Amendments in the Securities regulations
1. SMS and E-mail alerts to investors by stock exchanges
Earlier SEBI, through a Circular dated August 02, 2011 and Master Circular for Stock Brokers dated August 09, 2024 mandated that stock brokers upload separate mobile numbers and email addresses for each client. However, under exceptional circumstances, brokers could upload the same contact details for multiple clients within one family.
On December 03, 2024 SEBI vide Circular No. SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/169 has expanded this provision to allow the same mobile number/email for clients within a family, or for an authorized person of non-individual clients (HUFs, corporates, partnerships, trusts), subject to prior approval.
This clarification amends the original guidelines while retaining all other provisions.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/sms-and-e-mail-alerts-to-investors-by-stock-exchanges_89241.html
2. Consultation Paper on Online Monitoring of System Audit of Stock Brokers
Through a circular dated November 06, 2013, SEBI established the guidelines for conducting system audits of stock brokers. The framework outlined the frequency of these audits based on the classification of stock brokers’ technology usage which is as follows:
| Category of Stock Broker | Frequency of system audit | No. of stock brokers |
| Stock Broker providing Algo trading facility | Half-yearly | 419 |
| Stock Broker using Computer-to-Computer Link (CTCL) /Non-Neat Front End (NNF) and is a depository participant | Yearly | 266 |
| Stock Broker using Computer-to-Computer Link (CTCL) /Non-Neat Front End (NNF) and is not depository participant | Once in 2 years | 86 |
| Stock Broker using Exchange-provided Terminals & Application Service Provider (ASP) | Not required to conduct a system audit | 418 |
| Total | 1189 |
Based on the analysis of audit reports by exchanges and SEBI, the following risks/gaps have been identified in the system audit process for stock brokers:
- System audits are conducted without physical visits to the stock brokers’ premises.
- The quality of the system audits is compromised due to insufficient sample sizes and reliance on inadequate audit evidence.
- System audits are being carried out by auditors who lack the necessary qualifications.
- There is a lack of an independent source to verify, monitor, and oversee the pre-audit, audit, and post-audit processes.
To enhance the audit process and improve the quality and depth of audit findings, it has been decided to carry out a comprehensive review to align the audit process with regulatory objectives and address key regulatory aspects related to the technology and systems of stock brokers.
Accordingly, SEBI vide Consultation Paper published on December 03, 2024, has invited public comments on the draft framework of monitoring and supervision of the system audit of stock brokers. The public comments were to be submitted by December 26, 2024.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-online-monitoring-of-system-audit-of-stock-brokers_89234.html
3. Master Circular for Depositories
SEBI has been periodically issuing various circulars and directions to Depositories. To consolidate all relevant circulars, a Master Circular was issued on October 6, 2023. To enable the users to have access to all the applicable circulars/directions on depositories at one place issued by SEBI up to September 30, 2024, SEBI on December 03, 2024, has published a Master Circular No. SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/168.
The link to the aforesaid Master Circular is as follows:
https://www.sebi.gov.in/legal/master-circulars/dec-2024/master-circular-for-depositories_89245.html
4. Clarification on the interpretations of the regulatory provisions related to Specified Digital Platforms (SDPs) appearing in various news articles
SEBI vide Press Release No. 31/2024 dated December 04, 2024, has published a clarification regarding various interpretations of the regulatory provisions related to Specified Digital Platforms (SDPs) appearing in various news articles. SEBI inter-alia has clarified that it is not obligatory for any digital platform to be notified as SDP and there is no regulation of these digital platforms by SEBI. Preventive steps contemplated for any digital platform to get notified as SDP is not mandatory and it is for the platform to opt or not opt for getting notified as SDP.
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/clarification_89294.html
5. Repository of documents relied upon by Merchant Bankers during due diligence process in Public issues
SEBI requires merchant bankers to maintain records of due diligence for public issues as per its regulations and for a minimum period of 5 years.
SEBI vide Circular No. SEBI/HO/CFD/CFD-TPD-1/P/CIR/2024/170 dated December 05, 2024, has informed that stock exchanges have set up an online Document Repository platform for efficient electronic storage and access to these documents and has advised Merchant bankers to upload relevant documents to this platform, informing other stock exchanges where the securities will be listed.
Further, vide the said Circular SEBI has specified the following deadlines for the upload of documents by Merchant Bankers:
- From January 1, 2025: Within 20 days of filing the draft offer document and from the listing date.
- From April 1, 2025: Within 10 days of filing and listing.
Merchant Bankers inter-alia to ensure that documents are relevant, complete, and legible, and accessible only to the respective merchant bankers, though SEBI can access them for supervisory purposes.
The link to the aforesaid Consultation Paper giving an extension of time is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/repository-of-documents-relied-upon-by-merchant-bankers-during-due-diligence-process-in-public-issues_89321.html
6. Caution to the Public regarding the unregistered online platforms, inter alia, offering unlisted debt securities to investors
SEBI vide Press Release No. 32/2024 dated December 05, 2024, urged the public to exercise caution in undertaking transactions of acquiring unlisted debt securities through unregistered online platforms.
Further SEBI urged the public to utilize Online Bond Platforms operated by SEBI registered stock brokers authorized by the Bombay Stock Exchange (BSE) and/or the National Stock Exchange (NSE) to act as online bond platform providers (OBPPs) for investing in listed debt securities. Any person using such unregistered online platforms will not have access to investor protection, grievance redressal, and dispute resolution resources of SEBI.
