Regulatory Circulars

The KYC onboarding system does not exist in a vacuum — it is shaped by a steady stream of regulatory circulars from SEBI (Securities and Exchange Board of India), RBI (Reserve Bank of India), and NPCI (National Payments Corporation of India). Every major feature in the system traces back to a specific circular: DDPI (Demat Debit and Pledge Instruction) exists because of a 2022 SEBI circular, dual KRA-CKYC upload became mandatory because of a 2024 circular, and so on.

This page is the master reference for those circulars. When you need to understand why the system works a certain way, or when a compliance officer asks “which circular requires this?”, start here.

How to use this table

The “Impact” column tells you what each circular changed in practical terms. If you are investigating a specific feature, scan the Impact column to find the relevant circular, then use the circular number to look up the full text on the SEBI website.

Circular Reference Table

#	Topic	Circular	Date	Impact
1	KYC Master Circular	SEBI/HO/MIRSD/MIRSD-SEC-2/P/CIR/2023/168	Oct 2023	Consolidated KYC norms, CERSAI templates
2	AML/CFT Guidelines	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78	Jun 2024	Anti-Money Laundering / Combating the Financing of Terrorism standards
3	FATCA/CRS at KRAs	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12	Feb 2024	Mandatory FATCA (Foreign Account Tax Compliance Act) upload to KRA from Jul 2024
4	KRA Upload to CKYC	SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79	Jun 2024	Mandatory CKYC (Central KYC) upload from Aug 2024
5	DDPI replacing POA	SEBI/HO/MIRSD/DoP/P/CIR/2022/44	Apr 2022	DDPI mandatory from Nov 2022
6	Nomination Revamp	SEBI circular	Jan 2025	Up to 10 nominees, video opt-out
7	DigiLocker for Assets	SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32	Mar 2025	Demat statements in DigiLocker
8	Stock Brokers Master	SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/90	Jun 2025	Consolidated broker operations
9	e-KYC Setu (NPCI)	SEBI press release	Jun 2025	Aadhaar e-KYC without sharing Aadhaar number
10	AA for Depositories	SEBI/HO/MRD/DCAP/P/CIR/2022/110	Aug 2022	CDSL/NSDL as FIPs (Financial Information Providers) in AA (Account Aggregator) ecosystem
11	DPDP Act 2023	DPDP Rules 2025	May 2027 deadline	Consent management, data rights
12	UPI AutoPay Rs.1L	RBI/2023-2024/88 (NPCI)	Dec 2023	Securities brokers (MCC 6211): Rs.1 lakh autopay limit
13	UPI Block (ASBA Secondary)	SEBI consultation paper	Feb 2025	QSBs (Qualified Stock Brokers) must offer UPI block mechanism. Funds stay in customer bank.
14	Stock Brokers Regulations 2026	Notified Jan 7, 2026	Jan 2026	Replaces 1992 regulations entirely. Allows cross-regulatory activities.
15	DigiLocker for Holdings	SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32	Mar 2025	Investors can fetch demat holdings via DigiLocker. Effective Apr 2025.

Caution

The SEBI Stock Brokers Regulations 2026 (row 14) are a fundamental overhaul that replaced the 1992 regulations entirely. Many references in older vendor documentation and KRA specifications still cite the 1992 regulations. When you encounter a citation to “SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992,” be aware that these have been superseded.

Note

Circular numbers and dates may change as SEBI issues amendments. Always verify against the SEBI website for the latest version of any circular before making compliance decisions.