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India’s market regulator has changed the rules on how stock brokers report technical glitches, easing the burden on smaller firms while keeping scrutiny on problems that actually affect trading or investors. The Securities and Exchange Board of India (SEBI) announced the revised framework on Friday, signalling a shift away from one-size-fits-all regulation.

The move comes after brokers, especially smaller ones, repeatedly complained that the earlier rules were too sweeping and costly, and often blamed them for technology issues beyond their control. Under the new framework, fewer glitches will need to be reported, timelines have been relaxed, and many brokers have been kept outside the ambit of the rules altogether.

<h2>Smaller brokers largely exempt under revised norms</h2>

One of the most significant changes is the revision of eligibility criteria. Under the new framework, only stock brokers with more than 10,000 registered clients will be covered. This move alone is expected to exclude nearly 60 per cent of brokers from the technical-glitch regime, most of whom operate at a smaller scale with limited reliance on high-frequency trading systems.

SEBI said the decision was taken to align regulatory oversight with actual risk exposure, noting that smaller brokers typically handle lower volumes and simpler operations.

<h2>What will no longer count as a reportable glitch?</h2>

The regulator has also clarified what qualifies as a technical glitch, explicitly excluding several categories that previously fell under the reporting net. Glitches originating outside a broker’s trading architecture such as outages at global cloud service providers, failures at market infrastructure institutions, or disruptions at banks and payment gateways will no longer attract penalties.

Similarly, issues that do not directly impact trading functionality or have negligible market impact have been taken out of the definition. These include problems in back-office systems, new account processing, decision-support tools like charts or profit-and-loss statements, and other non-trading applications.

SEBI said these exemptions ensure that brokers are not held accountable for failures beyond their control or for minor technical issues that do not affect client trading.

<h2>Reporting timelines relaxed, process simplified</h2>

Acknowledging industry feedback that identifying and diagnosing glitches within an hour was often impractical, SEBI has extended the reporting window from one hour to two hours. Brokers will now file preliminary incident reports within one trading day of the occurrence, followed by a detailed root-cause analysis within 14 calendar days through the common portal.

<h2>Penalties rationalised, focus shifts to material risks</h2>

SEBI has also reworked the financial disincentive structure, taking into account the nature of the glitch whether major or minor - its frequency and the newly introduced exemptions. Detailed guidelines on this aspect will be issued by stock exchanges in consultation with SEBI.

SEBI said the changes are intended to strike a balance between operational resilience and ease of doing business, particularly at a time when compliance costs have been cited as a reason for several small brokers surrendering their licences.

<h2>Industry welcomes move as long-overdue relief</h2>

Market participants have broadly welcomed the changes. Industry executives said the revised framework reflects a more practical understanding of how brokerage technology operates in real-world conditions and reduces the fear of punitive action for minor or external disruptions.

Over the past few years, broking associations had raised concerns that excessive compliance obligations were squeezing margins and discouraging smaller firms from continuing operations.

SEBI first introduced the technical-glitch framework in November 2022, followed by detailed exchange guidelines a month later. The regulator said the latest overhaul follows a comprehensive review of industry feedback and is designed to ensure oversight is focused where it matters most on genuine trading disruptions and investor protection.

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SEBI has overhauled its technical-glitch framework for stock brokers, exempting firms with fewer than 10,000 clients, easing reporting timelines and excluding glitches beyond a broker’s control. The revised rules aim to cut compliance costs, especially for smaller brokers, while maintaining safeguards against trading disruptions and investor harm.


SEBI relaxes tech glitch norms for stock brokers; small firms get major compliance relief

The Securities and Exchange Board of India (SEBI) has decided to give the mutual fund industry more time before rolling out a new incentive structure for distributors, delaying its implementation by a month. The revised framework, which aims to bring more first-time investors from smaller towns and increase women’s participation in mutual funds, will now come into force from March 1, 2026, instead of the earlier February 1 deadline. The decision follows feedback from asset management companies (AMCs) and distributors, who told the regulator that additional time was needed to put the required systems and processes in place. SEBI said the extension is meant to ensure a smoother rollout, without disrupting ongoing distribution operations or investor servicing.

<h2>Why SEBI has extended the deadline?</h2>

In an official communication,&nbsp; said the industry had flagged operational challenges in implementing the new incentive mechanism within the original timeline. These challenges include system upgrades, distributor-level reporting changes and internal compliance checks required to track eligible investors accurately. All provisions announced earlier will remain the same, with only the effective date pushed to March 1, 2026.

<h2>What the new incentive structure is about?</h2>

The additional incentive framework is designed with a clear policy objective: to deepen mutual fund penetration beyond India’s largest cities and to bring more women into the formal investment ecosystem. Under the framework, distributors will be rewarded for onboarding:

<ul>
	<li>New individual investors (new PANs) from B-30 cities, and</li>
	<li>New women investors (new PANs) from any part of the country, including both top-30 and B-30 cities.</li>
</ul>

B-30 cities refer to locations outside the top 30 cities by mutual fund assets, where penetration remains relatively low despite steady growth in household savings.&nbsp;As per the revised rules, distributors will be eligible for an additional commission of 1 per cent, subject to a maximum of Rs 2,000 per investor, under the following conditions:

<ul>
	<li>For lump-sum investments, the incentive will be calculated on the first investment amount.</li>
</ul>

SEBI has clarified that this additional commission will be over and above existing trail commissions and will be funded from the 2 basis points already earmarked by AMCs for investor education and financial inclusion.

