Circular_on_Margin_obligations_to_be_given_by_way_of_pledgeRe-pledge_in_the_Depository_System.pdf
SEBI extension of implementation timeline for the margin pledge/re-pledge circular, providing operational relief to depository participants.
NSDL/POLICY/2025/0089
Section titled “NSDL/POLICY/2025/0089”- date_issued: 2025-07-03
- issuer: NSDL
- title: “Guidelines for Transfer cum closure of demat account”
- applies_to: depository
- in_force_date: 2025-07-15
- status: in-force
- impact_areas: closure, transmission, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0089-Policy-Guidelines_for_Transfer_cum_closure_of_demat_account.pdf
Companion to NSDL/POLICY/2025/0090. Guidelines for online transfer-cum-closure of demat accounts, including joint holder and NIL balance accounts.
NSDL/POLICY/2025/0090
Section titled “NSDL/POLICY/2025/0090”- date_issued: 2025-07-03
- issuer: NSDL
- title: “Guidelines for online closure of demat accounts”
- applies_to: depository
- in_force_date: 2025-07-15
- status: in-force
- impact_areas: closure, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0090-Policy-Guidelines_for_online_closure_of_demat_accounts.pdf
Modifies online closure guidelines (points 7 and 13). Accounts with balance must e-sign closure form using digital signature or Aadhaar eSign verified by DP. Requests via DP’s secured app with 2-factor authentication; emails/SMS/messaging apps not allowed. OTP confirmation to registered email/mobile. From July 15, 2025, joint holder online transfer-cum-closure requests enabled.
NSDL/POLICY/2025/0084
Section titled “NSDL/POLICY/2025/0084”- date_issued: 2025-07-01
- issuer: NSDL
- title: “Operating guidelines in respect of Margin Obligations to be given by way of Pledge or Re-pledge in the Depository System”
- applies_to: depository
- in_force_date: 2025-09-05
- status: in-force
- impact_areas: margin, mtf, rms, settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0084-Policy-Operating_guidelines_in_respect_of_Margin_Obligations_to_be_given_by_way_of_Pledge_or_Re-pledge_in_the_Depository_System.pdf
Implements SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/82 dated June 3, 2025 on margin pledge/re-pledge. Changes implemented in NSDL depository at EOD September 5, 2025. Covers pledge invocation with early pay-in, invocation/redemption for MF units, and other operational changes.
NSDL/POLICY/2025/0071
Section titled “NSDL/POLICY/2025/0071”- date_issued: 2025-06-03
- issuer: NSDL
- title: “Processing of off-market transfer instructions in shares of Private Limited Companies”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, non-individual
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0071-Policy-Processing_of_off-market_transfer_instructions_in_shares_of_Private_Limited_Companies.pdf
Operational guidelines for processing off-market transfer instructions involving shares of Private Limited Companies via NSDL depository.
NSDL/POLICY/2025/0059
Section titled “NSDL/POLICY/2025/0059”- date_issued: 2025-05-01
- issuer: NSDL
- title: “Change in Pay-in & Pay-out time for NSE and BSE settlements”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0059-Policy-Change_in_Pay-in__Pay-out_time_for_NSE_and_BSE_settlements.pdf
Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.
NSDL/POLICY/2025/0056
Section titled “NSDL/POLICY/2025/0056”- date_issued: 2025-04-30
- issuer: NSDL
- title: “Master Circular for Participants (DPs)”
- applies_to: depository
- in_force_date: 2025-04-30
- status: in-force
- impact_areas: onboarding, re-KYC, kyc-modification, dormant, closure, transmission, nominee, aml, reporting, system-audit, grievance
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0056-Policy-Master_Circular_for_Participants_(DPs).pdf
Consolidated master circular for Depository Participants effective April 30, 2025. Compiles operational guidelines on KYC, account opening, maintenance, transmission, closure, audit, and grievance redressal in a single reference document.
NSDL/POLICY/2025/0047
Section titled “NSDL/POLICY/2025/0047”- date_issued: 2025-04-11
- issuer: NSDL
- title: “Internal and Concurrent Audit of depository operations”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: system-audit, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0047-Policy-Internal_and_Concurrent_Audit_of_depository_operations.pdf
Revised framework for internal and concurrent audit per Bye Law 10.3. Audit by qualified CA/CS/CMA with valid NISM-Series-VI (DOCE) credentials. Half-yearly report submission to NSDL. Modified audit report format and guidelines included as Annexures.
NSDL/POLICY/2025/0042
Section titled “NSDL/POLICY/2025/0042”- date_issued: 2025-04-03
- issuer: NSDL
- title: “Enhancements in NSDL Depository System - UDiFF Catalogue V2.0.0.0”
- applies_to: depository
- in_force_date: 2025-04-04
- status: in-force
- impact_areas: file-format, onboarding, nominee
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0042-Policy-Enhancements_in_NSDL_Depository_System_-_UDiFF_Catalogue_V2.0.0.0.pdf
UDiFF Catalogue V2.0.0.0 effective April 4, 2025. Introduces BSDA Opt-out option in NSDL Depository system; certain fields in Client Master Export and BO Upload formats become “conditionally required”; date of email consent for BSDA Opt-out required. Nomination address/state fields made optional. Holder Deletion ‘Date of Demise’ validation removed for joint accounts.
NSDL/POLICY/2025/0030
Section titled “NSDL/POLICY/2025/0030”- date_issued: 2025-03-04
- issuer: NSDL
- title: “Implementation of SEBI circular on Amendments and clarifications to Circular dated January 10, 2025 on Revise and Revamp Nomination Facilities”
- applies_to: depository
- in_force_date: 2025-03-01
- status: in-force
- impact_areas: nominee, kyc-modification, transmission, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0030-Policy-Implementation_of_SEBI_circular_on_Amendments_and_clarifications_to_Circular_dated_January_10,_2025_on_Revise_and_Revamp_Nomination_Facilities.pdf
NSDL implementation of SEBI amendments dated February 28, 2025 to nomination circular. Phase II initially set for June 1, 2025 (later extended to August 8, 2025); Phase III to December 15, 2025. DPM System Version 7.95 with Phase II features released EOD August 8, 2025.
NSDL/POLICY/2025/0029
Section titled “NSDL/POLICY/2025/0029”- date_issued: 2025-02-27
- issuer: NSDL
- title: “SEBI CIrcular on Regulatory framework for Specialized Investment Funds (SIF)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: mutual-funds, non-individual, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0029-Policy-SEBI_CIrcular_on__Regulatory_framework_for_Specialized_Investment_Funds_(SIF).pdf
Forwards SEBI regulatory framework for Specialized Investment Funds (SIF), a new class of pooled investment vehicles. Depository participants implement onboarding and reporting changes for SIF.
NSDL/POLICY/2025/0022
Section titled “NSDL/POLICY/2025/0022”- date_issued: 2025-02-13
- issuer: NSDL
- title: “SEBI circular - Revised timelines for issuance of Consolidated Account Statement (CAS)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0022-Policy-SEBI_circular_-_Revised_timelines_for_issuance_of_Consolidated_Account_Statement_(CAS).pdf
AMCs/MF-RTAs to send monthly common PAN data to Depositories within 5 days of month end. Depositories dispatch e-CAS by 12th day and physical CAS by 15th day of month end.
