SEBI Notifies New Regulations for Registrars to an Issue and Share Transfer Agents [Read Notification]

The Securities and Exchange Board of India (SEBI) has issued notification dated December 15, 2025, notifying the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025. The notification introduces a revised regulatory framework for registrars and share transfer agents involved in handling IPOs, share transfers, and investor records.

The new regulations replace the earlier 1993 rules and aim to strengthen investor protection, improve governance standards, and align regulatory requirements with the current structure of India’s securities market.

Registrars to an Issue and Share Transfer Agents, commonly known as RTAs, play a crucial role in capital markets. They handle application processing in public issues, maintain shareholder data, manage corporate actions such as dividends and bonuses, and resolve investor complaints. SEBI said the updated rules are intended to bring greater clarity and accountability in these functions.

Key provisions of the new regulations include:

• Mandatory SEBI registration: No entity can act as an RTA without obtaining a registration certificate from SEBI.
• Minimum net worth requirement: RTAs must maintain a minimum net worth of Rs. 50 lakh. Existing RTAs have been given 18 months to meet this requirement.
• Stricter investor grievance redressal: Investor complaints must be resolved within 21 calendar days, and RTAs must regularly report complaint data to SEBI.
• Enhanced compliance and governance norms: RTAs must appoint a compliance officer, maintain audit committees, and follow a detailed code of conduct.
• Separate treatment for unlisted company services: Services provided to unlisted companies must be carried out through a separate business unit and will not fall under SEBI’s regulatory jurisdiction.
• Stronger inspection and enforcement powers: SEBI has the authority to inspect records, conduct investigations, appoint auditors, and suspend or cancel registrations for violations.

This move will improve operational standards among RTAs and reduce risks related to data handling and investor servicing. The regulations come into force from the date of publication and will apply to all new and existing registrars and share transfer agents.

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