Description

Consolidated master circular incorporating all relevant SEBI circulars issued till December 30, 2025 regarding compliance with Listing Obligations and Disclosure Requirements Regulations.

Summary

SEBI has issued an updated Master Circular dated January 30, 2026 (Reference: HO/49/14/14(7)2025-CFD-POD2/I/3762/2026) consolidating all relevant circulars related to compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This master circular updates the previous version dated November 11, 2024 by incorporating all relevant circulars issued till December 30, 2025. The circular rescinds all previous circulars listed in the Appendix while preserving their legal effects for actions already taken.

Key Points

  • Master Circular originally issued on July 11, 2023, updated on November 11, 2024, and now updated again on January 30, 2026
  • Consolidates all LODR-related circulars issued till December 30, 2025 into a single reference document
  • Applicable to all listed entities that have listed their specified securities
  • All previous circulars listed in the Appendix are rescinded to the extent they relate to LODR compliance
  • Previous actions, pending applications, and ongoing proceedings under rescinded circulars remain valid
  • Stock Exchanges and Depositories directed to implement necessary systems for monitoring and compliance

Regulatory Changes

This is a consolidation circular that updates the existing master circular framework. It does not introduce new regulatory requirements but reflects provisions currently in force as of December 30, 2025. All directions and instructions contained in the previously issued circulars listed in the Appendix are rescinded and superseded by this Master Circular.

Compliance Requirements

  • All listed entities must comply with provisions specified in this consolidated Master Circular
  • Recognized Stock Exchanges must bring contents to notice of all stakeholders
  • Stock Exchanges and Depositories must put in place necessary systems and infrastructure for monitoring and implementation
  • Stakeholders include: Statutory Auditors, Depository Participants, Registrar and Transfer Agents, Material Subsidiaries, e-voting service providers, industry chambers (ASSOCHAM, FICCI, CII)
  • Entities must refer to this Master Circular as the single authoritative source for LODR compliance requirements

Important Dates

  • Original Master Circular issued: July 11, 2023
  • Previous update issued: November 11, 2024
  • Current Master Circular issued: January 30, 2026
  • Consolidation period: Includes all relevant circulars issued till December 30, 2025

Impact Assessment

This Master Circular has high operational impact as it serves as the comprehensive reference document for all LODR compliance requirements. Listed entities, stock exchanges, depositories, and other stakeholders must transition to using this updated version as their primary compliance reference. The consolidation simplifies compliance by providing a single source of truth, reducing the need to track multiple individual circulars. All ongoing compliance activities, investigations, and legal proceedings under previous circulars continue unaffected, ensuring regulatory continuity.

Impact Justification

Comprehensive master circular consolidating all LODR compliance requirements for all listed entities. High importance due to broad applicability and regulatory significance.