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SEBI has taken a major step to make compliance reporting easier in the Indian securities market. The Securities and Exchange Board of India (SEBI) has extended the Samuhik Prativedan Manch (SPM) common reporting platform to eligible Clearing Members (CMs). These CMs also act as stockbrokers and have membership of multiple stock exchanges and clearing corporations.
Earlier, the same compliance report had to be submitted separately at multiple locations. This increased time, manpower, and compliance costs. The new system has been designed to reduce this repetitive reporting. About 1,066 CMs can benefit from this initiative. Its first phase is proposed to start on 30 September 2026.
In this article, we will discuss SPM, how the new extension will work, and its practical impact on CMs.
Samuhik Prativedan Manch (SPM) is a technology-based common reporting mechanism of SEBI. It aims to reduce the need to submit the same compliance information repeatedly to different regulatory entities.
Eligible intermediaries will submit applicable reports through a common platform. That report can be used by multiple entities. This reduces the need to create and submit the same information for each membership.
SPM was first launched for stockbrokers on 18 July 2025. Its objective was to reduce repetitive reporting, especially for brokers who had multiple stock exchange memberships.
Now this approach is being brought to clearing members as well. So, the reporting process for eligible CMs with multiple clearing corporation memberships can be further centralized.
Many clearing members also act as stockbrokers. They may have membership of multiple stock exchanges and clearing corporations. Compliance reporting can become more complex.
In the earlier system, the same or almost the same information may have to be reported separately to multiple clearing corporations. This requires the compliance team to do the same work repeatedly.
This may result in several problems:
SEBI has increased the scope of SPM to reduce such redundant reporting. Covered reports can be submitted through the common platform instead of separately to each relevant clearing corporation.
SPM is not removing the compliance obligation. It simplifies the process of compliance reporting. The change is in the method of reporting that information.
The new mechanism is very easy to understand. An eligible CM will first have to prepare the required compliance information. Then the applicable report will be submitted through the SPM platform.
Then the report will be available to the concerned clearing corporations where that CM has membership. So, there will be no need to submit the same report separately for each clearing corporation covered by SPM.
The process will work like this:
Earlier Reporting Model
Under Applicable SPM Reporting
CM → SPM Common Platform → Relevant Clearing Corporations
However, not all types of CM reports will be covered through SPM. The first phase will include 14 specific compliance reports. So, the extent to which SPM will benefit a CM will depend on the covered reports and applicable requirements.
This approach creates a common reporting process instead of repeating the same compliance work.
SEBI is not introducing the extension of SPM for all reporting requirements at once. This will enable eligible entities to easily adapt to the new reporting system.
Phase 1
The first phase is proposed to start on 30 September 2026. This will apply to CMs who also work as stockbrokers.
In this phase, there will be a facility to submit 14 compliance reports through SPM. According to SEBI, These 14 reports account for about 60% of the reporting requirements of the covered CMs.
So, not all the reports are going to go to the common platform initially. The system will be used first with some important reports.
Phase 2
The second phase has been proposed from 31 December 2026. At this stage, SEBI will evaluate bringing the remaining CM reports onto the common platform.
In addition, it will also be evaluated whether SPM can be extended to Professional Clearing Members (PCMs) who have membership of more than one clearing corporation.
However, it would not be right to consider Phase 2 as operational right now. This is a phase of future expansion and feasibility evaluation.
About 1,066 clearing members can benefit from this initiative of SEBI. Basically, those CMs who are stockbrokers and members of more than one stock exchange and clearing corporation will come under its purview.
If there is more than one membership, the same type of compliance information must be reported in different places. Therefore, the common platform can be more useful for them.
The first phase is expected to cover 14 reports and about 60% of the reporting requirements. More reports may be added in the future. The inclusion of PCMs is also under evaluation.
The biggest benefit of SPM extension is the reduction in repetitive reporting. This can make the compliance process easier for firms with multiple memberships.
The need to submit the same information repeatedly to different clearing corporations will be reduced if the report is covered by SPM.
The workload of compliance teams can be reduced due to reduced work of repeated data entry, checking, and submission.
Reducing the duplicate reporting workflow can also reduce the need for manpower and administrative resources. This creates an opportunity to reduce overall compliance costs.
Using a common reporting process can reduce the possibility of mismatches between information submitted in different places.
Firms with multiple memberships can maintain a more organized reporting workflow.
Centralized submission can make it easier to manage applicable reports. However, the responsibility for creating accurate information and maintaining records remains.
Most importantly, SPM is not removing compliance obligations. It simplifies the process of submitting reports.
Eligible CMs should review their existing compliance processes before SPM implementation. Just knowing about the new platform is not enough. CMs also need clarity on how to submit reports through SPM.
The checklist for CMs can be:
These steps can make the transition easier.
