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

Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025

15-Dec-2025 | No. SEBI/LAD-NRO/GN/2025/288

SEBI has issued Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 replacing the erstwhile regulatory framework governing RTAs. The new regulations aim to enhance governance standards, technological robustness, operational transparency, and investor protection in the securities market

Key Highlights:
1. Registration and Eligibility:
Mandatory registration with SEBI for entities acting as RTAs, along with prescribed fit and proper criteria, net worth requirements, and ongoing eligibility conditions.
2. Governance and Internal Controls:
RTAs are required to implement robust governance frameworks, internal control systems, and risk management policies. The Regulations also mandate the appointment of compliance officers and clearly defined oversight responsibilities.
3. Technology, Cybersecurity and Digital Processes:
RTAs must maintain secure, resilient, and scalable IT systems and ensure mandatory compliance with cybersecurity and cyber resilience norms as prescribed by SEBI from time to time.
4. Investor Grievance Redressal:
The Regulations strengthen the grievance redressal mechanism, including timely resolution of complaints received through SCORES, and require remediation of issues faced by investors, including persons with disabilities, on digital platforms.
5. Record Keeping, Inspection and Reporting:
Prescribed standards have been introduced for the maintenance and preservation of records, both physical and electronic. SEBI is empowered to conduct inspections, seek information, and issue directions.
6. Code of Conduct and Compliance:
Introduction of a comprehensive Code of Conduct for RTAs, with clear obligations relating to confidentiality, avoidance of conflicts of interest, and fair dealing with investors.

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