The Securities and Exchange Board of India vide circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/113 mandates joint annual inspections by MIIs (Stock Exchanges, Depositories, and Clearing Corporations) to reduce regulatory burden on brokers/DPs, introduces risk-based selection criteria, and establishes an information-sharing mechanism. This circular shall come into force from 01st December 2025. Please refer the circular for more details.