Which Master Circular is currently in force for Research Analysts?
In force
The Master Circular dated February 6, 2026 (No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026) is the current consolidation — it supersedes the earlier Master Circular of June 20, 2025, which itself superseded the May 21, 2024 and June 15, 2023 versions.
Each new Master Circular rescinds the circulars listed in its own Appendix (to the extent they relate to RAs) but explicitly preserves anything already done, approved, or in progress under the old circulars — so past registrations, approvals, and pending enforcement actions remain valid and are simply deemed to continue under the new Master Circular's corresponding provisions.
Practical takeaway: always check the latest dated Master Circular on sebi.gov.in under 'Legal → Master Circulars' before relying on a specific clause number, since consolidation renumbers clauses periodically even when the underlying rule is unchanged.
What SEBI says, word for word
Master Circular, ¶2–4“With the issuance of this Master Circular, all directions/instructions contained in the Circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to Research Analysts... Anything done or any action taken... under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
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