The Securities and Exchange Board of India (Sebi) has extended compliance deadlines and revised reporting requirements for investment advisors (IAs) and research analysts (RAs) under its recently introduced framework on digital accessibility.
The move comes less than a month after Sebi mandated that all regulated entities align their digital platforms with the Rights of Persons with Disabilities Act, 2016 and associated rules.
Key Extensions Announced by Sebi
According to Sebi’s circular issued on Friday:
- Compliance report deadline: Extended from August 30, 2025 to September 30, 2025 for submission of compliance/action-taken reports and the list of digital platforms offered to investors.
- Appointment of IAAP-certified auditors: Extended by three months to December 14, 2025.
- Accessibility audits: Deadline pushed to April 30, 2026.
- Remediation of audit findings: Extended until July 31, 2026.
- Annual accessibility audits & reporting: Deferred by one year, with the new deadline set for April 30, 2027.
Reporting Realignment
Sebi has also clarified and realigned compliance reporting obligations:
- Stock brokers and depository participants → to report to stock exchanges and depositories.
- Investment Advisors (IAs) and Research Analysts (RAs) → to report to BSE Limited, instead of BASL and Market Infrastructure Institutions (MIIs).
- Other regulated entities → to report directly to Sebi.
Industry Impact
The July 31 framework had set out a phased roadmap requiring entities to:
- List all digital platforms
- Appoint Independent Accessibility Audit Professionals (IAAPs)
- Conduct audits and remediate non-compliance
- Ensure annual reporting and designate nodal grievance officers
The updated deadlines provide additional breathing space for market participants who had flagged operational challenges in adapting their digital systems.
Sebi said the move strikes a balance between investor inclusivity and practical implementation, reinforcing its broader agenda of inclusive finance and investor protection.