NSDL/POLICY/2025/0017
Section titled “NSDL/POLICY/2025/0017”- date_issued: 2025-02-10
- issuer: NSDL
- title: “Facility for submission of NISM alert details - Compliance Officer”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0017-Policy-Facility_for_submission_of_NISM_alert_details_-_Compliance_Officer.pdf
e-PASS portal facility to submit NISM compliance officer alert details for DPs.
NSDL/POLICY/2025/0013
Section titled “NSDL/POLICY/2025/0013”- date_issued: 2025-02-03
- issuer: NSDL
- title: “Clarification on Handling of Clients’ Securities by Trading Members (TM) / Clearing Members (CM)”
- applies_to: depository, broker, clearing-corp
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, client-funds, upstreaming, rms
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0013-Policy-Clarification_on_Handling_of_Clients_Securities_by_Trading_Members_(TM)__Clearing_Members_(CM).pdf
Clarification on handling of client securities by TMs and CMs. Aligns NSDL operational positions with SEBI’s client securities upstreaming framework.
NSDL/POLICY/2025/0012
Section titled “NSDL/POLICY/2025/0012”- date_issued: 2025-01-30
- issuer: NSDL
- title: “Change in Pay-in & Pay-out time for NSE and BSE settlements”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0012-Policy-Change_in_Pay-in__Pay-out_time_for_NSE_and_BSE_settlements_.pdf
Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.
NSDL/POLICY/2025/0007
Section titled “NSDL/POLICY/2025/0007”- date_issued: 2025-01-23
- issuer: NSDL
- title: “Facility for reporting of details of NISM qualified Associate persons by DPs through NSDL ePASS Portal”
- applies_to: depository
- in_force_date: 2025-01-31
- status: in-force
- impact_areas: system-audit, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0007-Policy-Facility_for_reporting_of_details_of_NISM_qualified_Associate_persons_by_DPs_through_NSDL_ePASS_Portal.pdf
DPs must report NISM Series-VI (DOCE) certification details of associated persons in DP operations on half-yearly basis via NSDL e-PASS. First submission as on December 31, 2024 due by January 31, 2025. Captures PAN, name, designation, certificate code, exam date, expiry date.
NSDL/POLICY/2025/0006
Section titled “NSDL/POLICY/2025/0006”- date_issued: 2025-01-15
- issuer: NSDL
- title: “SEBI Circular on Revise and Revamp Nomination Facilities in the Indian Securities Market”
- applies_to: depository
- in_force_date: 2025-03-01
- status: in-force
- impact_areas: nominee, kyc-modification, onboarding, transmission
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0006-Policy-SEBI_CIrcular_on__Revise_and_Revamp_Nomination_Facilities_in_the_Indian_Securities_Market.pdf
Implements SEBI Circular No. SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650 dated January 10, 2025. Investors may make/change nomination any number of times. Up to three nominees with percentage shares; if not specified, distributed equally. Nominee acts as trustee for transmission to legal heir.
NSDL/POLICY/2025/0001
Section titled “NSDL/POLICY/2025/0001”- date_issued: 2025-01-03
- issuer: NSDL
- title: “SEBI circular regarding Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
- applies_to: depository
- in_force_date: 2025-04-01
- status: in-force
- impact_areas: cyber-security, system-audit, bcp-dr
- primary_url: https://nsdl.co.in/downloadables/pdf/2025-0001-Policy-SEBI_circular_regarding_Clarifications_to_Cybersecurity_and_Cyber_Resilience_Framework_(CSCRF)_for_SEBI_Regulated_Entities_(REs).pdf
Forwards SEBI clarifications dated December 31, 2024 on CSCRF. DP compliance timeline extended from January 1, 2025 to April 1, 2025. Data Localization (PR.DS.S2) kept in abeyance pending further consultation.
NSDL/POLICY/2024/0189
Section titled “NSDL/POLICY/2024/0189”- date_issued: 2024-12-23
- issuer: NSDL
- title: “SEBI Circular regarding Policy for Sharing Data for the Purpose of Research or Analysis”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, surveillance
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0189-Policy-SEBI_Circular_regarding_Policy_for_Sharing_Data_for_the_Purpose_of_Research_or_Analysis.pdf
SEBI policy for sharing data for research/analysis purposes forwarded by NSDL to participants. Establishes framework for anonymized data sharing.
NSDL/POLICY/2024/0184
Section titled “NSDL/POLICY/2024/0184”- date_issued: 2024-12-16
- issuer: NSDL
- title: “SEBI Circular on Relaxation from the ISIN restriction limit for issuers desirous of listing originally unlisted ISINs (outstanding as on December)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0184-Policy-_SEBI_Circular_on__Relaxation_from_the_ISIN_restriction_limit_for_issuers_desirous_of_listing_originally_unlisted_ISINs_(outstanding_as_on_Decem.pdf
SEBI relaxation from ISIN restriction limit for issuers listing originally unlisted ISINs outstanding as of December 2024.
NSDL/POLICY/2024/0180
Section titled “NSDL/POLICY/2024/0180”- date_issued: 2024-12-12
- issuer: NSDL
- title: “SEBI circular on Enhancement in the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, t0-t1
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0180-Policy-SEBI_circular_on_Enhancement_in_the_scope_of_optional_T+0_rolling_settlement_cycle_in_addition_to_the_existing_T+1_settlement_cycle_in_Equity_Cash_Markets.pdf
Expands the scope of the optional T+0 rolling settlement cycle in addition to existing T+1 cycle by enlarging the universe of eligible scrips and participants. Follows the beta rollout under NSDL/POLICY/2024/0039.
NSDL/POLICY/2024/0144
Section titled “NSDL/POLICY/2024/0144”- date_issued: 2024-10-04
- issuer: NSDL
- title: “SEBI Circular on Reduction in the timeline for listing of debt securities and Non-convertible Redeemable Preference Shares”
- applies_to: depository
- in_force_date: 2024-11-01
- status: in-force
- impact_areas: settlement, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0144-Policy-SEBI_Circular_on_Reduction_in_the_timeline_for_listing_of_debt_securities_and_Non-convertible_Redeemable_Preference_Shares._.pdf
Reduces listing timeline for debt securities and NCRPS to T+3 working days from T+6, optional from November 1, 2024 and mandatory from November 1, 2025.
NSDL/POLICY/2024/0131
Section titled “NSDL/POLICY/2024/0131”- date_issued: 2024-09-17
- issuer: NSDL
- title: “Enhancement in SPICE facility for settlement for Corporate Bonds orders routed through stock exchange platform”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0131-Policy-Enhancement_in_SPICE_facility_for_settlement_for_Corporate_Bonds_orders_routed_through_stock_exchange_platform.pdf
Enhances SPICE (Settlement of Power-of-Attorney Instructions through Centralized E-payment) facility for corporate bonds settlement orders routed through stock exchange platform.
NSDL/POLICY/2024/0122
Section titled “NSDL/POLICY/2024/0122”- date_issued: 2024-08-29
- issuer: NSDL
- title: “Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing”
- applies_to: depository
- in_force_date: 2024-09-01
- status: in-force
- impact_areas: onboarding, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0122-Policy-Facility_for_Basic_Services_Demat_Account_(BSDA)_for_Financial_Inclusion_and_Ease_of_Investing.pdf
Operational guidelines for BSDA implementation. Participants shall open only BSDA accounts for eligible Beneficial Owners unless they receive explicit email consent for regular account from sole/first holder. BSDA flag enabled by default at account opening. Existing client reassessment required within two months from September 1, 2024.