Recently, SEBI issued an interim order against some entities operating such unregistered platforms. The order is accessible at
https://www.sebi.gov.in/enforcement/orders/nov-2024/interim-ex-parte-order-in-thematter-of-unregistered-online-bond-platforms_88552.html
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/caution-to-public_89340.html
7. Introducing Close Auction Session in the Equity Cash segment
SEBI published a Consultation Paper on December 05, 2024, seeking public feedback on introducing a Close Auction Session (CAS) in India. The move is in response to the growing weight of Indian stocks in international indices, where current market systems do not support execution at closing prices. This results in tracking differences for passive funds, which ultimately affect investors. SEBI has invited comments on the proposal, with a deadline of December 26, 2024.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-introducing-close-auction-session-in-equity-cash-segment_89324.html
8. Consultation Paper on the proposed framework for devolvement of In-The-Money (ITM) single stock option contracts into futures, 1 day prior to expiry, to mitigate the potential risks arising from sudden movement of Out-of-The-Money (OTM) option contracts to ITM option contracts near expiry in the context of physical settlement in the derivatives segment
SEBI published a Consultation Paper on December 05, 2024, seeking seeking feedback from stakeholders and the public on the proposed framework to transition ITM single stock option contracts into futures one day prior to expiry. This adjustment aims to reduce risks associated with physical settlement requirements in single stock derivatives, particularly when an OTM option unexpectedly becomes ITM due to sudden price movements near market close on expiry day.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-the-proposed-framework-for-devolvement-of-in-the-money-itm-single-stock-option-contracts-into-futures-1-day-prior-to-expiry-to-mitigate-the-potential-risks-arising-from-sudd-_89325.html
9. Measure for ease of doing business – Settlement of Account of Clients who have not traded in the last 30 days
SEBI, in a Consultation Paper dated December 05, 2024, has proposed a change in the settlement of funds for clients who have not traded in the last 30 days.
Currently, Trading Members (TMs) are required to return such clients’ credit balances within the next three working days irrespective of the date when the running account was previously settled. However, due to the upstreaming of client funds to Clearing Corporations, the risk of misuse has been reduced. To ease business operations and protect investors, SEBI vide the aforementioned Consultation Paper proposes that these funds be settled on the upcoming monthly settlement dates, as per the exchange’s annual calendar, instead of within the next three working days. The public comments on the said proposal were to be submitted by December 26, 2024.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/measure-for-ease-of-doing-business-settlement-of-account-of-clients-who-have-not-traded-in-the-last-30-days_89323.html
10. Empowering Investors through Updated Investor Charter of SEBI
SEBI vide Press Release No. 33/2024 dated December 06, 2024, informed that it has updated its “Investor Charter” to improve investor protection, market transparency, and build trust. Key updates include ensuring the confidentiality of investor information and providing the right to exit from market products or services on fair terms.
SEBI has also enhanced the grievance redressal process with SCORES 2.0, where complaints are directly handled by intermediaries and regulated entities, with SEBI reviewing complaints at the second level. Additionally, the SMART ODR Portal has been launched to facilitate online conciliation and arbitration for resolving disputes in the securities market.
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/empowering-investors-through-updated-investor-charter-of-sebi_89360.html
11. Consultation paper on Draft Circular to provide clarity on provisions related to association of persons regulated by the Board, MIIs and their agents with persons carrying on prohibited activities
SEBI has published amendments to three regulations on August 29, 2024, to address concerns about unregistered entities providing investment advice and making unauthorized claims. These regulations prohibit persons regulated by SEBI, Market Infrastructure Institutions (MIIs) (stock exchanges, clearing corporations, depositories), and their agents from associating with unregistered entities offering advice or making claims about securities unless permitted by SEBI.
On December 06, 2024, SEBI published a Consultation Paper seeking public comments on the provisions of the draft circular providing details/clarifications on various provisions related to association of persons regulated by the Board, MIIs, and their agents with certain persons carrying on prohibited activities as specified under the regulations amended by SEBI on August 29, 2024.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-draft-circular-to-provide-clarity-on-provisions-related-to-association-of-persons-regulated-by-the-board-miis-and-their-agents-with-persons-carrying-on-prohibited-activities_89367.html
12. Transaction in Securities of Unlisted Public Limited Companies on Electronic Platforms
SEBI vide Press Release No. 34/2024 dated December 09, 2024, warned the public about electronic platforms and websites facilitating transactions in unlisted securities of public companies, violating the Securities Contracts (Regulation) Act, 1956, and the SEBI Act, 1992.
SEBI advised against using such platforms and sharing personal information, as they are not authorized or recognized by SEBI. Users of these unregistered platforms will not have access to SEBI’s investor protection, grievance redressal, and dispute resolution resources.
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/transaction-in-securities-of-unlisted-public-limited-companies-on-electronic-platforms_89416.html
13 .Revised Guidelines for Capacity Planning and Real-Time Performance Monitoring Framework of Market Infrastructure Institutions (MIIs)
SEBI’s Master Circulars, dated October 16, 2023, and December 03, 2024, outline a capacity planning framework for Stock Exchanges, Clearing Corporations, and Depositories (MIIs) respectively to ensure system readiness and prevent service disruptions. The framework adopted by the MIIs for their capacity planning was reviewed by SEBI in consultation with the Technical Advisory Committee (TAC) of SEBI.
Based on the recommendations of the Committee and in consultation with MIIs, SEBI vide Circular No. SEBI/HO/MRD/TPD/CIR/P/2024/171 dated December 10, 2024, decided to advise MIIs to ensure inter-alia the following requirements while formulating the framework of capacity planning and real-time performance monitoring of their Critical Information Technology (IT) systems and supporting infrastructure components:
- A proactive and future-ready capacity planning methodology to forecast system requirements and minimize disruption risks.
