The Securities and Exchange Board of India vide circular no. SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/116 stated that Investment Advisers (IAs) and Research Analysts (RAs) are now allowed to use liquid or overnight mutual funds as an alternative to bank deposits to meet their deposit requirements and comply with the deposit requirements by 30th September 2025. This circular shall come into force from 12th August 2025. Please refer the circular for more details.