SEBI Issues an Updated Master Circular on ‘Registrars to an Issue and Share Transfer Agents’

Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/91; Dated: 23.06.2025

The Securities and Exchange Board of India (SEBI) has released an updated master circular titled ‘Registrars to an Issue and Share Transfer Agents’ (RTAs). This initiative is aimed at consolidating all relevant circulars and guidelines issued by SEBI over time into a single, comprehensive document.

1. Purpose of the Master Circular

The primary objective behind this compilation is to:

• Provide a single point of reference for all applicable regulatory instructions governing RTAs
• Enhance ease of compliance by eliminating the need to search through multiple circulars
• Ensure clarity and uniformity in the interpretation and implementation of SEBI’s directions

This user-friendly format is especially helpful for market participants, compliance officers, legal professionals, and other stakeholders working with RTAs.

2. Scope and Coverage

The updated master circular encompasses a wide range of operational and compliance-related aspects, including:

• Registration Matters – Provisions related to the eligibility criteria, procedures, and obligations for obtaining and maintaining registration as an RTA
• Reporting Requirements – Periodic disclosures and data submissions to SEBI and other stakeholders
• Transfer-Related Activities – Norms governing the processing of share transfers, transmission, and dematerialisation
• Information Technology and Cyber Security – Guidelines to ensure robust IT infrastructure, data protection, and cybersecurity measures in operations
• Role in Rights Issues – Responsibilities and procedural duties of RTAs during rights issue processes, including coordination with issuers and depositories

3. Compliance and Reference

RTAs are expected to:

• Review the consolidated provisions carefully
• Ensure complete and timely compliance with the updated norms
• Use the master circular as the primary source of reference for any regulatory guidance related to their operations

4. Conclusion

SEBI’s issuance of this master circular represents a proactive step towards regulatory simplification and operational efficiency. It empowers RTAs to better understand and comply with their responsibilities under the securities laws, while reinforcing SEBI’s commitment to transparent and streamlined market governance.

Click Here To Read The Full Circular