Source
What Securities and Exchange Board of India has published on www.sebi.gov.in, explained in plain words: what it means, who it affects and the dates that matter.
6 updates explained, the latest dated 23 October 2026. Each links to the official original.
It modifies the rules for Research Analysts and Research Entities, making it no longer mandatory to record phone calls with clients who are institutional investors. This change is part of an effort to make doing business easier.
For clients who have successfully completed an Early Pay-In (EPI) of securities for a sale, Clearing Corporations will not collect margins on subsequent buy or sell trades up to the value of that EPI. This measure aims to protect investor interests and regulate the securities market.
Under this rule, Clearing Corporations will not collect margins on a client's subsequent buy or sell trades up to the value of the accepted EPI. This facility is designed to provide liquidity based on securities already pledged for settlement.
From October 5 to October 31, 2026, brokers must show these messages and risk disclosures on their websites, with app displays being voluntary during this time. Starting November 1, 2026, brokers must mandatorily show these messages on website landing pages and display messages and risk disclosures on alternate days on their trading apps.
The changes include revised monetary penalties for client-level position limit violations and a new definition for 'Broad Commodity'. Additionally, client-level numeric position limits are now calculated based on the annual deliverable supply for different commodity categories.
This change applies to Foreign Portfolio Investors (FPIs) who invest exclusively in Government Securities. The instruction directs depositories, custodians, and designated depository participants to update their systems to reflect this change.
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