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KYC Onboarding Spec by Rakesh Waghela

SEBI-MIRSD 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.

TL;DR

Section titled “TL;DR”
  • 56 circulars indexed in this issuer’s section.
  • 10 issued in 2025 or later.
  • 0 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 SEBI-MIRSD 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 Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL.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)”

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/108

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/108”

Extends implementation timeline of the 4 February 2025 algorithmic-trading circular for retail investors. Effective dates pushed to align brokers, exchanges and algo providers; substantive obligations remain unchanged.

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/109

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/109”

Streamlines monitoring of NRI position limits in exchange-traded derivatives contracts. Specifies exchange-level aggregation, PAN-based linkage and reporting cadence; reduces operational burden on brokers handling NRI clients while preserving regulatory oversight on aggregate exposures.

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105”

18-page FAQ clarifying provisions of the SEBI (Research Analysts) Regulations 2014 read with the May 2024 Research Analysts circular. Covers registration, qualification/experience, KYC of clients, fee structure, segregation of distribution/advisory, recordkeeping and association with regulated entities.

SEBI/HO/MIRSD/POD-1/P/CIR/2025/94

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2025/94”

Updated Master Circular for stock brokers consolidating directives issued up to 31 March 2025, incorporating the revised nomination framework (Jan/Feb 2025), running-account 30-day settlement (Jan 2025), retail algo participation, and CSCRF cross-references. Supersedes 9 August 2024 master circular.

SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/22

Section titled “SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/22”

Updated Investor Charter for stock brokers reflecting SCORES 2.0 (21-day initial resolution), the ODR portal, the revamped nomination framework, BSDA Rs 10 lakh threshold, direct payout of securities, and disclosure of investor complaint statistics. Replaces the December 2021 Investor Charter; to be published on broker websites and shared in account-opening kits.

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/15”

Issues clarifications on the 10 January 2025 nomination circular: refines treatment of joint holdings under survivorship, video declaration for nomination opt-out, and clarifies physical/digital submission workflows. Aligns provisions across demat accounts and mutual fund folios; preserves the 1 March 2025 effective date for Phase I.

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013”

Framework for retail participation in algorithmic trading through brokers’ APIs. Brokers act as principal and algo providers/fintechs as agents; algos categorised as execution (white-box) and black-box; static-IP whitelisting; OPS threshold of 10 orders/sec triggering registration; mandatory algo-IDs tagged to exchange. Extended to 1 August 2025; further extended (see 2025/108).

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11”

Operational clarifications on the bar against regulated entities and their agents associating with persons engaged in prohibited activities (e.g., unregistered finfluencers giving investment recommendations or performance claims). Permits limited association for investor education only when such persons do not recommend or claim returns, and educational content uses stock data older than three months.

SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04

Section titled “SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/04”

Comprehensive overhaul of nomination facilities for demat accounts and mutual fund folios: allows up to 10 nominees with percentage allocation, lays out rule-of-survivorship for joint holdings, simplifies transmission to require only death certificate and nominee KYC, and bars demand for affidavits/indemnities/notarised documents from nominees. Provides online (Aadhaar e-sign / DSC / 2FA) and physical submission modes; phased implementation extended to August/December 2025.

SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/1

Section titled “SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/1”

For clients with credit balance who have not transacted in the last 30 calendar days and whose funds have been lying with the trading member for more than 30 days, the entire credit balance shall be returned on the upcoming monthly running-account settlement date, irrespective of the client-chosen cycle. Aligns running-account settlement with stock-exchange-stipulated dates.

SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184

Section titled “SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/184”

Issues clarifications and applicability/compliance timeline extensions to the August 20, 2024 CSCRF, including treatment of cloud-services scope, SOC requirements for various RE categories, and audit timelines. Permits Mid-size, Small and Self-Certification REs to comply with revised effective dates.

SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113

Section titled “SEBI/HO/ITD-1/ITD_CSC_EXT/P/CIR/2024/113”

Replaces earlier sectoral cyber circulars with a unified Cybersecurity and Cyber Resilience Framework (CSCRF) applicable across SEBI-regulated entities, categorised by risk into Market Infrastructure Institutions, Qualified REs, Mid-size, Small and Self-certification entities. Specifies governance, identification, protection, detection, response and recovery controls; mandates ISO 27001, VAPT, SOC, data localisation and reporting cadence; implementation phased through 2025.

