Master Circular on compliance with SEBI (LODR) regulations, 2015

Master Circular on Compliance with SEBI (LODR) Regulations, 2015

Master Circular for Compliance with the Provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

1. For effective regulation of listed entities and to ensure compliance with the requirements specified under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the “LODR Regulations”), the Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time.
   
2. In order to provide stakeholders with consolidated access to all applicable circulars at a single place, SEBI issued a Master Circular for compliance with the provisions of the LODR Regulations by listed entities dated July 11, 2023, consolidating all relevant circulars issued up to June 30, 2023.
   Subsequently, the Master Circular dated July 11, 2023 was updated and re-issued on November 11, 2024, consolidating all relevant circulars issued up to September 30, 2024.
3. The Master Circular dated November 11, 2024 has now been further updated to include all relevant circulars issued up to December 30, 2025. Additionally, necessary changes have been carried out wherever considered relevant, to reflect the provisions currently in force.
4. With the issuance of this Master Circular, all directions and instructions contained in the circulars listed in the Appendix to this Master Circular shall stand rescinded, to the extent that they relate to compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations.
5. Notwithstanding such rescission:
   • (a) anything done or any action taken or purported to have been done or taken under the rescinded circulars prior to such rescission shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
   • (b) any application made to the Board under the rescinded circulars prior to such rescission and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; and
   • (c) the previous operation of the rescinded circulars, or anything done or suffered thereunder, including any right, privilege, obligation, or liability acquired, accrued, or incurred, or any penalty incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding, or remedy in respect thereof, shall not be affected by such rescission and shall continue to be enforceable as if the rescinded circulars had remained in force.
6. The recognized stock exchanges and depositories are directed to:
   • (a) bring the contents of this Master Circular to the notice of all stakeholders; and
   • (b) put in place necessary systems and infrastructure for effective monitoring and implementation of this circular.
7. All listed entities, recognized stock exchanges, depositories, and other stakeholders shall comply with the provisions of this Master Circular to the extent applicable.
8. This Master Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.

Master Circular

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