Sebi extends digital accessibility compliance timelines for investment advisors and research analysts

The Securities and Exchange Board of India (Sebi) has extended compliance timelines and revised reporting requirements for investment advisors (IAs) and research analysts (RAs) under its framework on digital accessibility. The decision comes less than a month after the regulator mandated that all regulated entities align their digital platforms with the provisions of the Rights of Persons with Disabilities Act, 2016 and related rules.

In a circular issued on Friday, Sebi said that the deadlines applicable to IAs and RAs for submitting reports and completing specific obligations under the July 31 accessibility framework have been relaxed. The move is aimed at providing additional time to these entities to adapt their systems and processes, given the operational challenges raised by industry participants. Market participants had raised the issue of implementation with Moneycontrol.

The deadline for submitting a compliance or action-taken report with respect to the earlier set for August 30, has now been extended to September 30, 2025. The same timeline also applies for submission of the list of digital platforms offered by entities to investors.

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The appointment of IAAP-certified accessibility professionals as auditors has been extended by three months, with the new deadline now December 14, 2025. The deadline for conducting accessibility audits of digital platforms has also been pushed to April 30, 2026. Further, remediation of audit findings and ensuring compliance with the circular has been extended until July 31, 2026. The requirement to conduct annual accessibility audits of all digital platforms and submit the final report to Sebi has also been deferred by a year, with the new deadline set for April 30, 2027.

The July 31 circular had laid out a phased roadmap requiring regulated entities to list all their digital platforms, appoint an Independent Accessibility Audit Professional (IAAP), conduct audits, and complete remediation to make websites and mobile applications compliant. It also mandated annual reporting on accessibility compliance and designated nodal officers for grievance redressal.

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With the latest update, Sebi has also clarified the reporting authority for IAs and RAs. The regulator has realigned the compliance submission process, shifting reporting obligations of stock brokers and depository participants to stock exchanges and depositories, of IA and RAs to BSE Limited instead of BASL and MIIs and other regulated entities to Sebi.The extension underscores Sebi’s intent to balance inclusivity with practical implementation. The revised timelines and updated reporting framework are expected to ease the compliance burden on IAs and RAs while reinforcing Sebi’s broader push for inclusive finance and investor protection.