The National Securities Depository Limited (NSDL), on April 30, 2026, issued a Master Circular for Issuers and Registrar & Transfer (R&T) Agents in line with directions of the Securities and Exchange Board of India (SEBI) to consolidate all applicable guidelines. The circular compiles all instructions issued up to March 31, 2026, providing a single reference document for stakeholders.
The Master Circular is aimed at improving ease of compliance by bringing together provisions relating to issuer services and R&T agent operations. It is made available along with relevant annexures on the NSDL website, and stakeholders are advised to read it in conjunction with NSDL Bye-Laws and Business Rules. In case of any inconsistency, the provisions of the relevant underlying circulars will prevail.
With the issuance of this Master Circular, earlier circulars listed in the annexure stand rescinded; however, actions taken under those circulars remain valid, and all rights, obligations, liabilities, and ongoing proceedings continue unaffected. Additionally, directions issued by SEBI applicable to Issuers and R&T Agents remain in force.
[Notification No. NSDL/CIR/II/25/2026]
