National Stock Exchange of India (NSE) has released a Master Circular dated April 30, 2025, to streamline and consolidate regulatory guidance for all listed companies. This circular compiles relevant and currently operational circulars and guidelines into a single reference document, enabling easier access and improved compliance with regulatory requirements.
The Master Circular is structured in two parts: Annexure A covers circulars and guidelines related to listing approvals such as Initial Public Offers (IPO), further issues, debt listings, schemes of arrangement, and the Social Stock Exchange. Annexure B outlines compliance-related circulars, including those under Listing Regulations (for both equity and debt), as well as Substantial Acquisition of Shares and Takeovers (SAST) and Prohibition of Insider Trading (PIT).
With the introduction of this Master Circular, all earlier circulars listed within its annexures are officially rescinded. However, actions taken or proceedings initiated under the earlier guidelines will continue to hold legal validity. Any rights, liabilities, penalties, or ongoing investigations under the rescinded guidelines remain unaffected and are preserved under the relevant provisions of the new or prior guidelines, as applicable.
This new circular also supersedes the previous Master Circular (Ref No: NSE/CML/2024/10 dated April 29, 2024). Listed companies are advised to take note of the changes and ensure continuous compliance with the consolidated guidelines. For support, companies can contact the designated Exchange officers via the NEAPS portal under the “Help → Contact Us” section.
The Master Circular represents NSE’s effort to centralize regulatory information and ensure better compliance management across the listed entities.
National Stock Exchange of India
Circular
Department: Listing
| Download Ref No: NSE/CML/2025/25 | Date: April 30, 2025 |
All Listed Companies,
Sub: Master Circular for Listed Companies
Exchange has been issuing various circulars/guidelines to Listed companies on various requirements. In order to enable the Listed Companies to have access to the applicable circulars at one place and to facilitate Listed Companies to comply with the regulatory requirements, the Exchange has prepared a Master circular for Listed Companies.
Listed Companies are hereby informed that the Master Circular consists of Two parts:
| Annexure A | Details of Relevant circulars/guidelines relating to Listing Approvals i.e. Initial Public Offer (IPO), Further Issues, Scheme of arrangement, Debt Listing, Social Stock Exchange etc. |
| Annexure B | Details of Relevant circulars/guidelines relating to Listing Compliance i.e. Listing Regulations (Equity and Debt), SAST and PIT |
Listed Companies are advised to take note of the same and comply with these norms, in letter and spirit, on a continuous basis.
This Master Circular is a compilation of relevant and updated circulars/guidelines issued by the Exchange as on April 30, 2025, and which are operational as on date of this circular. With the issuance of this Master Circular, the circulars/guidelines contained in the circulars listed out in the respective annexures to this Master Circular shall stand rescinded. Notwithstanding such rescission,
a. Anything done or any action taken or purported to have been done or contemplated under the rescinded guidelines before the commencement of this Master Circular shall be deemed to have been done or taken or commenced or contemplated under the corresponding provisions of the Master Circular or rescinded guidelines whichever is applicable.
National Stock Exchange of India
b. The previous operation of the rescinded guidelines or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded guidelines, any penalty, incurred in respect of any violation committed against the rescinded guidelines, 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 guidelines have never been rescinded.
Kindly note, this Master circular supersedes earlier Exchange master circular (ref no: NSE/CML/2024/10 dated April, 29, 2024)
For any support, please reach out to the respective Exchange officers at the contact details available in NEAPS portal on the following path:
Help → Contact Us
For and on behalf of
National Stock Exchange of India Limited
