Capital Markets & SEBI — Listings, Compliance & Funds

SEBI has issued a circular establishing updated compliance requirements for how trading members must handle unpaid securities belonging to clients. This impacts settlement practices, custody obligations, and operational procedures for stock brokers, trading members, and the entities they serve.

SEBI has proposed a unified advertisement code for specified regulated entities. Here's what investors and business owners should know about this move, why it matters for transparency, and what to watch for as the proposal develops.

SEBI has launched a Settlement Helpdesk Facility to help regulated entities navigate settlement-related compliance. Listed companies, NBFCs, and AIFs should understand how this facility can support timely compliance with settlement procedures and timelines under SEBI's regulatory framework.

A fund manager in Mumbai sent me a certificate last month that one of his prospective investors had obtained from their CA. It was thorough. It was also two formats behind. SEBI Circular No. HO/19/34/11(9)2025-AFD-POD1/I/2286/2026 dated January 9, 2026 changed the requirements.

SEBI's GARUDA framework — announced in 2026 — addresses one of the most consistent complaints from Category II and III AIF managers: the gap between fund conception and first close is too long because every new scheme requires a fresh SEBI application and filing cycle.

A client who manages a ₹12 crore portfolio rang last month with a straightforward question: his AIF manager had told him he needed to become an "accredited investor" to access a new fund, and had forwarded a CDSL Venture

SEBI's September 2025 amendment to the AIF Regulations fundamentally changed what an angel fund is. Before September 2025, angel funds could admit retail investors with a minimum ticket of ₹25 lakh. After September 2025, every investor in an angel fund must be an accredited investor.

In May 2026, PPFAS Asset Management launched two funds from its GIFT City operations: a feeder fund into the S&P 500 index and a feeder fund into the Nasdaq 100. For a resident Indian investor who has been waiting for a domestic route to indexed US equity exposure since the 2022 cap, this was meaningful news.

SEBI has issued a corrigendum to its March 24, 2026 enforcement order in the Sarvottam Securities front-running case involving multiple entities. Here's what it means for listed companies, brokers, and anyone concerned about trade surveillance and SEBI compliance.

SEBI has issued a circular modifying nomination norms for demat accounts and mutual fund folios to ease the investment process. This impacts every investor—resident, NRI, and HNI—and has direct implications for succession planning and wealth management.