- MIIs must maintain system capacity at least 1.5 times the projected peak load, calculated over 60 days, and conduct quarterly stress testing.
- IT systems must be scalable and monitored in real-time, with automated alerts for performance issues, including thresholds for IT component utilization.
- Immediate action is required if capacity utilization exceeds 75% for a prolonged period.
- MIIs must include capacity planning in SLAs with third-party vendors and review policies annually.
MIIs must submit revised capacity planning guidelines to SEBI within 3 months from the date of the above-mentioned Circular, after approval from their Standing Committee on Technology (SCOT) and Governing Board.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/revised-guidelines-for-capacity-planning-and-real-time-performance-monitoring-framework-of-market-infrastructure-institutions-miis-_89433.html
14. Enhancement in the scope of optional T+0 rolling settlement cycle in addition to the existing T+1 settlement cycle in Equity Cash Markets
SEBI introduced a beta version of the optional T+0 rolling settlement cycle in Equity Cash Markets, alongside the existing T+1 cycle, for a select group of 25 scrips and brokers, starting March 21, 2024.
To ensure smooth implementation, the T+0 settlement was initially enabled for non-custodian clients from March 28, 2024. Based on stakeholder feedback and board approval, SEBI vide Circular No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/172 dated December 10, 2024 decided to enhance the scope of the optional T+0 settlement cycle with the following additional measures to improve its efficiency:
- Increase in number of eligible scrips for trading under optional T+0 settlement cycle;
- Participation by all Stock Brokers;
- Participation by Qualified Stock Brokers (QSBs);
- Participation by Custodians; and
- Block Deal window in T+0 settlement cycle.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/enhancement-in-the-scope-of-optional-t-0-rolling-settlement-cycle-in-addition-to-the-existing-t-1-settlement-cycle-in-equity-cash-markets_89443.html
15. Consultation paper on Draft Circular on Operational Efficiency in Monitoring of Non-Resident Indians (NRIs) Position Limits in Exchange Traded Derivatives Contracts - Ease of Doing Investment
SEBI is proposing to simplify the process for NRIs trading in the F&O segment by removing the requirement for a Custodial Participant (CP) Code. Currently, NRIs need a CP Code to monitor position limits, which requires them to work with only one Clearing Member (CM) and obtain a no-objection certificate (NOC) to change CM, causing operational inefficiencies.
With the introduction of PAN as a unique identifier in the securities market, SEBI proposes using PAN to monitor NRI position limits, eliminating the need for a CP Code. This change aims to improve operational efficiency and ease of investment for NRIs in derivatives trading.
Accordingly, SEBI vide Consultation Paper dated December 10, 2024 has invited public comments on the draft circular on Operational Efficiency in Monitoring of NRI Position Limits in Exchange Traded Derivatives Contracts as a measure of Ease of Doing Investment for NRI clients. The comments were to be submitted by December 31, 2024.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-draft-circular-on-operational-efficiency-in-monitoring-of-non-resident-indians-nris-position-limits-in-exchange-traded-derivatives-contracts-ease-of-doing-investment_89448.html
16. Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market
In pursuance of SEBI’s prime mandate of investor protection, Unclaimed Assets (UA) of investors in securities markets have been identified as a focus area for policy action. As part of SEBI’s ongoing multi-pronged approach to tackle the problem of UA, it is proposed to implement a circular for Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market.
SEBI vide Consultation Paper dated December 10, 2024 has invited public comments on the above-mentioned proposed circular. The comments were to be submitted by December 31, 2024.
Harnessing DigiLocker offers several benefits:
- Depositories and Mutual Funds can provide demat and MF holding statements in DigiLocker.
- KRAs can upload information on an investor’s demise to DigiLocker.
- Users can assign a nominee to their DigiLocker account.
- Upon the user’s demise, status updates will occur based on data from the Registrar General of India (RGI) or KRA.
- DigiLocker will notify the nominee via SMS and email, enabling them to access the deceased user’s financial information and initiate asset transmission through the relevant AMC or DP.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/harnessing-digilocker-as-a-digital-public-infrastructure-for-reducing-unclaimed-assets-in-the-indian-securities-market_89440.html
17. Classification of Corporate Debt Market Development Fund (CDMDF) as Category I Alternative Investment Fund
The Corporate Debt Market Development Fund (CDMDF) has been established under Chapter III-C of SEBI’s AIF Regulations to serve as a Backstop Facility for purchasing investment-grade corporate debt securities during market stress, thereby enhancing secondary market liquidity.
In this regard, SEBI had received representation to provide clarity on the classification of CDMDF under one of the defined categories under the AIF Regulations. Accordingly, SEBI vide Circular No. SEBI/HO/IMD/PoD2/P/CIR/2024/174 dated December 13, 2024, clarified that CDMDF falls under Category I of Alternative Investment Funds (AIF), as per Regulation 3(4)(a) of the AIF Regulations, in line with its broader goal of developing the corporate bond market.
The link to the aforesaid Consultation Paper giving extension of time is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/classification-of-corporate-debt-market-development-fund-cdmdf-as-category-i-alternative-investment-fund_89928.html
18. Extension in the timeline to submit comments on the consultation paper on Review of Ownership and Economic Structure of Clearing Corporations
SEBI published a consultation paper on the “Review of Ownership and Economic Structure of Clearing Corporations” on November 22, 2024, with a deadline for public comments set for December 13, 2024. However, following requests from some entities, SEBI on December 13, 2024 extended the deadline to December 31, 2024.
