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SEBI (MRD / IMD / OIAE / LAD-NRO / CFD) 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”
  • 50 circulars indexed in this issuer’s section.
  • 4 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 (MRD / IMD / OIAE / LAD-NRO / CFD) 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 Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL.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/LAD-NRO/GN/2026/291

Section titled “SEBI/LAD-NRO/GN/2026/291”

Replaces the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 with a complete rewrite. Introduces eligibility criteria including a minimum two-year securities-trading experience for applicants, requires at least one designated director resident in India for 182+ days per financial year, codifies operational/general/enhanced obligations for trading members and clearing members, and aligns the framework with Qualified Stock Brokers and modern market structure.

SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32

Section titled “SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32”

Directs all AMCs (and their RTAs) and recognized Depositories to register with DigiLocker as ‘Issuer’ so investors can fetch and store their statement of holdings for shares and mutual fund units along with the Consolidated Account Statement (CAS) inside DigiLocker. Introduces a Data Access Nominee concept under which KRA-notified demise triggers DigiLocker auto-notification to nominees to surface unclaimed financial assets. Effective April 1, 2025.

SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/31

Section titled “SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/31”

Operationalizes the SEBI (ICDR) Amendment Regulations, 2025 by reducing the rights issue timeline to 23 working days from board approval. Eliminates the requirement to file draft letter of offer with SEBI for approval, removes mandatory appointment of lead managers, and enables flexibility of allotment to specific investors beyond existing shareholders. Effective April 7, 2025.

SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/23

Section titled “SEBI/HO/IMD/IMD-PoD-1/P/CIR/2025/23”

Mandates AMCs to deploy funds garnered in an NFO within 30 business days from the date of unit allotment, as per the asset allocation declared in the scheme information document. Provides for a one-time extension by another 30 business days subject to written justification by the investment committee; persistent non-deployment requires investor exit option without exit load.

SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185

Section titled “SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185”

Implements recommendations of the Expert Committee on ease of doing business for listed entities. Introduces an Integrated Filing system (Governance and Financial), reduces the minimum record-date gap to three working days, mandates a whole-time Compliance Officer one level below the board, and requires peer-reviewed company secretaries for secretarial audit from April 1, 2025. Operationalizes the SEBI (LODR) Third Amendment Regulations, 2024.

SEBI/HO/IMD/PoD2/P/CIR/2024/183

Section titled “SEBI/HO/IMD/PoD2/P/CIR/2024/183”

Establishes the MF Lite framework operationalizing the SEBI (Mutual Funds) (Third Amendment) Regulations, 2024 for passively managed schemes - lower net worth, simplified offer documents, reduced compliance burden for index funds, ETFs and Fund of Funds investing in passive schemes. Effective March 16, 2025.

SEBI/HO/MRD-PoD2/CIR/P/2024/00181

Section titled “SEBI/HO/MRD-PoD2/CIR/P/2024/00181”

Updates and consolidates the SE/CC master circular with all circulars issued after the October 2023 master through November 30, 2024. Incorporates T+0 expansion, Index Derivatives Framework, MII Shareholding Monitoring, and other major MRD circulars. Supersedes SEBI/HO/MRD2/PoD-2/CIR/P/2023/171.

SEBI/LAD-NRO/GN/2024/218

Section titled “SEBI/LAD-NRO/GN/2024/218”

Third amendment to LODR Regulations introducing Integrated Filing (Governance and Financial), single-filing dissemination across exchanges, whole-time Compliance Officer one level below the board, reduced record-date gap to 3 working days, and peer-reviewed company secretary for secretarial audit from April 1, 2025. Operationalized via SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185.

SEBI/HO/MRD/POD-3/P/CIR/2024/172

Section titled “SEBI/HO/MRD/POD-3/P/CIR/2024/172”

Expands the optional T+0 settlement cycle from 25 scrips to top 500 scrips by market capitalization in a phased manner. Permits participation by all stock brokers, allows custodian-settled clients, extends the trading window, and authorizes brokers to charge differential brokerage for T+0 trades. Provides an optional block deal window for T+0.

SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/168

Section titled “SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/168”

Updates and consolidates the commodity-derivatives master circular incorporating circulars issued after the August 2023 master, including the staggered-delivery modification (May 2024) and product-design changes. Supersedes SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136.

SEBI/HO/IMD/IMD-I PoD-1/P/CIR/2024/163

Section titled “SEBI/HO/IMD/IMD-I PoD-1/P/CIR/2024/163”

Revises the valuation methodology for repo transactions (including tri-party repos / TREPS) executed by mutual funds. Repo transactions with tenor of up to 30 days must be valued on a mark-to-market basis instead of the previous practice of valuing them on a cost-plus-accrual basis; effective January 1, 2025.

SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/162

Section titled “SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/162”

Prescribes composition, functioning and review obligations for statutory committees at MIIs - Member Committee, Nomination and Remuneration Committee, Standing Committee on Technology, Regulatory Oversight Committee, Risk Management Committee, Investment Committee, Audit Committee. Independent External Professionals (IEPs) constraints, multi-committee caps for Public Interest Directors (PIDs), and guidelines for IEP appointment, tenure and conduct.

SEBI/HO/CFD/PoD2/CIR/P/0155

Section titled “SEBI/HO/CFD/PoD2/CIR/P/0155”

Consolidates all relevant LODR circulars issued on/before September 30, 2024 into a chapter-wise master circular. Supersedes the July 2023 LODR master circular and is operationalized through the implementation circular dated December 31, 2024 (SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185).

SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/153

Section titled “SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/153”

Mandates that every Qualified Stock Broker (QSB) must offer its clients either (a) the facility of trading supported by blocked amount in the cash segment using UPI block mechanism, or (b) the 3-in-1 trading account facility, in addition to the conventional mode. Brings ASBA-like protection of investor cash collateral to the secondary market; effective February 1, 2025.

SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/139

Section titled “SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/139”

Establishes a monitoring framework for shareholding in listed and unlisted MIIs, requiring each MII to appoint a non-associated Designated Depository (DD) to monitor 5%, 15% and aggregate-foreign-49% thresholds, quarterly disclosure of shareholding patterns, and fit-and-proper review for any shareholder holding 2% or more equity. Combined trading-member shareholding capped at 49%; effective 90 days from issuance.

SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/137

Section titled “SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/137”

Operationalizes direct payout of securities by clearing corporations to client demat accounts (bypassing broker pool accounts) in a phased manner. Extends the final pay-out time to 3:30 pm, with full direct payout effective for all settlements from January 14, 2025; eliminates broker-pool routing risk and aligns with the upstream-only client-funds framework.

SEBI/HO/MRD/TPD-1/P/CIR/2024/131

Section titled “SEBI/HO/MRD/TPD-1/P/CIR/2024/131”

Issues a corrigendum to the September 20, 2024 SOP circular on financial disincentives for MIIs - corrects typographical and reference errors in the published version.

SEBI/HO/MRD/TPD/P/CIR/2024/132

Section titled “SEBI/HO/MRD/TPD/P/CIR/2024/132”

Introduces six structural reforms to strengthen the equity index derivatives framework: (i) upfront collection of option premium from buyers; (ii) removal of calendar-spread benefit on expiry day; (iii) intraday monitoring of position limits; (iv) increase in contract size for index derivatives to minimum INR 15 lakh; (v) rationalization of weekly index derivative products to one benchmark index per exchange; (vi) increase in tail risk coverage on expiry day. Implementation is phased between November 2024 and April 2025.

SEBI/HO/MRD/TPD-1/P/CIR/2024/124

Section titled “SEBI/HO/MRD/TPD-1/P/CIR/2024/124”

Updates the SOP for financial disincentives payable by MIIs for technical glitches. Removes individual financial penalties on MD and CTO of MIIs, requires MIIs to internally examine and reflect individual accountability in performance appraisals, provides an opportunity for MIIs to make submissions before any disincentive is imposed, and mandates compliance report to SEBI within 90 days of disruption.

