Description
Consolidated master circular containing all SEBI directions for listed entities' compliance with Listing Obligations and Disclosure Requirements, updated to include circulars till December 30, 2025.
Summary
SEBI has issued an updated Master Circular dated January 30, 2026 (originally issued July 11, 2023) consolidating all circulars related to compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This master circular incorporates all relevant circulars issued till December 30, 2025 and rescinds previous circulars listed in its appendix while maintaining their legal effect for past actions and pending matters.
Key Points
- Master Circular reference number: HO/49/14/14(7)2025-CFD-POD2/I/3762/2026
- Originally issued on July 11, 2023, updated on November 11, 2024, and now January 30, 2026
- Consolidates all SEBI circulars related to LODR Regulations issued till December 30, 2025
- Rescinds all previous circulars listed in the Appendix while preserving their legal effect for past actions
- Applies to all listed entities (primarily those with listed specified securities)
- Also applicable to stock exchanges, depositories, and other stakeholders including statutory auditors, depository participants, RTAs, and material subsidiaries
Regulatory Changes
This circular does not introduce new regulations but serves as a consolidation exercise:
- All directions and instructions from previously issued circulars (listed in Appendix) are rescinded to the extent they relate to LODR compliance
- The provisions currently in force are reflected in this updated master circular
- All actions taken under rescinded circulars remain valid and are deemed to have been taken under this Master Circular
- Pending applications and ongoing proceedings under old circulars continue under corresponding provisions of this Master Circular
Compliance Requirements
For Listed Entities:
- Must comply with all provisions consolidated in this Master Circular
- Should refer to this single document for all LODR compliance requirements instead of multiple individual circulars
For Stock Exchanges and Depositories:
- Must bring contents of this circular to the notice of all stakeholders
- Required to put in place necessary systems and infrastructure for monitoring and implementation
For Other Stakeholders:
- Statutory Auditors, Depository Participants, RTAs, Material Subsidiaries, e-voting service providers, and industry chambers must comply with applicable specific provisions
Important Dates
- July 11, 2023: Original Master Circular issued
- November 11, 2024: First update issued (consolidating circulars till September 30, 2024)
- January 30, 2026: Current update issued (consolidating circulars till December 30, 2025)
- February 3, 2026: Publication/distribution date on BSE
Impact Assessment
Market Impact: High - This affects all listed entities across all sectors and market segments
Operational Impact: High - Provides single consolidated reference point for LODR compliance, simplifying regulatory navigation for listed entities and their service providers
Compliance Impact: High - While not introducing new requirements, entities must ensure they are following the consolidated guidelines. The 291-page comprehensive document serves as the authoritative source for all LODR-related obligations
Administrative Efficiency: Positive - Consolidation reduces confusion from multiple circulars and provides clarity on currently applicable provisions
Legal Continuity: All previous actions, pending applications, rights, obligations, and proceedings under rescinded circulars remain valid and enforceable
Impact Justification
Comprehensive master circular consolidating all LODR compliance requirements for all listed entities, rescinding multiple previous circulars and serving as single authoritative reference