The Securities and Exchange Board of India has issued an updated master circular consolidating the operative directions for listed entities’ compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, incorporating circulars issued up to 30 December 2025 and aligning the compilation to provisions currently in force. The circular applies, unless specified otherwise, to entities with listed specified securities and also sets expectations for recognised stock exchanges, depositories and other stakeholders such as statutory auditors, depository participants and registrar and transfer agents. With the new master circular, the individual circulars listed in the appendix are rescinded to the extent they relate to LODR compliance, while past actions, pending applications, accrued rights and ongoing proceedings under the rescinded circulars continue to stand. The consolidation also captures major compliance mechanics and format changes, including the Integrated Filing (Governance) and Integrated Filing (Financial) regime for periodic submissions from the quarter ending 31 December 2024, shareholding pattern format changes requiring disclosure of non-disposal undertakings and other encumbrances and a fully diluted share count from the quarter ending 30 June 2025, and updated related party transaction approval information aligned to industry standards with reduced information requirements below the lower of 1% of annual consolidated turnover or INR 10 crore and exemptions below INR 1 crore. Recognised stock exchanges and depositories are directed to circulate the circular to stakeholders and put in place systems and infrastructure to monitor implementation, and listed entities and other in-scope parties are required to comply with the provisions to the extent applicable.

Original source View in tracker