SEBI/LAD-NRO/GN/2024/189

Section titled “SEBI/LAD-NRO/GN/2024/189”

Second LODR amendment of 2024 - further refinements to listing obligations, RPT thresholds, and structured digital database (SDD) provisions for listed entities.

SEBI/HO/MRD/TPD-1/P/CIR/2024/92

Section titled “SEBI/HO/MRD/TPD-1/P/CIR/2024/92”

Directs Market Infrastructure Institutions (stock exchanges, clearing corporations, depositories) to ensure that charges recovered from end clients by their members are “true to label” - the same amount that members pay to MIIs must be the amount actually charged to clients. Eliminates the slab-based and volume-discounted differential charge structures that allowed brokers to earn arbitrage.

SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90

Section titled “SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90”

Consolidates all extant circulars issued by SEBI on mutual funds up to March 31, 2024 into a single master circular. Covers offer documents, NFO timelines, investment by AMC into its own schemes, risk-management framework, valuation, transaction costs, and stress testing. Supersedes prior MF master circulars including the May 2023 edition.

SEBI/HO/MRD/MRD-PoD-3/2024/088

Section titled “SEBI/HO/MRD/MRD-PoD-3/2024/088”

Initial framework prescribing the composition and functions of statutory committees at MIIs based on recommendations of the Committee on Strengthening Governance of MIIs. Subsequently consolidated and re-issued as the November 22, 2024 circular.

SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/62

Section titled “SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/62”

Extends the stock-exchange outage SOP to the commodity derivatives segment with segment-specific timing/escalation rules and extension protocols, ensuring market continuity in case of technical disruption.

SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/57

Section titled “SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/57”

Reduces the minimum duration of the staggered delivery period in commodity futures contracts from five working days to at least three working days, effective from July 1, 2024 for contracts where staggered delivery is scheduled after that date. Issued on the basis of recommendations of the Commodity Derivatives Advisory Committee (CDAC).

SEBI/LAD-NRO/GN/2024/177

Section titled “SEBI/LAD-NRO/GN/2024/177”

First amendment to LODR Regulations 2015 in 2024 - amendments to certain definitions, related-party transaction provisions, and disclosure timelines for listed entities.

SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/29

Section titled “SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/29”

Exempts jointly-held mutual fund folios from the mandatory nomination requirement applicable to single-holder folios, effective immediately. Recognizes that joint holding already provides a survivorship route, eliminating the need for nomination in such cases.

SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20

Section titled “SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20”

Introduces an optional T+0 rolling settlement cycle in equity cash markets, initially as a beta version covering 25 scrips and a limited number of brokers, with trading window 09:15-13:30 and settlement by 16:30 of the same day. Non-custodian clients (retail) can opt in; price band is +/- 100 bps from T+1 reference price.

SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/18

Section titled “SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/18”

Strengthens safeguards for transfer of securities in dematerialized mode. Requires depositories and brokers to implement additional controls on off-market transfers between unrelated demat accounts to protect investors from unauthorized movement of securities.

SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195

Section titled “SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195”

Consolidates the ODR circular dated July 31, 2023 and amendment dated December 20, 2023 into a single master circular. Sets out the structure of the SMART ODR Portal, eligibility of ODR Institutions, conciliation and arbitration procedures, fees, and timelines for resolution of investor disputes against SEBI-regulated entities.

SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/191

Section titled “SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/191”

Amends the July 31, 2023 ODR circular to clarify panel composition, fee structures, and procedural timelines. Provides operational refinements to the SMART ODR mechanism based on initial implementation feedback.