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<h2>No double benefits for the same investor</h2>

To prevent misuse, SEBI has put in place clear safeguards. This means that if a woman investor from a B-30 city qualifies under both categories, the distributor can claim only one incentive, not both. The regulator has also excluded certain categories of products from the incentive framework. These include:

<ul>
	<li>Exchange-traded funds (ETFs)</li>
	<li>Domestic fund-of-funds schemes with over 80 per cent investment in local funds</li>
	<li>Very short-duration schemes such as overnight, liquid, ultra-short and low-duration funds</li>
</ul>

SEBI’s move is part of its wider effort to broaden the mutual fund investor base while maintaining governance standards.

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SEBI has postponed the implementation of its additional incentive structure for mutual fund distributors to March 1, 2026, citing operational challenges flagged by the industry. The framework aims to encourage distributors to onboard new investors from B-30 cities and more women investors nationwide, offering an extra 1 per cent commission capped at Rs 2,000, subject to a one-year holding condition.


SEBI extends deadline for new mutual fund incentives; rollout now from March 1

Capital market regulator SEBI made several major decisions at its board’s meeting on Wednesday, December 17. Key changes include easier guidelines for mutual fund investments and IPO-bound companies, with a new set of rules for stock brokers operating on Dalal Street, with the three announcements confirming three Zee Business reports.&nbsp;

Here’s a point-by-point summary of 10 major takeaways from the December 17 meeting of the SEBI board:&nbsp;

<ul>
	<li>New <a href="https://www.zeebiz.com/market-news/news-sebi-board-meeting-update-dec-17-2025-key-decisions-highlights-385921">stock broker regulations</a> have been introduced, replacing the Stock Brokers Regulations, 1992. The new guidelines are organised into 11 simplified chapters, with a keen focus on making compliance easier. With significant changes in the reporting system, bourses will now act as first-line regulators for stock brokers.&nbsp;</li>
	<li>Mutual fund investing is set to become cheaper and more transparent on Dalal Street, with the regulator giving nod to the new Mutual Fund Regulations. The new guidelines replace the Mutual Fund Regulations, 1996. Among major changes is the decision to do away with expense ratio -- a key metric defining the fee that a mutual fund charges to cover its operating costs -- and introduce base expense ratio (BER). Costs like STT, GST, stamp duty and exchange fees will not be included in BER.&nbsp;</li>
	<li>New brokerage limits will apply to brokerage fees, reducing them from 8.59 bps to 6 bps in the in the spot market and from 3.89 bps to 2 bps in derivatives.&nbsp;</li>
</ul>

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<ul>
	<li>Easier IPO guidelines -- with amendments to ICDR norms -- will bring key changes like shares held by non-promoter individuals will be locked in for six months before the IPO. <a href="https://www.zeebiz.com/markets/ipo/news-ipo-rules-eased-sebi-board-clears-amendments-to-icdr-regulations-heres-what-investors-should-know-385929">Read More</a></li>
	<li>In a major relief for debt-listed companies -- listed firms that raise funds by issuing bonds or debentures, a key threshold has been raised for identifying high value debt listed entity (HVDLE). The tag will now apply at outstanding debt worth Rs 5,000 crore, instead of Rs 1,000 crore.&nbsp;</li>
	<li>Rules have been eased for companies operating in the debt market, with amendments to the NCS Regulations, 2021. These guidelines govern the issuance and listing of debt securities and other non-convertible instruments.</li>
	<li>Credit rating agencies (CRAs) are now allowed to rate instruments that fall under the umbrella of other regulators such as the RBI, with the scope of ratings for unlisted debt instruments expanded. A clear distinction is mandatory in rating reports and marketing between products regulated by SEBI and other regulators.&nbsp;</li>
	<li>Share transfer and related processes have been made faster and simpler. Investors are no longer required to get hold of a separate confirmation letter from the company for a host of equity-related activities. Shares will be credited directly to the investor’s demat account once verification is done.&nbsp;</li>
	<li>Similarly, physically held shares will also be easier to transfer now under a one-time window. Investors will be able to transfer the shares to their own name in digital form using the window. This will be a limited-period opportunity and will only apply to shares purchased before April 1, 2019.&nbsp;</li>
	<li>Issuers will be able to transfer unclaimed amounts of deposits and dividends to the Investor Education and Protection Fund (IEPF) under a one-time window. This option will be exercisable after seven years from the date of maturity. This will grant investors more time to claim such funds.</li>
</ul>

SEBI’s board made a number of big decisions at its meeting on December 17, including easier norms for mutual fund investments and IPOs. Here’s your guide to 10 major takeaways from the meeting.&nbsp;


10 Key Takeaways From SEBI Board Meet: MF changes, new IPO norms, other key things to know 

SEBI's board on Wednesday gave the nod to amendments to the&nbsp;market regulator's&nbsp;Issue of Capital and Disclosure Requirements&nbsp;(ICDR) Regulations that define and govern how companies raise capital on Dalal Street. These norms apply to and protect retail investors and and issuers alike. As per the proposed changes, equity shares held by individuals other than promoters will not be allowed to be sold for six months prior to an initial public offer (IPO).&nbsp;Also, depositories will be able to block the transfer of shares in case they are pledged with banks or other entities and a lock-in cannot be imposed.

