SEBI’s New Framework for Display of Investor Awareness Messages by Stock Brokers

The Securities and Exchange Board of India has issued a fresh circular that strengthens investor protection measures in the securities market. Under this framework, all stock brokers are now required to display specific “investor awareness message(s)” supplied by SEBI on their websites and trading applications.

This move forms part of Project Jagrook, SEBI’s nationwide investor education initiative, and aligns with activities planned around World Investor Week 2026. The circular integrates these awareness messages with the already-existing “Risk disclosures” mandated under SEBI’s circular dated May 19, 2023.

The provisions come into effect in two phases:

  • A transitional phase from October 5, 2026 to October 31, 2026; and
  • A mandatory ongoing regime starting from November 1, 2026.

The circular is issued as SEBI Circular No. HO/38/24/(15)2026-MIRSD-PODMMC/I/22872/2026 dated October 01, 2026, and is addressed to all recognized stock exchanges, depositories, and stock brokers (through the exchanges).

Background: Prior SEBI Mandate on Risk Disclosures

Earlier Circular of May 19, 2023

SEBI had earlier, through circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/73 dated May 19, 2023, instructed all stock brokers to show specific ‘Risk disclosures’ to their clients. These disclosures—set out in Annexure-I of that circular—were intended to warn particularly individual traders about the risks involved in trading in the equity Futures & Options segment.

Under that earlier regime:

  • Brokers had to present the risk disclosures in the manner and frequency prescribed.
  • The objective was to ensure that individual assessee-investors entering complex products such as F&O were not doing so without being confronted with clear, standardized warnings about the associated risks.

The new October 01, 2026 circular builds upon this foundation by adding investor awareness message(s) to the communication that brokers must display, while keeping the original risk disclosure framework intact.

Introduction of Investor Awareness Messages under Project Jagrook

Purpose and Policy Intent

In continuation of its investor protection agenda, SEBI has now decided that brokers must display new, SEBI-curated investor-centric messages aimed at:

  • Enhancing investor awareness,
  • Strengthening investor safety, and
  • Promoting financial education in the securities markets.

These messages are to be displayed on:

  • Websites of stock brokers, and
  • Trading apps of stock brokers, where such apps exist.

The messages will be supplied by SEBI, and brokers must display them exactly in the form and manner directed, without alteration.

Note: SEBI reserves the right to update or modify the “investor awareness message(s)” from time to time, and brokers will need to comply with any such future changes.

Implementation Framework for Stock Brokers

The circular prescribes distinct obligations for websites and trading apps, and these are further split between the transitional period and the post–November 1, 2026 regime.

1. Obligations for Broker Websites

(a) Transitional Phase: October 5, 2026 to October 31, 2026

During this period, every stock broker must:

  • Display the “investor awareness message(s)” that SEBI shares; and
  • Simultaneously display the ‘Risk disclosures’ mandated under the May 19, 2023 circular;
  • Ensure that these messages are clearly visible on their websites.

This phase is meant to acclimatize both brokers and investors to the new messaging regime ahead of the permanent framework starting November 1, 2026.

(b) From November 1, 2026 Onwards

With effect from November 1, 2026:

  • All stock brokers are required to place the specified “investor awareness message(s)” on the landing page of their websites.

Key aspects include:

  • The landing page must show SEBI’s prescribed message(s) in a manner that is prominent and not easily overlooked.
  • The requirement is mandatory for all stock brokers operating a website used for investor interactions or trading access.

The circular does not disturb the existing risk disclosure framework for websites, except to the extent that these investor awareness messages become a compulsory addition from the specified date.