SEBI Board meeting of 24 September 2026: all 13 items in one table — new Portfolio Managers and Settlement Regulations, FPIs in commodity derivatives, Accredited Investor changes
The 215th meeting of the SEBI Board, held in Mumbai on 24 September 2026, cleared a long list: new Portfolio Managers Regulations, new Settlement Regulations, a Common Advertisement Code, FPIs in more commodity derivatives, wider Vault Manager rules, changes for REITs and InvITs, an easier debt-listing rule and a reworked Accredited Investor framework. A fourth settlement scheme for illiquid stock options was placed before it.
Key facts
- In force
- Approved by the SEBI Board on 24 September 2026; amendments yet to be notified
- Who it affects
- Portfolio managers, AIFs, research analysts, stock brokers, FPIs, REITs and InvITs, debt issuers, vault managers, entities with pending SEBI proceedings
- What it is
- New facility
- Section
- SEBI
- Published
- 24 September 2026
In 30 seconds
- Press release PR No. 59/2026 dated 24 September 2026 lists 13 items from the 215th Board meeting.
- Two sets of regulations are to be replaced: Portfolio Managers (2020) and Settlement Proceedings (2018).
- FPIs are to be allowed in non-agricultural index derivatives and in non-cash settled non-agricultural commodity derivatives, with exit before the Tender Period.
- Net worth requirement for Vault Managers is to go up from ₹50 crore to ₹75 crore.
- A fourth Settlement Scheme for illiquid stock options trades on BSE (1 April 2014 to 30 September 2015) will be introduced; application modalities will be informed in due course.
- Most items are amendments approved by the Board; the release gives a commencement rule only for the Settlement Regulations, 2026.
हिंदी में सार
SEBI बोर्ड की 215वीं बैठक (24 सितंबर 2026, मुंबई) में 13 विषयों पर फ़ैसले हुए — नए Portfolio Managers Regulations, 2026, नए Settlement Regulations, 2026, Common Advertisement Code, कमोडिटी डेरिवेटिव्स में FPI की भागीदारी, Vault Managers की नेट वर्थ ₹50 करोड़ से ₹75 करोड़, और Accredited Investor ढांचे में बदलाव। Illiquid Stock Options के लिए चौथी Settlement Scheme भी आएगी, जिसके आवेदन का तरीका बाद में बताया जाएगा। ये बोर्ड की मंज़ूरियाँ हैं; संशोधन अधिसूचित होने बाकी हैं।
The meeting
The 215th meeting of the SEBI Board was held in Mumbai on 24 September 2026. SEBI’s press release PR No. 59/2026 sets out 13 items. Twelve are approvals by the Board; the thirteenth, a settlement scheme, was approved by the Competent Authority at SEBI and placed before the Board for information.
All 13 items
| No. | Subject | What was approved |
|---|---|---|
| 1 | Portfolio managers | SEBI (Portfolio Managers) Regulations, 2026, in supersession of the 2020 Regulations |
| 2 | Settlement | SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2026, replacing the 2018 Regulations; in force the day succeeding the 30th day from notification |
| 3 | Research analysts | Relaxation of the requirement to keep call recordings of communications with institutional-investor clients |
| 4 | Advertisements | A Common Advertisement Code for seven classes of regulated entities |
| 5 | FPIs in commodity derivatives | Participation in non-agricultural index derivatives and non-cash settled non-agricultural commodity derivatives |
| 6 | Vault Managers | Regulations widened beyond Electronic Gold Receipts to bullion underlying ETFs and bullion derivatives |
| 7 | REITs and InvITs | Enabling provision for Depository Receipts on units |
| 8 | REITs and InvITs | Ease-of-doing-business changes: voting threshold, exit offer, remote common infrastructure |
| 9 | Debt listing | Regulation 62A of the LODR Regulations: no mandatory listing of outstanding unlisted NCDs |
| 10 | Certification | Amendments to the Certification of Associated Persons Regulations, 2007, which are renamed |
| 11 | AIFs | Protection available to investors of trust-form AIFs extended to all forms of AIFs |
| 12 | Accredited Investors | Manager-led accreditation and new eligibility routes |
| 13 | Illiquid stock options | Fourth Settlement Scheme (for information) |
FPIs in commodity derivatives
FPIs taking non-cash settled contracts must exit before a delivery obligation arises. They are to exit before the Tender Period, described as three days before expiry, and cannot increase positions from T-3 day. Before trading, the FPI must sign an agreement with its trading or clearing member covering square-off, or devolvement of residual open positions on the member at the closing price or daily settlement price. The devolvement is treated as a trade with applicable statutory levies.
Vault Managers, research analysts, certification
- Vault Managers: net worth requirement raised from ₹50 crore to ₹75 crore; “Gold Standards” replaced by “Bullion Delivery Standards”; instrument-wise and entity-wise segregation of bullion; a Compliance Officer to be appointed. A consequential circular will follow.
- Research Analysts: the relaxation follows a consultation paper of 18 May 2026.
- Certification: the cut-off date for the age and experience based exemption moves from the date of notification to the date of appearing in the exam or of obtaining Continuing Professional Education. The regulations become the SEBI (Certification of Specified Persons in the Securities Markets) Regulations, 2007.
Illiquid stock options: the fourth scheme
The scheme covers non-genuine trades in the stock options segment of BSE between 1 April 2014 and 30 September 2015, where enforcement proceedings are pending before an Adjudicating Officer, SAT, courts or the Recovery Officer.
| Number of contracts | Settlement amount |
|---|---|
| 1 to 5 | ₹1,44,000 |
| 6 to 50 | ₹2,88,000 |
| 51 and above | ₹7,20,000 plus ₹14,400 per contract |
What readers should do
Treat these as Board decisions. The release itself says that a circular will operationalise the Vault Manager changes, that the Depository Receipt framework will be specified after the amendments are notified, and that the modalities for applying under the settlement scheme will be informed in due course.
Questions and answers
How many decisions did the SEBI Board take on 24 September 2026?
Press release PR No. 59/2026 lists 13 items from the 215th Board meeting. Twelve are approvals by the Board. The thirteenth, the Settlement Scheme, 2026 for illiquid stock options, was approved by the Competent Authority at SEBI and placed before the Board for information.
Which commodity derivatives can FPIs trade under the decision?
Non-agricultural index derivatives contracts, whether the underlying is cash-settled or not, and non-cash settled non-agricultural commodity derivatives contracts. In the second category FPIs must exit before the Tender Period and cannot increase positions from T-3 day.
What is the settlement amount under the fourth illiquid stock options scheme?
₹1,44,000 for 1 to 5 contracts, ₹2,88,000 for 6 to 50 contracts, and ₹7,20,000 plus ₹14,400 per contract for 51 contracts and above. The release gives the example of 51 contracts: ₹14,54,400.
Are these changes already in force?
The release describes approvals by the Board. It states a commencement rule only for the Settlement Regulations, 2026, which come into force the day succeeding the 30th day from the date of their notification.
Published 24 September 2026. Updated 6 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.