Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 This Scheme shall be called the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 . This Scheme is being issued under sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992, in the interests of orderly regulation and development of the securities market. (1) This Scheme shall come into operation with effect from December 1, 2025 and the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 shall cease to have effect from such date. (2) Notwithstanding such repeal, — (i) any action taken or informal guidance given under the repealed Scheme, shall remain unaffected as if the repealed Scheme was never repealed; and (ii) any application received under the repealed Scheme before date of the Scheme coming into effect but not processed till that date, shall be processed under the repealed Scheme. In this Scheme, unless the context otherwise requires: (a) ‘the Act’ means the Securities and Exchange Board of India Act, 1992; (b) 'Board' means the Securities and Exchange Board of India established under section 3 of the Act; (c) ‘Department’ means a department of the Board; and (d) 'Scheme' means the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 . Words and expressions not defined in this Scheme shall have the same meaning as have been assigned to them under the Act, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 and the Companies Act, 2013 or any statutory modification or reenactment thereof, or any, rule, regulation or circular made thereunder, as the case may be. The following persons may apply for informal guidance under the Scheme: (a) any intermediary registered with the Board; (