Welcome to Indian Market Access

Policy Making at SEBI

A holistic approach to policy formulation
Overview

SEBI is committed to a transparent, consultative, and structured policy-making process for India’s securities market. Our approach ensures that every regulation is well-informed, widely discussed, and consistently implemented.

How SEBI Formulates Policies:

A Step-wise Overview

Ideation & Internal Discussions
↓
Working Groups
↓
Consultation Papers & Public Feedback
↓
Policy Advisory Committees
↓
Publication of Board Memorandum & Minutes

SEBI’s policy-making journey begins with brainstorming and public consultation, followed by expert review and Board approval. Each stage is designed to ensure transparency, participation, and regulatory clarity. The process is as follows:

1. Ideation & Internal Discussions

  • Policy formulation starts with internal brainstorming and deliberations within focused Working Groups.

2. Public Consultation

  • Draft consultation papers are published on SEBI’s website, inviting feedback from the public, industry experts, and stakeholders.
Click here to explore

3. Policy Advisory Committees

  • Advisory Committees Committees like the FPI
    Advisory Committee bring
    specialized expertise to the table.         review the proposals and public comments in detail.
Click here to explore

4. Board Deliberation & Approval

  • A detailed Memorandum, Board Memoranda are
    comprehensive documents
    proposing regulatory changes.    explaining the regulatory intent and stakeholder feedback, is presented to the SEBI Board.

5. Transparency in Decision-Making

  • All Board Memoranda and meeting minutes are published online for public access.
    Visit SEBI’s website for
    recent policy decisions.
Click here to explore

After policy approval, SEBI follows a three-tier framework for implementation. This structure ensures that every rule—from broad principles to operational details—is communicated and applied consistently across the securities market.

Tier I: Regulations
e.g., SEBI (FPI) “FPI” = Foreign Portfolio InvestorsRegulations, SEBI (Custodian) Regulations

These form the broad legal framework

 

Tier II: Circulars & Master Circular

Periodic circulars detail operational aspects. An annual Master Circular, Master Circulars are comprehensive documents summarizing all relevant circulars issued during the year.consolidates all updates for easy reference.

 

Tier III: Implementation Standards (SOPs)

The Custodians and Depositories Standards Setting Forum (CDSSF), CDSSF is a forum where
custodians, depositories, and SEBI
collaborate on granular
implementation standards. in collaboration with SEBI, develops detailed SOPs (Standard Operating Procedures) for effective, consistent implementation.These form the broad legal framework

SEBI’s process ensures that:

  • Multiple viewpoints are considered
  • Market participants clearly understand and implement regulations
  • The regulatory intent is always transparent and accessible
Chat