NSDL/POLICY/2024/0118
Section titled “NSDL/POLICY/2024/0118”- date_issued: 2024-08-27
- issuer: NSDL
- title: “SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)”
- applies_to: depository
- in_force_date: 2025-04-01
- status: in-force
- impact_areas: cyber-security, system-audit, bcp-dr
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0118-Policy-SEBI_Circular_on_Cybersecurity_and_Cyber_Resilience_Framework_(CSCRF)_for_SEBI_Regulated_Entities_(REs).pdf
Implements SEBI’s CSCRF (issued August 20, 2024) for SEBI Regulated Entities. REs with prior cybersecurity circulars to adopt by January 1, 2025; all other REs by April 1, 2025. Supersedes earlier SEBI cybersecurity circulars/guidelines/advisories. Cyber resiliency goals: Anticipate, Withstand, Contain, Recover, Evolve mapped to NIST functions (Governance, Identify, Protect, Detect, Respond, Recover).
NSDL/POLICY/2024/0114
Section titled “NSDL/POLICY/2024/0114”- date_issued: 2024-08-20
- issuer: NSDL
- title: “Guidelines and enhancement in POA / DDPI”
- applies_to: depository
- in_force_date: 2024-09-27
- status: in-force
- impact_areas: kyc-modification, file-format
- primary_url: https://nsdl.com/web/node/234759
Update to NSDL/POLICY/2024/0086 reiterating that enhancement of POA/DDPI registration/de-registration date capture will be effected in UDiFF format only. Participants must complete back-office changes by September 27, 2024.
NSDL/POLICY/2024/0112
Section titled “NSDL/POLICY/2024/0112”- date_issued: 2024-08-14
- issuer: NSDL
- title: “Standardization of File Formats”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0112-Policy-Standardization_of_File_Formats.pdf
Continuing standardization phase for UDiFF rollout adding additional file formats and ISO tags. Aligns with SEBI Market Data Advisory Committee guidance for ease of doing business in Indian Securities market.
NSDL/POLICY/2024/0086
Section titled “NSDL/POLICY/2024/0086”- date_issued: 2024-07-27
- issuer: NSDL
- title: “Registration/De-registration of Power of Attorney (POA) or Demat Debit and Pledge Instruction (DDPI)”
- applies_to: depository
- in_force_date: 2024-09-27
- status: in-force
- impact_areas: kyc-modification, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0086-_Policy-Registration_De-registration_of_Power_of_Attorney_(POA)_or_Demat_Debit_and_Pledge_Instruction_(DDPI).pdf
NSDL introduces capture of registration/deregistration date for POA/DDPI in UDiFF Standardised file formats only. Implementation deadline of September 27, 2024 for participant back-office systems. ISO tags published in the UDiFF catalogue.
NSDL/POLICY/2024/0103
Section titled “NSDL/POLICY/2024/0103”- date_issued: 2024-07-11
- issuer: NSDL
- title: “Migration of reports/functionalities available on intranet site i-Assist to e-Pass portal”
- applies_to: depository
- in_force_date: 2024-07-19
- status: in-force
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0103-_Policy-Migration_of_reports_functionalities_available_on_intranet_site_i-Assist_to_e-Pass_portal.pdf
Phased migration of additional reports and downloads from i-Assist intranet portal to e-Pass portal (epass.nsdl.com) effective EOD July 19, 2024 under ‘I-Assist menu’.
NSDL/POLICY/2024/0097
Section titled “NSDL/POLICY/2024/0097”- date_issued: 2024-07-03
- issuer: NSDL
- title: “SEBI Circular on Facility for Basic Services Demat Account (BSDA) for Financial Inclusion”
- applies_to: depository
- in_force_date: 2024-09-01
- status: in-force
- impact_areas: onboarding, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0097-_Policy-_SEBI_Circular_on_Facility_for_Basic_Services_Demat_Account_(BSDA)_for_Financial_Inclusion.pdf
Forwards SEBI circular on BSDA holding limit raised to Rs 10 lakhs. Lays out eligibility criteria (individuals only; sole/first holder; only one BSDA across depositories). Participants to implement required back-office changes before August 31, 2024.
NSDL/POLICY/2024/0085
Section titled “NSDL/POLICY/2024/0085”- date_issued: 2024-06-25
- issuer: NSDL
- title: “SEBI Circular on Modification in Framework for Offer for Sale (OFS) of Shares to Employees through Stock Exchange Mechanism”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0085-_Policy-SEBI_Circular_on_Modification_in_Framework_for_Offer_for_Sale_(OFS)_of_Shares_to_Employees_through_Stock_Exchange_Mechanism.pdf
Forwards SEBI circular modifying OFS framework for employees through stock exchange mechanism.
NSDL/POLICY/2024/0084
Section titled “NSDL/POLICY/2024/0084”- date_issued: 2024-06-14
- issuer: NSDL
- title: “Migration of reports or functionalities available on intranet site i-Assist to e-Pass portal”
- applies_to: depository
- in_force_date: 2024-06-15
- status: superseded
- superseded_by: NSDL/POLICY/2024/0103
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0084-Policy-Migration_of_reports_or_functionalities_available_on_intranet_site_i-Assist_to_e-Pass_portal.pdf
Initial notification that reports/functionalities on i-Assist would be migrated to e-Pass portal starting June 15, 2024 in phased manner.
NSDL/POLICY/2024/0083
Section titled “NSDL/POLICY/2024/0083”- date_issued: 2024-06-13
- issuer: NSDL
- title: “Updation of Auditor details on the NSDL ePASS portal”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: system-audit, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0083-_Policy-_Updation_of_Auditor_details_on_the_NSDL_ePASS_portal.pdf
Participants required to update auditor details on NSDL ePASS portal. Auditors must hold valid NISM certification.
NSDL/POLICY/2024/0082
Section titled “NSDL/POLICY/2024/0082”- date_issued: 2024-06-10
- issuer: NSDL
- title: “SEBI Circular regarding non submission of ‘choice of Nomination’ for ease of doing investments and mandatory fields for updating nomination details”
- applies_to: depository
- in_force_date: 2024-06-10
- status: superseded
- superseded_by: NSDL/POLICY/2025/0006
- impact_areas: nominee, kyc-modification, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0082-_Policy-_SEBI_Circular_regarding_non_submission_of_choice_of_Nomination_for_ease_of_doing_investments_and_mandatory_fields_for_updating_nomination_details.pdf
Implements SEBI Circular SEBI/HO/MIRSD/POD-1/P/CIR/2024/81 dated June 10, 2024 on nomination. Nomination becomes mandatory; investors must either nominate or explicitly opt-out. Participants prohibited from updating nomination choice without explicit investor consent.
NSDL/POLICY/2024/0005
Section titled “NSDL/POLICY/2024/0005”- date_issued: 2024-06-06
- issuer: NSDL
- title: “SEBI Circular on Disclosures of Material Changes and Other Obligations for Foreign Portfolio Investors”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, kyc-modification, non-individual
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0005-Policy-DDP_-_SEBI_Circular_on_Disclosures_of_Material_Changes_and_Other_Obligations_for_Foreign_Portfolio_Investors.pdf
DDP (Designated Depository Participant) implementation note for FPIs on material change disclosures and other obligations per SEBI guidelines.
