The Securities and Exchange Board of India has been issuing various circulars and directions under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 for regulating capital issuance and disclosure requirements applicable to issuers and market intermediaries. A Master Circular was earlier issued on June 21, 2023 and subsequently updated on November 11, 2024 consolidating relevant circulars issued up to September 30, 2024. The present update consolidates and incorporates all relevant circulars issued up to December 31, 2025 and reflects provisions currently in force.

The Master Circular consolidates all applicable circulars issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and updates the framework to reflect provisions in force up to December 31, 2025.

With the issuance of this Master Circular, all directions and instructions contained in earlier circulars listed in the Appendix stand rescinded to the extent they relate to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Notwithstanding such rescission, anything done or any action taken under the rescinded circulars prior to such rescission shall be deemed to have been done under the corresponding provisions of this Master Circular, and any right, obligation, liability, penalty, investigation, legal proceeding, or remedy under the rescinded circulars shall remain unaffected.