Close-out pricing rule sets an average traded price reference and allows exchanges to set bank guarantee tenure.
Exchanges are authorized to determine the tenure of bank guarantees deposited by members for Base Minimum Capital and Additional Capital. For indefinitely suspended or delisted scrips, the close-out valuation uses the average traded price over a prior period as the reference price and applies a fixed close-out mark up to that reference for settlement.

Timely refund processing from the Consumer Welfare Fund to prevent accruing interest liability on delayed repayments.
Refunds credited to the Consumer Welfare Fund must be processed promptly to avoid interest liability. Commissioners must forward approved refund requests to payment authorities within three days, and payment authorities are to process refunds under a monitored timetable aimed at effecting payment within a month; unresolved cases should be escalated to the accounts controller with full details.

Committee formation for monitoring compliance: exchanges must create subcommittee to review and approve SEBI inspection compliance reports periodically.
A subcommittee of each exchange's governing board must be formed, composed of the Executive Director/Managing Director, two public representatives, one SEBI nominee and one broker representative, to review and approve actions taken on SEBI inspection reports; the subcommittee must meet regularly and its reports must be presented to the exchange board prior to sending compliance reports to SEBI.

Independent director independence: professional service providers and material pecuniary ties treated as associates, requiring reclassification and disclosure.
Persons providing professional services to, or having material pecuniary relationships with, a mutual fund, AMC, trustee company or sponsor shall be treated as associate directors and not independent. Trustees must assess materiality of pecuniary ties. Existing directors must be classified as independent or associate and SEBI informed if board composition fails to meet independent-director requirements, with proposed remedial steps. The director bio-data format must add queries on professional services and pecuniary relationships, include an independent-director declaration on absence of material pecuniary ties, and the cooling-off provision applies.

Amendment to Schedule XIII: Notification forwarded to regional directors and registrars, requiring circulation and acknowledgment.
Notification G.S.R. 565(E) dated 14.08.2002 amending Schedule XIII to the Companies Act, 1956 is circulated by the Department of Company Affairs to all Regional Directors and Registrars of Companies, with directions for circulation and a request to acknowledge receipt; the communication serves as an administrative transmission to bring the amendment to the attention of enforcement and registration authorities.

Time-bound arbitration: arbitral awards must be made within three months, with limited extensions and exceptional adjournments.
Stock exchanges must adopt a byelaw requiring arbitral tribunals to make awards within three months from the date they enter upon the reference, deemed the date of the first hearing. The three month period may be extended up to three times by the Managing Director or relevant authority, or on application by a party or the tribunal. Any further adjournments are permissible only in exceptional, bonafide circumstances with reasons recorded in writing. Exchanges are instructed to implement this requirement immediately.

New Scheme Report format updated: submit revised report including modified Clause V; quarterly movement reports discontinued.
SEBI withdraws the requirement to submit quarterly statements of movement in net assets and mandates submission of the revised New Scheme Report format, incorporating a modified Clause V. The revised template requires scheme identification, subscription and allotment particulars (including initial issue expenses and listing information), refund dispatch date if applicable, and a detailed unit holding pattern with category-wise holdings and largest unitholders' details.

Possession of specified Indian currency notes prohibited in Nepal; travellers must carry valid ID and comply with vehicle import rules.
Possession of certain Indian currency notes is prohibited in Nepal and may be punishable; Indian travellers should carry valid identity documents (passport, government photo ID, voter ID, or driving licence). Indian vehicles must present original Registration Certificate, Insurance documents and Driving Licence, pay temporary importation duty and taxes at first entry, obtain receipts and a temporary registration number plate, and display it at subsequent check posts. Do not carry arms and ammunition. Officials are to publicise the advisory at airports and Land Customs Stations and provide consular contact numbers for assistance.

Export realisation timeline extended for specified jurisdictions; exporters must thereafter realise full proceeds within the prescribed period.
The Reserve Bank authorised a one year extension of the temporary facility permitting exporters to the listed jurisdictions to realise and repatriate full export proceeds within 360 days of shipment; authorised dealers must inform constituents. After the extension period, exporters must realise full proceeds within the standard six month period. The directions are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999, and the annexure lists the jurisdictions covered by the temporary facility.

Taxation of dividends shifted to recipients, reviving TDS and restructuring related compliance obligations.
The Finance Act, 2002 extensively amends direct tax law: it revises rate structures and surcharge mechanics, withdraws and narrows numerous exemptions, clarifies the definition of person, brings casual receipts within the tax net, tightens capital gains valuation for immovable property, refines transfer pricing rules (including a Transfer Pricing Officer mechanism and price tolerance), introduces additional depreciation incentives, reworks MAT and shipping relief, strengthens search and seizure and electronic records access (with penal sanctions), revives and expands TDS obligations (including on dividends and mutual fund distributions), and modifies compliance, assessment and penalty procedures with detailed effective date and transitional provisions.

