SEBI Informal Guidance Scheme 2003 was issued to enable certain entities to obtain guidance from the Securities and Exchange Board of India (‘Board’) on the applicability of laws and regulations administered by it, in the form of ‘No Action Letter’ or ‘Interpretive Letter’. The eligible entities included intermediaries registered with SEBI, listed companies, companies intending to list, mutual fund trustees, and acquirers under the takeover code. It has been substituted with SEBI Informal Guidance Scheme 2025 (IG Scheme 2025), which broadens the scope of the Scheme and enables stock exchanges, clearing corporations, depositories and Managers of Pooled Investment Vehicles registered with the Board, to seek guidance from the Board. It also envisages streamlining and structuring of the process, by creation of a nodal cell for processing all informal guidance applications.
(Link: SEBI Press Release 77/2025 Dated 28/11/2025, Guidance Scheme)