SEBI Project Jagrook: Stock Brokers Must Display Investor Awareness Messages from 5 October 2026

Four days after it was issued, stock broker websites must start carrying SEBI's investor awareness messages. By 1 November 2026, those messages must sit on the landing page of the broker's website, and trading apps must display them and the existing Risk disclosures on alternate days. The circular, issued under Project Jagrook, sets out date-specific website and trading-app requirements that brokers need to implement within the prescribed timelines.

Quick Reference

What Changed?

Stock brokers already had to display 'Risk disclosures' to clients under the SEBI circular of May 19, 2023 (Annexure-I of that circular). The new circular adds a second layer: investor-centric messages shared by SEBI, to be displayed for "the benefit, safety, and education of investors" in connection with Project Jagrook and World Investor Week 2026.

Who Must Comply?

The circular requires all stock brokers to display the investor-awareness messages in the prescribed manner. For trading apps, the requirements apply where the stock broker has a trading app (“if any”). The circular does not specify a separate exemption for stock brokers.

What Does the Circular Require? Provision-by-Provision

Paras 1 to 3: Background and the core mandate

Para 1 recalls that the May 19, 2023 circular mandated all stock brokers to display Risk disclosures. Para 2 states that, in continuation, SEBI has decided to introduce display of investor-centric messages as part of Project Jagrook and World Investor Week 2026. Para 3 then states that all stock brokers "shall be required to prominently display" the messages, as shared by SEBI, on their websites and trading apps in the manner prescribed.

Para 4.1: Broker websites

• 5 to 31 October 2026: All stock brokers shall display the messages and the Risk disclosures on their websites.
• From 1 November 2026: Stock brokers shall display the specified messages on the landing page of their websites.

The 2026 circular does not amend the existing Risk-disclosure requirements under the May 19, 2023 SEBI circular. Para 6 expressly states that all other provisions of that circular remain unchanged. The 2026 circular separately prescribes the new investor-awareness-message placement from November 1, 2026.

Para 4.2: Trading apps

• 5 to 31 October 2026 (voluntary): Stock brokers "may" display the messages on a voluntary basis. On any day a broker chooses to display them, showing the Risk disclosures is optional.
• From 1 November 2026 (mandatory): Brokers shall mandatorily display the messages and the Risk disclosures, on alternate days, on their trading apps, if any. The messages should be on the landing page of the app.

Para 4.3: Messages may change

The messages shared by SEBI "may be modified from time to time". Brokers should expect updates and should avoid hard-coding the text.

Paras 5 to 9: Exchanges, Depositories, and legal basis

• Exchanges and Depositories must bring the circular to the notice of members or participants and put it on their websites (5.1).
• They must display the SEBI messages "as it is" on their own websites (5.2).
• They must make necessary amendments to relevant bye-laws, rules and regulations for implementation (5.3).
• All other provisions of the May 19, 2023 circular remain unchanged (para 6).
• The circular is issued under Section 11(1) of the SEBI Act, 1992, with the approval of the competent authority (paras 7 and 8), and is available on www.sebi.gov.in under "Legal" > "Circulars" (para 9).

When Does It Apply?

What the Circular Does Not Say

• No message text. The messages are "shared by SEBI" separately and are not reproduced in the circular.
• No penalty specified. The circular does not specify a penalty or other consequence for non-compliance.
• No end date. The mandatory display runs "from November 1, 2026 onwards" with no stated end.
• No technical specification. Font, size, placement beyond "landing page" and duration on screen are not prescribed. "Prominently" is not defined.
• No cycle rule. Which item appears on which alternate day is not specified.

Practical Impact

In practice, this means that brokers should ensure the required website implementation is operational from October 5, 2026 and that the mandatory alternate-day app display is ready from November 1, 2026. Compliance should implement the “investor awareness message(s)” as shared by SEBI, monitor for modifications to those messages, and may maintain internal evidence of implementation such as dated screenshots.

For compliance teams, the immediate issue is the website, since that obligation is mandatory from October 5, 2026 and covers both the messages and the Risk disclosures. The app obligation has a lead time, but the November rule needs design, testing and release cycles that often take weeks.

Exchanges and Depositories face a parallel task: updating bye-laws, rules and regulations, and relaying the circular to members and participants.

Compliance Checklist

The circular sets out mandatory display requirements for stock brokers, together with obligations for Stock Exchanges and Depositories. The checklist below reflects those requirements, with editorial suggestions clearly marked.

Frequently Asked Questions

What did SEBI require under the Project Jagrook circular?

SEBI required all stock brokers to prominently display the "investor awareness message(s)" shared by SEBI on their websites and trading apps, in the manner and on the timeline set out in the circular dated October 01, 2026.

When must stock brokers start displaying the messages on websites?

Stock brokers must display the messages and the Risk disclosures on their websites from October 5, 2026. From November 1, 2026, the messages must be on the website landing page.

Is display on trading apps mandatory?

It is voluntary from October 5 to October 31, 2026. From November 1, 2026, stock brokers must mandatorily display the messages and Risk disclosures on alternate days on their trading apps, if any.

Where on the trading app must the message appear?

The circular says the display should be on the landing page of the stock broker's trading app.

Are Risk disclosures still required?

Yes. The circular states that all other provisions of SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/73 dated May 19, 2023 remain unchanged. On apps from November 1, 2026, Risk disclosures and the messages alternate daily.

Who supplies the messages?

SEBI shares the messages. The circular says the messages may be modified from time to time.

What must Stock Exchanges and Depositories do?

They must inform their members or participants and publish the circular on their websites, display the SEBI messages as they are on their own websites, and amend relevant bye-laws, rules and regulations.

Does the circular specify a penalty for non-compliance?

The circular does not specify a penalty for non-compliance. It is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992.

CorpLawUpdates Analysis

The main implementation issue is the timeline. The website display requirement begins on October 5, 2026, while the mandatory alternate-day trading-app display begins on November 1, 2026. For apps, the circular specifies alternate-day display but does not specify a starting item, time-zone treatment or other detailed technical behaviour. Brokers should document their implementation approach internally.

It is also worth noting the voluntary window: during October 5 to October 31, 2026, if a broker chooses to display the specified investor-awareness messages on its trading app on a particular day, display of the Risk disclosures is optional on that day. Brokers should also monitor the messages shared by SEBI because para 4.3 states that they may be modified from time to time.