SEBI’s November deadline changes how broker apps display investor warnings

Indian stock brokers face a 1 November change to the messages customers see on their trading apps. SEBI’s 1 October Project Jagrook circular requires awareness messages on app landing pages, alternating by day with existing risk disclosures, following an October period with greater flexibility.[1]

The earlier May 2023 framework placed the risk disclosure inside the trading-account login process, requiring acknowledgement before proceeding and prominent presentation covering at least half the screen. Its prescribed text concerned individual equity futures-and-options losses and transaction costs, using the regulator’s FY2021–22 study. Those figures should be understood in their stated historical context.[2]

For product teams, a disclosure that occupies that much of the entry screen is part of the trading workflow. The acknowledgement step also makes the interaction more than a link to a risk page. Reviewing the behaviour across web and mobile layouts is a practical consequence of the existing presentation requirements.[2]

SEBI may update the awareness messages. Exchanges and depositories must display the supplied messages unchanged and facilitate implementation. The circular preserves the other provisions of the 2023 framework.[1]

The implementation challenge is keeping the two types of content distinct: general investor education and the prescribed derivatives-risk disclosure serve different purposes. A platform that supports each as a controlled display can apply the relevant acknowledgement and presentation requirements without losing the underlying risk message.[2]

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