EOP on WebNotes

SEBI Execution-Only Platform framework of 2023

Sat, 16 May 2026 00:00:00 +0000

The SEBI Execution-Only Platform (EOP) framework of 2023 is the regulatory framework introduced by SEBI Circular SEBI/HO/IMD/IMD-POD-1/P/CIR/2023/74 dated 12 July 2023 that formalises the regulatory status of online platforms providing execution-only access to direct-plan mutual fund transactions, without providing investment advice. The framework was a response to the structural ambiguity that had existed since the SEBI January 2013 direct plan mandate , under which a generation of commercial digital platforms (Groww , Kuvera , ET Money , INDmoney , Zerodha Coin , Paytm Money) had collectively acquired tens of millions of retail users for direct-plan investing without a clear regulatory category. The 2023 framework defines two EOP categories with distinct registration routes and produces a clear regulatory safe harbour for the direct-plan execution-only model.

EOP regulations 2023 (Execution-Only Platform framework)

Tue, 12 May 2026 00:00:00 +0000

The EOP (Execution-Only Platform) framework is a regulatory architecture established by SEBI (Securities and Exchange Board of India) through circular SEBI/HO/IMD/IMD-POD-1/P/CIR/2023/74, issued on 19 May 2023. The circular formally defines and regulates platforms that facilitate execution of mutual fund transactions in direct plans without providing investment advice, creating a distinct regulatory category for what had previously been a grey area in Indian mutual fund distribution regulation.

Prior to the EOP circular, direct-plan aggregator platforms such as Kuvera , ET Money , MFU , and BSE StAR MF operated either under AMFI ARN holder registrations (as mutual fund distributors without the commission basis) or as SEBI-registered investment advisers (RIAs). The absence of a specific platform category meant that transaction-only platforms faced regulatory uncertainty about their obligations and permissible activities.

Mutual fund aggregator portal landscape in India

Tue, 12 May 2026 00:00:00 +0000

The mutual fund aggregator portal landscape in India encompasses the range of digital platforms that allow investors to access mutual fund schemes from multiple AMCs through a single interface, as distinct from investing directly through an individual AMC’s portal. Aggregator platforms represent a significant share of mutual fund transaction volumes in India and have been the primary channel through which direct-plan investing has grown since the SEBI direct-plan mandate of January 2013.