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October 2026
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SEBISEBI sets the ISIN cap for privately placed debt at seventeen maturing in a financial year, with extra ISINs above ₹15,000 crore: Circular HO/17/11/24(8)2026-DDHS-POD1/I/23125/2026
17 ISINs a financial yearRule changeSEBI has replaced paras 1.1 to 1.3 of the ISIN provisions of its NCS Master Circular to increase the maximum number of ISINs maturing in a financial year for debt securities issued on private placement basis. An issuer is now allowed seventeen ISINs maturing in any financial year: twelve for plain vanilla debt and five for structured, market linked, floating rate, zero coupon and Tier II instruments, plus six more for section 54EC capital gains bonds. The change took effect immediately on 7 October 2026.
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SEBISEBI lets certain listed, regulated issuers skip the merchant banker for ₹10,000 face value privately placed debt rated AA- or above: Circular HO/17/11/24(7)2026-DDHS-POD1/I/23122/2026
Rated AA- or aboveReliefSEBI has relaxed the rule that an issuer must appoint at least one merchant banker when it privately places debt securities or non-convertible redeemable preference shares at a face value of ₹10,000. An issuer may now go without a merchant banker if it meets five conditions together, covering its regulator, listing record, default history, the security offered and a rating of at least AA-. The change took effect immediately on 7 October 2026.
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SEBISEBI makes a colour-coded Credit Risk-o-Meter mandatory in debt offer documents, advertisements and online bond platforms: Circular HO/17/11/22(1)2026-DDHS-POD1/I/23092/2026
Six risk levels, AAA to DNew facilitySEBI has introduced a Credit Risk-o-Meter, a colour-coded pictorial meter that maps credit ratings from AAA to D into six levels of credit risk. It becomes a mandatory part of offer documents, abridged prospectuses, private placement memoranda, all advertisements of issuers and Online Bond Platform Providers (OBPPs), and the web and mobile platforms of OBPPs. The circular comes into force after 45 days from its date of issuance, 7 October 2026.
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SEBISEBI revamps its Document Number Verification System: subject matter of the letter now a mandatory field
Verify a SEBI letter onlineNew facilitySEBI has modified the system that lets a recipient check whether a letter or notice was really issued by SEBI. The ‘Subject Matter’ of the letter is now one of the mandatory fields, and the system follows the outward number format of SEBI’s E-Office. Letters issued before the revamped system went live in September 2026 can be verified by e-mail to dnvs@sebi.gov.in.
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SEBIStock brokers must display SEBI’s investor awareness messages on websites from 5 October and on trading apps from 1 November 2026
Websites from 5 Oct 2026Action neededUnder Project Jagrook, SEBI has directed all stock brokers to prominently display the investor awareness messages it shares. Websites must carry them from 5 October 2026 and on the landing page from 1 November 2026. On trading apps the display is voluntary till 31 October and mandatory from 1 November 2026, on alternate days with the Risk disclosures.
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FEMA & RBIRBI allows one-time approval for mutual funds, insurers and pension funds to re-acquire major shareholding in a bank, up to 10 per cent
One-time approval, up to 10%ReliefRBI has amended its directions on acquisition and holding of shares or voting rights in banks. SEBI-registered mutual funds, IRDAI-registered insurers and PFRDA-registered pension funds outside the bank’s promoter group can get a one-time approval, through PRAVAAH, for subsequent acquisitions of major shareholding up to 10 per cent. Prior approval for the initial acquisition stays mandatory.
September 2026
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SEBISEBI issues a fresh Master Circular for Debenture Trustees on 28 September 2026; the August 2025 Master Circular is rescinded
DT Master Circular, 28 Sep 2026New facilitySEBI has issued a new Master Circular for Debenture Trustees dated 28 September 2026, compiling the circulars in force on that date in 17 chapters. The Master Circular of 13 August 2025 stands rescinded, with actions taken under it saved. Annexure 1 lists five superseded circulars, including those on issuer reporting timelines, the Recovery Expenses Fund and activities outside SEBI’s purview.
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SEBISEBI Board: first-time debt issuers need not list old NCDs, one advertisement code for seven intermediaries, new Settlement Regulations and Depository Receipts on REIT/InvIT units
Reg 62A eased; one ad codeNew facilityFour decisions of the SEBI Board of 24 September 2026 matter to issuers and regulated entities: Regulation 62A of the LODR Regulations will require listing only of future NCD issues; a Common Advertisement Code drops prior approval for most advertisements; Settlement Regulations, 2026 bring a new formula and a settlement notice before the show cause notice; and REITs and InvITs get Depository Receipts and easier unitholder voting.
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SEBIAccredited Investor framework: SEBI Board approves accreditation by AIF, SIF and PMS managers, a ₹5 crore market-exposure test and deemed status for non-residents
Accreditation by fund managersReliefThe SEBI Board has approved four changes to the Accredited Investor framework: managers of AIFs, AMCs offering SIFs and portfolio managers may accredit investors; securities market exposure becomes an eligibility test; persons resident outside India are deemed accredited; and LLPs can qualify. It also approved extending to all AIFs the bar on a manager using fund assets for its own losses.
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SEBISEBI Board approves Portfolio Managers Regulations, 2026: IPO investing, a ₹25 lakh mutual fund route (PRIM) and Independent Fund Managers
New PMS Regulations, 2026 approvedNew facilityThe SEBI Board has approved the SEBI (Portfolio Managers) Regulations, 2026 to supersede the 2020 Regulations. Portfolio managers will be able to invest client money in IPOs, foreign securities and direct plans of mutual funds through a new PRIM route, and work with Independent Fund Managers. Graduates become eligible as Principal Officer, and the rulebook shrinks from 70 pages to 33.