SEBI’s SPM extension is a step towards making the compliance process of the securities market more organized. It can help reduce unnecessary duplicate reporting. The use of technology in regulatory reporting is also increasing.
A common reporting workflow for intermediaries with multiple memberships can increase operational efficiency. It remains to be seen whether this model can be used for more reports or other eligible intermediaries in the future.
However, even though reporting is simplified, regulatory oversight will remain. The main goal is to make the compliance process more efficient, not reduce requirements.
When the regulatory reporting framework changes, businesses need to review their existing compliance process. It is useful to understand in advance which requirements apply, which documents need to be maintained, and how the internal reporting process should be updated.
Enterslice can support businesses in understanding the various compliance requirements and organizing their internal processes.
Our Services:
SEBI’s SPM platform extension is an important step towards reducing repetitive compliance reporting by eligible clearing members. The proposed Phase 1 from 30 September 2026 will have 14 compliance reports, covering around 60% of reporting requirements. Around 1,066 CMs are likely to benefit from this.
The proposed Phase 2, from 31 December 2026, will evaluate further reports and the inclusion of Professional Clearing Members.
It is important for CMs to review their reporting processes with this change. Proper regulatory understanding and an organized compliance system can ease this transition. Enterslice’s compliance support can help businesses manage their internal processes with the updated requirements. So, contact us today for hassle-free compliance.
Samuhik Prativedan Manch (SPM) is a technology-based common reporting mechanism of SEBI. It aims to reduce repetitive compliance reporting. Eligible intermediaries can use a common platform instead of submitting the same applicable information to multiple entities separately. SPM was initially launched for stockbrokers. Now, it has been extended to eligible Clearing Members (CMs), who also act as stockbrokers.
Around 1,066 Clearing Members (CMs) can benefit from this extension. Basically, those CMs who also act as stockbrokers and have membership of more than one stock exchange and clearing corporation will be included. However, in the first phase, not all CM reports will go to SPM. The implementation will start with certain reports. SEBI will look into adding more reports in the next phase.
The first phase of SPM for Clearing Members is proposed to start from 30 September 2026. In this phase, eligible CMs who also work as stockbrokers will be able to submit covered compliance reports through the common platform. There will be 14 reports initially. After that, the remaining CM reports and the inclusion of Professional Clearing Members with multiple clearing corporation memberships will be evaluated in the proposed 31 December 2026 Phase 2.
In Phase 1 of SPM, there will be a facility to submit 14 compliance reports through the common reporting mechanism. According to SEBI, these reports represent about 60% of the reporting requirements of covered CMs. However, this does not mean that all CM reports will come under the scope of the first phase of SPM. Whether the remaining reports can be brought to the common platform later will be explored in Phase 2.
The main advantage of SPM is the single-submission approach. Eligible CMs will submit any covered compliance report to the common platform. This will reduce the need to submit the same report separately to each relevant clearing corporation. The submitted information will be available to the relevant clearing corporations of the CM membership. This will reduce repeated filing, data entry, and related administrative work.
No. SPM is primarily a reporting mechanism and does not remove the substantive regulatory obligations of CMs. CMs will still have to maintain accurate information, records, internal controls, and applicable compliance requirements. The change is primarily in the process of how covered reports are submitted. Therefore, simplified reporting should not be viewed as a compliance exemption. Regulatory requirements will have to be followed properly as before.
Professional Clearing Members or PCMs are not yet part of the initial Phase 1 coverage of SPM. SEBI will evaluate whether it is possible to use this common reporting mechanism in the case of PCMs having multiple clearing corporation memberships in the proposed Phase 2. Therefore, it would not be right to call PCM coverage an implemented requirement right now. It is a proposed expansion and a matter of feasibility evaluation.
SPM can reduce repetitive reporting by Clearing Members. This can reduce administrative workload and the need to submit the same information repeatedly. This can be useful for firms with multiple memberships. A common reporting process can also help improve consistency. In addition, there is an opportunity to reduce compliance-related costs by reducing duplicate workflows. However, the actual benefit will depend on which reports are covered by SPM and how the system is being implemented.
Covered CMs should first confirm whether they fall under Phase 1 or not. Next, the 14 reports included in SPM need to be reviewed. Existing reporting obligations and internal workflows should also be mapped. It is a good idea to assign responsibility for SPM submission within the compliance team. In addition, implementation updates from SEBI and relevant clearing corporations should be monitored regularly. Supporting documents and records should also be maintained properly.
Enterslice can support businesses in understanding applicable regulatory requirements and reviewing existing compliance processes. We also help in organizing regulatory documentation, identifying compliance obligations, and structuring internal reporting workflows. When regulatory changes like SPM come in, businesses can align their existing processes with the updated requirements. However, Enterslice does not operate or control SEBI's SPM platform. Its role is primarily in compliance support.
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