SEBI Revises Fit & Proper Criteria Under Intermediaries Regulations

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  • Last Updated on 18 April, 2026

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SEBI intermediaries disclosure timelines

Notification F. No. SEBI/LAD-NRO/GN/2026/300, Dated 15.04.2026

The Securities and Exchange Board of India (SEBI) has notified amendments to the SEBI (Intermediaries) Regulations, 2008, introducing key clarifications and strengthening compliance requirements.

1. Clarification on Interpretation of “Days”

  • A new clause (ea) in Regulation 2 has been inserted
  • It clarifies that the term “days” shall mean calendar days

This removes ambiguity in timelines prescribed under the regulations.

2. Changes in Fit and Proper Person Criteria

Amendments have been made to Schedule II, which deals with the ‘fit and proper person’ criteria, including:

  • Revision of disqualification events
  • Updates to ensure:
    1. Better screening of intermediaries
    2. Enhanced regulatory integrity and governance

3. Introduction of Disclosure Requirement (Clause 3A)

  • A new Clause 3A has been introduced
  • It mandates:
    1. Disclosure of specified events
    2. Within prescribed timelines

This strengthens transparency and ongoing compliance monitoring.

4. Effective Date

  • The amendments are effective immediately

5. Conclusion

These changes reinforce SEBI’s focus on clarity, transparency, and stricter governance standards, ensuring that intermediaries operate within a robust and accountable regulatory framework.

Click Here To Read The Full Notification

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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