INDIA: SEBI Issues Updated Master Circular on Surveillance of Securities Market

Monday May 18 2026

On 15^th May 2026, the Securities and Exchange Board of India (SEBI) announced that the Master Circular dated September 23, 2024, is being further updated to incorporate the provisions of the following circulars:

1. “Framework of “Financial Disincentives for Surveillance Related Lapses” at Market Infrastructure Institutions” dated June 06, 2024 with reference number SEBI/HO/ISD/ISDPoD-1/P/CIR/2024/73;
2. “Allowing subscription to the issue of Non-Convertible Securities during trading window closure period” dated December 30, 2024 with reference number SEBI/HO/ISD/ISD-PoD-2/P/CIR/2024/180; and
3. “Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 – Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results” dated April 21, 2025 with reference number SEBI/HO/ISD/ISD-PoD2/P/CIR/2025/55.

This Master Circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.

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