SEBI/HO/OIAE/IGRD/CIR/P/2023/183

Section titled “SEBI/HO/OIAE/IGRD/CIR/P/2023/183”

Specifies timelines for handling complaints on SCORES post the September 20, 2023 circular and prescribes consequences for non-compliance (warnings, financial disincentives, regulatory action) against entities that exceed prescribed turnaround times.

SEBI/HO/MRD2/PoD-2/CIR/P/2023/171

Section titled “SEBI/HO/MRD2/PoD-2/CIR/P/2023/171”

Consolidates all extant circulars/communications pertaining to stock exchanges and clearing corporations issued up to August 31, 2023 into a single master circular organised by chapters (trading, software/technology, settlement, risk management, exchange-traded derivatives, administration of SEs and CCs, miscellaneous). Supersedes the July 5, 2021 master circular.

SEBI/HO/CFD/TPD1/CIR/P/2023/140

Section titled “SEBI/HO/CFD/TPD1/CIR/P/2023/140”

Reduces the listing timeline for shares in public issues from T+6 working days to T+3 working days. Voluntary for public issues opening on/after September 1, 2023 and mandatory for public issues opening on/after December 1, 2023. Reduces investor blocked funds lock-in and accelerates issuer access to subscription proceeds.

SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136

Section titled “SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136”

Consolidates all circulars/directions/operating instructions for the commodity derivatives market issued by SEBI up to March 31, 2023 into a single master circular. Covers product design, position limits, margins, delivery and settlement, surveillance, advisory and brokerage, and Liquidity Enhancement Schemes in commodity derivatives.

SEBI/HO/IMD/IMD-I-PoD1/P/CIR/2023/125

Section titled “SEBI/HO/IMD/IMD-I-PoD1/P/CIR/2023/125”

Creates a separate ESG category under Equity schemes permitting multiple ESG sub-strategies (Exclusion, Integration, Best-in-class, Positive screening, Impact investing, Sustainable objectives, Transition or transition-related investments). Requires 65% of AUM in companies with comprehensive BRSR Core disclosures, annual independent reasonable assurance, and monthly ESG portfolio disclosure with rationale.

SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122

Section titled “SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122”

Introduces the BRSR Core - a 9-attribute KPI subset of BRSR requiring reasonable assurance. Mandatory for the top 150 listed entities by market cap in FY 2023-24, extending to top 1000 by FY 2026-27; value-chain BRSR Core disclosure on comply-or-explain for top 250 in FY 2024-25. Includes intensity ratios based on PPP-adjusted revenue.

SEBI/HO/CFD/PoD2/CIR/P/2023/120

Section titled “SEBI/HO/CFD/PoD2/CIR/P/2023/120”

Master circular consolidating LODR-related operational provisions for listed entities (events of material information, disclosure timelines, compliance officer obligations, BRSR, related party transactions). Superseded by the November 2024 master circular which incorporated the LODR Third Amendment Regulations, 2024.

SEBI/HO/CFD/PoD-2/P/CIR/2023/00094

Section titled “SEBI/HO/CFD/PoD-2/P/CIR/2023/00094”

Consolidates all circulars/directions issued under the SEBI (ICDR) Regulations, 2018 up to that date into a single master circular covering IPOs, FPOs, rights issues, OFS, preferential issues, and Issue Summary Document (ISD) procedures.

SEBI/HO/CFD/POD-2/P/CIR/2023/93

Section titled “SEBI/HO/CFD/POD-2/P/CIR/2023/93”

Consolidates schemes of arrangement provisions applicable to listed entities - NCLT pre-approval requirements, obligations of listed entity, stock exchange obligations, SEBI processing, and relaxations under SCR Rules Rule 19(7). Carve-out for merger of wholly-owned subsidiary or division with parent.

SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/13

Section titled “SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/13”

Introduces an Issue Summary Document (ISD) in XBRL format for public issues, further issues, buybacks, takeovers and delisting offers; standardized advertisements/dissemination process. Effective in phases starting April 3, 2023 for further issues and May 2, 2023 for open offer, buyback and voluntary delisting.

