Corrigendum to Master Circular for Depositories dated October 25, 2019 on preservation of records


Quick Summary
This circular from SEBI provides a correction to the Master Circular for Depositories dated October 25, 2019, specifically concerning the preservation of records. It clarifies that Depositories and Depository Participants are now required to preserve records and documents for a minimum of eight years, aligning with the SEBI (Depositories and Participants) Regulations, 2018. This update replaces previous stipulations and requires necessary amendments to bye-laws and system changes.

Securities and Exchange Broad of India

CIRCULAR

SEBI/HO/MRD2/DDAP/CIR/P/2020/153

August 18, 2020

To
The Depositories

Subject: Corrigendum to Master Circular for Depositories dated October 25, 2019 on preservation of records

Sir/ Madam,

1. Please refer to SEBI circular MRD/DoP/DEP/Cir- 20/2009 dated December 9, 2009 on preservation of records wherein it is inter-alia mentioned that Depositories and Depository Participants are required to preserve the records and documents for a minimum period of five years in terms of regulations 38 and 49 of the SEBI (Depositories and Participants) Regulations, 1996.

2. Further, in terms of Regulations 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018 (herein referred to as D&P Regulations, 2018) notified on October 03, 2018, Depositories and Depository Participants are required to preserve the records and documents for a minimum period of eight years.

3. In order to align the provisions of the D&P Regulations, 2018 with that of Master Circular for Depositories dated October 25, 2019, Section 4.6 (i) – Preservation of Records shall be replaced with the following:

“Depositories and Depository Participants are required to preserve the records and documents for a minimum period of 8 years”

4. Further, footnote of “Preservation of records” shall be replaced with “Reference Circular MRD/DoP/DEP/Cir-20/2009 dated December 9, 2009 and Regulations 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018”.

5. It may be noted that the other provisions of the Master Circular for Depositories SEBI/HO/MRD/DP/CIR/P/118 dated October 25, 2019 shall remain unchanged.

6. Paragraph 2 of SEBI Circular MRD/DoP/DEP/Cir-20/2009 dated December 9, 2009 stands partially modified as under:

“In terms of Regulations 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018 (herein referred to as D&P Regulations, 2018) notified on October 03, 2018, Depositories and Depository Participants are required to preserve the records and documents for a minimum period of eight years”

7. It may be noted that the other provisions of SEBI  Circular MRD/DoP/DEP/Cir-20/2009 dated December 9, 2009 shall remain unchanged.

8. The Depositories are advised to:

i. make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision, as may be applicable/ necessary;

ii. to carry out system changes, if any, to implement the above;

iii. disseminate the provisions of this circular on their website;

iv. communicate to SEBI, the status of implementation of the provisions of this circular in their Monthly Development Report.

9. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 and Section 19 of the Depositories Act, 1996, to protect the interests of investors in securities market and to promote the development of and to regulate the securities market.

Yours faithfully

Versha Agarwal
Deputy General Manager
Market Regulation Department
Email: vershaa@sebi.gov.in

FAQ :

The circular is a corrigendum to the Master Circular for Depositories dated October 25, 2019, specifically to update the rules regarding the preservation of records.

Depositories and Depository Participants are now required to preserve records and documents for a minimum period of eight years.

The circular references and aligns with Regulations 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018, and partially modifies SEBI Circular MRD/DoP/DEP/Cir-20/2009 dated December 9, 2009.

No, other provisions of the Master Circular for Depositories SEBI/HO/MRD/DP/CIR/P/118 dated October 25, 2019, remain unchanged.

Depositories are advised to amend relevant bye-laws, make necessary system changes, display the circular's provisions on their website, and report implementation status to SEBI.

 

Comments



CCI Pro





Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details