The Securities and Exchange Board of India (SEBI) has announced the substitution of the Informal Guidance (IG) Scheme 2003 with the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025. The original IG Scheme, 2003, was issued on June 24, 2003, to enable entities to obtain guidance from the Board on the applicability of laws and regulations, in the form of 'No Action Letter' or 'Interpretive Letter'.
Effective December 01, 2025, the IG Scheme, 2025, broadens the scope of the scheme, enabling stock exchanges, clearing corporations, depositories, and Managers of Pooled Investment Vehicles to seek guidance from the Board. The process for seeking guidance will be streamlined and structured through a nodal cell.
Eligible applicants are required to forward their applications to iguidance@sebi.gov.in, in the format specified in Schedule I to the IG Scheme, 2025, accompanied by a revised application fee, payable via the SEBI payment module.
The Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 can be accessed via this link.
This announcement was made in Mumbai on November 28, 2025 (PR No.77/2025). For further information, contact the Communications Division at SEBI Bhavan, Bandra Kurla Complex, Bandra (E), Mumbai-400 051; Tel: +91-22-26449000; email: press@sebi.gov.in; Website: www.sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India (Informal Guidance) Scheme, 2025: A scheme by SEBI providing informal guidance on the applicability of laws and regulations it administers, broadened from the 2003 scheme.
Securities and Exchange Board of India: The primary regulator issuing the informal guidance scheme.
Securities and Exchange Board of India (Informal Guidance) Scheme 2003 (‘IG Scheme, 2003'): The earlier version of the scheme being substituted by the 2025 version.
PR No.77/2025
Securities and Exchange Board of India (Informal Guidance) Scheme, 2025
The Securities and Exchange Board of India (Informal Guidance) Scheme 2003 (‘IG
Scheme, 2003’) was issued on June 24, 2003 to enable certain entities to obtain
guidance from the Securities and Exchange Board of India (‘Board’) on the
applicability of laws and regulations administered by it, in the form of ‘No Action Letter’
or ‘Interpretive Letter’.
The Board has approved the substitution of the existing IG Scheme, 2003 with the
Securities and Exchange Board of India (Informal Guidance) Scheme, 2025.
In view of the same, with effect from December 01, 2025, the processing of all informal
guidance applications shall be governed by the Securities and Exchange Board of
India (Informal Guidance) Scheme, 2025 (‘IG Scheme, 2025’), which broadens the
scope of the Scheme and enables stock exchanges, clearing corporations,
depositories and Managers of Pooled Investment Vehicles registered with the Board,
to seek guidance from the Board.
It also envisages streamlining and structuring of the process for seeking guidance from
the Board, by creation of a nodal cell for processing all informal guidance applications.
The eligible applicants are required to forward their applications to the email id:
iguidance@sebi.gov.in, in the format specified in Schedule I to the IG Scheme, 2025,
accompanied with a revised application fee, payable via the SEBI payment module.
The Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 may
be accessed via this link.
Mumbai
November 28, 2025
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