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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

SEBI updates Master Circular for SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2018.

09-Feb-2026 | HO/49/14/14(2)2026-CFD-POD2/I/4518/2026

SEBI has issued an updated Master Circular for the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, incorporating all relevant circulars issued up to December 31, 2025.

Key highlights of the Master Circular are as follows:

1. A Rights Issue shall be completed within 23 days from the date of approval granted by the Board of Directors.

2. For a Rights Issue, the issuer is required to file the Letter of Offer with SEBI via email at cfddil@sebi.gov.in. The filing fees shall be paid online through the payment link available on the SEBI website under the "Filing Fees" category.

3. The operational procedure for enabling T+2 trading of bonus shares, where T is the record date, has been provided in Paragraph 2 of Chapter 14 of the Master Circular.

4. Appropriate disclosures must be made in the offer document regarding payment after adjusting the discount for investors eligible for such a discount. The Merchant Banker shall ensure compliance with this requirement for the issue.

5. The List of circulars that shall stand rescinded with the issuance of this updated Master Circular has been provided in the Appendix to this Master Circular.

Kindly refer to the attached document for further details.

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