Do I need signed client consent on terms & conditions (MITC) for every client?
In force
For retail individual/HUF clients — yes, you must disclose the standardised Most Important Terms and Conditions (MITC) and obtain their signed consent.
For institutional investors or QIBs, signed consent is not mandatory — but you must still disclose the terms and conditions including the MITC to them.
You had to inform existing clients of the MITC by June 30, 2025 (email or any other preservable communication mode is acceptable) and build MITC into your standard Terms & Conditions going forward.
What SEBI says, word for word
FAQ Circular, ¶4(ii)“Consent by signature on the terms and conditions including most important terms and conditions (MITC) shall not be mandatory for the clients who are institutional investors or qualified institutional buyers. However, RAs/research entities are required to disclose the terms and conditions of research services including MITC to these clients.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