If the pledged shares are released or invoked, as per the new rules, the remaining lock-in period will automatically apply to those equity shares.&nbsp;

Companies will provide a precise draft prospectus&nbsp;at the draft red herring prospectus (DRHP) stage itself, enabling&nbsp;investors to understand key information at an early stage.&nbsp;

This will provide potential investors access to vital information about the market-bound company in advance compared to the current practices.&nbsp;

This early prospectus will be&nbsp;called Abridged Prospectus, as per the new rules.&nbsp;

Here are answers to some frequently asked questions (FAQs) on the subject:&nbsp;

What are ICDR guidelines?&nbsp;

These are Dalal Street's&nbsp;primary norms that govern how listed firms and those going public raise capital.

They cover a wide range of market-related instruments, including IPOs, rights issues, follow-on public offers (FPOs), preferential and qualified institutional placements (QIPs) of shares.

These rules are aimed at mandating transparency, fairness and disclosure to protect investors while ensuring market integrity. They define everything from eligibility and pricing to promoter contributions and offer document content.&nbsp;

Why are these norms needed?

Originally introduced to ensure transparency, standardised disclosures and investor protection in capital-raising exercises,&nbsp;ICDR guidelines aim to help market participants make informed investment decisions based on accurate and adequate information.

Who is required to comply with ICDR rules?

Companies planning to raise capital from the public or through specified private routes must comply with these regulations, including intermediaries like issuers, promoters and merchant bankers.

What is a DRHP?

It is a preliminary offer document filed with SEBI that contains all material disclosures useful for potential investors.

What this document does not include is the final issue price and issue size.&nbsp;

What kind of action can SEBI take over non-compliance?

SEBI can take action like seeking clarifications, imposing fines and blocking market access.

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IPO Rules Eased: Capital market regulator SEBI's board has approved amendments to the ICDR Regulations -- rules governing how listed firms and those looking to tap the market raise capital.&nbsp;


IPO Rules Eased: SEBI board clears amendments to ICDR Regulations—Here's what investors should know

SEBI Board Meeting Today: The Securities and Exchange Board of India (SEBI) has approved the Mutual Fund Regulations, 2026, replacing the 1996 framework, in a move aimed at lowering costs, improving clarity, and boosting transparency for investors.

The SEBI board, in a meeting held on December 17, also considered a report by a high-level panel recommending mandatory public disclosure of assets by senior officials to prevent conflicts of interest. The board reviewed proposals to overhaul norms governing mutual funds and stock brokers, with a focus on simplifying regulations and reducing investor confusion.

<h2>Base Expense Ratio (BER) introduced</h2>

Under the new rules, the Expense Ratio will now be called the Base Expense Ratio (BER). Statutory charges such as Securities Transaction Tax (STT), Goods and Services Tax (GST), Stamp Duty, and SEBI/Exchange fees will not be included in the BER calculation. SEBI Chair Tuhin Kanta Pandey said, “An important objective of this exercise was to enhance transparency. Since taxes and levies are subject to change over time, they should not remain embedded in the TER. In the current framework, some components were embedded while others were not, which led to confusion.”

<h2>Brokerage limits cut</h2>

Brokerage limits have also been revised based on industry feedback:

Cash market brokerage: reduced from 8.59 basis points to 6 bps

Derivatives brokerage: reduced from 3.89 bps to 2 bps

Additionally, extra 5 bps charges on exit-load funds have been removed.

<h2>Shorter, clearer, investor-friendly regulations</h2>

The new regulations are about 44 per cent shorter, shrinking from 162 pages to 88 pages, with a word count reduced by around 54 per cent, from nearly 67,000 words to about 31,000. “The new mutual fund rules are shorter, clearer, and investor-friendly,” Pandey added.

<h2>Lower caps for index funds, ETFs and equity funds</h2>

The expense cap for Index Funds and ETFs has been reduced from 1.00 per cent to 0.90 per cent, excluding statutory charges. Equity funds will now have revised TER slabs, with large-AUM funds enjoying lower expense ratios.

<h2>&nbsp;</h2>

SEBI board overhauls Mutual Fund regulations, approves Base Expense Ratio revamp 

Capital market regulator SEBI's board on Wednesday&nbsp;decided to replace its Stock Brokers Norms Regulations, 1992, with a new code --&nbsp;Stock Brokers Regulations, 2025.&nbsp;&nbsp;

Zee Business had reported that such a move was likely at the regulator's much-awaited mid-December board meeting.

The new regulations have been reorganised into 11 chapters, with emphasis on making compliance easier.&nbsp;

As per the new regulations, stock exchanges will act as first-line regulators for stock brokers, with key changes made to the reporting system.

Here are answers to some frequently asked questions (FAQs) on the subject:&nbsp;

<h2>What are stock broker regulations?&nbsp;Who is required to follow them?</h2>

These norms lay down the legal and operational framework for stock brokers and sub-brokers operating in the country's securities market.

These guidelines were introduced to impart discipline, transparency and investor protection in the domestic broking ecosystem.

The norms were introduced in the early 1990s, following the liberalisation of the country's capital markets.&nbsp;

They form the very backbone of regulatory oversight for stock-broking in the country.

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<h2>What do stock broker regulations do?</h2>

These regulations determine who qualifies to act as a stock broker, laying down the eligibility criteria for market entities to register with SEBI.