NSDL/POLICY/2024/0074
Section titled “NSDL/POLICY/2024/0074”- date_issued: 2024-06-01
- issuer: NSDL
- title: “Review of validation of KYC records with KRAs”
- applies_to: depository
- in_force_date: 2024-06-01
- status: in-force
- impact_areas: re-KYC, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0074-_Policy-Review_of_validation_of_KYC_records_with_KRAs.pdf
NSDL operational follow-up to NSDL/POLICY/2024/0071. Removed suspension on demat accounts that were frozen on July 8, 2023 under freeze reason code 39 (Account holder related PAN inoperative) due to non-compliance of PAN linkage with Aadhaar. KYC status of all records put on hold for individual category changed from On Hold to KYC Registered.
NSDL/POLICY/2024/0071
Section titled “NSDL/POLICY/2024/0071”- date_issued: 2024-05-30
- issuer: NSDL
- title: “SEBI Circular on review of validation of KYC records by KRAs and FAQs”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: re-KYC, aml, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0071-Policy-SEBI_Circular_on_review_of_validation_of_KYC_records_by_KRAs_and_FAQs.pdf
Implements SEBI circular ref. no. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41 dated May 14, 2024 simplifying risk management framework. Clients with valid PAN allowed to transact even if PAN-Aadhaar linkage not verified. Portability of KRA-validated KYC records confirmed.
NSDL/POLICY/2024/0044
Section titled “NSDL/POLICY/2024/0044”- date_issued: 2024-04-04
- issuer: NSDL
- title: “SEBI PRESS release on SCORES 2.0 — New Technology to strengthen SEBI Complaint Redressal System for Investors”
- applies_to: depository
- in_force_date: 2024-04-01
- status: in-force
- impact_areas: grievance, scores-odr, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0044-Policy-_SEBI_PRESS_release_on_SCORES_2.0__New_Technology_to_strengthen_SEBI_Complaint_Redressal_System_for_Investors.pdf
Notifies launch of SCORES 2.0 from April 1, 2024 enabling auto-routing, escalation, and monitoring by Depositories to reduce timelines. New portal at https://scores.sebi.gov.in.
NSDL/POLICY/2024/0042
Section titled “NSDL/POLICY/2024/0042”- date_issued: 2024-04-02
- issuer: NSDL
- title: “Internal and Concurrent Audit of depository operations”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2025/0047
- impact_areas: system-audit, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0042-Policy-_Internal_and_Concurrent_Audit_of_depository_operations.pdf
Annual / Half-yearly framework for internal and concurrent audit of DP operations. Auditors must hold NISM-Series-VI: Depository Operations Certification or equivalent CPE credentials. Reports submitted half-yearly to NSDL.
NSDL/POLICY/2024/0041
Section titled “NSDL/POLICY/2024/0041”- date_issued: 2024-04-01
- issuer: NSDL
- title: “Standardization of File Formats”
- applies_to: depository
- in_force_date: 2024-04-01
- status: in-force
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0041-Policy-Standardization_of_File_Formats.pdf
Further standardization phase for UDiFF rollout. Various download file formats brought under standardized UDiFF formats with ISO tags. Participants required to implement standardized formats for various downloads by EOD June 20, 2024.
NSDL/POLICY/2024/0039
Section titled “NSDL/POLICY/2024/0039”- date_issued: 2024-03-22
- issuer: NSDL
- title: “Operational guidelines in respect of Beta version of T+0 rolling settlement cycle on optional basis in Equity Cash Markets”
- applies_to: depository
- in_force_date: 2024-03-28
- status: superseded
- superseded_by: NSDL/POLICY/2024/0180
- impact_areas: settlement, t0-t1
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0039-Policy-Operational_guidelines_in_respect_of_Beta_version_of_T+0_rolling_settlement_cycle_on_optional_basis_in_Equity_Cash_Markets.pdf
Implements SEBI circular dated March 21, 2024 introducing the Beta version of T+0 settlement cycle on optional basis with limited set of securities. Effective from March 28, 2024. All clients eligible to participate. Trades executed till 1:30 PM; obligations determined by 2:30 PM; settlement thereafter on the same day.
NSDL/POLICY/2024/0026
Section titled “NSDL/POLICY/2024/0026”- date_issued: 2024-03-01
- issuer: NSDL
- title: “Standardization of File Formats”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0026-Policy-Standardization_of_File_Formats.pdf
Continuation of UDiFF rollout. Existing file formats and PriceFile (ISIN Rate Master Export) discontinued after March 31, 2024 with only new standardized file formats applicable thereafter. Implementation of UDiFF catalogue V1.0.11.2 containing ISO tags.
NSDL/POLICY/2024/0021
Section titled “NSDL/POLICY/2024/0021”- date_issued: 2024-02-15
- issuer: NSDL
- title: “Change in Pay-in & Pay-out time for NSE and BSE settlements”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0021-Policy_-Change_in_Pay-in_&_Pay-out_time_for_NSE_and_BSE_settlements.pdf
Operational change in pay-in/pay-out timings for NSE and BSE settlements. CC calendar revised in eDPM and Local DPM systems.
NSDL/POLICY/2024/0018
Section titled “NSDL/POLICY/2024/0018”- date_issued: 2024-02-09
- issuer: NSDL
- title: “Standardization of File Formats”
- applies_to: depository
- in_force_date: 2024-02-09
- status: in-force
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0018-Policy-Standardization_of_File_Formats.pdf
Phase implementation of UDiFF (Unified Distilled File Formats) for “Statement of Transaction” and “Statement of Holding” with ISO tags. Effective EOD February 9, 2024 as part of NSDL’s standardization initiative aligned with SEBI’s Market Data Advisory Committee.
NSDL/POLICY/2024/0012
Section titled “NSDL/POLICY/2024/0012”- date_issued: 2024-01-19
- issuer: NSDL
- title: “NSDL APIs and Technology Integrations for Market Participants - Client Maintenance API”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: kyc-modification, onboarding, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0012-Policy-NSDL_APIs_and_Technology_Integrations_for_Market_Participants_-_Client_Maintenance_API.pdf
NSDL introduces APIs for Market Participants to handle Client Maintenance, allowing DPs to maintain client records (modifications) via NSDL’s technology integration interface. This is part of the broader Insta Interface API ecosystem alongside the Account Opening API.
NSDL/POLICY/2024/0003
Section titled “NSDL/POLICY/2024/0003”- date_issued: 2024-01-10
- issuer: NSDL
- title: “Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications and systems offered and used by market intermediaries”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2024-0003-Policy-Reporting_for_Artificial_Intelligence_(AI)_and_Machine_Learning_(ML)_applications_and_systems_offered_and_used_by_market_intermediaries.pdf
AI/ML reporting framework for market intermediaries forwarded by NSDL. DPs to report AI/ML systems used/offered as per SEBI requirements.
NSDL/POLICY/2023/0186
Section titled “NSDL/POLICY/2023/0186”- date_issued: 2023-12-30
- issuer: NSDL
- title: “Standardization of File Formats”
- applies_to: depository
- in_force_date: 2023-12-30
- status: superseded
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0186-Policy-Standardization_of_File_Formats.pdf
Phase 1 of UDiFF rollout — file formats for “ISIN Master Download” and “CC Calendar Download” with defined fields, standard values and ISO tags effective EOD December 30, 2023.
