The updated Master Circular on Surveillance of Securities Market on consolidate and revise earlier surveillance related circulars to provide stakeholders with a single reference framework. It applies to stock exchanges, depositories, listed companies, intermediaries, and fiduciaries governed under the SEBI (Prohibition of Insider Trading) Regulations. It incorporates key updates relating to financial disincentives for surveillance lapses at Market Infrastructure Institutions, subscription to non-convertible securities during trading window closure periods, and extension of automated trading window closure mechanisms to immediate relatives of designated persons during financial result declarations.