They also define and govern the process for obtaining, renewing and surrendering a licence.

The regulations also require brokers to meet minimum net worth norms, follow prescribed codes of conduct and maintain proper books of accounts, while specifying obligations related to client onboarding, execution of trades, segregation of client funds and securities, and timely settlement of transactions.

<h2>What's the purpose of these norms?&nbsp;</h2>

A key objective of the existing framework is to ensure investor protection.

These regulations have been amended several times over the past years to reflect changes in market structure, technology and risk management practices.&nbsp;

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SEBI has cleared new norms to replace its three-decade-old rules for stock brokers.&nbsp;


Newsbreak Confirmed: SEBI board clears new stock broker norms—11 chapters, ease of compliance in spotlight

State Bank of India (SBI) -- the country's largest lender by assets -- has launched YONO 2.0, the next-generation offering of its popular mobile app.&nbsp;The PSU bank aims to&nbsp;take the YONO user base to as high as 20 crore through the latest version.&nbsp;Currently, its YONO customer base stands at&nbsp;9.6 crore, according to the lender.

Here are 10 key takeaways from this news:&nbsp;

<ul>
	<li>The YONO 2.0 is developed by Tata Consultancy Services (TCS), the country's largest IT firm.</li>
	<li>Noting that the cost of acquiring customers through technology is 10 times lower compared to the traditional route, SBI stated that through YONO 2.0, the customer acquisition can take place at one-tenth the cost compared to through branches.&nbsp;</li>
	<li>The latest YONO&nbsp;version is powered by a unified backend for the mobile app and internet banking activities, with the same user interface across platforms.&nbsp;</li>
	<li>It aims to simplify KYC and re-KYC verifications without requiring the customer to undergo verification repeatedly.&nbsp;</li>
	<li>Currently available in Hindi and English, the YONO will expand its reach to&nbsp;15 Indian languages soon, according to SBI.</li>
	<li>The PSU bank's latest YONO app focuses on green banking, with carbon footprint tracking and a green score feature.&nbsp;</li>
</ul>

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<ul>
	<li>SBI Chairman&nbsp;Challa Sreenivasulu Setty said that YONO 2.0 will be used to empower customers.&nbsp;</li>
	<li>He also said that 65 per cent of the savings accounts at SBI are opened digitally today.&nbsp;The footfall at branches, he said, has reduced by 80-90 per cent due to technology.&nbsp;YONO 2.0 will be used to empower customers, the SBI chairman added.</li>
	<li>He also said that YONO's monetisation&nbsp;is not on the table at the moment.&nbsp;</li>
	<li>Challa also confirmed that the bank has already begun its work on YONO 3.0.&nbsp;</li>
</ul>

<h2>8 years of YONO</h2>

State Bank of India first introduced integrated digital platform YONO -- or "You Only Need One" -- in November 2017, as a unified lifestyle and banking app designed for millennials.&nbsp;

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&nbsp;

<h2>SBI shares&nbsp;</h2>

Earlier on Monday, SBI shares ended stronger by Rs 4.3 -- or 0.4 per cent -- at Rs 967.2 apiece on BSE.&nbsp;

At this level, the PSU bank stock has risen nearly 22 per cent in 2025 so far, outperforming gains of 9.6 per cent and 16.5 per cent in the Nifty50 and Nifty Bank indices, respectively.

SBI eyes customer acquisition at 1/10th cost via TCS-developed YONO 2.0: 10 takeaways

RBI has announced new current account rules that will be enforced from April 1, 2026. The changes tighten how banks track fund flows, clamp down on circular transactions and push for better credit discipline. For companies, particularly those dealing with multiple banks - this will mean noticeable changes in day-to-day cash management and how they handle their banking ties.

<h2 data-end="131" data-start="40">No restrictions for borrowers with exposure below Rs 10 crore</h2>

Under the updated framework, the RBI has kept compliance light for smaller borrowers. Companies that have total borrowing of less than Rs 10 crore from the banking system can continue to open and operate current accounts freely with any bank, without additional checks or controls.

<h2>Rs 10 crore-plus borrowers face stricter rules</h2>

The framework becomes significantly tighter for companies whose total loan exposure is Rs 10 crore or more. In such cases, only a bank with at least 10 per cent share of the total loan exposure can operate the customer’s Current Account or Cash Credit/Overdraft (CC/OD) facilities. This threshold, the RBI said, ensures that banks with meaningful exposure maintain oversight on large fund flows, reducing the risk of diversion.

<h2>If the 10% rule is not met: Only a collection account allowed</h2>

If a bank does not have the required 10 per cent share in the borrower’s exposure, it will be permitted to maintain only a Collection Account.

A collection account is restrictive by design:

<ul>
	<li>Funds can flow in, but not out</li>
	<li>No payments, transfers or withdrawals are allowed</li>
	<li>Chequebooks, debit cards and cash facilities are not permitted</li>
</ul>

All credits received in such an account must be transferred within two working days to the borrower’s designated main current account or CC/OD account held with an eligible bank.

<h2>Exemptions for FEMA-linked and regulatory accounts</h2>

The RBI has clarified that certain accounts - particularly those required under FEMA, statutory regulations, or government directions - will fall outside this framework. These may continue to operate normally regardless of exposure thresholds.

