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

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  • Last Updated on 26 June, 2025

SEBI Master Circular for RTAs

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

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied