CA Tarun Nagpal

If you are a SEBI-registered intermediary, you have probably had this conversation: an NRI client in Dubai or an OCI cardholder in the US wants to sign up, but your digital KYC cannot be completed because they are not in India. The client either waits for their next trip home, struggles through a slow paper process, or simply goes elsewhere. SEBI has now fixed this. Its new circular allows intermediaries to complete KYC of individual clients living abroad fully online, from the client’s...

If you are a Research Analyst, Investment Adviser, stock broker or any other SEBI-registered intermediary, the way you advertise is about to change. On 9 October 2026, SEBI notified the SEBI (Intermediaries) (Second Amendment) Regulations, 2026. These add a brand-new Chapter IIID to the Intermediaries Regulations, called the Common Advertisement Code. In simple terms, SEBI now has one rulebook for advertising that applies to almost every market intermediary. In this blog, we explain what the...

Source: AI generated On October 9, 2026, SEBI fined an individual Research Analyst (RA) ₹4 lakh after a routine inspection found eight separate compliance gaps. There was no fraud, no market manipulation and no investor loss proven. The penalty came purely from missing records, skipped processes and paperwork that was never done. That is exactly why this case matters. Most RAs are not worried about fraud. They are worried about the small things slipping through the cracks while they focus on...