SEBI/HO/ ITD -1/ITD_CSC_EXT/P/CIR/2025/60

guidelines · 1992 · State unknown

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Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

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/ CIRCULAR SEBI/HO/ ITD -1/ITD_CSC_EXT/P/CIR/2025/60 To, All Alternative Investment Funds (AIFs) All Depositories All Depository Participants through Depositories All Investment Advisors (IAs) / Research Analysts (RAs) All KYC Registration Agencies (KRAs) All Merchant Bankers All Portfolio Managers All Registrar to an Issue and Share Transfer Agents (RTAs) All Stock Brokers through Exchanges All Stock Exchanges All Venture Capital Funds (VCFs) Association of Investment Bankers of India Association of Portfolio Managers in India (APMI) BSE Limited (Investment Adviser Administration and supervisory bodyIAASB) BSE Limited (Research Analysts Administration and supervisory bodyRAASB) Sir / Madam, Subject: Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs) Securities and Exchange Board of India (SEBI) has issued 'Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)' vide circular SEBI/HO/ ITD -1/ITD_CSC_EXT/P/CIR/2024/113 dated August 20, 2024. Upon receipt of various queries from REs seeking extension and clarification on April 30, 2025 the aforementioned circular, SEBI has also issued 'Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)' vide circular SEBI/HO/ ITD -1/ITD_CSC_EXT/P/CIR/2024/184 dated December 31, 2024 and 'Extension towards Adoption and Implementation of Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)' vide circular SEBI/HO/ITD -1/ ITD_CSC_EXT/P/ CIR/2025/45 dated March 28, 2025 . Based on further discussions with REs , it has been decided to revise the thresholds and categorization of following REs as contained in this circular . It may be noted that the category of REs shall be d

Rule TOC

2 · 1.Stock brokers:

2 · 1.1. Stockbrokers fulfilling any one of the following parameters shall be classified accordingly (the parameters shall be applied independently). The higher categorisation shall be made applicable in case a stockbroker falls into two different categories based on the two parameters independently.

2 · 1.2. Stock Brokers with less than 1,000 crores clientele trading volume (in a year) and less than 1,000 total registered clients are exempted from CSCRF.

2 · 2.Depository Participants (DPs):

2 · 3.Investment Advisers (IAs):

2 · 4.Research Analysts (RAs):

2 · 4.1. The reporting authority for IAs and RAs w.r.t. CSCRF compliance shall be modified from BASL and SEBI respectively to BSE Ltd. for both IAs and RAs for a period of five years starting from July 25, 2024.

2 · 5.KYC Registration Agencies (KRAs):

2 · 6.Portfolio Managers:

2 · 7.Alternate Investment Funds (AIFs) and Venture Capital Funds (VCFs):

2 · 8.Merchant Bankers (MBs):

8 · 1.Make necessary amendments to the relevant byelaws, rules and regulations for the implementation of the above direction and

8 · 2.Bring the provisions of this circulars to the notice of their members/ participants and also disseminate the same on their websites.

9 · 1. Make necessary amendments to the relevant byelaws, rules and regulations for the implementation of the above direction and

9 · 2. Bring the provisions of this circulars to the notice of Investment Advisers (IAs) and Research Analysts (RAs) and disseminate the same on their websites.

10 · As already communicated vide SEBI circular SEBI/HO/ITD-1/ ITD_CSC_EXT/P/ CIR/2025/45 dated March 28, 2025, timeline for compliance is June 30, 2025, for REs covered in the said circular. The cyber audit(s) conducted from the financial year 2025-26 shall be conducted as per the circular SEBI/HO/ITD1/ITD_CSC_EXT/P/CIR/2024/113 dated August 20,2024 , read along with the clarifications issued .

11 · This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

12 · This circular is issued with the approval of Competent Authority.

13 · This circular is available on SEBI website at www.sebi.gov.in under the category "Legal" and drop "Circulars".