SEBI Notifies SEBI (Informal Guidance) Scheme, 2025 | Expands Eligibility for Regulatory Clarifications

PR No.77/2025; Dated: 28.11.2025

The Securities and Exchange Board of India (SEBI) has approved the substitution of the existing SEBI (Informal Guidance) Scheme, 2003 with a new and more comprehensive framework titled the SEBI (Informal Guidance) Scheme, 2025. The updated scheme aims to modernise, expand, and streamline the process of seeking regulatory clarity from SEBI.

1. Broader Scope Under the New Scheme

The 2025 Scheme significantly broadens the categories of entities eligible to approach SEBI for interpretative guidance. Under the revised framework, the following regulated entities may now seek informal guidance:

• Stock Exchanges
• Clearing Corporations
• Depositories
• Other intermediaries and market infrastructure institutions

This expansion ensures that a wider range of market participants can obtain regulatory clarity, thereby enhancing compliance standards and reducing interpretational uncertainties.

2. Modernised Framework for Regulatory Clarifications

The new Scheme seeks to:

• Ensure uniformity and transparency in SEBI’s guidance process
• Address evolving market structures and regulatory needs
• Provide timely and reliable interpretational support
• Replace the outdated 2003 framework with a more relevant and robust mechanism

3. Applicability and Transition

SEBI has clarified that from 01 December 2025 onwards, the processing of all informal guidance applications—whether newly submitted or pending—shall be governed under the SEBI (Informal Guidance) Scheme, 2025.

This ensures a seamless transition and consistent application of the updated regulatory framework.

4. Conclusion

The introduction of the SEBI (Informal Guidance) Scheme, 2025 marks a significant step toward strengthening regulatory clarity and stakeholder engagement. By widening the scope and modernising the process, SEBI aims to facilitate better compliance and foster a more transparent, informed, and efficient securities market ecosystem.

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