On 7 November 2024, SEBI issued an advisory to registered intermediaries and regulated entities regarding the proper protocol for communication with SEBI officials. The advisory clarifies that informal discussions, summaries, or meeting minutes sent by entities to SEBI should not be interpreted as official approval or clarification on securities market policies or operational issues. SEBI emphasized that entities should proceed with implementing measures requiring SEBI approval only after receiving explicit, written authorization or clarification from SEBI. For interpretative or policy-related queries, entities are advised to use the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003, or its updates, to formally request interpretive or no-action letters. This advisory, approved by SEBI’s competent authority, aims to reinforce the necessity for clear and documented communication and prevent misinterpretation in policy implementation. The full advisory is accessible on the SEBI website.
Securities and Exchange Board of India
Advisory No. SEBI/HO/LAD1/LAD1V2DoP-4/P/ADV/2024/1 Dated:November 07, 2024
To,
All registered intermediaries/ regulated entities.
Madam/ Sir,
Subject: Advisory on communication with SEBI Officials.
1. From time to time, the departments of SEBI receive varied forms of communication from registered intermediaries/ regulated entities seeking clarification on the implementation of specific operational measures and/or policy interpretation on issues related to the securities markets that is forwarded to SEBI.
2. Occasionally such communication is in the form of a summation of the discussions/ minutes of the meetings held with SEBI Official(s) or their understanding of the interpretation on a specific issue related to the securities markets.
3. Such communication shall not be construed as receipt of approval from SEBI or a clarification or consideration on any matter including any policy interpretation or clarification on operational matters related to the securities markets, unless the same is specifically communicated by SEBI.
4. In view of the above, all registered intermediaries / regulated entities are advised to:
a. implement measures requiring approval/ clarification from SEBI only upon receipt of explicit written approval or written clarification or communication from SEBI; and
b. refer to the mechanism provided for under the Securities and Exchange Board of India (Informal Guidance) Scheme 2003 (or any modification or reenactment thereof) for seeking interpretive letters/ no action letters from SEBI, if required.
5. This Advisory is issued with the approval of the Competent Authority.
6. This Advisory is available on the SEBI website at www.sebi.gov.in.
Yours faithfully,
Durgesh Kumar Thakur
Deputy General Manager
Tel. No.: 022 26449144
Email ID: [email protected]