<h2>Some banking products may continue with restrictions</h2>

In limited cases, even a non-eligible bank may open accounts for specific products, but these accounts will remain highly restricted:

<ul>
	<li>No cash deposit/withdrawal</li>
	<li>No cheque book issuance</li>
	<li>No cards or online payment tools</li>
</ul>

Such accounts will be treated purely as receiving accounts for designated purposes.

<h2>Banks must review accounts every six months</h2>

To ensure compliance, all banks will be required to review every relevant borrower account twice a year. Any breach must trigger immediate supervisory action.

If any violation is found, banks will now have to issue a notice within a month, and the account must either be closed or shifted to a collection account within three months. Such accounts will also need to be clearly flagged in the bank’s core systems so they can be monitored more closely.

The RBI has also put a stop to routing third-party funds through borrower accounts unless it’s legally permitted. Banks have been told to keep a closer watch on ‘pass-through’ transactions -&nbsp;cases where money simply moves around to inflate turnover or mask liabilities. For term loans, lenders have been advised to release funds directly to vendors or end-beneficiaries to avoid misuse.

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The RBI has introduced a stricter current account framework effective from 1 April 2026, tightening controls for businesses with borrowing of Rs 10 crore or more. Only lenders holding at least 10% of total exposure may operate full current accounts, while others can maintain only restricted collection accounts. Funds in such accounts must be transferred within two working days, and facilities such as withdrawal, cheques and cards will not be allowed. Banks must review accounts every six months, flag them in core systems and take action within defined timelines if rules are breached.


New RBI rules for current accounts from April 1, 2026 — Key changes explained

India may soon move towards a single, consolidated financial statement that captures every asset an individual owns --&nbsp;from equities and mutual funds to bank deposits and insurance policies. SEBI Chairman Tuhin Kanta Pandey said the proposal, if implemented jointly with other financial regulators, could become one of the most powerful investor-empowerment tools the country has ever created.

Pandey stressed that India’s fast-deepening capital markets now require a holistic view of household finances, not scattered data across multiple platforms.

<h2>A single dashboard for the entire financial universe</h2>

Pandey said the idea is simple but transformative --&nbsp;one statement that shows an individual’s entire financial footprint. At present, investors can already view a consolidated account statement for products regulated by SEBI, including equities, debt instruments and mutual funds held through depositories.

Banking, insurance and pension data, however, sit in their own silos. Integrating these datasets would give households a 360-degree snapshot of their wealth, enabling clearer financial planning and quicker decision-making.

Pandey described the concept as a “major empowerment tool” and said SEBI will take the proposal to the Inter-Regulatory Forum, where RBI, IRDAI, PFRDA and other regulators participate.

<h2>Why SEBI wants a unified financial-view system?</h2>

The SEBI chief said a consolidated statement would finally resolve long-standing inefficiencies in the financial ecosystem:

<ul>
	<li>Investors currently navigate fragmented systems to understand their actual net worth.</li>
	<li>Risk profiling remains inconsistent because intermediaries see only partial information.</li>
	<li>Families dealing with succession, tax planning and retirement often struggle with dispersed financial records.</li>
</ul>

A unified system could place India among the few markets globally offering such a comprehensive financial-asset view.

<h2>Simplifying onboarding: SEBI plans changes to KYC and AOF norms</h2>

Pandey also confirmed that SEBI is examining a proposal to allow intermediaries access to supplementary Account Opening Form (AOF) details via KYC Registration Agencies (KRAs). This would help eliminate repetitive document submissions that investors currently face even after completing KYC, making onboarding far more seamless across brokers, mutual funds, and alternative investment funds.

<h2>Markets expanding faster than ever: SEBI highlights deepening participation</h2>

Pandey noted that India’s capital markets have expanded significantly:

<ul>
	<li>Demat accounts have crossed 21 crore, up from four crore in FY19.</li>
	<li>The unique investor count has risen to about 13.6 crore.</li>
	<li>India’s market capitalisation has surged to around 134 per cent of GDP, from 81 per cent in FY15.</li>
	<li>Mutual fund assets have grown from 9 per cent of GDP to over 23 per cent.</li>
</ul>

He added that SEBI is reviewing major regulations governing mutual funds, stockbrokers and listing obligations to keep them relevant for emerging market realities.

The SEBI chief said the regulator will scale up its outreach using a multi-lingual, multi-media approach, and is now working with the Ministry of Panchayati Raj to reach households at the block and panchayat levels.

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SEBI Chairman TK Pandey has proposed a unified financial statement that would bring together all assets -- equities, deposits, insurance, pensions and more into a single view for every individual. SEBI will take the proposal to the Inter-Regulatory Forum to work with RBI, IRDAI and PFRDA. The initiative aims to simplify financial planning, reduce duplication in onboarding, and give investors a 360-degree view of their wealth as India’s market participation hits record highs.


One statement for all your money? SEBI Chairman proposes unified statement for shares, deposits, insurance

The Reserve Bank of India (RBI) is considering a major overhaul of the country’s fraud-prevention and refund mechanism, with new norms aimed at ensuring that money lost to scams is either frozen or refunded at a faster pace, banking sources told Zee Business. The move comes amid growing online financial fraud and frustration among victims who either do not get their money back or receive refunds only after long delays.

According to banking officials, the RBI is preparing a framework that will introduce stricter rules for large-value transactions, aimed at protecting people duped of their hard-earned money.