The link to the aforesaid Consultation Paper giving an extension of time is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/extension-in-timeline-to-submit-comments-on-consultation-paper-on-review-of-ownership-and-economic-structure-of-clearing-corporations_89926.html
19. Extension in the timeline to submit comments on the consultation paper on Process for appointment of specific KMPs of an MII and cooling off period for KMPs and Directors of an MII joining a competing MII
SEBI published a consultation paper on the ” Process for appointment of specific KMPs of an MII; and cooling-off period for KMPs and Directors of an MII joining a competing MII” on November 22, 2024, with a deadline for public comments set for December 12, 2024. Now SEBI on December 13, 2024, has extended the deadline to December 31, 2024.
The link to the aforesaid Consultation Paper giving extension of time is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/extension-in-timeline-to-submit-comments-on-consultation-paper-on-process-for-appointment-of-specific-kmps-of-an-mii-and-cooling-off-period-for-kmps-and-directors-of-an-mii-joining-a-competing-mii_89906.html
20. Participation of retail investors in algorithmic trading
SEBI introduced Algorithmic Trading (Algo Trading) through the Direct Market Access (DMA) facility to improve market efficiency and transparency, but it has been limited to institutional investors. While offering benefits like faster execution and reduced costs, algo trading requires strong surveillance, risk management, and investor protection.
As demand from retail investors grows, SEBI is reviewing its regulatory framework to allow their participation with necessary safeguards. SEBI has consulted with stakeholders, including the Intermediary Advisory Committee and Brokers Industry Standards Forum, to extend the framework to retail investors in algo trading.
Accordingly, SEBI published a Consultation Paper on December 13, 2024, inviting public comments on a draft circular on “Participation of retail investors in algorithmic trading”. The comments are to be submitted by January 03, 2025.
The link to the aforesaid Consultation Paper giving an extension of time is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/participation-of-retail-investors-in-algorithmic-trading_89837.html
21. Pro-rata and pari-passu rights of investors of AIFs
SEBI, through Circular No. SEBI/HO/AFD/AFD-POD-1/P/CIR/2024/175 dated December 13, 2024, has outlined exemptions regarding the maintenance of Pro-rata and Pari-passu rights for investors in AIF Schemes.
1. Exemption from maintaining Pro-rata rights:
Pro-rata rights concerning an investor’s commitment to the scheme and the distribution of investment proceeds are not necessary if:
- The investor is excluded from participating in the investment;
- The investor defaults on their pro-rata contribution to the investment;
- The investor shares profits or returns with the AIF manager or sponsor (e.g., carried interest or additional return), according to the terms of the contribution agreement.
2. Exemption from maintaining Pari-passu rights:
Pari-passu rights of investors do not need to be upheld if:
- Differential rights are granted to specific investors of an AIF scheme (excluding Large Value Fund for Accredited Investors) as determined by SEBI;
- Such rights do not result in an investor assuming liability for other investors’ obligations in the scheme;
- These rights, concerning non-monetary or non-commercial terms, do not grant control over the AIF’s decision-making process, except when an investor or their nominee is part of a committee as per AIF regulations;
- These rights do not alter the existing rights of other investors under their agreements with the AIF or its manager;
- The rights and eligibility to receive them are transparently disclosed in the AIF’s Private Placement Memorandum;
- The differential rights are provided following standards proposed to be formulated by the Standard Setting Forum for AIFs (SFA).
3. Subscription to junior/subordinate units in AIF schemes:
To accommodate varied investor risk appetites, certain entities are allowed to subscribe to units that are junior or subordinate to other unit classes, accepting lower returns or sharing more losses than their pro-rata rights. These entities include:
- The AIF’s manager or sponsor;
- Multilateral or Bilateral Development Financial Institutions;
- State Industrial Development Corporations;
- Entities owned or controlled by Central or State Governments, foreign governments, Central Banks, or Sovereign Wealth Funds.
Further, if the AIF’s manager or sponsor subscribes to junior/subordinate units, it must be ensured that the invested funds are not used by the investee company to settle any of the manager’s or sponsor’s obligations or liabilities.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/pro-rata-and-pari-passu-rights-of-investors-of-aifs_89945.html
22. Relaxation from the ISIN restriction limit for issuers desirous of listing originally unlisted ISINs (outstanding as on December 31, 2023)
SEBI, through Circular No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/173 dated December 13, 2024, amended the NCS Master Circular dated May 22, 2024. It clarified that unlisted Non-Convertible Debt Securities issued before December 31, 2023, and converted to listed ISINs under Regulation 62A (2) of the LODR Regulations, will be excluded from the maximum limit on ISINs maturing in a financial year for private placements.
This follows SEBI’s requirement for listed entities to list all Non-Convertible Debt Securities issued after January 01, 2024.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/relaxation-from-the-isin-restriction-limit-for-issuers-desirous-of-listing-originally-unlisted-isins-outstanding-as-on-december-31-2023-_89908.html
23. Measures to address regulatory arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with segregated portfolios vis-à-vis FPIs
SEBI vide Circular No. SEBI/HO/AFD/AFD-POD-3/P/CIR/2024/176 dated December 17, 2024, has modified the Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors dated May 30, 2024
The modification is about conditions of the issuance of Offshore Derivative Instruments (“ODIs”) by Foreign Portfolio Investors (“FPIs”) and inter-alia provides for the following:
- An FPI shall issue ODIs only through a separate dedicated FPI registration with no proprietary investments.
- FPI registration shall be in the name of the FPI with “ODI” as a suffix under the same PAN.
- The requirement of separate dedicated registration shall not apply for the issuance of ODIs with Government securities as reference/underlying.