NSDL/POLICY/2023/0185
Section titled “NSDL/POLICY/2023/0185”- date_issued: 2023-12-28
- issuer: NSDL
- title: “Operational Guidelines on Addition of Beneficiary Demat account(s) for executing Off-Market Transfer”
- applies_to: depository
- in_force_date: 2023-12-28
- status: in-force
- impact_areas: settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0185-Policy-Operational_Guidelines_on_Addition_of_Beneficiary_Demat_account(s)_for_executing_Off-Market_Transfer.pdf
SPEED-e password-based users enabled to submit off-market transfer instructions digitally. Mandatory OTP-based authorization for each off-market instruction; OTP sent to client’s registered mobile and email.
NSDL/POLICY/2023/0165
Section titled “NSDL/POLICY/2023/0165”- date_issued: 2023-11-30
- issuer: NSDL
- title: “Power of Attorney (POA) or Demat Debit and Pledge Instruction (DDPI) registration or de-registration”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2024/0086
- impact_areas: kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0165-Policy-_Power_of_Attorney_(POA)_or_Demat_Debit_and_Pledge_Instruction_(DDPI)_registration_or_de-registration.pdf
POA/DDPI registration and de-registration procedural guidelines. Subsequently superseded by UDiFF-only flow under NSDL/POLICY/2024/0086 in 2024.
NSDL/POLICY/2023/0151
Section titled “NSDL/POLICY/2023/0151”- date_issued: 2023-10-31
- issuer: NSDL
- title: “Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- impact_areas: re-KYC, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0151-Policy-Suspension_of_demat_accounts_of_existing_clients_whose_KYC_records_are_not_found_to_be_valid_by_KRAs_after_the_validation_process_.pdf
Cyclical suspension of demat accounts of existing clients whose KYC records fail KRA validation. First in a series of similar suspension circulars (later 2024, 2025, 2026 cycles).
NSDL/POLICY/2023/0146
Section titled “NSDL/POLICY/2023/0146”- date_issued: 2023-10-17
- issuer: NSDL
- title: “SEBI Master Circular on Know Your Client (KYC) norms for the securities market”
- applies_to: depository
- in_force_date: 2023-10-12
- status: in-force
- impact_areas: onboarding, re-KYC, aml, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0146-Policy-SEBI_Master_Circular_on_Know_Your_Client_(KYC)_norms_for_the_securities_market.pdf
Forwards SEBI Master Circular on KYC norms (October 12, 2023) compiling all KYC circulars/directions issued up to September 30, 2023. PoI/PoA verification, anti-money laundering, alignment with PMLA Rules 2005 and KRA Regulations 2012.
NSDL/POLICY/2023/0126
Section titled “NSDL/POLICY/2023/0126”- date_issued: 2023-10-05
- issuer: NSDL
- title: “SEBI Circular on Redressal of investor grievances through the SCORES Platform and linking it to ODR Platform”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2024/0044
- impact_areas: grievance, scores-odr
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0126-Policy-SEBI_Circular_on_Redressal_of_investor_grievances_through_the_SCORES_Platform_and_linking_it_to_ODR_Platform.pdf
SEBI circular linking SCORES with ODR platform for grievance redressal. Subsequently strengthened with SCORES 2.0 in 2024.
NSDL/POLICY/2023/0115
Section titled “NSDL/POLICY/2023/0115”- date_issued: 2023-09-04
- issuer: NSDL
- title: “Amendment to NSDL Business Rules w.r.t Annual Custody Fee (ACF)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0115-Policy-Amendment_to_NSDL_Business_Rules_w.r.t_Annual_Custody_Fee_(ACF).pdf
Business Rules amendment regarding Annual Custody Fee (ACF) charging mechanism.
NSDL/POLICY/2023/0113
Section titled “NSDL/POLICY/2023/0113”- date_issued: 2023-08-31
- issuer: NSDL
- title: “Amendments to Bye-Laws and Business Rules of NSDL w.r.t Client Unpaid Securities Pledgee Account (CUSPA)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: client-funds, settlement, margin
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0113-Policy-Amendments_to_Bye-Laws_and_Business_Rules_of_NSDL_w.r.t_Client_Unpaid_Securities_Pledgee_Account_(CUSPA).pdf
Bye-Laws/Business Rules amendments establishing CUSPA (Client Unpaid Securities Pledgee Account) mechanism.
NSDL/POLICY/2023/0069
Section titled “NSDL/POLICY/2023/0069”- date_issued: 2023-06-15
- issuer: NSDL
- title: “Submission of networth certificate and/or audited financial statements by DPs registered in all Categories”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0069-Policy-Submission_of_networth_certificate_andor_audited_financial_statements_by_DPs_registered_in_all_Categories..pdf
DPs across all categories required to submit networth certificate and/or audited financial statements; special provisions for Banks/Foreign Banks. Effective from FY 2022-23 onwards.
NSDL/POLICY/2023/0056
Section titled “NSDL/POLICY/2023/0056”- date_issued: 2023-05-04
- issuer: NSDL
- title: “Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: re-KYC, aml, kyc-modification, dormant
- primary_url: [unknown — verify]
Procedural framework for automated deactivation of trading/demat accounts with inadequate KYC. Accounts marked KYC non-compliant; client informed to rectify discrepancy; account activated only after audited KYC compliance.
NSDL/POLICY/2023/0042
Section titled “NSDL/POLICY/2023/0042”- date_issued: 2023-03-21
- issuer: NSDL
- title: “SEBI Master Circular on Surveillance of Securities Market”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: surveillance, aml, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0042-Policy-SEBI_Master_Circular_on_Surveillance_of_Securities_Market.pdf
Forwards SEBI Master Circular on Surveillance of Securities Market consolidating surveillance obligations and PMLA-related provisions.
NSDL/POLICY/2023/0038
Section titled “NSDL/POLICY/2023/0038”- date_issued: 2023-03-15
- issuer: NSDL
- title: “Linking of PAN with Aadhaar”
- applies_to: depository
- in_force_date: 2023-07-01
- status: superseded
- superseded_by: NSDL/POLICY/2024/0074
- impact_areas: aml, kyc-modification, re-KYC
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0038-Policy-Linking_of_PAN_with_Aadhaar.pdf
PAN-Aadhaar linkage requirement for demat accounts. Subsequently revisited in 2024.
NSDL/POLICY/2023/0018
Section titled “NSDL/POLICY/2023/0018”- date_issued: 2023-02-09
- issuer: NSDL
- title: “Reclassification of sub-type pursuant to conversion from Company to LLP and vice versa”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: kyc-modification, non-individual
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0018-Policy-Reclassification_of_sub-type_pursuant_to_conversion_from_Company_to_LLP_and_vice_versa.pdf
Procedural framework for client sub-type reclassification when entity converts from Company to LLP or vice versa.
NSDL/POLICY/2023/0017
Section titled “NSDL/POLICY/2023/0017”- date_issued: 2023-02-07
- issuer: NSDL
- title: “Annual System Audit Report”
- applies_to: depository
- in_force_date: 2023-02-07
- status: in-force
- impact_areas: system-audit, cyber-security, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0017-Policy-Annual_System_Audit_Report.pdf
Annual System Audit Report framework per SEBI’s June 7, 2022 Cyber Security/Cyber Resilience modification circular. ATR for non-compliances submitted at dpaudit@nsdl.co.in.
