The Securities and Exchange Board of India (SEBI) on February 10, 2025, issued the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 to further amend the e Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the Securities and Exchange Board of India (Custodian) Regulations, 1996, the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, the Securities and Exchange Board of India (Real Estate Investment Trusts), Regulations, 2014, the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, the Securities and Exchange Board of India (Vault Managers) Regulations, 2021.
The following amendments have been stated:
• In the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, after regulation 18D, the following regulation shall be inserted, namely, —
“Investor Charter. 18DA. The stock broker shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, after regulation 28C, the following regulation shall be inserted, namely, —
“Investor Charter. 28D. The merchant banker shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, after regulation 15C, the following regulation shall be inserted, namely, —
“Investor Charter. 15D. The registrar to an issue and share transfer agent shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, after regulation 14B, the following regulation shall be inserted, namely, —
“Investor Charter. 14C. The debenture trustee shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, after regulation 16B, the following regulation shall be inserted, namely, —
“Investor Charter. 16C. The banker to an issue shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, after sub-regulation 29 of regulation 25, the following sub-regulation shall be inserted, namely, —
“(30) An asset management company shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after regulation 20, the following regulation shall be inserted, namely, —
“Investor Charter. 20A. The custodian shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011, after clause (p) of regulation 15, the following clause shall be inserted namely, —
“(q) The KRA shall ensure compliance with the Investor Charter specified by the Board from time to time.”
• In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, after sub-regulation 22 of regulation 20, the following sub-regulation shall be inserted, namely, —
“(23) The Alternative Investment Fund shall ensure compliance with the Investor Charter specified by the Board from time to time.”
They shall come into force from February 10, 2025.
[Notification No. SEBI/LAD-NRO/GN/2025/228]