Wrong availment of drawback disallowed: exporters must not claim drawback for inputs imported duty-free under a customs notification.
Drawback is payable only where inputs have borne customs or excise duty; inputs imported duty-free under Customs Notification No. 32/97 disentitle the exporter to drawback or DEPB. Customs must verify import records when processing shipping bills, require declaration on the shipping bill of materials imported duty-free under that notification with details, and examine records to report cases of simultaneous wrongful availment for further action.

Transfer of tax cases: central ban lifted, now allowing intra-departmental reassignments without prior Board approval.
Ban on inter-officer transfer of income-tax cases is withdrawn with immediate effect, removing the prior-Board-approval requirement. The prohibition had been imposed for computerisation and PAN allotment and extended during departmental restructuring; it is now considered unnecessary, restoring routine administrative authority for reassigning cases between Assessing Officers.

Direct uploading of FII data by custodians requires registration, fee and scheduled electronic daily uploads.
Custodians must register and pay a one time fee of Rs. 25,000 to obtain electronic filing access; the registration records custodian and data loading officer details and requires a confidentiality declaration for credentials. Daily FII investment data are to be uploaded from custodian sites on working days between 10:00 A.M. and 4:00 P.M., with uploads permitted on SEBI holidays if the market/custodian is open. Technical instructions mandate Citrix access to SEBI's extranet, use of two files named in DTR/DTS date formats on removable media, entry of the reporting date, and procedures to view, correct and reload error records.

Applicability of penal interest provisions restricted to post-amendment clearances under Central Excise law, narrowing retrospective reach.
Whether interest under Section 11AB applies retrospectively was disputed: the Department and Solicitor General treated duty as payable on adjudication so the provision would govern adjudications on or after 28.9.1996; CEGAT rejected this as penal and limited applicability to clearances after 28.9.1996, a view left intact by higher courts. Amendment w.e.f. 11.5.2001 clarifies that the provision applies only where duty became payable or ought to have been paid after 11.5.2001, and that duty can become payable by Board instructions as well as adjudication.

Extension of filing deadline for DEPB endorsements, plus modified metal fineness requirements and inspection agency listings.
The notice extends the period for re submission and endorsement of DEPBs relating to shipments with prior "Let Export" orders, allows licence holders to apply for endorsements using counter assistance, and requires licensing authorities to process such requests promptly. It also extends the filing deadline for applications for actual user and transferable DEPBs for those shipments. Additionally, nominated agencies' metal release fineness standards are specified, an internal paragraph reference in Chapter 8 is corrected, and Appendix 28's list of inspection and certification agencies is amended.

Section 80-IA infrastructure benefit continues for projects notified before cutoff, subject to prior eligibility conditions.
Projects with agreements executed on or after 1-4-1995 and on or before 31-3-2001 that were notified by the Board on or before 31-3-2001 continue to be eligible for the income-tax benefit under the pre-amendment definition of infrastructure facility, and remain exempt provided they fulfil the eligibility conditions that existed under the prior wording of the provision.

DEPB verification procedure tightened: authorised registration, computerised debits, and direct credit transfers required for third party use.
The notice prescribes a controlled verification regime for DEPB scrip: only the holder, authorised employee or authorised CHA may submit scrips; authorised persons must obtain a registration number via a holder issued certificate recorded in a register. Examiners must verify shipment details against computer/EGM data, appraisers and an Assistant Commissioner must countersign, and verified scrips are registered in the computer with the registration number endorsed and returned on a fixed third day schedule. DEPB debits are to be made on the computer, and exemptions for non holders are allowed only where a specific amount of credit is directly transferred by the DEPB holder.

Confidentiality of client information: exchanges must enforce non disclosure by employees and members, with penalties for breaches.
Exchanges must reinforce employee and member obligations to maintain confidentiality of client information and prevent leakage of trade data, using ticker messages and circulars; confidentiality is required by the client broker agreement and clause (3) of Para B of Schedule II (Code of Conduct) of the stock broker regulations, and breaches may attract regulatory penalties.

Rounding off NAVs: prescribed decimal precision for NAV reporting, distinguishing debt/index and equity/balanced schemes.
Mutual funds must round Net Asset Values to four decimal places for index funds and debt oriented schemes, and to two decimal places for equity oriented and balanced schemes, with equity and balanced schemes permitted to use greater precision if desired; these rounding conventions apply to existing and new schemes and must be implemented by the prescribed deadline under the mutual funds regulations cited in the circular.

DEPB rate amendments revise export entitlement rates and adjust value caps, including deletions of specified tariff entries.
Amendments revise the Schedule of DEPB Rates by changing DEPB rates and value caps for specified engineering products (Product Group 61), deleting two DEPB entries (S. Nos. 493 and 494), and correcting the DEPB rate and value cap for Roxarsone in Product Group 62 to update export entitlement calculations.