- A Foreign Portfolio Investor shall not issue ODIs with derivatives as reference/underlying.
- A Foreign Portfolio Investor shall not hedge their ODIs with derivative positions on Stock Exchanges in India.
Further, an additional para has been inserted in the above-mentioned Master Circular mandating additional disclosures by ODI subscribers that fulfill certain objective criteria.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/measures-to-address-regulatory-arbitrage-with-respect-to-offshore-derivative-instruments-odis-and-fpis-with-segregated-portfolios-vis-vis-fpis_89986.html
24. Draft Circular for Public Comments on “Service platform for investors to trace inactive and unclaimed Mutual Fund folios: MITRA (Mutual Fund Investment Tracing and Retrieval Assistant”
Mutual Fund investors may lose track of investments, especially those made with minimal KYC in physical form. These investments can remain in open-ended growth schemes until redemption is requested. Missing PAN, email, or address may prevent these folios from appearing in the Consolidated Account Statement, making them prone to fraud, often due to inactivity or the investor’s passing.
To address the concerns about inactive and unclaimed Mutual Fund folios, RTAs have developed a platform namely MITRA (Mutual Fund Investment Tracing and Retrieval Assistant)with a searchable database that will:
- Help investors identify overlooked or unclaimed investments;
- Encourage KYC updates to reduce non-compliant folios;
- Decrease unclaimed Mutual Fund folios;
- Promote transparency in the financial ecosystem;
- Implement fraud prevention measures.
Accordingly, SEBI has published a Consultation Paper on December 17, 2024 inviting public comments on the draft Circular on “Service platform for investors to trace inactive and unclaimed Mutual fund folios: MITRA (Mutual Fund Investment Tracing and Retrieval Assistant”). The comments are to be submitted latest by January 07, 2025.
The link to the aforesaid Consultation Paper is as follows:
https://www.sebi.gov.in/reports-and-statistics/reports/dec-2024/consultation-paper-on-draft-circular-for-service-platform-for-investors-to-trace-inactive-and-unclaimed-mutual-fund-folios-mitra-mutual-fund-investment-tracing-and-retrieval-assistant-_89982.html
25. Clarification on issuance of Overseas Derivative Instruments (ODIs) by FPIs
SEBI vide Press Release No. 35/2024 dated December 18, 2024, has clarified that FPIs are not prohibited from issuing Overseas Derivative Instruments (ODIs). FPIs have only been barred from issuing ODIs with derivative instruments as the underlying. Further, ODIs referencing cash market securities can continue to be issued.
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/clarification_90004.html
26. SEBI Board Meeting
SEBI vide Press Release No. 36/2024 dated December 18, 2024, has informed that the 208th Meeting of the SEBI Board (“the Board”) was held in Mumbai on the said date. The Board inter-alia approved the following in the said meeting
Sr. No. | Particulars |
| Primary Market related |
1 | Ease of doing business with respect to Business Responsibility and Sustainability Report (BRSR) |
2 | Review of SME framework under SEBI (ICDR) Regulations, 2018, and applicability of corporate governance provisions under SEBI (LODR) Regulations, 2015 on SME companies |
3 | Review of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 |
| Debt and Hybrids related |
4 | Amendments to SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (‘SDI Regulations’) |
5 | Measures for Reforms to Debenture Trustees Regulations including towards Ease of Doing Business. |
6 | Measures towards Ease of Doing Business for ESG Rating Providers (ERPs) |
7 | Review of provisions regarding corporate governance norms for High Value Debt Listed entities (HVDLEs) – amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) |
8 | Measures towards Ease of Doing Business and Investor Protection for Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) |
9 | Measures towards Ease of Doing Business for Small and Medium Real Estate Investment Trusts (SM REITs) |
| Mutual Funds related |
10 | Facilitating ease of doing business for employees of Asset Management Companies (AMCs) with respect to the framework related to “Alignment of interest of the designated employees of the Asset Management Company (AMC) with the interest of the unitholders” |
11 | Amendments to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 for specifying timelines for deployment of funds collected by Asset Management Companies (AMC’s) in New Fund Offer (NFO) as per asset allocation of the scheme |
| Alternative Investment & FPI related |
12 | Review of SEBI (Custodian) Regulations, 1996 |
| Market Intermediaries related |
13 | Proposal for recognition of Past Risk and Return Verification Agency (PaRRVA) |
14 | Assigning responsibility for the use of Artificial Intelligence tools by Market Infrastructure Institutions, Registered Intermediaries and other persons regulated by SEBI |
15 | Aligning the modes for payment of dividend, interest, etc. for demat account holders in line with physical securityholders to promote online/digital transactions |
| Integrated Surveillance related |
16 | Amendments to include events in the illustrative list of the definition of Unpublished Price Sensitive Information (UPSI) under SEBI (Prohibition of Insider Trading) Regulations, 2015 |
| Secondary Market related |
17 | Amendments to Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for provisions related to payment of Annual Fee and Annual Charge by the depositories |
| Legal Affairs related |
18 | Securities and Exchange Board of India (Procedure for making, amending and reviewing of Regulations) Regulations, 2024 |
| Investor Awareness related |
19 | Updation with respect to Investor Charter for Securities Market |
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/sebi-board-meeting_90042.html
27. SEBI issues directions to stock exchanges in Commodities Derivative Segment
SEBI had initially directed Stock Exchanges to suspend trading in certain commodity derivatives (e.g., Paddy, Wheat, Chana etc.) until December 20, 2022. The suspension was extended twice, first until December 20, 2023, and then until December 20, 2024. Now SEBI vide Press Release No. 37/2024 dated December 18, 2024 has informed that the above-mentioned suspension has been further extended until January 31, 2025.
