Four regulators. Every circular that matters to Indian finance.
RBI, SEBI, IRDAI, and PFRDA circulars tracked in one platform. Coverage spans banking, capital markets, insurance, and pension fund regulation.
What each regulator issues and what we track
Each regulator has distinct circular types, publication formats, and amendment patterns. The platform is calibrated for the specific document structure of each.
Reserve Bank of India
The primary banking regulator for commercial banks, cooperative banks, and non-banking finance companies. RBI issues Master Directions (consolidated rules) that are amended by subsequent circulars throughout the year. Detecting what changed requires resolving the amendment chain, not just reading the new circular in isolation.
Securities and Exchange Board of India
Regulates capital market participants including stock brokers, depositories, mutual funds, portfolio managers, and listed companies. SEBI circulars are typically standalone documents that partially modify prior circulars by reference code. The compliance obligations differ by market participant type.
Insurance Regulatory and Development Authority
Regulates life insurance, general insurance, and health insurance companies. IRDAI circulars cover product guidelines, solvency margins, investment norms, and distribution rules. Most compliance tooling in the market is built for banking, leaving insurance-specific circular patterns poorly handled.
Pension Fund Regulatory and Development Authority
Regulates pension funds and National Pension System fund managers. PFRDA circulars govern investment guidelines, operational procedures, grievance handling, and reporting obligations. The volume is lower than RBI or SEBI, but the amendment frequency has increased substantially since 2023.
How we classify and track different circular types
Not all circulars carry the same weight. The platform distinguishes substantive changes from clarifications, and highlights which require immediate action.
Master Directions
Consolidated statements of a regulatory requirement, amended by subsequent circulars. The platform tracks the full amendment history and maintains a point-in-time view of each direction.
Amendment Notifications
Standalone circulars that partially modify prior rules. The platform resolves the "in partial modification of" reference chain automatically and attributes the change to the specific prior provision.
Clarificatory Circulars
Issued to clarify existing requirements without changing them. These are flagged separately so your compliance team can distinguish what actually changed from what was just clarified.
Annual Consolidations
Regulators periodically consolidate prior circulars into a single document. The platform detects consolidations and checks whether any prior provisions were altered in the process of consolidation.
Withdrawal Notices
Notices withdrawing prior circulars. These are particularly important because a withdrawn circular may still govern a policy or process in your institution that needs updating.
Regulatory Advisories
Non-binding guidance that nonetheless signals regulatory expectations. Flagged as advisory so your compliance team understands the weight of the document while still maintaining a record of receipt.
What the platform extracts from each circular
Beyond summarizing what a circular says, the platform extracts the structured fields that matter for compliance tracking.
Numeric Limits and Thresholds
Capital ratios, exposure limits, provisioning rates, and other numeric requirements are extracted as typed fields, with old and new values shown explicitly when they change.
Reporting Frequencies
Changes to reporting frequency (daily, monthly, quarterly, annual) are explicitly flagged. A shift from quarterly to monthly reporting has immediate operational implications.
Entity Scope
Which institution types a circular applies to is extracted and tagged. A circular that previously applied only to large banks may be extended to NBFCs in a later amendment.
Effective Dates and Transition Periods
Effective dates, transition periods, and phase-in schedules are extracted. A provision may be published in April but effective from October, with a six-month transition window.
Penalty Structures
Penalty provisions and non-compliance consequences are extracted separately and highlighted, since these represent the most direct institutional risk from non-compliance.
Supersession and Withdrawal
When a new circular supersedes or partially replaces a prior one, the prior circular is marked accordingly. The provision that was replaced is linked to the new provision.
When new circulars are processed
The platform monitors regulator publication feeds continuously during business hours. New circulars are ingested and analysed the same day they are published.
During periods of elevated regulatory activity (such as budget season or end-of-year consolidations), processing capacity scales to handle the volume. Historical circulars back to 2023 are available in the platform from day one.
Need coverage for a specific department or circular type?
We are expanding coverage based on what the compliance teams we work with actually need. If there is a specific RBI department, SEBI segment, or IRDAI subject area you need tracked, tell us.