Brief Overview:
SEBI has introduced expanded eligibility, a formalized pathway, a structured application process, and faster disposal timelines under the revised Informal Guidance Scheme.
The same is effective 1st December 2025.
Technical Details:
Key Highlights
1) Eligible Entities: Includes to stock brokers, managers/trustees of pooled investment vehicles, and now extends stock exchanges, clearing corporations, and entities seeking listing
2) Permissible Application Categories: No-action letters and Interpretive letters, just like before.
3) Mandatory Electronic Filing: Shift from a physical request to a fully digital submission.
4) Fees: A fee of ₹50,000/- must accompany the application via electronic payment, increased from ₹25,000/-.
5) Disposal: Applications will be disposed in 60 days, the department is no longer empowered to give a hearing or conduct an interview.
6) Rejection of Application: Failure to respond to clarifications sought on applications in 15 days (possible 15-day extension) may be rejected.
7) Criteria to decline applications: Applications may be disregarded if it is hypothetical, lacking direct or proximate interest, or omitting applicable provisions.
8) Confidentiality of the guidance: Confidentiality limited to 90 days from response; applicant may seek to redact commercially sensitive information before publication.
Takeaways:
The revised scheme mandates a structured, electronic filing process, allows formal assurance on complex transactions before execution, thereby drastically reducing regulatory risk and enhancing the overall confidence and stability of the Indian capital market.
For further details, please see:
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