SEBI/HO/MIRSD/POD-1/P/CIR/2024/118

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2024/118”
  • date_issued: 2024-08-09
  • issuer: SEBI-MIRSD
  • title: “Master Circular for Stock Brokers”
  • applies_to: broker
  • in_force_date: 2024-08-09
  • status: superseded
  • superseded_by: SEBI/HO/MIRSD/POD-1/P/CIR/2025/94
  • impact_areas: onboarding, client-funds, margin, settlement, rms, mtf, slbm, surveillance, reporting, bcp-dr, cyber-security, grievance, file-format, t0-t1, upstreaming, system-audit
  • primary_url: https://www.sebi.gov.in/legal/master-circulars/aug-2024/master-circular-for-stock-brokers_85605.html

Updated Master Circular for stock brokers, consolidating provisions to August 2024 including the BSDA enhancement, brokers’ institutional mechanism for fraud detection (Chapter IVA), QSB expansion, and direct payout of securities. Supersedes the 7 May 2024 master circular.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/96”

Operationalises Chapter IVA of the SEBI (Stock Brokers) Regulations 2024 requiring brokers to maintain an institutional mechanism for prevention/detection of fraud or market abuse. Mandates surveillance systems, internal controls, escalation framework, whistle-blower policy and reporting; staggered implementation - QSBs from 1 August 2024, brokers with >50,000 UCCs from 1 January 2025, 2,001-50,000 UCCs from 1 April 2025, and ≤2,000 UCCs from 1 April 2026.

SEBI/HO/MIRSD/POD-1/P/CIR/2024/91

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2024/91”

Enhances BSDA portfolio value eligibility to Rs 10 lakh (from Rs 2 lakh) covering debt and equity securities; AMC nil up to Rs 4 lakh, Rs 100 between Rs 4-10 lakh, automatic conversion to regular demat above Rs 10 lakh. DPs must offer BSDA conversion to eligible existing holders.

SEBI/HO/MIRSD/POD-1/P/CIR/2024/81

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2024/81”

Master Circular for RTAs consolidating extant circulars/directions up to 31 May 2024. Covers registration, code of conduct, KYC, common service requests, transmission, nomination, system audit, cyber-security framework, dispute resolution and reporting; supersedes earlier 17 May 2023 RTA master circular.

SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78”

Updated AML/CFT Master Circular replacing the February 2023 master circular. Covers customer acceptance policy, customer due diligence (including for beneficial owners and politically exposed persons), reliance on third-party CDD, ongoing monitoring, sanction list screening (UN/MHA), record retention (10 years post relationship termination), and reporting obligations (CTR, NTR, CCR, STR, CBWTR) to FIU-IND.

SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79”

Mandates KRAs to upload KYC records of all clients (new and existing) to the Central KYC Records Registry (CKYCRR) operated by CERSAI, effecting dual upload obligations under both KRA and CKYC regimes. Specifies cut-off dates from which KRAs must transmit prescribed KYC fields to CKYCRR and report exceptions.

SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75

Section titled “SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/75”

Mandates that Clearing Corporations directly credit securities to clients’ demat accounts in pay-out, eliminating broker pool-account handling. Broker’s Industry Standards Forum tasked with implementation standards; effective 14 October 2024 (after extension from earlier date).

SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41”

Revises the validation regime for KYC records held by KYC Registration Agencies (KRAs). Specifies which attributes KRAs must validate (PAN, name, address) and the validation cadence under the risk management framework, easing earlier requirements where validation had created onboarding friction. Accompanied by an FAQ clarifying treatment of legacy and new records.

SEBI/HO/MIRSD/POD-1/P/CIR/2024/37

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2024/37”

Updated Master Circular for stock brokers, replacing the May 2023 master circular and consolidating all circulars/directions issued up to 31 March 2024 (including upstreaming, QSB, technical-glitches, settlement, KYC/KRA, cyber, system audit and BCP/DR provisions).

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/14”

Expands the framework of Qualified Stock Brokers (QSBs) by adding parameters for designation including proprietary trading volumes, end-of-day client margin, compliance and grievance redressal scores. Imposes enhanced governance (board oversight, audit/NRC/risk/IT/cybersecurity committees), enhanced cyber and BCP requirements, and annual inspection by exchanges; permits voluntary QSB designation.

SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12”

Requires SEBI-registered intermediaries acting as Reporting Financial Institutions (RFIs) to upload FATCA/CRS self-certifications obtained from clients onto KRA systems, centralising tax-reporting records. Effective 1 July 2024 with a 90-day window for uploading existing certifications; intermediaries remain responsible for the reasonableness check.

SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2023/197

Section titled “SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2023/197”

Changes the single-day quarterly/monthly running-account settlement to “Friday and/or Saturday” of the settlement week to ease operational load on brokers and banks. Effective from the Jan-Mar 2024 quarterly settlement and January 2024 monthly settlement; clients continue to choose monthly or quarterly cycle.

SEBI/HO/MIRSD/POD-1/P/CIR/2023/193

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2023/193”

Extends the last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios to 30 June 2024; non-submission triggers freezing of demat accounts/folios for debit. Reiterates that holders of physical securities without updated PAN/KYC/nomination remain eligible for dividends and service requests.

SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182

Section titled “SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0182”

Consolidates the 31 July 2023 ODR circular and the 4 August 2023 amendment into a single Master Circular. Lays down the end-to-end framework for SMART ODR including conciliation, arbitration, applicable fees, indicative timelines and obligations of intermediaries/listed entities to enroll on the portal.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/187”

Revised upstreaming framework following Industry Standards Forum representations. Operationalises Upstreaming Client Nodal Bank Account (USCNBA) and Downstreaming Client Nodal Bank Account (DSCNBA), allows MFOS pledge expansion, and lays out cash/FDR/MFOS upstreaming modalities while reaffirming the EOD no-retention principle for client funds.

SEBI/HO/MIRSD/POD-1/P/CIR/2023/181

Section titled “SEBI/HO/MIRSD/POD-1/P/CIR/2023/181”

Amends the March 2023 RTA service-request circular to remove the term “freezing/frozen” and the referral of folios by RTAs/listed companies to authorities under Benami and PMLA. Reinforces that holders without PAN/KYC/nomination remain eligible for dividend, interest, redemption and grievance redressal.

SEBI/HO/MIRSD/SEC-FATF/P/CIR/2023/0170

Section titled “SEBI/HO/MIRSD/SEC-FATF/P/CIR/2023/0170”

Amends the February 2023 AML/CFT master circular pursuant to the Prevention of Money-laundering (Maintenance of Records) (Second Amendment) Rules 2023 dated 4 September 2023. Inserts provisions on group-wide AML/CFT policy, host-country impediments to AML implementation, and additional risk management/reporting measures.

SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169”

Compiles all circulars/directions on KYC for securities market issued up to 30 September 2023, aligning with PML (Maintenance of Records) Rules 2005 and KRA Regulations 2011. Covers OVD list, client categories (individual/non-individual/PEP/minor/NRI), use of e-Sign/Aadhaar/DigiLocker/VIPV, KRA and CKYC interoperability, periodic updation and risk-based approach.

SEBI/HO/OIAE/IGRD/CIR/P/2023/156

Section titled “SEBI/HO/OIAE/IGRD/CIR/P/2023/156”

Reduces the timeline for first-level resolution by entities to 21 calendar days and enables auto-routing and auto-escalation of complaints on SCORES; provides for first and second level review by designated bodies. Links SCORES to the SMART ODR portal so unresolved complaints can be escalated to ODR; rescinds the November 2022 SCORES Master Circular with effect from 4 December 2023.

SEBI/HO/MIRSD/FATF/P/CIR/2023/0144

Section titled “SEBI/HO/MIRSD/FATF/P/CIR/2023/0144”

Permits clients to open and transact in securities market accounts once the KYC process is completed by the intermediary, even before KRA validation; specifies which KYC attributes need verification and prescribes that unverified clients shall not transact further until verification. Mandates integration between intermediaries and KRAs for seamless flow of KYC documents under a risk-based validation framework.

SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131

Section titled “SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131”

Establishes a common Online Dispute Resolution (ODR) Portal (“Smart ODR”) for resolving disputes between investors and listed companies / specified intermediaries / regulated entities through online conciliation and arbitration. Extends pre-existing exchange/depository ADR mechanism to all SEBI intermediaries; defines panel of ODR institutions, fees, and timelines.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/95”

Replaces the 22 August 2011 framework on trading-preferences. Mandates stock brokers to register new clients on all active exchanges by default after obtaining trading preferences; existing clients get all-active-exchange access on opted segments after 3-month negative-consent window.