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SEBISEBI Board meeting of 24 September 2026: all 13 items in one table — new Portfolio Managers and Settlement Regulations, FPIs in commodity derivatives, Accredited Investor changes
SEBI Board: 13 itemsNew facilityThe 215th meeting of the SEBI Board, held in Mumbai on 24 September 2026, cleared a long list: new Portfolio Managers Regulations, new Settlement Regulations, a Common Advertisement Code, FPIs in more commodity derivatives, wider Vault Manager rules, changes for REITs and InvITs, an easier debt-listing rule and a reworked Accredited Investor framework. A fourth settlement scheme for illiquid stock options was placed before it.
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FEMA & RBIBanks must value unquoted InvIT and REIT units at disclosed NAV — and at ₹1 if NAV is not disclosed as SEBI requires or the units are infrequently traded
InvIT/REIT units: NAV or ₹1ClarifiedRBI has inserted paragraphs 84A and 84B in the Commercial Banks investment portfolio Directions, 2025 to bring uniformity in how banks value units of Infrastructure Investment Trusts and Real Estate Investment Trusts. Quoted units follow the rules for quoted securities; unquoted units are valued at the NAV disclosed by the trust, failing which at ₹1. In force from 22 September 2026.
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SEBISEBI extends Samuhik Prativedan Manch common reporting platform to clearing members who are also stock brokers; first phase proposed from 30 September 2026
14 reports, one platformNew facilitySEBI, in consultation with Clearing Corporations, is extending the Samuhik Prativedan Manch — the common reporting platform for stock brokers — to members of Clearing Corporations who are also stock brokers. The first phase, proposed from 30 September 2026, covers 14 compliance reports, about 60% of their reporting requirements. Around 1066 clearing members stand to benefit.
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SEBISEBI proposes changing how expiry-day settlement prices of derivatives are fixed after the Closing Auction Session; comment window closed on 3 October 2026
CAS review: 7 proposalsComments invitedA SEBI consultation paper issued on 12 September 2026 proposes two options for the expiry-day settlement price of index and stock derivatives — a blended VWAP of the last 30 minutes of continuous trading and the 10-minute Closing Auction Session, or the earlier 30-minute VWAP for an interim period. It also proposes revised market timings and changes to auction orders. Comments were due by 3 October 2026; the window has closed.
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SEBISEBI launches “Demat 2.0” pilot for tokenised corporate bonds; three issuers raise ₹1,025 crore, funds leg settled in RBI’s wholesale e₹
Demat 2.0: ₹1,025 crore raisedNew facilitySEBI has announced the launch of “Demat 2.0”, a pilot in which corporate bonds are created as digital tokens on a distributed ledger owned by the depositories and settled against RBI’s wholesale CBDC (e₹). REC, L&T and IIFL have issued tokenised bonds aggregating ₹1,025 crore. Credit rating, debenture trustee, listing and disclosure requirements continue to apply in full.
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SEBICommodity derivatives: SEBI revises penalties for client-level position limit breaches and the test for a “Broad” agricultural commodity
Penalty: 2% or ₹2 lakh, lowerReliefSEBI has revised the penal provisions for open-interest violations at client level in the commodity derivatives segment: the penalty is 2% of the value of the excess for the days it continues, or ₹2,00,000 (₹10,000 where the excess is up to 2% of the limit), whichever is lower. No additional penalty applies where the breach arises only from clubbing. The definition of “Broad Commodity” and client position limits are also revised.
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SEBIFPIs: no investor group details for those investing only in Government Securities, and a digitally signed Power of Attorney to custodians is now accepted
No investor group detailsReliefTwo SEBI circulars ease compliance for Foreign Portfolio Investors. From 7 September 2026, FPIs investing only in Government Securities — by any route — need not furnish investor group details. From 20 August 2026, a Power of Attorney given by an FPI to its custodian may be executed with a digital signature under the Information Technology Act, 2000, without notarisation, apostille or consularisation.
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SEBIAngel Funds registered on or before 10 September 2025 get till 31 March 2027 to move to Accredited Investors only: SEBI relaxes the timeline
Now till 31 March 2027ExtendedSEBI has extended the transitional period for Angel Funds registered on or before 10 September 2025 to comply with the Accredited Investor mandate. The date moves from 8 September 2026 to 31 March 2027. Until then such funds cannot offer investment opportunities to more than 200 non-Accredited Investors, and after it they cannot accept contributions from non-Accredited Investors.
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SEBISEBI proposes net settlement of funds for outright cash-market trades of mutual fund schemes; securities to stay gross. Comment window closed on 24 September 2026
MF net fund settlement: draftComments invitedA SEBI consultation paper issued on 3 September 2026 proposes to let a mutual fund scheme net its fund obligations for outright buy and sell transactions in the cash market, as already permitted for FPIs. Netting would be only at scheme level, securities would continue to settle gross, and STT and stamp duty would stay on delivery basis. Comments were due by 24 September 2026; the window has closed.
August 2026
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SEBISEBI proposes to exempt certain listed issuers from appointing a merchant banker for privately placed debt of ₹10,000 face value; comment window closed on 17 September 2026
No merchant banker: draftComments invitedA SEBI consultation paper issued on 27 August 2026 proposes that an issuer of privately placed debt with a face value of ₹10,000 may be exempted from appointing a merchant banker if four conditions are met: it is regulated by a financial sector regulator, listed for at least one year, has no default in the last three financial years and the current year, and the debt is senior, secured and rated at least AA-. Comments were due by 17 September 2026; the window has closed.
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