Description

SEBI introduces new Informal Guidance Scheme 2025, replacing the 2003 scheme, broadening eligibility and streamlining the process for seeking regulatory guidance.

Summary

SEBI has approved the substitution of the existing Informal Guidance Scheme 2003 with the new Securities and Exchange Board of India (Informal Guidance) Scheme, 2025. The new scheme broadens the scope of entities eligible to seek guidance and streamlines the application process through a centralized nodal cell.

Key Points

  • New IG Scheme 2025 replaces the IG Scheme 2003 issued on June 24, 2003
  • Expanded eligibility to include stock exchanges, clearing corporations, depositories, and Managers of Pooled Investment Vehicles registered with SEBI
  • Guidance provided in the form of ‘No Action Letter’ or ‘Interpretive Letter’
  • Centralized processing through a nodal cell for all informal guidance applications
  • New application submission process via email with revised fee structure

Regulatory Changes

  • Expanded Eligibility: The new scheme broadens the scope to allow stock exchanges, clearing corporations, depositories, and Managers of Pooled Investment Vehicles registered with SEBI to seek guidance
  • Centralized Processing: Creation of a nodal cell to handle all informal guidance applications, streamlining the process
  • New Application Process: Applications must be forwarded to iguidance@sebi.gov.in in the format specified in Schedule I
  • Revised Fee Structure: Application fee payable via SEBI payment module

Compliance Requirements

  • Eligible applicants must submit applications to: iguidance@sebi.gov.in
  • Applications must follow the format specified in Schedule I of the IG Scheme 2025
  • Application fee must be paid through the SEBI payment module
  • All informal guidance applications will be governed by the new scheme from the effective date

Important Dates

  • Effective Date: December 01, 2025 - All informal guidance applications shall be governed by the new IG Scheme 2025
  • Circular Issue Date: November 28, 2025

Impact Assessment

Operational Impact: The new scheme improves accessibility to SEBI guidance by expanding the pool of eligible entities. Market intermediaries such as stock exchanges, clearing corporations, depositories, and fund managers can now seek clarification on regulatory matters more formally.

Process Impact: The centralized nodal cell approach is expected to provide more consistent and efficient processing of guidance requests, reducing uncertainty for market participants seeking regulatory clarity.

Market Impact: Limited direct market impact, but enhanced regulatory clarity mechanism may improve compliance and reduce regulatory ambiguity for key market infrastructure institutions and fund managers.

Impact Justification

Procedural enhancement expanding eligibility for informal guidance but primarily affecting market intermediaries rather than broader market operations