Securities and Exchange Board of India (SEBI) has consolidated all circulars issued up to June 30, 2025, relating to continuous disclosure and listing obligations of issuers of Non-convertible Securities, Securitized Debt Instruments, and Commercial Papers.

This Master Circular supersedes earlier circulars (listed in Annex-1 of official circular). With respect to the directions or other guidance issued by SEBI, as specifically applicable for Non – convertible Securities, Securitized Debt Instruments and/ or Commercial Paper, the same shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations.

Notwithstanding the supersession of circulars mentioned in this Master Circular, any act done or action taken, or purported to have been done or taken under the rescinded circulars prior to their rescission shall be deemed to have been done or taken under the corresponding provisions of this Master Circular. Similarly, any application made to SEBI under the rescinded circulars and pending as on the date of rescission shall be considered as made under the relevant provisions of this Master Circular.

Recognized Stock Exchanges, issuers, and other stakeholders are directed to comply with the provisions of this Master Circular, bring its contents to the attention of listed entities or issuers of listed Non-Convertible Securities, Securitized Debt Instruments, and/or Commercial Paper, disseminate the circular on their respective websites, establish the necessary systems and infrastructure for its implementation, monitor ongoing compliance, make any consequential changes to their bye-laws if required, and actively communicate and raise awareness about the circular among relevant stakeholders.