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ARTICLE · 09 JUNE 2026

Delegation Without Abdication : The Regulatory Architecture Of SEBI’s Outsourcing Guidelines

IndiaLaw LLP
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The Securities and Exchange Board of India (“SEBI”), vide Circular No. CIR/MIRSD/24/2011 dated December 15, 2011, issued comprehensive guidelines governing the outsourcing of activities by intermediaries registered...

IndiaFinance and Banking
Rahul Sundaram
Rahul Sundaram
Tanvi Dalvi
Tanvi Dalvi

Introduction

The Securities and Exchange Board of India (“SEBI”), vide Circular No. CIR/MIRSD/24/2011 dated December 15, 2011, issued comprehensive guidelines governing the outsourcing of activities by intermediaries registered under its regulatory purview. Promulgated in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, this circular represents a landmark articulation of SEBI’s position on the permissible extent of outsourcing and the enduring accountability of registered intermediaries to their clients and to the regulator.

The circular was addressed to a wide spectrum of intermediaries, including:

  • Merchant Bankers
  • Registrars to an Issue and Share Transfer Agents

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