Securities and Exchange Board of India (SEBI), through Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/90 dated June 17, 2025, issued an updated Master Circular for Stock Brokers. This consolidated circular supersedes the previous Master Circular dated August 9, 2024, and incorporates all directions and guidelines issued to stock brokers up to June 10, 2025. It rescinds the directions listed in the earlier circular as well as those numbered 119 to 130 in the appendix of the current circular, insofar as they relate to stock brokers. However, actions taken, applications submitted, rights and obligations accrued, or penalties imposed under the rescinded circulars before the issuance of this master circular will continue to remain valid and unaffected. This Master Circular aims to streamline regulatory references by centralising applicable instructions and is issued under the authority of the SEBI Act, 1992 and associated regulations to protect investor interests and ensure effective market regulation. The circular is accessible on SEBI’s official website.
Securities and Exchange Board of India
Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/90 |Dated: June 17, 2025
To,
All Recognized Stock Exchanges
Stock Brokers through Recognized Stock Exchanges
Madam/Sir,
Subject: Master Circular for Stock Brokers
I. Securities and Exchange Board of India (SEBI), from time to time, has been issuing various circulars/directions to Stock Brokers. In order to enable the users to have access to the provisions of the applicable circulars at one place, SEBI had issued Master Circular dated August 09, 2024 in respect of Stock Brokers.
II. Subsequently, various guidelines/directions were issued to Stock Brokers by way of circulars/advisory. In view of the same, the Master Circular dated August 09, 2024 has been updated to include all relevant circulars that were issued till June 10, 2025. The instant master circular supersedes the Master Circular for Stock Brokers dated August 09, 2024.
III. Vide Master Circular for Stock Brokers dated August 09, 2024, the directions/instructions contained in the circulars listed out in the Appendix to that Master Circular, to the extent they relate to the Stock Brokers, were rescinded. In addition, with the issuance of this Master Circular, the directions/instructions contained in the circulars listed out at Sr. nos.119-130 in the Appendix to this Master Circular, to the extent they relate to the Stock Brokers, shall stand rescinded.
IV. 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;
c) the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded;
V. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 30 of Chapter VII of SEBI (Stock Brokers) Regulations, 1992 and Regulation 51 of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
VI. This circular is available on SEBI website at sebi.gov.in.
Yours faithfully,
Aradhana Verma
General Manager
Tel. No: 022 26449633
aradhanad@sebi.gov.in
