SEBI issues Master Circular to consolidate all relevant circulars for Surveillance of Securities Market; rescinds 15 circulars

On 09-07-2024, the Securities and Exchange Board of India (‘SEBI’) issued a Master Circular for Surveillance of Securities Market to consolidate the provisions of all relevant circulars for the surveillance of the securities market in this Master Circular. This Master Circular came into force on 09-07-2024.

Key Points:

1. This Master Circular is categorized subject-wise under headings such as ‘trading rules and shareholding in dematerialized mode’, ‘monitoring of unauthenticated news circulated by SEBI registered market intermediaries through various modes of communication’, and ‘disclosure reporting under the SEBI (Prohibition of Insider Trading) Regulations, 2015.

2. This Master Circular covers various circulars issued by the Integrated Surveillance Department (ISD) of SEBI that were operational on the date of issuance of this Master Circular.

3. The circulars rescinded through this Master Circular as has been mentioned in Annexure 7 are as follows:

   • Circular dated 02-09-2010 — Trading Rules and Shareholding in dematerialized mode

   • Circular dated 23-03-2011 — Unauthentic news circulated by SEBI Registered Market Intermediaries through various modes of communication

   • Circular dated 24-03-2011 — Addendum to Circular no. Cir/ISD/1/2011 dated 23-03-2011

   • Circular dated 11-05-2015 — Disclosures under SEBI (PIT) Regulations, 2015

   • Circular dated 16-09-2015 — Revised disclosures formats under SEBI (PIT) Regulations, 2015

   • Circular dated 23-07-2020 — Allowing Offer for Sale (OFS) and Rights Entitlements (RE) transactions during trading window closure period

   • Circular dated 23-07-2020 — Reporting to Stock Exchanges regarding violations of SEBI (PIT) Regulations, 2015 relating to Code of Conduct

   • Circular dated 09-09-2020 — Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015

   • Circular dated 09-02-2021 — Revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015

   • Circular dated 16-06-2021 — Automation of Continual disclosures under regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 — System driven disclosures for inclusion of listed Debt Securities

   • Circular dated 13-08-2021 — Automation of Continual disclosures under regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 — System driven disclosures — Ease of doing business

   • Circular dated 05-08-2022 — Trading window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 — Framework for restricting trading by Designated Persons by freezing PAN at security level

   • Circular dated 13-09-2022 — Master Circular on Surveillance of Securities Market

   • Circular dated 23-03-2023 — Master Circular on Surveillance of Securities Market

   • Circular dated 19-07-2023 — Trading window closure period under Clause 4 of Schedule B read with Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations, 2015 — Extending framework for restricting trading by Designated Persons by freezing PAN at security level to all listed companies in a phased manner.

4. Despite the rescission:

   1. Anything done/action taken/purported to have been/taken under the rescinded circulars will be deemed to have been done/taken under the corresponding provisions of this Master Circular.

   2. The previous operation of the rescinded circulars and anything done under them will remain unaffected as if the rescinded circulars have never been rescinded.