Regulatory Circulars
Why this page is structured this way: Each issuer is dense enough to deserve its own sub-page, so this master page is navigation + highlights + coverage notes. Operators looking for a specific issuer drill into the relevant sub-page; reviewers scanning impact start with the highlight panel; KB users follow the per-issuer counts to gauge coverage.
- 1130 circulars indexed across 13 issuer groupings.
- Window: 2020-01-01 → 2026-09-11. Verified 2026-09-11.
- 465 circulars issued in 2025 or later.
- 103 entries flagged
[unknown — verify]in at least one field (primary URL not re-fetchable or date ambiguous in source). - Coverage spans regulatory norms AND operational / file-format circulars (BOD/EOD files, settlement specs, margin frameworks).
- AI-generated; summaries are paraphrased. Read the linked PDF before acting on any provision.
Most-impactful 12 circulars (curated)
Section titled “Most-impactful 12 circulars (curated)”Hand-picked from the full set. Selection criteria: each row materially changes broker / depository / exchange behaviour AND is widely cited in current industry practice.
| Date | Issuer | ID | Title | Impact |
|---|---|---|---|---|
| 2020-04-24 | SEBI-MIRSD | SEBI/HO/MIRSD/DOP/CIR/P/2020/73 | Clarification on Know Your Client (KYC) Process and Use of Technology for KYC | onboarding, esign, digi-locker, aml |
| 2024-06-06 | SEBI-MIRSD | SEBI/HO/MIRSD/SECFATF/P/CIR/2024/79 | Uploading of KYC information by KYC Registration Agencies (KRAs) to Central KYC | onboarding, re-KYC, file-format, reporting |
| 2024-02-20 | SEBI-MIRSD | SEBI/HO/MIRSD/SECFATF/P/CIR/2024/12 | Centralization of certifications under Foreign Account Tax Compliance Act (FATCA | fatca-crs, onboarding, re-KYC, file-format |
| 2024-06-06 | SEBI-MIRSD | SEBI/HO/MIRSD/SECFATF/P/CIR/2024/78 | Master Circular - Guidelines on Anti-Money Laundering (AML) Standards and Combat | aml, onboarding, reporting, surveillance |
| 2024-03-21 | SEBI-MRD | SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/20 | Introduction of Beta version of T+0 rolling settlement cycle on optional basis i | settlement, t0-t1, rms |
| 2025-03-19 | SEBI-OIAE | SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2025/32 | Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed | digi-locker, transmission, nominee, dormant |
| 2026-01-07 | SEBI-LAD-NRO | SEBI/LAD-NRO/GN/2026/291 | Securities and Exchange Board of India (Stock Brokers) Regulations, 2026 | onboarding, surveillance, reporting, other |
| 2025-06-17 | SEBI-MIRSD | SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/90 | Master Circular for Stock Brokers | onboarding, client-funds, margin, settlement, rms, mtf, slbm, surveillance, reporting, bcp-dr, cyber-security, grievance, file-format, t0-t1, upstreaming, system-audit, nominee |
Browse by issuer
Section titled “Browse by issuer”All entries live on per-issuer sub-pages, sorted descending by date.
| Issuer | Entries | Page |
|---|---|---|
| NSE | 190 | nse |
| CDSL | 156 | cdsl |
| NSDL | 143 | nsdl |
| Clearing Corporations (NSCCL / ICCL / MCXCCL) | 140 | clearing-corps |
| MCX | 102 | mcx |
| SEBI (MRD / IMD / OIAE / LAD-NRO / CFD) | 85 | sebi-other |
| SEBI-MIRSD | 63 | sebi-mirsd |
| RBI | 62 | rbi |
| NPCI | 57 | npci |
| BSE | 56 | bse |
| MeitY / CCA | 31 | meity |
| CERSAI / CKYC | 25 | cersai |
| FIU-IND | 20 | fiu-ind |
Coverage notes
Section titled “Coverage notes”- FIU-IND URLs are flagged as unverified. The fiuindia.gov.in domain was not reachable from the research environment; FIU entries are sourced from cross-citations on SEBI mirrors, PIB press releases, and authoritative third-party legal trackers. Treat FIU URLs as leads, not citations.
- Truncated working files: six issuer sweeps (BSE, NSDL, NSE-initial, RBI, SEBI-MIRSD, SEBI-other) hit the user-account rate limit before reaching their closing review pass. Entries above the cut-off are individually formed per the schema; coverage in the final ~10–15% of the research window may be incomplete for those issuers. See per-issuer
OPEN_QUESTIONSsections in the working dataset. - NSE was supplemented with a follow-up sweep that produced 124 additional non-overlapping entries (combined coverage: 156 NSE circulars).
- Supersession chains are recorded per-entry via the
superseded_byfield. The chain check passes for entries whose superseded target falls in-window; chains pointing to pre-2020 targets are noted in the entry summary.
Practical notes
Section titled “Practical notes”- [industry practice] Ops teams typically subscribe to each issuer’s email distribution list rather than scraping their site — leads to more reliable real-time tracking than periodic web fetches.
- [gotcha] SEBI re-numbered some master circulars in 2025; the
superseded_bychain on each entry is the only safe way to track the current-in-force version. - [gotcha] NPCI ‘OC’ (Operating Circular) numbers cycle per financial year (e.g., OC 151/2023-24 vs OC 151A/2024-25 are different documents). Always include the FY suffix.
- [cost optimization] Direct issuer subscriptions cost nothing; the third-party legal aggregators (TaxGuru, Complinity, TeamLease RegTech, etc.) provide additional context and supersession tracking for paid tiers.
- [risk trade-off] Operational circulars from exchanges supersede informally via ‘notices’ rather than full circulars — member compliance teams should track BOTH channels.
Changelog
Section titled “Changelog”See the circulars changelog for the diff against the prior 37-entry hand-curated list.
Verified through
Section titled “Verified through”2026-09-11
AI-generated and not legal advice. See the project README for the full disclaimer.