Ingest Circular

Paste regulatory text → agent pipeline emits structured, auditable compliance logic.

Replay mode · bundled sample, deterministic

Circular Source

SEBI | Securities and Exchange Board of India                       [DEMO SAMPLE]

Circular No.: SEBI/HO/MIRSD/DEMO/CIR/2026/47                    July 8, 2026

To: All Stock Brokers (through Stock Exchanges); All Stock Exchanges

Subject: Standardised Framework for Monitoring of Client Fund Upstreaming and
Intraday Alert Mechanism for Stock Brokers

1. Applicability. The provisions of this circular shall apply to all stock
   brokers who handle client funds. Brokers who do not handle client funds
   shall submit a declaration to that effect to the stock exchanges annually.

2. Daily Reconciliation Report. Every stock broker shall submit to the stock
   exchanges a daily reconciliation report of client funds upstreamed to the
   Clearing Corporations, in the format specified in Annexure A, by 10:00 IST
   on the trading day following the day to which the report pertains (T+1).

3. Intraday Alert Mechanism. Where at any point during the trading day the
   quantum of client funds retained and not upstreamed exceeds the lower of
   (a) rupees ten crore, or (b) five per cent of the total client funds held
   by the broker, the broker shall generate a system alert and report the
   event, along with reasons, to the stock exchanges within two hours of the
   breach.

4. Designated Officer. Every stock broker to which this circular applies
   shall designate an officer responsible for monitoring of client fund
   upstreaming ("Fund Monitoring Officer") and intimate the name and contact
   particulars of such officer to the stock exchanges within thirty days of
   this circular coming into effect.

5. Amendment — Net Worth Certification Frequency. In partial modification of
   the Master Circular for Stock Brokers, brokers whose average daily client
   funds during the preceding half-year exceed rupees five hundred crore
   shall submit the net worth certificate to the stock exchanges on a
   quarterly basis instead of a half-yearly basis.

6. Amendment — System Audit Scope. The scope of the annual system audit
   prescribed under the Master Circular for Stock Brokers shall stand
   expanded to include the broker's client fund upstreaming and
   reconciliation module, including the alert mechanism referred to in
   paragraph 3 of this circular.

7. Penalties. Non-submission or delayed submission of the reports prescribed
   herein shall attract penalties as per the framework specified by the stock
   exchanges for non-submission of regulatory reports.

8. This circular shall come into effect from August 1, 2026. The first daily
   reconciliation report shall be due on August 4, 2026 for trades of
   August 3, 2026. Stock exchanges are directed to bring the provisions of
   this circular to the notice of their members and disseminate the same on
   their websites.

This circular is issued in exercise of powers conferred under Section 11(1)
of the Securities and Exchange Board of India Act, 1992, to protect the
interests of investors in securities and to promote the development of, and
to regulate, the securities market.

[DEMO SAMPLE — RegSutra]

Replay processes the bundled sample end-to-end. Set ANTHROPIC_API_KEY for arbitrary text.

Agent Pipeline

Parse & Segment

agent:segmenter

Classify & Scope

agent:classify@claude

Extract Obligations

agent:extractor@claude

Impact Mapping & Diff

agent:impact@claude

Rules-as-Code

agent:rulegen

Commit & Audit

agent:ledger

Pipeline Telemetry

──Awaiting run — press RUN PIPELINE