The link to the aforesaid Press Release is as follows:
https://www.sebi.gov.in/media-and-notifications/press-releases/dec-2024/sebi-issues-directions-to-stock-exchanges-in-commodities-derivative-segment_90043.html
28. Industry Standards on Reporting of BRSR Core
SEBI vide Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated December 20, 2024 has notified that to streamline business operations and standardize implementation, the Industry Standards Forum (ISF), consisting of ASSOCHAM, CII, FICCI, and Stock Exchanges, has developed industry standards in consultation with SEBI for the disclosure of Business Responsibility and Sustainability Report (BRSR) Core, as per Regulation 34(2)(f) of SEBI’s LODR Regulations.
These Standards, aimed at ensuring effective compliance, will be published on the websites of the industry associations and stock exchanges. Listed Entities are required to follow these Standards starting from FY 2024-25. Stock exchanges are tasked with ensuring compliance by their listed entities.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/industry-standards-on-reporting-of-brsr-core_90091.html
29. Policy for Sharing Data for Research / Analysis
The SEBI Market Data Advisory Committee (MDAC) deliberated on the scope of data sharing under SEBI’s existing policy, highlighting concerns about data authenticity, adequacy, and privacy. MDAC recommended that stakeholders should obtain data directly from the original sources. To balance data privacy and access, MDAC emphasized that organizations responsible for data generation should establish clear policies on data collection, processing, storage, dissemination, and sharing.
Accordingly, SEBI through Circular No. SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2024/178 dated December 20, 2024, introduced a uniform policy for data sharing by Stock Exchanges, Clearing Corporations, and Depositories. Data can only be shared for research or publications by accredited academic institutions, not for commercial purposes. Further, these entities are required to segregate data by market segment.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/policy-for-sharing-data-for-the-purpose-of-research-analysis_90088.html
30. Upload of Draft Scheme Information Documents
SEBI vide Circular No. SEBI/HO/IMD/IMD-RAC-1/P/CIR/2024/179 dated December 20, 2024, based on review and public consultation, has reduced the number of days for which draft Scheme Information Documents (‘SIC’) filed with SEBI are to be made available on SEBI’s website for receiving the public comment on the adequacy of disclosures made from 21 days to at least 8 working days.
Further, only SID on which observations are issued by SEBI shall be uploaded on the SEBI website for at least 8 working days for receiving public comments on the adequacy of disclosures made in the document.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/upload-of-draft-scheme-information-documents_90097.html
31. Prior approval for change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control
SEBI vide Circular No. SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2024/164 dated December 27, 2024 has clarified the scenarios in which the transfer/transmission of shareholding or ownership interest in respect of investment advisers (IAs), research analysts (RAs) and KYC (Know Your Client) registration agencies (KRAs) will be construed as change in control. Accordingly, any transfer/transmission of shareholding or ownership interest resulting in change in control will require prior approval of SEBI.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/prior-approval-for-change-in-control-transfer-of-shareholdings-among-immediate-relatives-and-transmission-of-shareholdings-and-their-effect-on-change-in-control_90213.html
32. Allowing subscription to the issue of Non- Convertible Securities during trading window closure period.
SEBI vide Circular No. SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/180 dated December 30, 2024 has added subscription to the issue of non- convertible securities to the list of transactions to which the trading window restrictions specified under SEBI (Prohibition of Insider Trading) Regulations, 2015 shall not apply.
Accordingly, the transactions to which trading window restrictions do not apply as of date are as follows:
- Acquisition by conversion of warrants or debentures;
- Subscribing to rights issue, further public issue;
- Preferential allotment;
- Tendering of shares in a buy-back offer;
- Open offer;
- Delisting offer;
- Offer for Sale and Rights Entitlements transactions;
- Subscription to the issue of non- convertible securities.
The above-mentioned transactions shall be carried out in accordance with the framework specified by SEBI from time to time.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/allowing-subscription-to-the-issue-of-non-convertible-securities-during-trading-window-closure-period_90338.html
33. Master Circular for Stock Exchanges and Clearing Corporations
SEBI has issued a Master Circular bearing No. SEBI/HO/MRD-PoD2/CIR/P/2024/00181 on December 30, 2024 for Stock Exchanges and Clearing Corporations. The objective of the master Circular is to provide users with easy access to all applicable circulars/directions in one place. This new Master Circular supersedes the previous one Master Circular dated October 16, 2023.
The link to the aforesaid Master Circular is as follows:
https://www.sebi.gov.in/legal/master-circulars/dec-2024/master-circular-for-stock-exchanges-and-clearing-corporations_90353.html
34. Implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities
SEBI approved the Expert Committee’s recommendations to review the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), for ease of doing business for listed entities. Consequently, amendments were published in the Gazette on December 13, 2024. Following this, SEBI has issued Circular No. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 on December 31, 2024 (“the Circular”), making consequential changes to the SEBI Master Circular from November 11, 2024, on compliance with LODR Regulations, introducing the following measures to facilitate ease of doing business.
A. Integrated Filing:
To simplify filing and compliance, Integrated Filing has been introduced for Governance and Financial periodic filings applicable for the quarter ending December 31, 2024 and thereafter. Additionally, the timelines for these filings have been revised as well.
