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

Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2025

03-Dec-2025 | F. No. SEBI/LAD-NRO/GN/2025/285

SEBI has issued Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2025, effective from 2nd Jan 2026.

Pursuant to this amendment, SEBI is introducing an important expansion to Regulation 30A. The amendment inserts a new clause (da) under sub-regulation (1), specifying additional grounds on which a person may be deemed "not fit and proper" to act as an intermediary. The newly added clause covers three key compliance failures:
- failing to meet the prescribed minimum net worth or liquid net worth requirements.
- failing to achieve the mandated minimum revenue from permitted activities (subject to SEBI-notified exemptions), and failing to transfer specified activities to a separate business unit as required by SEBI.
These changes aim to strengthen financial soundness, operational discipline, and structural compliance within intermediaries. The amendment will take effect thirty days after its publication in the Official Gazette and further enhances SEBI's regulatory framework to ensure market integrity.

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