In order to enable Merchant Bankers and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, this Master Circular is issued.
This Master Circular has been updated to reconcile with the SEBI (Merchant Bankers) Regulations, 1992 as amended vide notification dated December 5, 2025 which has come into effect from January 3, 2026 and to incorporate the provisions of the Circulars dated May 02, 2017, January 02, 2026 & June 11, 2026 on the subjects ‘Online Registration Mechanism for Securities Market Intermediaries’, ‘Specification of the consequential requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992’ & ‘Extension of timelines for compliance with certain provisions of Circular dated January 02, 2026’ respectively. With the issuance of this Master Circular, all directions/instructions contained in the circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to the Merchant Bankers.
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