Applicability and definitions
Identify entity, activity and exclusions.
Master Circular on Surveillance of Securities Market (2026-05-15)
Paragraph-wise control map for Surveillance/MIIs; dated 2026-05-15.
2026-05-15Surveillance/MIIsCurrent circular inventory
Reviewed by Ravi Sisodia · Last reviewed 23 July 2026
What this circular covers
SEBI issued this Master Circular on Surveillance of Securities Market on 15 May 2026, consolidating earlier surveillance-related circulars into one reference framework and rescinding the individual circulars it supersedes. It applies to stock exchanges, depositories, listed companies, and intermediaries/fiduciaries covered under the SEBI (Prohibition of Insider Trading) Regulations, 2015, and is organised subject-wise under five heads: trading-in-dematerialised-form requirements; monitoring of unauthenticated market rumours/news circulated by intermediaries on social media, messaging apps and email; a newly incorporated Financial Disincentives for Surveillance-Related Lapses framework applicable to Market Infrastructure Institutions (MIIs); disclosure/reporting duties under the PIT Regulations; and trading-window-closure mechanics.
Notable updates folded into this consolidation include financial disincentives for MIIs that have surveillance lapses, restrictions on subscribing to non-convertible securities during a trading-window closure period, and extending automated trading-window-closure alerts to the immediate relatives of designated persons around financial-results announcements. The 8 paragraph-map entries below break this consolidated circular into operational checkpoints — from applicability and registration conditions (MC-01, MC-02) through governance, onboarding, operational conduct and disclosure (MC-03–MC-06), to inspection/audit readiness and the supersession/concordance table showing which earlier circulars this one replaces (MC-07, 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 and rescinding the individual surveillance circulars listed in its Appendix. Verify for further amendments before relying on this page for a live compliance decision.