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In continuation of its regulatory push towards ensuring inclusive access to securities market infrastructure, SEBI has issued a circular dated 8 December 2025 (“Clarificatory Circular”) providing further clarifications on the digital accessibility framework applicable to regulated entities (“REs”). The Clarificatory Circular builds upon SEBI’s earlier circulars dated 31 July 2025 (Circular No. SEBI/HO/ITD-1/ITD_VIAP/P/CIR/2025/111) and 29 … Read more

SEBI, through an adjudication order dated 12.12.2025, examined allegations of insider trading in the scrip of Refex Industries Limited (“Company”). The proceedings arose from SEBI’s analysis of trading activity preceding the public disclosure of certain price sensitive corporate developments, which seemingly indicated suspicious trades executed by certain persons connected with the Company. Based on its … Read more

The Securities and Exchange Board of India (“SEBI”), vide its circular dated 24 December 2025 (HO/38/13/11(3)2025-MIRSD-POD/I/1102/2025) (“Circular”), has undertaken a further review of the requirements for issuance of duplicate securities certificates. The Circular is aimed at enhancing ease of doing investment, simplifying processes, and facilitating quicker resolution of investor rights, particularly in cases involving loss … Read more

SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2025 (“Amendment Regulations”), via Notification No. F. No. SEBI/LAD-NRO/GN/2025/273, dated 18 November 2025, with most provisions effective immediately and certain sub-regulations coming into force after 30 days. This amendment marks a notable strengthening of related party transaction … Read more

SEBI through its circular dated 30 October 2025 (HO/38/12/11(1)2025-MIRSD-POD/I/73/2025) (“Circular”), has introduced an interim framework enabling Investment Advisers (“IAs”) and Research Analysts (“RAs”) to communicate certified past performance data to clients for periods prior to the operationalisation of the Past Risk and Return Verification Agency (“PaRRVA”).  The Circular bridges the transition period until PaRRVA becomes … Read more

SEBI through its circular dated 30 October 2025 (HO/38/12/11(1)2025-MIRSD-POD/I/71/2025) (“Circular”), has introduced a facilitative measure aimed at improving ease of doing business for registered Investment Advisers (“IAs”). In our article titled “SEBI ISSUES CONSULTATION PAPER FOR IMPROVING EASE OF DOING BUSINESS FOR IAs AND RAs” in the August 2025 Edition of ‘All Things Listed’, we … Read more

SEBI has issued an informal guidance letter dated 4th August 2025 to Welspun Corp Limited under the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003, clarifying the applicability of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) to a proposed transaction involving revocation of pledge and subsequent sale of shares (issued … Read more

In continuation of SEBI’s efforts to enhance governance while promoting ease of doing business, SEBI has issued a circular dated 13th October, 2025 (SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/135) (“October Circular”), modifying the framework relating to ‘Minimum information to be provided to the Audit Committee and Shareholders for approval of Related Party Transactions’ (“RPT Industry Standards”). This October Circular follows … Read more

Our article in the previous edition of All Things Listed (September 2025) titled ‘Angel Funds under AIF regulations: SEBI’s new compliance and investment norms’ had covered the amendments (“Amendment”) made by SEBI to the SEBI (Alternate Investment Fund) Regulations, 2012 (“AIF Regulations”) and the circular titled ‘Revised regulatory framework for Angel Funds under AIF Regulations’ … Read more

The Securities and Exchange Board of India (“SEBI”), in collaboration with the Association of Mutual Funds in India (“AMFI”) and the Market Infrastructure Institutions (NSE, BSE, NSDL and CSDL) has released the Investor Survey 2025 (“Investor Survey”), one of the largest household surveys conducted in India to study investor participation and awareness levels. Background The … Read more