SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/132 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/132 To, All recognized Stock Exchanges Stock Brokers through recognized Stock Exchanges Madam / Sir, Sub: Extension of timeline for implementation of SEBI Circular dated February 04, 2025 on 'Safer participation of retail investors in Algorithmic trading' SEBI issued circular on "Safer participation of retail investors in Algorithmic trading" on February 04, 2025 . T The provisions of the circular were to come in to effect from August 01, 2025 . However, based on representation from stock brokers and algo vendors, timeline for implementation of circular was extended to October 01, 2025 vide circular dated July 29, 2025. The detailed operational modalities for algo framework were issued by exchanges on July 22, 2025. In this regard, based on the representation received by exchanges from stock brokers and algo vendors, certain clarifications and modifications were issued by exchanges in second fortnight of September, 2025. In order to ensure smooth implementation of the framework, SEBI has been engaging with exchanges, broker associations and algo vendors. During the discussion, it was informed that majority of the stock brokers require more time to carry out the necessary changes in their systems on the basis of clarifications/modifications specified in operational modalities. Accordingly, it has been decided that stock brokers who are ready with the required systems shall go live w.e.f. October 01, 2025. Further, in order to provide more time to stock brokers who are yet to carry out the required system changes, a glide September 30, 2025 path is being provided which shall be adhered to by stock brokers , with the following milestones: Milestone 1 – Retail algo product coming through API (In-house and through vendors) and at