SEBI/HO/MRD/MRD-TPD-1/CIR/P/2023/7

Section titled “SEBI/HO/MRD/MRD-TPD-1/CIR/P/2023/7”

Standard Operating Procedure for handling stock-exchange outages, including escalation timelines, disclosure to public/SEBI, mandatory extension of trading hours by at least 90 minutes for outages exceeding 45 minutes, and joint communication protocols across exchanges to ensure orderly market operation.

SEBI/HO/CFD/PoD-2/P/CIR/2023/4

Section titled “SEBI/HO/CFD/PoD-2/P/CIR/2023/4”

Provides relaxations to listed entities from certain LODR compliance requirements including the timeline for sending physical copies of annual reports and the proxy form for general meetings, in continuation of pandemic-era flexibilities.

SEBI/HO/IMD/DOF2/P/CIR/2022/69

Section titled “SEBI/HO/IMD/DOF2/P/CIR/2022/69”

Issues a comprehensive framework for development of passive funds covering index funds, ETFs, and Fund of Funds investing in passive schemes. Covers norms for liquidity providers, tracking error/difference disclosure, debt ETF/index fund framework, securities lending for ETFs, and rebalancing timelines.

SEBI/HO/MRD1/MRD1_DTCS/P/CIR/2022/68

Section titled “SEBI/HO/MRD1/MRD1_DTCS/P/CIR/2022/68”

Modifies the cyber-security and cyber-resilience framework for MIIs - requiring half-yearly comprehensive cyber audits with declaration from MD/CEO certifying SEBI compliance, classification/designation of critical assets, and additional safeguards for sensitive personal/financial data and PII. Superseded by the consolidated CSCRF in August 2024.

SEBI/HO/CFD/DIL2/CIR/P/2022/45

Section titled “SEBI/HO/CFD/DIL2/CIR/P/2022/45”

Enhances the UPI mandate limit for IPO retail investor applications. Mandates that all individual bidders in IPOs opening on/after May 1, 2022 with application size up to INR 5 lakh shall use the UPI mechanism (raised from INR 2 lakh). Brings 95%+ of retail IPO applications onto a single UPI rail.

SEBI/HO/MRD2/DCAP/P/CIR/2021/628

Section titled “SEBI/HO/MRD2/DCAP/P/CIR/2021/628”

Permits stock exchanges, at their discretion, to migrate any scrip to a T+1 rolling settlement cycle from the existing T+2, subject to giving one month advance notice and continuing T+1 for that scrip for a minimum of six months. Operationalized in phases beginning February 25, 2022 and completed across all listed scrips by January 27, 2023.

SEBI/HO/MRD2_DCAP/CIR/2021/0598

Section titled “SEBI/HO/MRD2_DCAP/CIR/2021/0598”

Mandates that clearing corporations identify and segregate client-level collateral so that allocated collateral plus value of securities re-pledged to the CC for a client is at all times >= the minimum margin collection requirement for that client in the respective segment. Requires CCs to receive client-level allocation files daily from TMs/CMs, with reporting formats and reconciliation timelines specified to prevent misuse of one client’s collateral against another’s obligations.

SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M

Section titled “SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M”

Strengthens UPI-in-ASBA framework for IPO applications by self-certified syndicate banks and sponsor banks, including standard timelines for blocking, unblocking, compensation for delays, and a redressal mechanism for retail investor grievances. Establishes investor compensation for delays in unblocking funds beyond stipulated timelines.

SEBI/HO/MRD2/DCAP/CIR/P/2020/127

Section titled “SEBI/HO/MRD2/DCAP/CIR/P/2020/127”

Establishes a framework for verifying upfront collection of margins from clients across cash and derivatives segments. Clearing Corporations are mandated to send a minimum of 4 random intraday snapshots of client-wise margin requirement to Trading Members/Clearing Members so that the actual margin collected from clients can be verified, with penalties for short-collection.

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

AI-generated and not legal advice. See the project README for the full disclaimer.

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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.