Display of Investor Awareness Messages by Stock Brokers
Display of Investor Awareness Messages by Stock Brokers on Trading Applications and Websites under Project Jagrook
1. Background
SEBI, through Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/73 dated 19 May 2023, prescribed requirements for stock brokers to display specified risk disclosures to their clients in the manner set out in that circular.
2. Investor Awareness Initiative
As a further measure under Project Jagrook, SEBI’s investor awareness programme, and in connection with World Investor Week 2026, SEBI has decided to introduce investor-focused awareness messages intended to promote investor education, awareness and safety.
3. Requirement for Stock Brokers
All stock brokers shall prominently display the investor awareness message(s) provided by SEBI on their websites and trading applications, wherever applicable, in accordance with the requirements set out below.
4. Mode and Period of Display
4.1 Stock Broker Websites
a. 5 October 2026 to 31 October 2026
During this period, stock brokers shall display on their websites:
- the investor awareness message(s) supplied by SEBI; and
- the applicable risk disclosures.
b. From 1 November 2026 onwards
With effect from this date, the specified investor awareness message(s) shall be displayed on the landing page of the stock broker’s website.
4.2 Trading Applications of Stock Brokers
a. 5 October 2026 to 31 October 2026
During this initial period, stock brokers having trading applications may display the investor awareness message(s) on their applications on a voluntary basis.
Where a stock broker elects to display the specified investor awareness message(s) on any particular day during this period, displaying the risk disclosures on that day shall not be mandatory.
b. From 1 November 2026 onwards
From this date, stock brokers shall, where they operate trading applications, mandatorily display:
- the specified investor awareness message(s); and
- the applicable risk disclosures,
on alternate days.
The messages and risk disclosures shall be placed on the landing page of the trading application.
4.3 Modification of Messages
SEBI may revise or replace the investor awareness message(s) from time to time. Stock brokers shall accordingly display the latest message(s) communicated by SEBI.
5. Responsibilities of Stock Exchanges and Depositories
Stock Exchanges and Depositories shall undertake the following actions:
5.1 Communicate the requirements of this circular to their respective members or participants, as applicable, and publish the circular on their websites.
5.2 Display the investor awareness message(s) supplied by SEBI on their respective websites without modification.
5.3 Take necessary steps to amend the relevant bye-laws, rules and regulations, wherever required, to facilitate implementation of the requirements of this circular.
6. Continuation of Existing Requirements
All other provisions prescribed under SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/73 dated 19 May 2023 shall continue to remain applicable and unchanged.
7. Statutory Authority
This circular is issued under the authority conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992, with the objective of safeguarding the interests of investors and promoting the orderly development and regulation of the securities market.
8. Approval
The circular has been issued with the approval of the competent authority.
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