SEBI Intermediaries Amendment Regulations 2026, Gazetted April 15
Summary
The SEBI (Intermediaries) (Amendment) Regulations, 2026 were published in the Official Gazette on April 15, 2026, and came into force on that same date. The amendments modify Schedule II of the 2008 Regulations, including: insertion of a new clause (ea) defining 'days' as calendar days; substitution of disqualification language with 'events' language in clause 3(b); omission of items (i) and (ii) from clause 3(b); amendment to item (v) to include economic offences and securities law offences; omission of winding-up language from item (vi); addition of new clauses 3A (15 working day reporting requirement) and 3B (Board declaration of fit and proper person); revision to clause 4 to remove five-year bar language; change to clause 5 reducing the period from one year to six months; and substitution of clause 6 regarding associate or group entity declarations. Trading members are required to take note and ensure compliance.
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What changed
SEBI published amendments to the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, gazetted on April 15, 2026, effective immediately. The principal changes target the fit and proper person criteria in Schedule II: clause 3(b) now refers to 'events' rather than 'disqualifications', certain items are omitted, and economic and securities law offences are explicitly added. Two new clauses were inserted—clause 3A mandates that applicants or intermediaries inform the Board of any triggering event within fifteen working days of recognised stock exchanges, while clause 3B provides that a person shall be declared not fit and proper after being granted a reasonable opportunity of being heard. Additional amendments reduce the period in clause 5 from one year to six months and modify clause 6 to clarify that associate or group entity declarations do not affect the applicant or intermediary's own fit and proper person criteria.
Affected intermediaries—including trading members, stock brokers, and sub-brokers registered with SEBI—should review their internal compliance procedures to account for the new 'events' framework and the fifteen working day reporting obligation under clause 3A. Legal and compliance teams should confirm whether existing onboarding and ongoing monitoring processes align with the revised fit and proper person standards, particularly regarding economic offences and securities law violations added to clause 3(v).
Archived snapshot
Apr 25, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
National Stock Exchange of India
Circular
To All Members, Sub: SEBI (Intermediaries) (Amendment) Regulations, 2026 Members are requested to take note of the SEBI (Intermediaries)(Amendment) Regulations, 2026 published in the Official Gazette on April 15, 2026. The Regulations are in force from the date of their publication in the Official Gazette. Copy of the SEBI (Intermediaries) (Amendment) Regulations, 2026 is attached as Annexure. Trading Members are requested to take note of the same and ensure compliance. For any clarifications, please write to memcompliance_support@nse.co.in For and on behalf of National Stock Exchange of India Limited Sonal Sharma Senior Manager
Department: Compliance Circular Ref. No: 36/2026 Download Ref No: NSE/COMP/73889 Date: April 24, 2026
-33004/99 REGD. No. D. L.-33004/99
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2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III--SEC.4]
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SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION
Mumbai, the 15th April, 2026 SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) (AMENDMENT)
REGULATIONS, 2026 F. No. SEBI/LAD-NRO/GN/2026/300--In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, namely- 1. These regulations may be called the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2026. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, - I. in regulation 2, in sub-regulation (1), after clause (e) and before clause (f), the following new clause shall be inserted, namely -
"(ea) "days" shall mean calendar days unless otherwise specified in these regulations;" II. in Schedule II, a. in clause 3, in sub-clause (b), i. the words "not incurring any of the following disqualifications" shall
be substituted with the words "being subject to any of the following events"; ii. items (i) and (ii) shall be omitted; iii. in item (v), after the words "by a court for" and before the words "any
offence involving", the words "any economic offence or an offence of securities laws or" shall be inserted; and iv. in item (vi), the words "any winding up proceedings have been initiated or" shall be omitted. b. after clause 3, the following new clauses shall be inserted, namely, - "(3A) If any person under clause (2) is subjected to any event under sub-clause (b) of clause (3), the applicant or intermediary shall inform the Board of the occurrence of such event within fifteen working days of the recognised stock exchanges.
4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III--SEC.4]
(3B) A person shall be declared as not 'fit and proper person' by the Board, after granting such person a reasonable opportunity of being heard." c. in clause 4, the words and symbol "or for a period of five years from the date of effect of the order, if no such period is specified in the order" shall be omitted. d. in clause 5, i. the numerals and letter "11B" shall be substituted with the numerals and letter "11B(1)"; and ii. the words "one year" shall be substituted with the words "six months". e. clause 6 shall be substituted with the following clause namely, - "(6) If an associate or group entity of the applicant or intermediary has been declared as not 'fit and proper person' by the Board, such declaration shall not have any bearing on the 'fit and proper person' criteria of the applicant or intermediary unless the applicant or intermediary or any other person referred in clause (2), is also found to be subjected to the same event: Provided that if any person as referred in sub-clause (b) of clause (2) has been
declared as not 'fit and proper person' by the Board, the intermediary shall replace such person, within thirty working days of the recognised stock
exchanges, from the date of such declaration failing which the 'fit and proper person' criteria may be invoked against the intermediary: Provided further that if any person as referred in sub-clause (c) of clause (2) has been declared as not 'fit and proper person' by the Board, the intermediary shall ensure that such person does not exercise any voting rights and that such person divests their holding within six months from the date of such
declaration failing which the 'fit and proper person' criteria may be invoked against such intermediary."
AMIT PRADHAN, Executive Director [ADVT.-III/4/Exty./36/2026-27]
Note:
The Securities and Exchange Board of India (Intermediaries) Regulations, 2008 was published in the Gazette of India on May 26, 2008 vide notification No. LAD- NRO/GN/2008/11/126538 and was last amended on December 5, 2025 by the Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2025 vide notification no. SEBI/LAD-NRO/GN/2025/285.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
SARVESH KUMAR Digitally signed by SARVESH KUMAR SRIVASTAVA SRIVASTAVADate: 2026.04.16 23:30:53 +05'30'
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