Applicability and definitions
Identify entity, activity and exclusions.
Master Circular for ICDR (2024-11-11)
Paragraph-wise control map for Issuers/merchant bankers; dated 2024-11-11.
2024-11-11Issuers/merchant bankersCurrent circular inventory
Reviewed by Ravi Sisodia · Last reviewed 23 July 2026
What this circular covers
SEBI issued this Master Circular for Issue of Capital and Disclosure Requirements — circular number SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 — on 11 November 2024, consolidating circulars issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) up to 30 September 2024 into a single chapter-wise reference document, superseding the previous consolidated version dated 21 June 2023. It is addressed to registered merchant bankers, recognised stock exchanges, depositories, RTAs, stock brokers, credit rating agencies, bankers to an issue (SCSBs), sponsor banks, all listed/proposed-to-be-listed entities and NPCI.
The circular rescinds the individual circulars listed in its appendix while preserving obligations already undertaken under them. The 8 paragraph-map entries below break this consolidated framework into operational checkpoints — applicability across issuer/intermediary categories (MC-01), registration and continuing conditions for merchant bankers (MC-02), governance and compliance-officer responsibility (MC-03), investor onboarding via KYC/ASBA (MC-04), operational conduct during an issue — pricing, allotment, lock-in (MC-05), disclosure and prospectus/offer-document reporting (MC-06), inspection/audit readiness (MC-07), and the supersession table identifying which earlier ICDR-related circulars this one replaces (MC-08).
Paragraph map
Registration and continuing conditions
Map eligibility, capital, fit-and-proper and infrastructure.
Governance and compliance officer
Assign Board, trustee, key-person and compliance responsibility.
Client/investor onboarding
Apply KYC, agreements, risk disclosure and suitability where applicable.
Operational conduct
Map permitted processes, segregation, conflicts and prohibited practices.
Disclosure and reporting
Build periodic/event/transaction filing and website controls.
Inspection, audit and records
Preserve books, system logs, certifications and inspection readiness.
Supersession and circular concordance
Identify consolidated circulars, saved actions and later amendments.
Official sources
Current law status: in force as of this review date, consolidating circulars up to 30 September 2024 and superseding the 21 June 2023 version. Verify for further amendments before relying on this page for a live compliance decision.