Description

ICCL has issued the updated master circular for transactions on BSE StAR MF Platform, effective from April 29, 2026, superseding all prior notices and the existing master circular for the segment.

Summary

The Indian Clearing Corporation Limited (ICCL) has issued the updated Master Circular for Transactions on BSE StAR MF Platform, incorporating all changes up to March 31, 2026. This circular is issued in compliance with SEBI’s Circular No. SEBI/HO/MRD/POD 3/CIR/P/2023/58 dated April 20, 2023, which mandates segment-wise master circulars from Stock Exchanges, Clearing Corporations, and Depositories. The circular is effective from the date of its issue (April 29, 2026) and rescinds all prior notices and the existing master circular for the BSE StAR MF segment.

Key Points

  • ICCL has released the consolidated master circular for BSE StAR MF transactions, updated through March 31, 2026, attached as Annexure 1.
  • The circular is issued pursuant to SEBI Circular SEBI/HO/MRD/POD 3/CIR/P/2023/58 (April 20, 2023) on master circular issuance by market infrastructure institutions.
  • All prior notices and the existing master circular for the BSE StAR MF segment stand rescinded upon issuance of this circular.
  • In case of inconsistency between this master circular and any applicable notice, the relevant notice shall prevail.
  • Actions, rights, obligations, penalties, and proceedings initiated under rescinded guidelines remain unaffected and valid.
  • Contact for clarifications: 022-22728233/5194 or mf.settlement@icclindia.com.

Regulatory Changes

This master circular consolidates and supersedes all previously issued notices and the existing master circular relevant to the BSE StAR MF segment. No new regulatory requirements are introduced; rather, it serves as the single authoritative reference document for BSE StAR MF platform transactions as of March 31, 2026. The rescission clause ensures legal continuity — any action or liability under the rescinded guidelines remains valid and enforceable.

Compliance Requirements

  • Members (brokers/participants) on the BSE StAR MF platform should treat this master circular as the primary reference for all operational and compliance obligations related to mutual fund transactions on the platform.
  • Members should refer to the full Annexure 1 (Annexure1BSEStARMfMasterCircularUpdatedTill31Mar2026) for detailed procedural and compliance obligations.
  • In case of any conflict between this master circular and a specific applicable notice, members must follow the relevant notice.
  • Members must take note of the rescission of all prior circulars/notices for this segment.

Important Dates

  • Circular Date: April 29, 2026
  • Effective Date: April 29, 2026 (date of issue)
  • Master Circular Updated Till: March 31, 2026

Impact Assessment

This circular has moderate operational relevance for members participating in the BSE StAR MF platform. It consolidates existing rules into a single document, simplifying compliance reference but not introducing new obligations. The rescission of prior notices means members must use this master circular as the updated baseline. There is no direct market or trading impact; the primary effect is administrative — ensuring members have a single, current reference for mutual fund settlement and operations on BSE StAR MF.

Impact Justification

Routine consolidation of existing regulations into an updated master circular for BSE StAR MF platform; no new substantive rules introduced, but rescinds all prior notices and master circulars for the segment.