SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/94 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/94 To, All Investment Advisers Investment Adviser Administration and Supervisory Body (IAASB) Dear Madam / Sir , Subject: Master Circular for Investment Advisers Securities and Exchange Board of India ( " SEBI"/ "the Board"), from time to time, has been issuing various circulars/directions to Investment Advisers (IAs). In order to enable users to have access to the applicable circulars at one place, this Master Circular in respect of IAs is being issued . SEBI Master Circular No. SEBI/HO/MIRSD -PoD -1/P/CIR/2024/50 dated May 21 , 2024 for IAs was a compilation of relevant circulars issued by SEBI which were operational as on May 21, 2024 . Subsequently, various guidelines/directions were issued to the IAs by way of circulars/advisory . The provisions of such circulars issued until June 11, 2025 have been incorporated in this Master Circular, which supersedes the Master Circular for IAs dated May 21, 2024 . With the issuance of this Master Circular, the directions/ instructions contained in the circulars listed out in the Appendix to this Master Circular, to the extent they relate to the IAs, shall stand rescinded . Notwithstanding such rescission, Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; June 27 , 2025 Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligati