SEBI Manual is India's most comprehensive compendium of securities law—a three-volume, 5,100+ page reference presenting the complete, amended and annotated text of the Acts, Rules, Regulations, Circulars and Master Circulars that govern the Indian securities market.
The Manual is organised into five master Divisions spread across three volumes, bringing together the SEBI (ICDR) Regulations, 2018, the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956 with its Rules and Regulations, an extensive collection of SEBI Rules, Regulations and Guidelines arranged across 61 topic-wise segments, and the SEBI (LODR) Regulations, 2015 with SEBI's clarifications.
What distinguishes this Manual is its treatment of the constantly evolving securities regulatory framework. Statutory and regulatory texts carry detailed amendment footnotes recording substitutions, insertions and omissions, the relevant amending instrument, effective dates and the pre-amendment text. Circulars are presented in their duly amended form, while circulars that amend or clarify a primary circular are grouped alongside it, enabling readers to view the complete and current regulatory position at one place.
This Edition incorporates all 9 Master Circulars issued in 2026, covering important areas including Mutual Funds, Alternative Investment Funds, Investment Advisers, Research Analysts, Registrars to an Issue and Share Transfer Agents, ICDR, LODR, Social Stock Exchange and Surveillance of the Securities Market.
Who Should Read This Book?
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Legal Practitioners & Law Firms – For securities lawyers, litigators appearing before SAT and courts, and in-house legal counsel.
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Company Secretaries & Chartered Accountants – For professionals in Practice and Employment handling listing, disclosure and securities compliance mandates.
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Compliance Officers & Listed Companies – For LODR, ICDR, insider trading, takeover, buy-back and delisting compliances.
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Market Intermediaries – Including merchant bankers, stock brokers, registrars and share transfer agents, debenture trustees, custodians, bankers to an issue, underwriters, investment advisers, research analysts and portfolio managers.
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Fund Managers & Institutions – Including Mutual Funds, AIFs, REITs, InvITs, FPIs, FVCIs and their advisers.
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Stock Exchanges, Depositories, Clearing Corporations & Market Infrastructure Institutions – For regulatory and operational reference.
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Regulators, Adjudicating Officers & the Securities Appellate Tribunal Ecosystem – For authoritative statutory and regulatory reference.
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Academicians & Students – For structured study and research in securities and corporate law.
The Present Publication is the 47th Edition | July 2026, amended up to 15th June 2026. It is edited by Taxmann's Editorial Board.
Key Features
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Annotated Statutory Texts
- Updated and annotated text of the SEBI Act, 1992
- Updated Securities Contracts (Regulation) Act, 1956
- SEBI (ICDR) Regulations, 2018
- SEBI (LODR) Regulations, 2015
- Footnote-level annotation of amendments, amending instruments and effective dates
- Pre-amendment text reproduced for historical and interpretative continuity
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Duly Amended Circulars
- Every circular reproduced in its current amended form
- Amendments incorporated into the primary text
- Eliminates the need to reconcile multiple notifications separately
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Complete-Picture Presentation
- Circulars that amend, clarify or extend a primary circular are grouped together
- Provides the complete regulatory position at one place
- Reduces fragmented reference across multiple regulatory documents
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35 Master Circulars, Including All 9 Issued in 2026
- Comprehensive collection of Master Circulars issued between 2010 and 2026
- Coverage includes Stock Brokers, Stock Exchanges, Clearing Corporations and Depositories
- Includes Custodians, FPIs, FVCIs, KYC norms and AML/CFT
- Covers Credit Rating Agencies, ESG Rating Providers and Debenture Trustees
- Includes Takeovers, REITs, InvITs, Portfolio Managers and Online Dispute Resolution
- Covers Electronic Gold Receipts and other specialised securities market subjects
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Nine Master Circulars issued in 2026, including:
- Framework on Social Stock Exchange
- Compliance with LODR Regulations, 2015 by listed entities
- Investment Advisers
- Registrars to an Issue and Share Transfer Agents
- Research Analysts
- SEBI (ICDR) Regulations, 2018
- Mutual Funds
- Surveillance of Securities Market
- Alternative Investment Funds
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60+ Topic-wise Regulatory Segments
- Division Four consolidates SEBI's subordinate legislation into 61 topic-wise segments
- Topics arranged in a broadly A-to-Z sequence
- Each segment brings together Regulations, Circulars and Master Circulars relating to the same subject
- Enables subject-based and practice-oriented regulatory research
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LODR with SEBI's Clarifications
- Dedicated coverage of the updated and annotated LODR Regulations, 2015
- Includes SEBI's clarifications and the 2026 LODR Master Circular
- Master Circular for Non-Convertible Securities, Securitized Debt Instruments and Commercial Paper
- Master Circular on Schemes of Arrangement
- Industry standards relating to Related Party Transactions
- Unclaimed amounts framework
- Listing Agreement for Indian Depository Receipts
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Set-wide Navigation in Every Volume
- Every volume contains the complete contents of the entire three-volume set
- Consolidated List of Rules and Regulations
- List of Circulars and Notifications
- List of Master Circulars
- List of Operational Circulars
- Cross-volume page markers for quick document location
- Consolidated Subject Index covering the complete set
Coverage of the Book
Volume 1 – Foundational Laws & Topics | Accredited Investors to Depository Receipts
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Division One – Annotated text of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, together with the 2026 Master Circular and connected circulars.
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Division Two – Annotated text of the SEBI Act, 1992 with notifications issued thereunder.
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Division Three – Securities Contracts (Regulation) Act, 1956 with:
- SCR Rules, 1957
- SCR (Stock Exchanges and Clearing Corporations) Regulations, 2018
- Relevant Master Circulars
- Market Infrastructure Institution governance circulars
- SCR (Appeal to Securities Appellate Tribunal) Rules, 2000
- Relevant clarifications
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Division Four – Segments 4.1 to 4.14
- Accredited Investors
- Alternative Investment Funds
- Bankers to an Issue
- Bilateral Netting of Qualified Financial Contracts
- Buy-back of Securities
- Certification of Associated Persons in Securities Markets
- Collective Investment Schemes
- Commodity Derivatives
- Credit Rating Agencies and ESG Rating Providers
- Custodians
- Debenture Trustees
- Delisting of Securities
- Depositories
- Depository Receipts and related issuance frameworks
Volume 2 – Topics | Derivatives to Portfolio Manager
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Division Four – Segments 4.15 to 4.41
- Derivatives and Exchange Traded Derivatives
- Development Financial Institutions
- Disclosure Standards for Corporates
- Employee Benefits, Share Based Benefits and Sweat Equity
- Euro Issue and Other Guidelines
- Foreign Portfolio Investors and Foreign Venture Capital Investors
- Index Providers
- Informal Guidance
- Infrastructure Investment Trusts
- Prohibition of Insider Trading
- Intermediaries
- International Financial Services Centres
- Investment Advisers
- Investor Protection
- Interest Liability Regularisation
- KYC Registration Agency and Know Your Client Framework
- Lead Managers
- Market Makers
- Merchant Bankers
- Money Laundering and AML/CFT
- Issue and Listing of Municipal Debt Securities
- Mutual Funds
- Issue and Listing of Non-Convertible Redeemable Preference Shares
- Offer Documents
- Online Resolution of Disputes in Indian Securities Market
- Ombudsman
- Portfolio Managers
Volume 3 – Topics | REITs to ASBA & LODR
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Division Four – Segments 4.42 to 4.61
- Real Estate Investment Trusts
- Refund to Investors
- Registrars to an Issue and Share Transfer Agents
- Research Analysts and Proxy Advisors
- SEBI Nominee Directors
- Securities Appellate Tribunal
- Securities Lending and Borrowing
- Securities Transaction Tax
- Issue and Listing of Securitised Debt Instruments and Security Receipts
- Self Regulatory Organisations
- Settlement of Administrative and Civil Proceedings
- Social Stock Exchange
- Stock Brokers and Stock Exchanges
- Takeover Regulations
- Underwriters
- Unfair Trade Practices
- Vanishing Companies
- Vault Managers and Electronic Gold Receipts
- Other Rules and Regulations
- Applications Supported by Blocked Amount Process
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Division Five – Updated and annotated SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 with SEBI's clarifications, Master Circulars and related listing frameworks.
Across all three volumes, circulars are presented in their duly amended form, connected amending and clarifying circulars are grouped with the primary regulatory document, and the new Master Circulars issued in 2026 are incorporated within the relevant subject framework.
Structure of the Book
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Foundational Laws – Divisions One to Three in Volume 1 cover the principal pillars of securities regulation, including the ICDR Regulations, 2018, the SEBI Act, 1992 and the Securities Contracts (Regulation) Act, 1956 with its Rules and Regulations.
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One Continuous Run of 61 Topics – Division Four flows across all three volumes in a broadly alphabetical sequence, covering subjects from Accredited Investors to ASBA.
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Everything on a Topic at One Place – Each topic segment presents the parent Regulations first, followed by the relevant Master Circulars, Circulars, Guidelines and Notifications.
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LODR as a Stand-alone Division – Division Five in Volume 3 is dedicated to the listing regime, combining the LODR Regulations with SEBI's clarifications and related regulatory frameworks.
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Unified, Set-wide Navigation – Every volume reproduces the complete contents and consolidated finding lists of the entire set, supported by cross-volume page markers and a consolidated Subject Index.
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