Summary: The Securities and Exchange Board of India issued a Master Circular dated 6 February 2026 to consolidate and streamline the regulatory framework applicable to Investment Advisers. The circular compiles all relevant directions and instructions issued earlier into a single reference document, enabling Investment Advisers, the Investment Adviser Administration and Supervisory Body (IAASB), and other stakeholders to access the complete regulatory framework at one place. With the issuance of this Master Circular, all prior circulars listed in its appendix stand rescinded to the extent they relate to Investment Advisers. However, the circular expressly preserves continuity by safeguarding actions already taken, pending applications, accrued rights and obligations, liabilities, penalties, investigations, and legal proceedings under the rescinded circulars, deeming them enforceable as if those circulars remained in force. Issued under Section 11(1) of the SEBI Act, 1992, the Master Circular reinforces SEBI’s mandate to protect investor interests and promote orderly development and regulation of the securities market. The circular is available on SEBI’s official website.
Securities and Exchange Board of India
HO/38/12/11(2)2026-MIRSD-POD/I/4300/2026 | Dated: February 06, 2026
To,
All Investment Advisers
Investment Adviser Administration and Supervisory Body (IAASB)
Dear Madam / Sir,
Subject: Master Circular for Investment Advisers
1. For effective regulation of Investment Advisers, the Securities and Exchange Board of India has been issuing various Circulars from time to time.
2. In order to enable Investment Advisers and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, this Master Circular is issued. This master circular has been updated to incorporate the provision of the Circular(s) given in the appendix to this Master Circular.
3. With the issuance of this Master Circular, all directions/instructions contained in the Circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to Investment Advisers.
4. 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a. Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b. Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c. The previous operation of the rescinded circulars or anything 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 not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.
5. This Master Circular is issued in exercise of 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
6. This Master Circular is available on SEBI website at sebi.gov.in in the path “Legal >Master Circulars”.
Yours faithfully
Aradhana Verma
General Manager
Tel. No. 022-26449633
aradhanad@sebi.gov.in