NSDL/POLICY/2023/0014
Section titled “NSDL/POLICY/2023/0014”- date_issued: 2023-01-20
- issuer: NSDL
- title: “Facility to download monthly PMLA alerts from i-Assist intranet site”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2024/0103
- impact_areas: aml, surveillance, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0014-Policy-Facility_to_download_monthly_PMLA_alerts_from_i-Assist_intranet_site.pdf
i-Assist intranet portal facility to download monthly PMLA alerts. Subsequently migrated to e-PASS portal under NSDL/POLICY/2024/0103.
NSDL/POLICY/2023/0013
Section titled “NSDL/POLICY/2023/0013”- date_issued: 2023-01-19
- issuer: NSDL
- title: “Facility for online updation of nomination”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: nominee, kyc-modification, esign
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0013-Policy-Facility_for_online_updation_of_nomination.pdf
Online nomination updation facility via NSDL portal for demat account holders.
NSDL/POLICY/2023/0012
Section titled “NSDL/POLICY/2023/0012”- date_issued: 2023-01-18
- issuer: NSDL
- title: “Implementation in respect of Pay-in validations”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, rms
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0012-Policy-Implementation_in_respect_of_Pay-in_validations.pdf
Operational implementation for pay-in validations to mitigate misuse of client securities in settlement obligations.
NSDL/POLICY/2023/0010
Section titled “NSDL/POLICY/2023/0010”- date_issued: 2023-01-13
- issuer: NSDL
- title: “Non availability of Inter Depository transfer instructions on Trading Holidays”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, bod-eod
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0010-Policy-Non_availability_of_Inter_Depository_transfer_instructions_on_Trading_Holidays.pdf
Inter-depository transfer instructions not available on Trading Holidays.
NSDL/POLICY/2023/0006
Section titled “NSDL/POLICY/2023/0006”- date_issued: 2023-01-09
- issuer: NSDL
- title: “Standardization of file formats”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- impact_areas: file-format, reporting
- primary_url: https://nsdl.com/nsdl/circulars/2023-0006-Policy-Standardization_of_file_formats.pdf
Earlier phase of file format standardization, pre-UDiFF.
NSDL/POLICY/2023/0001
Section titled “NSDL/POLICY/2023/0001”- date_issued: 2023-01-02
- issuer: NSDL
- title: “Nomination for Eligible Trading and Demat Accounts”
- applies_to: depository
- in_force_date: 2023-03-31
- status: superseded
- superseded_by: NSDL/POLICY/2025/0006
- impact_areas: nominee, kyc-modification, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2023-0001-Policy-Nomination_for_Eligible_Trading_and_Demat_Accounts.pdf
Extension/operational follow-up regarding mandatory nomination requirements for eligible trading and demat accounts.
NSDL/POLICY/2022/165
Section titled “NSDL/POLICY/2022/165”- date_issued: 2022-11-29
- issuer: NSDL
- title: “Implementation of DDPI and Extension of timeline for implementation of Pay-in Validation”
- applies_to: depository
- in_force_date: 2022-11-19
- status: in-force
- impact_areas: kyc-modification, settlement, margin, rms
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-165-Policy-Implementation_of_DDPI_and_Extension_of_timeline_for_implementation_of_Pay-in_Validation.pdf
DDPI effective November 19, 2022 replacing POA mechanism. Extension of timeline for pay-in validation implementation.
NSDL/POLICY/2022/153
Section titled “NSDL/POLICY/2022/153”- date_issued: 2022-11-19
- issuer: NSDL
- title: “Implementation in respect of Mandatory Block Mechanism and Pay-in validations”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement, rms
- primary_url: [unknown — verify]
Operational guidance on mandatory block mechanism and pay-in validations to prevent misuse of client securities at the depository level.
NSDL/POLICY/2022/138
Section titled “NSDL/POLICY/2022/138”- date_issued: 2022-10-12
- issuer: NSDL
- title: “Amendments to Bye Laws and Business Rules of NSDL - Operational Guidelines for Demat of securities received for processing investor service requests”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, kyc-modification, transmission
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-138-Policy-Amendments%20to%20Bye%20Laws%20and%20Business_Rules_of_NSDL-Operational_Guidelines_for_Demat_of_securities_received_for_processing_investor_service_requests.pdf
Bye-Laws/Business Rules amendments establishing operational guidelines for dematerialization of physical securities received for processing investor service requests (e.g., transmission, address update).
NSDL/POLICY/2022/127
Section titled “NSDL/POLICY/2022/127”- date_issued: 2022-09-14
- issuer: NSDL
- title: “Facility for submission of networth certificate and/or audited financial statements through e-PASS”
- applies_to: depository
- in_force_date: 2022-09-14
- status: in-force
- impact_areas: reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-127-Policy-Facility-for-submission-of-networth-certificate-andor-audited-financial-statements-through-e-PASS.pdf
DPs to submit networth certificate and/or audited financial statements through e-PASS only from September 14, 2022. Previous email/hard copy submissions discontinued.
NSDL/POLICY/2022/126
Section titled “NSDL/POLICY/2022/126”- date_issued: 2022-09-08
- issuer: NSDL
- title: “Framework for deactivation of demat accounts in cases of inadequate KYCs”
- applies_to: depository
- in_force_date: 2022-08-31
- status: in-force
- impact_areas: re-KYC, kyc-modification, aml, dormant
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-126-Policy-Framework_for_deactivation_of_demat_accounts_in_cases_of_inadequate_KYCs.pdf
Framework for automated deactivation when SEBI cannot deliver SCN/order at KYC addresses. MIIs deactivate trading/demat accounts via PAN-based freeze on debit/credit (except corporate actions) within 5 working days of last unsuccessful delivery report. Joint account safeguards via co-holder communication.
NSDL/POLICY/2022/122
Section titled “NSDL/POLICY/2022/122”- date_issued: 2022-09-01
- issuer: NSDL
- title: “Investor Grievance Redressal mechanism - Escalation Matrix”
- applies_to: depository
- in_force_date: 2022-09-30
- status: in-force
- impact_areas: grievance, scores-odr, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-122-Policy-Investor_Grievance_Redressal_mechanism_Escalation_Matrix.pdf
Participants must provide multiple modes of communication, strengthen complaint redressal with qualified resources, and display escalation matrix on ‘Contact Us’ homepage page. DPs who are also stockbrokers must provide separate broking escalation matrix.
NSDL/POLICY/2022/115
Section titled “NSDL/POLICY/2022/115”- date_issued: 2022-08-29
- issuer: NSDL
- title: “Operational Guidelines in respect of Demat Debit and Pledge Instruction (DDPI)”
- applies_to: depository
- in_force_date: 2022-09-01
- status: in-force
- impact_areas: kyc-modification, settlement, margin, file-format
- primary_url: https://nsdl.com/nsdl/circulars/2022-115-Policy-Operational_Guidelines_in_respect_of_Demat_Debit_and_Pledge_Instruction_(DDPI).pdf
Detailed operational guidelines for DDPI implementation effective September 1, 2022. DDPI replaces traditional POA mechanism for pay-in obligations and pledge.