Sr. No. | Regulation/Circular | Periodic Filing | Revised Timeline | Frequency |
Integrated Filing (Governance) | ||||
1 | 13(3) | Statement on redressal of investor grievances | Within 30 days of the end of the quarter. | Quarterly |
2 | 27(2)(a) | Compliance Report on Corporate Governance | Quarterly | |
Integrated Filing (Financial) | ||||
3 | 23(9) | Disclosure of Related Party Transactions (RPTs) | Within 45 days of the end of the quarter & 60 days from end of the last quarter & financial year. | Half Yearly |
4 | Reg. 30 r/w section V-B of the Master Circular | Quarterly disclosure of outstanding default on loans / debt securities | Quarterly | |
5 | 32(1) | Statement of Deviation and Variation | Quarterly | |
6 | 33(3) | Financial results | Quarterly | |
However, the first quarterly Integrated Filing may be filed within a period of 45 days from the end of the quarter irrespective of the timelines given in the above table. The formats of quarterly Integrated Filing are given in Annexure 1 to the Circular.
B. Disclosure of following material events/information on a quarterly basis in the format specified as part of the Integrated Filing (Governance)/Integrated Filing (Financial):
- Acquisition of shares or voting rights by listed entities in an unlisted company, aggregating to 5% or any subsequent change in holding exceeding 2% in terms of the provisions of Para A(1) of Part A of Schedule III of LODR regulations.
- Imposition of fine or penalty which are lower than the monetary thresholds specified under Para A(20) of Part A of Schedule III of LODR Regulations.
- Updates on ongoing tax litigations or disputes in terms of the provisions of Para B(8) of Part A of Schedule III of LODR read with the corresponding provisions of Annexure 18 of the Master Circular.
- In terms of the provisions of Regulation 23(2) of LODR Regulations, details of ratification of RPTs including value are required to be disclosed along with the half-yearly disclosures of RPTs.
C. Secretarial Auditor:
SEBI vide the Circular has specified the disqualifications for appointment or continuation of a Secretarial Auditor of the listed entity. The same are given in Annexure 2 of the Circular. Further, SEBI has also specified the services which cannot be provided by the Secretarial Auditor to the listed entity. The same are given in Annexure 3 of the Circular.
D. Guidelines for disclosure of Employee Benefit Scheme related documents:
Listed entities must disclose Employee Benefit Scheme Documents, excluding commercial secrets and competitive information. They may redact certain details with Board of Directors approval, following SEBI’s specified guidelines. Accordingly, SEBI vide the Circular has specified the following requirements for disclosure of Employee Benefit Scheme Documents in terms of the LODR Regulations:
- The scheme document must be uploaded on the listed entity’s website after obtaining shareholder approval as per SEBI (SBEB) Regulations, 2021;
- The uploaded documents must include the minimum information required by SEBI (SBEB) Regulations, 2021;
- The rationale for redacting information and its impact on competitive position or commercial secrets must be presented to the Board for approval.
The details of compliance with above requirements must be disclosed in the secretarial compliance report issued by a Peer Reviewed Company Secretary under the LODR Regulations.
E. Single Filing System:
BSE and NSE has already introduced single filing for listed entities starting October 01, 2024, beginning with the investor grievances redressal statement under regulation 13(3) of LODR Regulations, followed by filings for corporate governance, share capital audit, and voting results. Additional filings brought under Single Filing System will be communicated by Stock Exchanges from time to time.
F. System driven disclosure of certain filings:
Shareholding Pattern and Credit Rating disclosures under LODR Regulations will be system-driven. Stock Exchanges, in consultation with SEBI, will define the process, procedure, and timelines for these disclosures.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/circular-for-implementation-of-recommendations-of-the-expert-committee-for-facilitating-ease-of-doing-business-for-listed-entities_90406.html
35. Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)
SEBI issued the ‘Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)’ on August 20, 2024, to address evolving cybersecurity threats and technological advancements. The framework ensures that SEBI REs maintain strong cybersecurity measures and resilience. Now SEBI vide Circular No. SEBI/HO/ ITD-1/ITD_CSC_EXT/P/CIR/2024/184 dated December 31, 2024 has given clarification on various queries received from SEBI REs with regard to the Circular dated August 20, 2024.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/clarifications-to-cybersecurity-and-cyber-resilience-framework-cscrf-for-sebi-regulated-entities-res-_90401.html
36. Introduction of a Mutual Funds Lite (MF Lite) framework for passively managed schemes of Mutual Funds
SEBI had formed a Working Group to recommend a relaxed regime for passively managed mutual fund schemes as various aspects of the existing regulatory framework may not be necessary for passive funds. The recommendations were discussed by the Mutual Funds Advisory Committee (MFAC), leading to amendments in the SEBI (Mutual Funds) Regulations, 1996 (“MF Regulations”), via notification No. SEBI/LAD-NRO/GN/2024/221 on December 16, 2024.
Accordingly, a relaxed “MF Lite Framework” is being introduced for passive Mutual Fund schemes to simplify entry, reduce compliance, encourage new players, promote investment diversification, enhance market liquidity, and foster innovation. SEBI vide Circular No. SEBI/HO/IMD/PoD2/P/CIR/2024/183 dated December 31, 2024 has introduced certain provisions related to the MF Lite Framework.
The link to the aforesaid Circular is as follows:
https://www.sebi.gov.in/legal/circulars/dec-2024/introduction-of-a-mutual-funds-lite-mf-lite-framework-for-passively-managed-schemes-of-mutual-funds_90393.html
37. Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/216 dated December 04, 2024 issued the Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have substituted Regulation 30A viz. “Special procedure for action on expulsion from membership of the stock exchange(s) or clearing corporation(s) or termination of all the depository participant agreements with depository(ies)” with “Summary proceedings”.
