The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, has issued a Master Circular for Investment Advisers (“IAs”) vide Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94,[1] dated June 27, 2025 (“Master Circular”). This Master Circular consolidates all relevant and applicable directions and circulars issued to IAs until June 11, 2025. This Master Circular supersedes the previous Master Circular dated May 21, 2024, which covered circulars operational as on May 21, 2024.
Key Highlights:
- The Master Circular compiles and integrates all SEBI circulars, directions, and advisories issued to Investment Advisers till June 11, 2025.
- Circulars listed in the Appendix of this Master Circular, to the extent applicable to IAs, stand rescinded with the issuance of this consolidated circular.
- Any actions taken, rights accrued, or applications submitted under the rescinded circulars prior to rescission will continue to be valid under the corresponding provisions of this Master Circular.
- Any pending applications will be treated as if made under the provisions of this new Master Circular.
- Existing rights, liabilities, penalties, or legal proceedings under the rescinded circulars will remain unaffected.
- This Master Circular is now the single point reference for all compliance requirements, obligations, and procedures applicable to SEBI-registered IAs.
[1]https://www.sebi.gov.in/legal/master-circulars/jun-2025/master-circular-for-investment-advisers_94821.html