Introduction
The Merchant Bankers Compliance Calendar serves as a structured and time-bound reference tool to help Merchant Bankers and related intermediaries, ensure timely adherence to regulatory obligations as prescribed under the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, and various Master Circulars issued by Securities and Exchange Board of India (SEBI) from time to time.
These regulations, supplemented by circulars and operational guidelines, lay down the compliance framework governing the activities of Merchant Bankers (MB) in India, covering areas such as Registration and Capital Adequacy, Issue Management and Disclosures, Underwriting and Risk Management, Governance and Ethics, periodic reporting to SEBI, as well as governance standards including conflict of interest mitigation and investor grievance redressal. The Calendar is designed to:
- Track periodic compliance requirements (daily, weekly, monthly, quarterly, half-yearly, and annual)
- Ensure timely submissions to SEBI and other regulatory bodies
- Promote accountability among compliance officers and relevant departments.
| S. No. | Compliance Description | Forms and Formats | Submitted By | Submitted To | Filing Dates | Regulating Document |
|---|---|---|---|---|---|---|
| Yearly Filings/ Intimations | ||||||
| 1 | Details of Revenue from Permitted Activities | NA | Merchant Banker | SEBI | 30th June | SEBI Circular on Specification of the consequential requirements w.r.t Amendment of MB Regulations (Dated: 02nd January, 2026) |
| 2 | Digital Accesibilty Compliance | NA | Merchant Banker | SEBI | 30th April | SEBI Circular on Compliance Guidelines for Digital Accessibility Circular - Rights of Persons with Disabilities Act, 2016 (Dated: 31st July, 2025) |
| Half-Yearly Filings/ Intimations | ||||||
| 3 | Half-Yearly Compliance Report | Annexure III (Half-Yearly Report by Merchant Banker) | Merchant Banker | SEBI |
|
SEBI Master Circular for MB Registered with SEBI |
| Quarterly-Yearly Filings/ Intimations | ||||||
| 4 | Report on Cyber Attacks, Threats, Cyber Security Incidents and Breaches | NA | Merchant Banker | SEBI |
|
SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| Monthly Filings/ Intimations | ||||||
| 5 | Data on Complaints Received/ Issues Dealt and Redressal | Annexure VI (Format for Investors Complaints Data to be Displayed on Websites) | Merchant Banker | Website | 7th day of each month | SEBI Master Circular for MB Registered with SEBI |
| 6 | Cash Transaction Report | NA | Merchant Banker | FIU-IND | By 15th of the succeeding month | Master Circular on AML Standards and CFT |
| 7 | Non-Profit Organization Transaction Reports | NA | Merchant Banker | FIU-IND | By 15th of the succeeding month | Master Circular on AML Standards and CFT |
| Event-Based Filings/ Intimations | ||||||
| 8 | Change in Control | Annexure II (Declaration-Cum-Undertaking) | Merchant Banker | SEBI | On Immediate Basis |
|
| 9 | Material Changes Affecting Registration | NA | Merchant Banker | SEBI | Within 7 working days of change |
|
| 10 | Half-Yearly Unaudited Financial Results | NA | Merchant Banker | SEBI | When required by SEBI | Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 |
| 11 | Material Non-Compliance under MB Regulations | NA | Compliance Officer | SEBI | On Immediate Basis | Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 |
| 12 | Due Diligence Documents for Pre-Issue Activities | NA | Merchant Banker | Stock Exchange | Within 10 days of filing draft offer document with SEBI/ Stock Exchanges | SEBI Circular on Repository of documents relied upon by MB during due diligence process in Public issues (Dated: 05th December, 2024) |
| 13 | Due Diligence Documents for Post-Issue Activities | NA | Merchant Banker | Stock Exchange | Within 10 days from the date of listing on Stock Exchanges | SEBI Circular on Repository of documents relied upon by MB during due diligence process in Public issues (Dated: 05th December, 2024) |
| 14 | VAPT Report | Annexure-A (VAPT Report Format) | Merchant Banker | SEBI | Within 1 month of completion of VAPT activity | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 15 | Closure of Findings Identified during VAPT | NA | Merchant Banker | SEBI | Within 3 months of submission of VAPT report | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 16 | Complete Revalidation of VAPT | NA | Merchant Banker | SEBI | Within 5 months of completion of VAPT | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 17 | Report on Cyber Audit | Annexure-B (Cyber Audit Report Format) | Merchant Banker | SEBI | Within 1 month of completion of Cyber Audit | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 18 | Closure of Findings Identified during Cyber Audit | NA | Merchant Banker | SEBI | Within 3 months of submission of Cyber Audit Report | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 19 | Follow-On Cyber Audit | NA | Merchant Banker | SEBI | Within 5 months of completion of Cyber Audit | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 20 | Evidence for Self-Assessment of Cyber Resilience | Annexure-K (Cyber Capability Index (CCI)) | Merchant Banker | SEBI | Within 15 Days of CCI Assessment Completion | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 21 | Addition/ Deletion or Change in Existing Asset in Asset Inventory | NA | Merchant Banker | SEBI | Within 3 Working Days of Change | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 22 | Interim Report | NA | Merchant Banker | SEBI | Within 3 Working Days from Reporting of Incident | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 23 | Mitigation Measure Report | NA | Merchant Banker | SEBI | Within 7 Days from Reporting of Incident | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 24 | RCA Report | NA | Merchant Banker | SEBI | Within 30 Days from Reporting of Incident | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 25 | Forensic Audit Report | NA | Merchant Banker | SEBI | Within 75 Days from Reporting of Incident | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 26 | Post-Cyber Incident VAPT | NA | Merchant Banker | SEBI | Within 45 Days from Reporting of Incident | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 27 | Lessons Learned from Red Teaming Exercise | NA | Merchant Banker | SEBI | Within 3 months after completion of exercise | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) |
| 28 | NA | Merchant Banker | SEBI | Lessons Learned from Cyber Resilience Testing | SEBI Circular on Cybersecurity and Cyber Resilience Framework (CSCRF) (Dated: 20th August, 2024) | |
Abbreviations
| Particular | Description |
|---|---|
| SEBI | SEBI - Securities and Exchange Board of India |
| MB | Merchant Banker |
| IAAP | International Association of Accessibility Professionals |
| VAPT | Vulnerability Assessment & Penetration Testing |
| CSCRF | Cyber Security Cyber Resilience Framework |
| RCA | Root Cause Analysis |
| MB Regulations | Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 |
| FIU-IND | Financial Intelligence Unit – India |
| AML | Anti-Money Laundering |
| CFT | Combating the Financing of Terrorism |
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Disclaimer
The information provided in this article is intended for general informational purposes only and should not be construed as legal advice. The content of this article is not intended to create and receipt of it does not constitute any relationship. Readers should not act upon this information without seeking professional legal counsel.
