The Securities and Exchange Board of India has approved replacing the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 with the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025, which provides a route to seek guidance on the applicability of SEBI-administered laws and regulations through a No Action Letter or an Interpretive Letter. From 1 December 2025, processing of all informal guidance applications will be governed by the 2025 scheme. The 2025 scheme broadens the scope of eligible applicants to include stock exchanges, clearing corporations, depositories and Managers of Pooled Investment Vehicles registered with SEBI. It also streamlines and structures the process by creating a nodal cell to process all informal guidance applications, with applications to be filed in the format set out in Schedule I and accompanied by a revised application fee payable through the SEBI payment module.
Securities & Exchange Board of India 2025-11-28
Securities and Exchange Board of India replaces its Informal Guidance Scheme effective 1 December 2025 and expands eligibility for market infrastructure institutions and pooled vehicle managers
The Securities and Exchange Board of India (SEBI) will replace the 2003 Informal Guidance Scheme with the 2025 version, effective 1 December 2025, allowing guidance on SEBI laws via No Action or Interpretive Letters. The new scheme expands applicant eligibility to include stock exchanges, clearing corporations, depositories, and Managers of Pooled Investment Vehicles, and introduces a nodal cell for streamlined application processing.