The Securities and Exchange Board of India (“SEBI”), vide Press Release No. 77/2025, dated November 28, 2025, has announced the introduction of the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 (“IG Scheme, 2025”),[1] which will replace the existing Informal Guidance Scheme, 2003 with effect from December 01, 2025.
SEBI had originally issued the Informal Guidance Scheme, 2003 to allow eligible entities to seek regulatory clarity through No-Action Letters or Interpretive Letters on questions relating to the securities laws administered by SEBI. Following SEBI Board approval, the earlier scheme has now been substituted with a more expansive and structured framework under the IG Scheme, 2025.
Key Features of the IG Scheme, 2025
1. Expanded Scope and Eligible Applicants: The 2025 Scheme significantly broadens the categories of entities eligible to seek informal guidance. In addition to entities covered under the 2003 Scheme, the following are now expressly included:
- Managers of Pooled Investment Vehicles registered with SEBI
- Stock Exchanges
- Clearing Corporations
- Depositories
This expansion aims to provide wider access to regulatory clarity for key market infrastructure institutions and intermediaries.
2. Centralised Processing Through a Nodal Cell: The IG Scheme, 2025 introduces a centralised nodal cell within SEBI to:
- strengthen uniformity and transparency in SEBI’s interpretive responses.
- receive all informal guidance requests,
- streamline processing,
- standardise timelines and formats, and
3. Revised Application Format and Fee: Eligible applicants must:
- submit their requests in the prescribed format provided in Schedule I of the IG Scheme, 2025;
- send the application to iguidance@sebi.gov.in, and
- pay the revised application fee through the SEBI payment module.
All informal guidance requests submitted on or after December 01, 2025, will be governed exclusively by the IG Scheme, 2025.
[1] https://www.sebi.gov.in/media-and-notifications/press-releases/nov-2025/securities-and-exchange-board-of-india-informal-guidance-scheme-2025_98009.html