<h2 style="caret-color: rgba(0, 0, 0, 0);">RBI plans major digital banking overhaul with consent-based transfers</h2>

A key proposal being considered, said the sources, is a new consent-based layer for fund transfers. Under this model, they added, users remitting money will be required to provide explicit consent allowing the recipient to use those funds within the next one hour.

<h2 style="caret-color: rgba(0, 0, 0, 0);">RBI mulls stricter fund transfer rules: 24-hour lock, faster fraud refunds likely, say sources</h2>

<div>In case no consent is given, the money sent will be ransferred but locked for 24 hours, a period during which the recipient will not be able to access the funds either digitally or through an ATM, said the sources.&nbsp;</div>

This feature is set to enable the sender to discreetly enable fund utilisation for specific purposes. In many cases, fraudsters withdraw or reroute money instantly after a person falls prey to the scam. Such a system, according to the sources, will provide an extra layer of safety against fraudsters.&nbsp;

<h2>RBI considering instant fraud freeze model</h2>

The proposed rules are likely to be part of a larger push to reform refund timelines and strengthen protections. RBI Governor Sanjay Malhotra stated recently that the central bank was considering mechanisms to speed up refunds in fraud cases.&nbsp;

Earlier, the Supreme Court stressed the need for a more robust fraud-refund system in the domestic banking network.

The sources also said that the central bank is working on a model in which funds involved in suspected fraud will be immediately frozen, making tracking easier and preventing rapid movement across accounts.&nbsp;

If approved, the new framework could mark one of the most significant consumer-protection reforms in the country's digital banking ecosystem.

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Here are answers to some frequently asked questions (FAQs) on the subject:&nbsp;&nbsp;

<div>
What kind of changes is the RBI considering for digital fund transfers?

The RBI is learned to be working on a new framework that could introduce stricter norms for large digital transactions.

It may also introduce mechanisms to freeze or quickly refund money lost to fraud.

Why is the RBI planning these changes?

Rising online financial fraud and delays in refunding victims have pushed the regulator to put in place faster, more secure systems to protect consumers.

What is the new consent-based layer being proposed?

Under the model being considered by the RBI, anyone transferring money may be required to provide explicit consent allowing the recipient to use the funds within the next one hour.

If no consent is granted, the money will be transferred but locked for 24 hours. The recipient will not be able to access the funds during this period.

How does this consent feature help prevent fraud?

Since fraudsters often withdraw money instantly, the 24-hour lock gives both banks and customers enough time to detect suspicious activity and raise red flags.

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</div>

The RBI may be considering major changes in the way you transfer funds digitally. Here's a lowdown.&nbsp;

&nbsp;


Exclusive: RBI working towards speeding up fraud-related refunds, stricter fund transfer norms soon, say sources

Reserve Bank of India (RBI) Deputy Governor Shirish Chandra Murmu said&nbsp;on Friday that the central bank has formulated 244 master directions by removing or merging all its existing directions over the last 5-6 months.&nbsp;The regulator has kept ease of regulation and ease of business in mind while undertaking this exercise, he said.

The RBI's approach, he said, has&nbsp;been consultative.&nbsp;"The RBI considers this consolidation a milestone," he said.&nbsp;

The central bank has taken action on as many as&nbsp;9,445&nbsp;directions, either deeming them obsolte or merging them into master directions, according to Murmu.&nbsp;

Out of these, as many as 3,809 have been incorporated into the master directions while the remaining 5,673 have been classified as obsolete. From a regulatory standpoint, nothing has changed, he said.

"What has changed is that the repetition is gone," said the deputy governor.&nbsp;This consolidation activity, he said, will reduce the cost of compliance for regulated entities.

<h2>Why has RBI reorganised guidelines?</h2>

Murmu&nbsp;said that the RBI carried out this activity in alignment with the governor's intent to improve ease of compliance.

This is a one-time exercise for the RBI, said the deputy governor.

Citing an example, Murmu&nbsp;said: "An old circular dated April 22, 1944, on 'advances against government securities', was examined by the RBI to decide whether it should be repealed or retained."

"This exercise&nbsp;is expected to enhance clarity, ease of access and reduce compliance burden for REs, thereby supporting the broader objective of improving ease of doing business," said the RBI.&nbsp;

The RBI said it has "issued numerous directions over the years, under the&nbsp;statutory powers conferred upon it by various Acts. While increase in regulatory&nbsp;guidelines is a natural process as the financial system evolves, this was further&nbsp;driven by an expanding regulatory perimeter, distributed supervisory/regulatory&nbsp;jurisdiction over certain regulated entities, and non-repeal of some of the earlier&nbsp;instructions when new ones were issued. Being mindful of compliance burden to the&nbsp;Regulated Entities (REs), the Reserve Bank has continuously endeavoured to&nbsp;optimise its regulatory framework."

<h2 style="caret-color: rgba(0, 0, 0, 0);">No more circulars: RBI Deputy Governor</h2>

He also said that going forward, amendments will continue in the 244 master directions and the RBI will no longer use the term 'circular'.

Until now, the RBI has been using circulars as one of the primary tools to communicate policy updates and regulatory instructions to banks and regulated entities, maintaining a dedicated 'circulars' section on its official portal.

These circulars convey guidelines, clarifications, procedural requirements and other regulatory mandates that govern financial institutions and markets.

