The Securities and Exchange Board of India (SEBI) on February 06, 2026, issued the Master Circular for Investment Advisers.
SEBI has issued various circulars over time to regulate Investment Advisers. To make compliance easier for advisers and other stakeholders, these instructions have now been consolidated into a single Master Circular. This document compiles and updates the relevant provisions from earlier circulars listed in its appendix, providing a unified reference point.
With the release of the Master Circular, the earlier circulars mentioned in the appendix are rescinded to the extent that they relate to Investment Advisers. However, this rescission is primarily administrative, intended to streamline regulations rather than change the legal effect of past actions taken under those circulars.
Actions already taken, applications submitted, rights acquired, obligations incurred, penalties imposed, or legal proceedings initiated under the rescinded circulars will remain valid and enforceable. Such matters will be treated as if they were carried out under the corresponding provisions of the new Master Circular.
The Master Circular has been issued under the authority granted to SEBI by Section 11(1) of the SEBI Act, 1992, with the objective of protecting investors’ interests and ensuring the orderly development and regulation of the securities market.
The new Master Circular is attached to the document below.
[Circular No. HO/38/12/11(2)2026-MIRSD-POD/I/4300/2026]