NSDL/POLICY/2022/110
Section titled “NSDL/POLICY/2022/110”- date_issued: 2022-08-04
- issuer: NSDL
- title: “SEBI circular on framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2022/126
- impact_areas: re-KYC, kyc-modification, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-110-Policy-SEBI_circular_on_framework_for_automated_deactivation_of_trading_and_demat_accounts_in_cases_of_inadequate_KYCs.pdf
Forwards SEBI circular dated August 1, 2022 on automated deactivation framework. Operationalised through NSDL/POLICY/2022/126.
NSDL/POLICY/2022/097
Section titled “NSDL/POLICY/2022/097”- date_issued: 2022-07-21
- issuer: NSDL
- title: “SEBI circular on Investor Grievance Redressal Mechanism and Amendment to SEBI Circular dated February 23, 2017”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2022/122
- impact_areas: grievance, scores-odr
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-097-Policy-SEBI%20circular%20on%20Investor%20Grievance%20Redressal%20Mechanism%20and%20Amendment%20to%20SEBI%20Circular%20no.%20SEBIHODMSCIRP201715%20dated%20February%2023,%202017.pdf
Amendment to SEBI investor grievance redressal mechanism. Subsequently consolidated by NSDL/POLICY/2022/122 with escalation matrix.
NSDL/POLICY/2022/092
Section titled “NSDL/POLICY/2022/092”- date_issued: 2022-07-04
- issuer: NSDL
- title: “SEBI Circular on implementation of Circular on Execution of Demat Debit and Pledge Instruction (DDPI) - Extension”
- applies_to: depository
- in_force_date: 2022-09-01
- status: superseded
- impact_areas: kyc-modification, settlement, margin
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-092-Policy-SEBI%20Circular%20on%20implementation%20of%20Circular%20on%20Execution%20of%20Demat%20Debit%20and%20Pledge%20Instruction%20(DDPI)%20for%20transfer%20of%20securities%20..-%20Extension.pdf
SEBI extension of DDPI implementation timeline from initial deadline. Implementation effective September 1, 2022.
NSDL/POLICY/2022/085
Section titled “NSDL/POLICY/2022/085”- date_issued: 2022-06-09
- issuer: NSDL
- title: “Suspension of demat accounts in case of non-compliance with 6 KYC attributes”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: re-KYC, kyc-modification, dormant
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-085-Policy-Suspension%20of%20demat%20accounts%20in%20case%20of%20non-compliance%20with%206%20KYC%20attributes.pdf
Continuation of 6 KYC attribute suspension regime under NSDL/POLICY/2022/041 with operational refinements.
NSDL/POLICY/2022/053
Section titled “NSDL/POLICY/2022/053”- date_issued: 2022-04-13
- issuer: NSDL
- title: “Operational guidelines w.r.t. Mode of Operation in joint demat accounts”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: kyc-modification, transmission, minor-joint
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-053-Policy-Operational%20guidelines%20w.r.t.%20%20Mode%20of%20Operation%20in%20joint%20demat%20accounts.pdf
Operational guidelines for mode of operation (single/joint/either-or-survivor) in joint demat accounts.
NSDL/POLICY/2022/052
Section titled “NSDL/POLICY/2022/052”- date_issued: 2022-04-07
- issuer: NSDL
- title: “SEBI Circular on Execution of Demat Debit and Pledge Instruction (DDPI) for transfer of securities towards deliveries/settlement obligations and pledging/re-pledging”
- applies_to: depository, broker
- in_force_date: 2022-09-01
- status: in-force
- impact_areas: kyc-modification, settlement, margin, mtf
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-052-Policy-SEBI%20Circular%20on%20Execution%20of%20Demat%20Debit%20and%20Pledge%20Instruction(DDPI)%20for%20transfer%20of%20securities%20towards%20deliveries%20%20settlement%20obligations%20and%20pledgin.pdf
Forwards SEBI Circular SEBI/HO/MIRSD/DoP/P/CIR/2022/44 dated April 4, 2022. DDPI is a separate document under which clients explicitly authorize broker/DP to access BO account for the limited purpose of pay-in obligations for trade settlement. Securities credited to TM pool only. DDPI registered in demat account by TM/CM.
NSDL/POLICY/2022/046
Section titled “NSDL/POLICY/2022/046”- date_issued: 2022-03-30
- issuer: NSDL
- title: “Linking of PAN with Aadhaar”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: superseded
- superseded_by: NSDL/POLICY/2023/0038
- impact_areas: aml, kyc-modification, re-KYC
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-046-Policy-Linking%20of%20PAN%20with%20Aadhaar.pdf
PAN-Aadhaar linkage requirement for KYC compliance per CBDT mandates.
NSDL/POLICY/2022/041
Section titled “NSDL/POLICY/2022/041”- date_issued: 2022-03-25
- issuer: NSDL
- title: “Suspension of demat accounts in case of non-compliance with 6 KYC attributes”
- applies_to: depository
- in_force_date: 2022-04-01
- status: superseded
- superseded_by: NSDL/POLICY/2022/085
- impact_areas: re-KYC, kyc-modification, dormant
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-041-Policy-Suspension%20of%20demat%20accounts%20in%20case%20of%20non-compliance%20with%206_KYC%20attributes.pdf
Mandatory 6 KYC attributes: Name, address, PAN, valid mobile, valid email, income range. Name/address already mandatory; PAN non-compliant accounts already suspended. NSDL to suspend demat accounts in eDPM where Mobile/Email/Income Range not updated. Suspension effective April 1, 2022.
NSDL/POLICY/2022/020
Section titled “NSDL/POLICY/2022/020”- date_issued: 2022-02-04
- issuer: NSDL
- title: “Operational guidelines w.r.t. nomination for demat accounts”
- applies_to: depository
- in_force_date: 2023-03-31
- status: superseded
- superseded_by: NSDL/POLICY/2025/0006
- impact_areas: nominee, kyc-modification, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-020-Policy-Operational%20guidelines%20w.r.t.%20nomination%20for%20demat%20accounts.pdf
Operational guidelines for mandatory nomination. Existing demat holders required to provide choice of nomination by March 31, 2023 (extended), failing which trading accounts frozen for trading and demat accounts frozen for debits.
NSDL/POLICY/2022/014
Section titled “NSDL/POLICY/2022/014”- date_issued: 2022-01-28
- issuer: NSDL
- title: “Early Redemption of SGB 2016-17 Series I (Issue date August 5 2016) and SGB 2016 Tranche I (Issue date February 8 2016)”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-014-Policy-Early%20Redemption%20of%20SGB%202016-17%20Series%20I%20(Issue%20date%20August%205%202016)%20and%20SGB%202016%20Tranche%20I%20(Issue%20date%20February%208%202016).pdf
Early redemption procedural guidance for specific SGB tranches.
NSDL/POLICY/2022/0001
Section titled “NSDL/POLICY/2022/0001”- date_issued: 2022-01-04
- issuer: NSDL
- title: “DDP-Publishing of Investor Charter and Disclosure of Complaints by Custodians and DDPs on their websites”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: grievance, scores-odr, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2022-0001-Policy-DDP-Publishing%20of%20Investor%20Charter%20and%20Disclosure%20of%20Complaints%20by%20Custodians%20and%20DDPs%20on%20their%20websites.pdf
DDPs and Custodians required to publish Investor Charter and disclose complaint data on websites.
