The Securities and Exchange Board of India (SEBI) on July 14, 2026, issued the Master Circular for Merchant Bankers Registered with SEBI.
The following has been stated:
• The Master Circular has consolidated the regulatory framework applicable to SEBI-registered merchant bankers. It prescribes eligibility conditions, registration requirements, capital adequacy and liquid net worth norms, governance standards, compliance obligations, record maintenance, reporting requirements, investor grievance redressal, and inspection procedures.
• The circular requires merchant bankers to maintain at least two qualified Key Managerial Personnel (KMPs), comply with prescribed net worth and liquid net worth requirements, publish the Investor Charter and investor complaint disclosures on their website, avoid conflicts of interest, and submit periodic compliance reports through the SEBI Intermediary Portal (SI Portal).
• It also consolidates earlier SEBI circulars into a single reference document to ensure uniform regulatory compliance and ease of implementation by merchant bankers.
The detailed circular is attached below.
[Notification no. - HO/49/14/15(3)2026-CFD-POD1/I/16178/2026]