SEBI/HO/MIRSD/SECFATF/P/CIR/2023/091

Section titled “SEBI/HO/MIRSD/SECFATF/P/CIR/2023/091”

Amends the February 2023 AML/CFT master circular following Prevention of Money-laundering Maintenance of Records Amendment Rules 2023 (March 7, 2023). Tightens definitions of beneficial owner (lowering the threshold for non-individuals), introduces obligations on reporting entities for sanction screening and PEP, and aligns record retention.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/084

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/084”

Mandates daily upstreaming of all client funds to Clearing Corporations such that no client funds remain with stock brokers or clearing members on end-of-day basis. Permits upstreaming in cash, lien on FDR (under conditions), or pledge of Mutual Fund Overnight Scheme units; introduces matching down-streaming for next-day client obligations.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/71

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/71”

Master compilation of all extant circulars/directions to stock brokers from 1 June 2018 onwards, replacing the 1 June 2018 master circular. Covers registration, code of conduct, fees, KYC linkage, margin, segregation, client securities, BCP-DR, cyber, system audit, surveillance, grievance, reporting, and operational standards in a single document.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37”

Replaces the November 2021 RTA service-request circular with revised norms. Mandates RTAs to obtain PAN, contact details (mobile/email), bank details and nomination from all physical securities holders; folios without these to be frozen and where unfrozen for 7+ years, transferred to IEPF as per LODR.

SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24

Section titled “SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/24”

Identifies Qualified Stock Brokers (QSBs) based on size of operations, active clients, trading volume and client funds handled. Imposes enhanced compliance obligations covering risk management, technology, BCP-DR, governance, investor service standards and reporting; QSB designation criteria reviewed annually.

SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022

Section titled “SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/022”

Consolidates AML/CFT obligations of SEBI-registered intermediaries under PMLA 2002 and PML Rules including client due diligence, beneficial-ownership identification, sanction-screening, record-keeping, designation of Principal Officer and Designated Director, and STR/CTR reporting to FIU-IND. Sets the framework that is updated periodically by subsequent amendments and the June 2024 successor master circular.

SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160

Section titled “SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160”

Defines “technical glitch” for stock-broker trading systems and mandates that brokers report glitches to exchanges within one hour of occurrence, submit a Preliminary Incident Report within T+1 day, and a Root Cause Analysis within 14 days. Specifies BCP-DR setup, log preservation (30 days normal / 2 years post-glitch) and capacity-planning requirements.

SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104

Section titled “SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104”

Sets out the framework for automated deactivation of trading and demat accounts where KYC particulars are incomplete or where regulator-directed actions (debarments, deficient KYC) require freeze. Specifies trigger criteria, communication to clients, and procedural safeguards before suspension.

SEBI/HO/MIRSD/DoP/P/CIR/2022/101

Section titled “SEBI/HO/MIRSD/DoP/P/CIR/2022/101”

Mandates settlement of running account of client’s funds on the first Friday of every quarter/month (depending on the option selected by client), and provides for retention of stipulated end-of-day margin obligation. Standardises payouts, ledger reconciliation and proof of payment retention.

SEBI/HO/MIRSD/TPD/P/CIR/2022/93

Section titled “SEBI/HO/MIRSD/TPD/P/CIR/2022/93”

Adds further clarification to the cyber-resilience framework for stock brokers and depository participants. Reaffirms 6-hour incident reporting to exchanges/depositories/SEBI; quarterly cyber-attack reports to be filed within 15 days of quarter-end and incident also reported to CERT-In and NCIIPC where applicable.

SEBI/HO/MIRSD/TPD/P/CIR/2022/80

Section titled “SEBI/HO/MIRSD/TPD/P/CIR/2022/80”

Modifies the December 2018 cyber security & cyber resilience framework for stock brokers / depository participants to mandate annual comprehensive cyber audit, identification/classification of critical assets, and Board-approved cyber-crisis management plan. Requires reporting of cyber-incidents to exchanges/depositories/SEBI within 6 hours of detection.

SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/76

Section titled “SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/76”

Extends the stock exchange arbitration mechanism to disputes between listed companies / RTAs and shareholders/investors. Sets a graded panel structure based on dispute value, fee structure, and process timelines; later subsumed under the December 2023 ODR Master Circular.

SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65

Section titled “SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65”

Enhances monetary threshold for simplified transmission of securities to Rs 5 lakh (per beneficial owner across all DPs) and Rs 15 lakh in respect of physical mode; accepts Legal Heirship Certificate or equivalent, succession certificate, probate of will and letters of administration. Specifies standardised transmission request forms and acceptable proofs.

