TITLE: India's Securities and Exchange Board Publishes Master Circular on Securities Market Surveillance
BODY:
On May 15, 2026, the Securities and Exchange Board of India (SEBI) published a master circular on surveillance of the securities market. The circular consolidates SEBI's surveillance framework and provides comprehensive guidance to market participants on monitoring and oversight requirements within Indian securities markets.
The master circular establishes the regulatory expectations and procedures that SEBI employs to detect, investigate, and prevent market misconduct. It outlines the surveillance mechanisms designed to identify irregularities, manipulative practices, insider trading, and other violations of securities laws. The circular serves as a consolidated reference document, replacing or updating previous guidance on market surveillance practices.
The circular is applicable to all market participants operating within Indian securities markets, including stock exchanges, clearing corporations, brokers, dealers, and other intermediaries. It provides clarity on the surveillance tools and techniques SEBI uses to monitor market activity and the obligations of market participants to cooperate with surveillance activities and report suspicious transactions.
Market participants should review the master circular to understand SEBI's surveillance priorities, reporting obligations, and compliance expectations. The guidance is effective immediately upon publication and supersedes any conflicting previous guidance on surveillance matters. Participants are expected to ensure their internal systems and procedures align with the framework outlined in the circular.
**Reference:**
Securities and Exchange Board of India. Master Circular on Surveillance of Securities Market. May 15, 2026. Available at: https://www.sebi.gov.in/