KCS Depository Circular Digest
April 2026
NSDL and CDSL circulars assessed for DEBOS and DP back-office relevance
Material change
A Nominee Is Not an Heir: What NSDL Reason Code 21 Change Actually Says
NSDL circular NSDL/POLICY/2026/0060 renames off-market transfer reason code 21 from 'Transfer from Nominee/Surviving Holder to Beneficiary' to 'Transmission to Legal Heirs' — settling an ambiguity about whether a nominee owns securities in transit. In DEBOS, reason codes are configurable master data, so the change applied centrally without a release.
Read the detailed operational analysis →At a glance — DEBOS-relevant circulars
| Circular | Issued | Operational change | DEBOS area | Impact | Deadline |
|---|---|---|---|---|---|
| NSDL/POLICY/2026/0049 | 1 Apr 2026 | One Time Interest Waiver Scheme for Settlement of Outstanding payments | — | No software change | — |
| NSDL/POLICY/2026/0069 | 5 Apr 2026 | SEBI Circular on Operationalisation of Past Risk and Return Verification Agency (PaRRVA) | — | No software change | — |
| NSDL/POLICY/2026/0050 | 7 Apr 2026 | Updates for Implementation of Section 51A of UAPA 1967 Updates to UNSCs 1267 1999 ISIL (Daesh) and Al Qaida Sanctions List | — | Workflow change | — |
| NSDL/POLICY/2026/0051 | 10 Apr 2026 | Freezing of KRA KYC Non compliant Demat Accounts | — | No software change | — |
| NSDL/POLICY/2026/0052 | 10 Apr 2026 | SEBI circular on Relaxation from the applicability of SEBI Master Circular for compliance with the provisions of the SEBI LODR Regulations 2015 | — | No software change | — |
| NSDL/POLICY/2026/0053 | 10 Apr 2026 | SEBI Circular on Ease on doing business mechanism for lock in of pledged shares under SEBI Issue of Capital and Disclosure Requirement Regulations 2018 | — | Software change | — |
| NSDL/POLICY/2026/0005 | 15 Apr 2026 | DDP SEBI circular on Guidelines for Custodians | — | Workflow change | — |
| NSDL/POLICY/2026/0055 | 15 Apr 2026 | Updates for Implementation of Section 51A of UAPA 1967 Updates to UNSCs 1267 1999 ISIL (Daesh) Al Qaida Sanctions Listt | — | Workflow change | — |
| NSDL/POLICY/2026/0056 | 16 Apr 2026 | Annual assessment of default status of debt securities | — | No software change | — |
| NSDL/POLICY/2026/0057 | 17 Apr 2026 | Opening of Demat Account in case of HUF | — | No software change | — |
| NSDL/POLICY/2026/0058 | 20 Apr 2026 | SEBI Review of requirement relating to registration for a Not for Profit Organizatio for issuance of Zero Coupon Zero Principal Instruments | — | No software change | — |
| NSDL/POLICY/2026/0059 | 22 Apr 2026 | Updates for Implementation of Section 51A of UAPA 1967 Updates to UNSCs 1988 (2011) ISIL (Daesh) and Al Qaida Sanctions List | — | Workflow change | — |
| NSDL/POLICY/2026/0060 | 22 Apr 2026 | Validation of reason codes in respect of off market transactions | — | Software change | — |
| NSDL/POLICY/2026/0061 | 22 Apr 2026 | Amendment to Business Rules of NSDL regarding Margin Pledge and Pledge Release Invocation cum transfer | — | Software change | — |
| NSDL/POLICY/2026/0062 | 24 Apr 2026 | Amendments to Business Rules of NSDL regarding Closure and Shifting of Demat account and Opening of Demat account in name of AOP | — | No software change | — |
| NSDL/POLICY/2026/0063 | 27 Apr 2026 | Amendment to Business Rules of NSDL Penalty Structure | — | No software change | — |
| NSDL/POLICY/2026/0064 | 28 Apr 2026 | Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process | — | Software change | — |
| NSDL/POLICY/2026/0006 | 29 Apr 2026 | DDP SEBI circular on Framework for net settlement of funds for transactions done by Foreign Portfolio Investors (FPIs) in cash market | — | No software change | — |
| NSDL/POLICY/2026/0066 | 29 Apr 2026 | Amendment to NSDL Bye Laws and Business Rules pertaining to revise and revamp nomination facilities in the Indian Securities Market | — | No software change | — |
| NSDL/POLICY/2026/0067 | 29 Apr 2026 | Updates for Implementation of Section 51A of UAPA 1967 Updates to UNSCs 1267 1989 ISIL (Daesh) and Al Qaida Sanctions List | — | Workflow change | — |
Forthcoming DP compliance
Recurring reporting reminders — not new regulatory changes from this month’s circulars.
By 10th of following month
Investor Grievance Report (monthly) Submit via e-PASS
Before 27th of following month
Same mobile/email across multiple accounts (monthly) Submit via Email