NSDL/POLICY/2021/0114
Section titled “NSDL/POLICY/2021/0114”- date_issued: 2021-11-15
- issuer: NSDL
- title: “Launch of SPICE eDIS on SPEED-e facility”
- applies_to: depository
- in_force_date: 2021-11-15
- status: in-force
- impact_areas: settlement, kyc-modification
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0114-Policy-Launch%20of%20SPICE%20eDIS%20on%20SPEED-e%20facility.pdf
SPICE eDIS (electronic Delivery Instruction Slip) launched on SPEED-e facility, providing electronic alternative to physical DIS slips.
NSDL/POLICY/2021/0112
Section titled “NSDL/POLICY/2021/0112”- date_issued: 2021-11-08
- issuer: NSDL
- title: “SEBI Circular on Common and Simplified Norms for processing investors service request by RTAs and norms for furnishing PAN, KYC details and Nomination”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: kyc-modification, nominee, transmission, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0112-Policy-SEBI%20Circular%20on%20Common%20and%20Simplified%20Norms%20for%20processing%20investors%20service%20request%20by%20RTAs%20and%20norms%20for%20furnishing%20PAN,%20KYC%20details%20and%20Nomination.pdf
Common simplified norms for RTAs processing investor service requests and norms for furnishing PAN, KYC details and Nomination.
NSDL/POLICY/2021/0098
Section titled “NSDL/POLICY/2021/0098”- date_issued: 2021-09-25
- issuer: NSDL
- title: “Addition of New Client Sub-Types for demat account opening”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, non-individual, file-format
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0098-Policy-Addition%20of%20New%20Client%20Sub-Types%20for%20demat%20account%20opening.pdf
New client sub-types added for demat account opening to accommodate broader entity classifications.
NSDL/POLICY/2021/0089
Section titled “NSDL/POLICY/2021/0089”- date_issued: 2021-09-09
- issuer: NSDL
- title: “Surveillance Obligations for Depository Participants”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: surveillance, aml, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0089-Policy-%20Surveillance%20Obligations%20for%20Depository%20Participants.pdf
Surveillance obligations for DPs detailing transaction monitoring, alert generation, and reporting to NSDL.
NSDL/POLICY/2021/0049
Section titled “NSDL/POLICY/2021/0049”- date_issued: 2021-05-12
- issuer: NSDL
- title: “CBDT notification on Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, fatca-crs, aml
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0049-Policy-CBDT%20notification%20on%20Format,%20Procedure%20and%20Guidelines%20for%20submission%20of%20Statement%20of%20Financial%20Transactions%20(SFT)%20for%20Depository%20Transactions.pdf
CBDT format/procedure for SFT submission for depository transactions per Income Tax Rules.
NSDL/POLICY/2021/0023
Section titled “NSDL/POLICY/2021/0023”- date_issued: 2021-03-15
- issuer: NSDL
- title: “Reason Code Reason / Purpose - Annexure”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: file-format, reporting
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0023-Policy%20-Annexure.pdf
Reason code/purpose annexure for NSDL system file format reporting.
NSDL/POLICY/2021/0015
Section titled “NSDL/POLICY/2021/0015”- date_issued: 2021-02-19
- issuer: NSDL
- title: “Amendments to Business Rules of NSDL”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: reporting, onboarding
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0015-Policy-Amendments%20to%20Business%20Rules%20of%20NSDL.pdf
Amendments to NSDL Business Rules.
NSDL/POLICY/2021/0009
Section titled “NSDL/POLICY/2021/0009”- date_issued: 2021-02-05
- issuer: NSDL
- title: “SEBI Circular dated February 05, 2021 - Master Circular for Depositories”
- applies_to: depository
- in_force_date: 2021-02-05
- status: in-force
- impact_areas: onboarding, re-KYC, kyc-modification, transmission, nominee, settlement, surveillance, aml, reporting, system-audit
- primary_url: https://nsdl.co.in/downloadables/pdf/2021-0009-Policy-SEBI%20Circular%20dated%20February%2005,%202021.pdf
Forwards SEBI Master Circular SEBI/HO/MRD2/DDAP/CIR/P/2021/18 dated February 5, 2021 — Master Circular for Depositories consolidating all SEBI depository-related circulars.
NSDL/POLICY/2020/0134
Section titled “NSDL/POLICY/2020/0134”- date_issued: 2020-11-27
- issuer: NSDL
- title: “FAQ on SEBI Circular dated April 24, 2020 on online KYC - Annexure”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, re-KYC, digi-locker, esign
- primary_url: https://nsdl.co.in/downloadables/pdf/2020-0134-Policy-Annexure.pdf
Updated FAQ on online KYC requirements per SEBI April 24, 2020 circular. Operational clarifications for DPs.
NSDL/POLICY/2020/0115
Section titled “NSDL/POLICY/2020/0115”- date_issued: 2020-10-09
- issuer: NSDL
- title: “Operational Guidelines for Online KYC - Annexure 1”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, re-KYC, digi-locker, esign
- primary_url: https://nsdl.co.in/downloadables/pdf/2020-0115-Policy-Annexure%201.pdf
Annexure on online KYC operational guidelines covering Aadhaar OVD, DigiLocker, eSign workflows.
NSDL/POLICY/2020/0109
Section titled “NSDL/POLICY/2020/0109”- date_issued: 2020-09-25
- issuer: NSDL
- title: “FAQ on SEBI Circular dated April 24, 2020 on online KYC - Annexure”
- applies_to: depository
- in_force_date: [unknown — verify]
- status: in-force
- impact_areas: onboarding, re-KYC, digi-locker, esign, aa
- primary_url: https://nsdl.co.in/downloadables/pdf/2020-0109-Policy-Annexure.pdf
FAQ on SEBI Circular dated April 24, 2020 on online KYC. Live photograph of client mandatory for online account opening (whether through Aadhaar OVD, any other OVD or KRA download).
NSDL/POLICY/2020/0077
Section titled “NSDL/POLICY/2020/0077”- date_issued: 2020-07-29
- issuer: NSDL
- title: “Operational Guidelines on margin obligations to be given by way of Pledge/Re-pledge in the Depository System”
- applies_to: depository
- in_force_date: 2020-08-01
- status: superseded
- superseded_by: NSDL/POLICY/2025/0084
- impact_areas: margin, mtf, rms, settlement
- primary_url: https://nsdl.co.in/downloadables/pdf/2020-0077-Policy-Operational%20Guidelines%20on%20margin%20obligations%20to%20be%20given%20by%20way%20of%20Pledge_Re-pledge%20in%20the%20Depository%20System.pdf
Original operational guidelines for margin pledge/re-pledge in NSDL depository under SEBI’s new margin pledge framework that replaced title transfer collateral.
Practical notes
Section titled “Practical notes”- [gotcha] Circular IDs are case-sensitive and the issuer’s exact punctuation matters when looking them up on the official site.
- [industry practice] Most ops teams subscribe to the issuer’s email distribution list rather than scraping the site — leads to more reliable real-time tracking.
- [risk trade-off] Some entries are marked
[unknown — verify]where the agent could not re-fetch the primary URL or the document used informal numbering; treat those as leads, not citations.
Verified through
Section titled “Verified through”2026-05-14
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