Here are answers to a few&nbsp;commonly asked questions&nbsp;about this development:&nbsp;

Why did the RBI reorganise its guidelines?

The RBI's goal was to improve ease of compliance, reduce duplication, and make regulations easier for banks and other entities to follow.

Has anything changed for regulated entities?

No. From a regulatory standpoint, nothing has changed.

The rules remain the same.

What has the RBI done with its old regulations?

The RBI has consolidated all its existing directions into 244 master directions by either merging or removing older ones. A total of 9,445 directions were reviewed in this process.

Will the RBI continue issuing circulars?

No. The RBI has announced that it will stop using the term “circular”. All future amendments will be incorporated into the existing 244 master directions.

Is this consolidation a recurring activity?

No. The RBI has said that this is a one-time exercise.

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&nbsp;

RBI Deputy Governor Shirish Chandra Murmu has said that the central bank has reorganised or done away with as many as&nbsp;9,445 directions over a period of 5-6 months.&nbsp;


RBI combines thousands of guidelines into 244 master directions; no more circulars

The Securities and Exchange Board of India (SEBI) has taken a tough stance on the recent technical snag that disrupted trading activity on the Multi Commodity Exchange (MCX). Commenting on the issue, the SEBI Chief said that the regulator is “looking into the MCX trading glitch” and a root-cause analysis is already in progress, stressing that such lapses “should not be happening in a market of this importance.”

The incident took place on October 28, 2025, when a system fault delayed market opening for more than four hours. MCX had to switch to its Disaster Recovery (DR) site to restore normal operations. Trading, which was initially scheduled to begin at 9 am, was repeatedly pushed back through the morning — first to 9:30, then 10, 10:30, 11:49 and finally 12:35 pm. A short special session was held at 1:20 pm before normal trading resumed at 1:25 pm.

The disruption halted trade in major commodities such as gold, silver, crude oil, copper, zinc, and aluminium. Market participants called it one of the most significant technical interruptions in recent months.

This was not an isolated issue. Earlier in July 2025, MCX had faced a similar delay of over an hour, and in February 2024, a system outage linked to its new trading platform had resulted in a four-hour suspension.

Meanwhile, the MCX stock showed resilience despite the operational hiccup. By 12:20 pm, the shares were up 1.12 per cent, or Rs 106.90, at Rs 9,420 on the BSE. Over the past decade, the stock has surged nearly 959 per cent, with a 45.7 per cent jump in the last year alone. Year-to-date, the gain stands close to 50 per cent, while the past three months have seen an additional 17.9 per cent rise — a sign that investor sentiment remains intact despite recent setbacks.

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SEBI Chairperson Tuhin Kanta Pandey calls the MCX trading glitch “unacceptable,” confirms a detailed root-cause analysis is underway after the four-hour trading halt on October 28.


SEBI Chief Tuhin Kanta Pandey speaks on MCX glitch; here’s what he said

<div>
The Reserve Bank of India (RBI) is likely to relax its proposed provisioning norms for project finance by introducing a graded framework, moving away from the earlier recommendation of a flat 5 per cent provision for all under-construction loans, sources told Zee Business.

In the May 2024 draft circular, the central bank proposed that commercial banks make a standard 5 per cent provision on existing project loans under implementation. This provision was proposed even in case of normal loans showing signs of stress. Many lenders and infra developers opposed this approach.&nbsp;

Banks warned that the blanket rule could lead to costlier borrowing, as the additional provisioning would have to be factored into the pricing of loans. In sectors like roads, railways, and utilities — which already have narrow financial margins — this could render many projects financially unviable.

Small and mid-sized banks, with relatively limited capital buffers, are set to be particularly impacted. These lenders fear that stricter provisioning could crowd them out of long-gestation project lending altogether, also reducing competitive options for borrowers and concentrating risk in larger banks.

Lenders asked the RBI to exempt existing loans from the new rules to avoid disrupting ongoing projects. The RBI is considering a risk-based approach, where provisioning would be linked to the project's inherent risk. This means higher provisioning for riskier sectors like mining and lower provisioning for stable sectors like renewable energy.

This approach aims to encourage better credit risk assessment without hindering infrastructure development. The RBI's new governor, Sanjay Malhotra, is known for a more consultative policy tone, and this move reflects that.

While the RBI remains firm on early risk recognition, it may allow banks to adjust provisions based on project performance. Bankers believe the RBI's openness to revision is driven by the recent slowdown in credit growth, and burdening banks with additional capital requirements could further dampen loan growth.

The proposed framework could serve as a middle ground, giving lenders flexibility to price risk accurately while maintaining regulatory safeguards.
</div>

The May 2024 draft circular had proposed that banks make a standard 5 per cent provision on all project loans under implementation — even if those loans were standard and not showing signs of stress.


RBI likely to allow graded provisioning for project finance loans

Capital market regulator SEBI has introduced an updated Cybersecurity and Cyber Resilience Framework (CSCRF) to bolster security within financial market entities. The new framework categorises entities into four distinct groups based on size and risk levels, ensuring a more structured approach to cybersecurity.

