Securities and Exchange Board of India (SEBI) issued a new Master Circular for Investment Advisers (IAs) through circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated June 27, 2025. This circular consolidates all applicable directions and guidelines issued to IAs up to June 11, 2025, providing a single reference document for ease of compliance. It supersedes the previous Master Circular dated May 21, 2024, incorporating updates issued since then. With the release of this updated circular, earlier circulars listed in the Appendix now stand rescinded to the extent they pertain to IAs. However, any actions, applications, rights, obligations, or penalties arising from the rescinded circulars before this rescission will remain valid and enforceable under the current Master Circular. This ensures continuity and legal recognition for past actions. The updated circular has been issued under Section 11(1) of the SEBI Act, 1992, with the objective of protecting investors and maintaining orderly conduct in the securities market. The circular is accessible on SEBI’s official website under the “Master Circulars” and “Info for – Investment Advisers” sections.
Securities and Exchange Board of India
Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 | Dated: June 27, 2025
To,
All Investment Advisers
Investment Adviser Administration and Supervisory Body (IAASB)
Dear Madam / Sir,
Subject: Master Circular for Investment Advisers
1. Securities and Exchange Board of India (“SEBI”/ “the Board”), from time to time, has been issuing various circulars/directions to Investment Advisers (IAs). In order to enable users to have access to the applicable circulars at one place, this Master Circular in respect of IAs is being issued.
2. SEBI Master Circular No. SEBI/HO/MIRSD-PoD-1/P/CIR/2024/50 dated May 21, 2024 for IAs was a compilation of relevant circulars issued by SEBI which were operational as on May 21, 2024. Subsequently, various guidelines/directions were issued to the IAs by way of circulars/advisory. The provisions of such circulars issued until June 11, 2025 have been incorporated in this Master Circular, which supersedes the Master Circular for IAs dated May 21, 2024. With the issuance of this Master Circular, the directions/ instructions contained in the circulars listed out in the Appendix to this Master Circular, to the extent they relate to the IAs, shall stand rescinded.
3. 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;
3) The previous operation of the rescinded circulars or anything duly 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 remain unaffected as if the rescinded circulars have never been rescinded.
4. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
5. This circular is available on SEBI website at sebi.gov.in under the categories “Legal framework –Master Circulars” and “Info for –Investment Advisers”.
Yours faithfully
Aradhana Verma
General Manager
Tel. No. 022-26449633
aradhanad@sebi.gov.in
