SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/90 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/90 To, All Recognized Stock Exchanges Stock Brokers through Recognized Stock Exchanges Madam/Sir, Subject: Master Circular for Stock Brokers 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. 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. 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the circulars listed out in the Appendix to that Master Circular, to the extent they relate to the Stock Brokers, were rescinded.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 nos.119 -130 in the Appendix to this Master Circular, to the extent they relate to the Stock Brokers, shall stand rescinded.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 Notwithstanding such rescission, anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; June 17, 2025 any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corre