This Master Circular consolidates all applicable SEBI circulars issued for compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities. The earlier Master Circular dated July 11, 2023 and updated on November 11, 2024 has now been updated to include all relevant circulars issued up to December 30, 2025. 

With the issuance of this updated Master Circular, all directions and instructions contained in the circulars listed in the Appendix stand rescinded to the extent they relate to compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, subject to savings for past actions, obligations, liabilities, penalties, investigations and proceedings as specified therein.

Notwithstanding such rescission –
a) anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) any application made to the Board under the rescinded circulars prior to such rescission,and pending before it, shall be deemed to have been made under the corresponding provisions of this Master Circular; and
c) the previous operation of the rescinded circulars or anything done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force .