Four categories for entities

SEBI has classified financial market entities into the following categories:

<ul>
	<li>Qualified REs: Entities with the highest risk, subject to the most stringent obligations&nbsp;</li>
	<li>Mid-size REs: Entities with moderate risk and moderate obligations&nbsp;</li>
	<li>Small-size REs: Entities with lower risk and fewer obligations&nbsp;</li>
	<li>Self-certification REs: Entities with minimal risk and the least stringent obligations&nbsp;</li>
</ul>

Once classified based on data from the previous year, these categories will remain fixed for the financial year, regardless of changes in conditions.

Key Entity Classifications

<ul>
	<li>Stock Brokers: Classification depends on the number of clients and annual turnover:
	<ul>
		<li>Qualified REs: Over 10 lakh clients or Rs 10 lakh crore turnover&nbsp;</li>
		<li>Mid-size REs: Over 1 lakh clients or Rs 1 lakh crore turnover&nbsp;</li>
		<li>Small-size REs: Over 10,000 clients or Rs 10,000 crore turnover&nbsp;</li>
		<li>Self-certification REs: Over 1,000 clients or Rs 1,000 crore turnover&nbsp;</li>
		<li>Exempt: Brokers with fewer than 1,000 clients or turnover below Rs 1,000 crore&nbsp;</li>
	</ul>
	</li>
	<li>Depository Participants: If registered as a stock broker or bank, they follow the higher applicable category. DPs with fewer than 100 clients are exempt from Security Operations Center (SOC) requirements.</li>
	<li>Investment Advisers and Research Analysts: Exempt from CSCRF unless they are also registered as brokers or portfolio managers, in which case they must comply with the highest applicable category.</li>
	<li>KYC Registration Agencies: Now classified as Qualified REs, reflecting their critical role in market infrastructure.</li>
	<li>Portfolio Managers: Categorized based on their Assets Under Management (AUM):
	<ul>
		<li>Mid-size REs: AUM over Rs 3,000 crore&nbsp;</li>
		<li>Self-certification REs: AUM up to Rs 3,000 crore&nbsp;</li>
		<li>Exempt: Fewer than 100 clients&nbsp;</li>
	</ul>
	</li>
	<li>AIFs and VCFs: Classification is based on the combined corpus of all managed schemes:
	<ul>
		<li>Mid-size REs: Over Rs 10,000 crore&nbsp;</li>
		<li>Small-size REs: Rs 3,000 crore to Rs 10,000 crore&nbsp;</li>
		<li>Self-certification REs: Below Rs 3,000 crore&nbsp;</li>
		<li>Exempt: Fewer than 100 clients&nbsp;</li>
	</ul>
	</li>
	<li>Merchant Bankers: Those managing IPOs or buybacks are classified as Mid-size REs, while others fall into the Small-size category</li>
	<li>Registrars to an Issue and Share Transfer Agents (RTAs): Exempt from SOC requirements if they have fewer than 100 clients</li>
</ul>

Compliance and deadlines

Entities registered under multiple SEBI categories are required to comply with the highest applicable category’s CSCRF obligations. Qualified REs and Market Infrastructure Institutions (MIIs) are mandated to implement Hardware Security Modules (HSM) to secure data. Lower-tier entities may opt for alternative solutions, provided they are approved through a board-assessed risk management framework.

SEBI has set a deadline of June 30, 2025, for entities to comply with the provisions of the updated framework. Additionally, cybersecurity audits will be mandatory starting from FY26.

&nbsp;

The new SEBI framework categorises entities into four distinct groups based on size and risk levels, ensuring a more structured approach to cybersecurity.


SEBI strengthens cybersecurity framework, categorises financial entities based on risk and size

The Reserve Bank of India (RBI) is considering tightening rules for digital loan aggregator platforms amid rising complaints about misleading practices and incomplete disclosures, sources told Zee Business.&nbsp;

According to sources, several platforms are failing to provide customers with critical details, such as:

<ul>
	<li>The lenders offering the cheapest loans&nbsp;</li>
	<li>Interest rates across options</li>
	<li>The lenders offering the fastest disbursals</li>
	<li>Processing fees and other hidden charges</li>
</ul>

In some cases, these platforms are allegedly using “dark patterns”—or deceptive design techniques that nudge users into unintended decisions.&nbsp;

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Common examples of such occurrences include:

<ul>
	<li>The use of phrases like "loan approved" for a pre-approvals</li>
	<li>Displaying interest rates in the fine print</li>
	<li>Revealing processing fees only at the final stage</li>
	<li>Designing options in a way that customers may accidentally pick a less favourable product</li>
</ul>

The RBI sees such practices as a serious concern from a consumer protection standpoint and may soon take a tough stance, according to the sources.

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According to sources, the central bank could either issue fresh guidelines or enforce stricter norms under existing regulations.

At the core of the regulator’s efforts is the goal to ensure that borrowers:

<ul>
	<li>Receive clear and complete information upfront</li>
	<li>Are not misled by hidden terms or charges&nbsp;</li>
	<li>Can make informed, rational financial decisions</li>
</ul>

The move is expected to bring more transparency and accountability to India’s fast-growing digital lending ecosystem.

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Catch key<a href="https://www.zeebiz.com/markets">&nbsp;stock market updates</a>&nbsp;here. For all other news, visit&nbsp;<a href="http://zeebiz.com/">Zeebiz.com</a>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The RBI sees such practices as serious concerns from a consumer protection standpoint and may soon take a tough stance. Sources told Zee Business that the central bank could either issue fresh guidelines or enforce stricter norms under existing regulations.


Ekta Suri