SEBI/HO/MIRSD/DoP/P/CIR/2022/44

Section titled “SEBI/HO/MIRSD/DoP/P/CIR/2022/44”

Introduces Demat Debit and Pledge Instruction (DDPI) to replace Power of Attorney for transfer of securities towards pay-in, settlement, pledge/re-pledge and MFSS. Requires explicit consent (wet/digital signature), bars use of DDPI for any other purpose, and grandfathers existing PoAs which remain valid until revoked by client.

SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/23

Section titled “SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/23”

Extends the deadline for existing eligible trading and demat account holders to submit choice of nomination from 31 March 2022 to 31 March 2023; permits e-Sign of forms and online submission. Freezing of non-compliant accounts for trading/debit deferred to 31 March 2023.

SEBI/HO/MIRSD/DOP/P/CIR/2021/676

Section titled “SEBI/HO/MIRSD/DOP/P/CIR/2021/676”

Notifies the Investor Charter for stock brokers covering services, investor rights, grievance redressal timelines, and dos/don’ts. Directs stock brokers to display the Charter on their websites, in offices, and within account-opening kits; requires monthly disclosure of investor complaint data on broker websites.

SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655

Section titled “SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655”

Standardises service requests handled by RTAs for physical securities holders including PAN linkage, KYC details (address, mobile, email, bank), nomination, change of signature, transposition, transmission and issue of duplicate certificates. Specifies forms (ISR-1 to ISR-5, SH-13, SH-14), validation by RTA, freezing of folios without PAN/KYC/nomination.

SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601

Section titled “SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601”

Mandates that investors opening new trading and/or demat accounts on or after 1 October 2021 shall either provide nomination details (Annexure A) or sign an opt-out declaration (Annexure B). Existing eligible holders required to submit choice of nomination by 31 March 2022 failing which accounts to be frozen (subsequently extended).

SEBI/HO/MIRSD/DOP/CIR/P/2020/158

Section titled “SEBI/HO/MIRSD/DOP/CIR/P/2020/158”

Reiterates that PoA is optional and shall not be insisted upon by stock brokers/DPs for opening client accounts. Defines the limited scope of PoA (pay-in, MTF, mutual fund subscription/redemption, settlement obligations) and bars its use for transfer of securities for margin or off-market transactions; PoA prohibited from authorising transfers to broker’s own accounts.

SEBI/HO/OIAE/IGRD/CIR/P/2020/152

Section titled “SEBI/HO/OIAE/IGRD/CIR/P/2020/152”

Operationalises stock exchanges as nodal agencies for handling SCORES investor complaints against listed companies; sets a 30-day disposal timeline and prescribes SOP including fine schedule, suspension of trading in securities, and freezing of promoter holdings for failures to redress grievances. Effective within 6 months.

SEBI/HO/MIRSD/DOP/CIR/P/2020/73

Section titled “SEBI/HO/MIRSD/DOP/CIR/P/2020/73”

Permits SEBI-registered intermediaries to undertake online KYC of clients using app/web-based platforms with Video In-Person Verification (VIPV), digital signature, e-Sign, OTP-based Aadhaar e-KYC, and DigiLocker-fetched officially valid documents. Specifies process safeguards for image/video capture (geo-tag, time-stamp), authorised official verification, and equivalency of online KYC to in-person verification. Applies to all SEBI intermediaries including stock brokers, mutual funds, depository participants.

SEBI/HO/MIRSD/DOP/CIR/P/2020/28

Section titled “SEBI/HO/MIRSD/DOP/CIR/P/2020/28”

Mandates that client securities given to brokers as margin shall be by way of pledge/re-pledge in the depository system, rather than transfer to broker accounts. Trading members pledge with clearing members who re-pledge to clearing corporations; complete trail reflected in pledgor’s demat account to mitigate misuse of client securities.

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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Disclaimer: This documentation was generated using Claude Code, an AI-powered LLM by Anthropic, as a research and capability estimation exercise. AI models can hallucinate — information here may be inaccurate, incomplete, or outdated. Any resemblance to the products or documentation of any specific vendor or organization is purely coincidental and unintended. This project is not directly inspired by any particular product, vendor, or proprietary system, and no plagiarism is intended. All content is based on publicly available information. This is not legal, financial, or compliance advice.