SEBI Manual is a definitive, professionally curated compendium of India's securities and capital markets regulatory framework, bringing together, in a single, integrated reference set, the complete body of laws, regulations, and regulatory instruments administered by the Securities and Exchange Board of India (SEBI). It is conceived not as a static collection of statutory texts, but rather as a practical representation of how securities regulation operates in practice.

SEBI law operates through a layered, interdependent structure. Core enabling statutes such as the SEBI Act, the Securities Contracts (Regulation) Act, and the Depositories Act establish the foundation, which is elaborated through detailed regulations governing market participants, products, and transactions. These regulations are continuously operationalised and refined through Master Circulars and amending or clarificatory circulars, supported by prescribed formats, timelines, annexures, and reporting templates. The SEBI Manual captures this entire regulatory continuum in an integrated form, allowing the reader to view the law as a coherent compliance system rather than as fragmented instruments.

This Edition presents the law as amended up to date. It is particularly distinguished by the incorporation of twelve new Master Circulars issued during 2025, reflecting SEBI's accelerated shift towards regulatory consolidation, digitisation, system-driven compliance, and 'ease of doing business' reforms. Structured across three meticulously organised volumes, the Manual serves as a single-point, end-to-end regulatory reference for professionals engaged in interpreting, implementing, auditing, advising on, or litigating securities law in India. A defining editorial strength of the SEBI Manual lies in its treatment of circular-based regulation. Where multiple amending or clarificatory circulars follow a principal circular, the Manual places them together in context, preserving regulatory continuity and enabling the reader to grasp the complete compliance position in one reading flow, this approach transforms the Manual from a conventional law book into a practical compliance navigation reference, enabling readers to understand not only what the law provides, but also how SEBI expects it to be complied with, monitored, reported, audited, and enforced.

The SEBI Manual is specifically designed for professionals and institutions that require absolute regulatory accuracy, contextual completeness, and operational clarity, including:

• Securities & Capital Markets Lawyers – For advisory opinions, enforcement defence, regulatory interpretation, documentation, and Securities Appellate Tribunal (SAT) matters
• Company Secretaries & Listed-Entity Compliance Teams – For continuous compliance under LODR, governance frameworks, disclosures, and audit readiness
• Chartered Accountants & Transaction Professionals – For due diligence, capital market transactions, financial disclosures, and regulatory certifications
• Merchant Bankers, Lead Managers & Issuer Advisors – For ICDR compliance, offer document discipline, KPI disclosures, and issue management
• Stock Brokers, Depositories, RTAs, Portfolio Managers, Investment Advisers, Research Analysts, Trustees, Custodians, and Other Intermediaries – For registration, conduct, AML/KYC, operational compliance, and investor grievance handling
• Regulators, Market Infrastructure Institutions & Quasi-Judicial Authorities – As a consolidated statutory and regulatory reference
• Academicians & Researchers – For structured study of India's securities regulatory architecture

The Present Publication is the 46^th Edition | 2026 and amended up to 20th November 2025. This book is edited by Taxmann's Editorial Board, with the following noteworthy features:

• [Master Circular–driven Regulatory Presentation] SEBI increasingly regulates through Master Circulars, which consolidate dozens of circulars into a single operative instrument, specify supersessions, and preserve prior actions. The Manual mirrors this regulatory philosophy by:
  • Reproducing Master Circulars in full
  • Retaining a chapter-wise and annexure-wise structure
  • Ensuring traceability of underlying circulars
  • This is critical for professionals who must demonstrate compliance continuity during inspections, audits, and enforcement proceedings
• [Deep Integration of Listing & Disclosure Frameworks (LODR)] A major strength of this Edition is its comprehensive treatment of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015, including:
  • Continuous disclosure obligations
  • Regulation 30–based material event disclosures and Industry Standards
  • Related party transaction governance
  • Compliance frameworks for equity, debt, and structured instruments
  • Unclaimed amounts and investor protection mechanisms
  • Master Circulars applicable to listed entities and issuers of non-convertible securities
  • This makes the Manual indispensable for listed-company compliance and governance functions
• [Embedded Operational Intelligence] Unlike bare statutory texts, the Manual includes:
  • Indicative timelines (e.g., rights issues, listing processes)
  • Reporting and disclosure formats
  • Annexures and procedural checklists
  • Audit and certification requirements
  • This transforms the publication into a day-to-day working reference, especially valuable during transaction execution and regulatory audits
• [Coverage of Emerging & Evolving Regulatory Domains] The Manual captures SEBI's expansion into newer regulatory areas, including:
  • ESG Rating Providers
  • Index Providers
  • Social Stock Exchange
  • Electronic Gold Receipts (EGRs)
  • Vault Managers
  • MF Lite and Specialised Investment Funds (SIFs)
  • Technology-driven compliance and surveillance frameworks

The coverage of the book is as follows:

• Volume 1 – Foundational Statutes & Capital Formation Framework | This Volume lays the statutory and regulatory foundation of securities law, covering:
  • SEBI Act 1992
  • Securities Contracts (Regulation) Act 1956
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018
  • It further integrates regulations and circulars relating to:
    • Accredited Investors
    • Alternative Investment Funds (AIFs)
    • Buy-back of securities
    • Bankers to an Issue
    • Collective Investment Schemes
    • Credit Rating Agencies and ESG Rating Providers
    • Custodians and Debenture Trustees
    • Delisting of securities
    • Depositories and dematerialisation
  • This Volume is critical for issuers, fund managers, and transaction advisors
• Volume 2 – Intermediaries, Funds & Market Operations | This Volume represents the operational core of securities regulation, covering:
  • Derivatives (equity, interest rate, commodity)
  • Employee Stock Options, Sweat Equity, and share-based benefits
  • Foreign Portfolio Investors (FPIs) and FVCIs
  • Infrastructure Investment Trusts (InvITs)
  • Insider Trading and Market Surveillance
  • Merchant bankers, lead managers, and market makers
  • Mutual Funds, including MF Lite and SIF frameworks
  • Municipal and green debt securities
  • Portfolio Managers
  • AML/CFT and KYC frameworks
  • This Volume is indispensable for intermediaries and compliance-heavy market participants
• Volume 3 – Listing, Enforcement, Dispute Resolution & Investor Protection | This Volume addresses post-issuance regulation and enforcement, including:
  • Real Estate Investment Trusts (REITs)
  • Stock brokers and stock exchanges
  • Unfair trade practices and market abuse
  • Securities Appellate Tribunal (SAT) rules and procedures
  • Securities lending and borrowing
  • Securitised debt instruments and security receipts
  • Registrars to an Issue and Share Transfer Agents
  • Refund to Investors mechanisms
  • Online Resolution of Disputes (ODR) framework
  • ASBA process and banking integration
  • This Volume is particularly relevant for enforcement, appellate practice, and grievance redressal.

The structure of the book is as follows:

• Five major internal divisions within volumes for statutory clarity
• Subject-wise clustering of regulations, circulars, and master circulars
• Chronological integrity of amendments preserved
• Cross-referencing through detailed indexes and lists
• Designed for rapid lookup, audit support, and litigation referencing