The amendment outlines summary proceedings for SEBI entities like stock brokers and clearing members violating securities laws or regulatory obligations and includes processes for issuing notices, receiving submissions, and imposing penalties such as registration suspension or cancellation. It also ensures investor protection by requiring entities with cancelled registration to transfer assets or cease operations.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(vx3xp1pbvse30k3pmzudab3v))/ViewPDF.aspx
38. Securities and Exchange Board of India (Prohibition of Insider Trading) (Third Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/215 dated December 04, 2024 issued the Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have inter-alia introduced the definition of relatives for the purpose of identifying connected persons, and substituted the definition of connected persons and note to definition of insider with minor changes respectively.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(u1upsbcju5zfsmhudftgskcu))/ViewPDF.aspx
39. Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Third Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/217 dated December 11, 2024 issued the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Third Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have inter-alia introduced the definition of Environment, Social and Governance Debt Securities or “ESG Debt Securities” and the conditions to be complied with for issuance of ESG Debt Securities.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(vx3xp1pbvse30k3pmzudab3v))/ViewPDF.aspx
40. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024
Kindly refer the below link for Note on amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
https://amitadesai.com/wp-content/uploads/2025/01/Note-on-SEBI-LODR-3rd-Amendment-Regulations-2024.pdf
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(ocnmnxveqiltzcmaurvda4g3))/ViewPDF.aspx
41. Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated December 16, 2024 issued the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have inter-alia introduced several new definitions including that of part-time investment adviser and research analyst, substituted the provisions regarding maintenance of deposit by investment advisers, and introduced provisions regarding duty of investment adviser in respect of products or services beyond the purview of SEBI etc.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(ocnmnxveqiltzcmaurvda4g3))/ViewPDF.aspx
42. Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/220 dated December 16, 2024 issued the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have inter-alia introduced several new definitions, substituted the provisions for qualification and certification requirements for a research analyst and appointment of compliance officer.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(ocnmnxveqiltzcmaurvda4g3))/ViewPDF.aspx
43. Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2024
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/221 dated December 16, 2024 issued the Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2024 which shall be effective from the date of publication in the official gazette.
SEBI vide the amendment regulations have inter-alia inserted chapters on “Specialized investment Fund” and “Mutual Funds Lite”.
The link to the aforesaid Notification is as follows:
https://egazette.gov.in/(S(ocnmnxveqiltzcmaurvda4g3))/ViewPDF.aspx
44. Joint Standard Operating Procedure (SOP) for release of 1% Security Deposit
BSE vide Notice No. 20241206-6 dated December 06, 2024 has published the Joint Standard Operating Procedure for release of 1% security deposit with the Designated Stock Exchange prior to May 18, 2024.
Upon submission of the required documents mentioned in the Notice, the Exchange will verify the investor grievance status with the relevant exchanges where Company is listed. Once the Investor Services team confirms no pending complaints related to the issue against which the security deposit was maintained, the Exchange will release the 1% security deposit to the Company.
The link to the aforesaid Notice is as follows:
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20241206-6
45. Appointment of Concurrent Auditor by Merchant Bankers for verification of Allotment process in SME IPO’s
NSE vide Circular No. NSE/CML/2024/40 dated December 10, 2024 to ensure transparency in allotment mechanism has mandated merchant bankers to appoint a concurrent auditor from the NSE empanelled auditors list for every SME IPO allotment. The auditor must provide a certificate confirming that the RTA has made allocations based on the Exchange’s random number generation system.
The link to the aforesaid Circular is as follows:
https://www.nseindia.com/companies-listing/circular-for-listed-companies-equity-market
46. Industry Standards Note on Business Responsibility and Sustainability Report (BRSR) Core
SEBI vide Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2024/177 dated December 20, 2024 has notified that to streamline business operations and standardize implementation, the Industry Standards Forum (ISF), consisting of ASSOCHAM, CII, FICCI, and Stock Exchanges, has developed industry standards in consultation with SEBI for the disclosure of Business Responsibility and Sustainability Report (BRSR) Core, as per Regulation 34(2)(f) of SEBI’s LODR Regulations.
Accordingly, BSE vide Notice No. 20241220-67 and NSE vide Circular No. NSE/CML/2024/42, dated December 20, 2024 has published the above-mentioned industry standards. Listed Entities are required to follow these Standards starting from FY 2024-25.
The link to the aforesaid Notice and Circular is as follows:
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20241220-67
https://www.nseindia.com/companies-listing/circular-for-listed-companies-equity-market
47. Update on single filing system through API-based integration between Stock Exchanges
BSE vide Notice No. 20241227-25 and NSE vide Circular No. NSE/CML/2024/43 dated December 27, 2024 has informed that in continuation to their respective Notice and Circular dated September 30, 2024 the single filing system has been extended for the filings of disclosures pertaining to Voting Results of Shareholders Meeting with effect from December 28, 2024.
Accordingly, the Single Filing System is now available for below mentioned disclosures:
Particulars | Regulation as per SEBI LODR 2015/ Deposito- ry Regulati- on | Type of Listed Companies | |||
Only Equity | Equity+ Debt | Exclusively Debt | REIT’s and INVITs | ||
Corporate Governance Report | 27(2) | √ | √ | Shall be communicat- ed later | Shall be commun -icated later |
Investor Grievance Report | 13 (3) | √ | √ | √ | Shall be commun- icated later |
Reconciliation of Share Capital Audit Report | 76 | √ | √ | – | – |
Meetings of shareholders and voting | 44(3) | √ | √ | – | – |
The link to the aforesaid Notice and Circular is as follows:
https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20241227-25
https://www.nseindia.com/companies-listing/circular-for-listed-companies-equity-market