Change in control of portfolio managers: investors must be informed and given at least 30 days exit without exit load.
Once prior approval for a change in control is granted, the portfolio manager must inform existing investors/clients before effecting the change and provide an option to exit without any exit load for at least 30 calendar days from the date of communication; for co investment portfolio management services, the portfolio manager must ensure compliance with the second proviso of Regulation 22(2). All other prior circular requirements remain unchanged.

Territorial jurisdiction assignment for GST intelligence officers under Assam tax law across the State of Assam.
Exercise of power under section 4(2) of the Assam Goods and Services Tax Act, 2017 assigned territorial jurisdiction to officers posted in the Economic Intelligence Unit. Joint Commissioners, Deputy Commissioners, Assistant Commissioners and Superintendents of State Tax, being members allotted duties in the EIU by the Principal Commissioner of State Tax, Assam, were authorised to exercise their powers within the State of Assam, with headquarters at Guwahati.

E way bill discrepancies: clarified penalty framework for mismatched delivery details and requirements to avoid penalties.
Substitution of paragraph 11 prescribes an issue based penalty framework for Roving Squad detections under the TNGST Act, clarifying that production of a predated ARN or valid rental/lease proof of an additional place of business avoids penalty, whereas absence of such proof attracts prescribed penalties. The amendment addresses varied "bill to-ship to" scenarios, deliveries to construction sites, transporter warehouses, exhibitions, job worker premises and work site stretches, sets lower penalties where consignments are otherwise properly documented, and escalates to higher or maximum penalties for cross locality mismatches or repeated offences, while detailing acceptable proof for place of business.

Exchange outage protocol requires prompt notification and coordinated extension of trading hours to enable orderly intraday position closure.
Standardised operational rules define stock exchange outage and require the affected exchange to immediately notify market participants and the regulator, provide periodic updates, conduct a pre-opening session before resumption, and follow Business Continuity and Disaster Recovery protocols. Automatic, coordinated extension of trading hours across exchanges is triggered by specified timing cutoffs to permit orderly closure of intraday positions, with rules for cessation on the affected exchange if normalcy is not restored. Exchanges must adopt a uniform close-out policy and MIIs must update and board-approve their BCPs.

Settlement mechanism flexibility: authorised bank and payment-aggregator channels may be used to settle RFQ platform trades immediately.
SEBI permits, alongside Real-Time Gross Settlement, payment mechanisms provided by banks and payment aggregators authorised by the Reserve Bank of India to be used for settlement of trades executed on the RFQ platform; Stock Exchanges and Clearing Corporations must put in place necessary infrastructure, amend relevant bye-laws and disseminate the changes, with immediate effect.

Treatment of statutory GST dues requires intimation when insolvency proceedings under IBC reduce assessed GST demands.
Where government dues under RGST Act are reduced by appeal, revision or other proceedings, including adjudication under IBC, intimation of such reduction must be given by the Commissioner to the person and to the authority with whom recovery proceedings are pending; where a confirmed demand with a summary in FORM GST DRC-07/DRC-07A exists and IBC proceedings have been finalised, the Zonal Additional Commissioner (Adm.) shall issue intimation in FORM GST DRC-25 reducing the demand and enabling recovery to continue only in respect of the reduced amount.

Registration authority inclusion: MEDEPC now authorised to issue RCMC for specified mobile and electronic device items.
The Directorate General of Foreign Trade amends Appendix 2T to add Mobile and Electronic Devices Export Promotion Council (MEDEPC) as an authorised body to issue Registration Cum Membership Certificates (RCMC) for a specified list of final products and parts, including smartphones, mobile phones, smart watches, displays, multifunction devices, ADP machines and related parts, batteries, PCBAs, semiconductors and other electronic components; RCMCs issued by the Telecom Equipment and Services EPC or Electronics & Computer Software EPC remain valid until expiry.

Filing of prospectus documents permitted physically during portal migration, with later electronic submission and fee compliance.
Companies may submit Forms GNL-2 and MGT-14 in physical form to the Registrar when MCA-21 portal filing is unavailable; such physical submissions must be signed, accompanied by an electronic copy, and include an undertaking to later file the same forms electronically on MCA-21 with payment of prescribed fees, and the Registrar will provide an acknowledgement in the prescribed annexure.

Filing extension: 15 day extension without additional fees for specified company e forms during MCA21 system upgrade.
Because 45 specified company e Forms will be unavailable in MCA21 Version 2 from 07.01.2023 to 22.01.2023 during rollout of MCA21 Version 3.0, stakeholders with filing due dates in that period are granted an automatic additional 15 day extension without levying additional fees; the extension applies only to the enumerated forms covering director filings, incorporation and conversion matters, share capital and buyback returns, Nidhi and foreign company returns, dormant company status filings, and other Registrar/Regional Director submissions.

Pecuniary limits for adjudication set allocation of officers' authority for issuing show cause notices and passing orders.
Pecuniary limits are prescribed by officer tier for issuance of show cause notices and adjudication orders concerning unpaid or wrongly availed input tax under the State, Central and Integrated GST laws, with penalty and interest excluded from the threshold calculation. The Joint Commissioner has no pecuniary limit. Multiple notices on the same issue for different periods are to be adjudicated by the authority handling the highest-value notice. Intelligence, Enforcement and Audit officers may only issue notices or close proceedings prior to notice issuance. The instructions commence in January 2023.

Proper officer designation under Kerala SGST Act assigns statutory powers to specified officers; delegation to subordinates permitted.
The Commissioner assigns specific officers as proper officers for enumerated sections and rules of the Kerala State Goods and Services Tax Act, 2017, mapping statutory and rule-based powers to designated ranks in a tabulated schedule. The circular confirms that an officer may exercise powers of any subordinate officer under the Act's delegation provision, rescinds inconsistent prior circulars, and declares the assignments effective from the 10th day of January, 2023.

Adjudication reassignment of GST show-cause notices now handled by taxpayer services vertical with jurisdiction by PIN and pecuniary limits.
Adjudication of GST show-cause notices issued by Intelligence, Enforcement and Audit formations is transferred to the Taxpayer Services Vertical; jurisdiction is to be determined by the noticee's PIN code and the pecuniary limits of adjudicating authorities, the issuing authority must identify the adjudicating authority in the notice, and GST Info will implement transmission arrangements, effective from January 2023.

Tobacco product packaging must display specified health warnings covering 85% of the principal display area, with rotating images.
The instrument mandates that specified health warnings appear on both principal display panels of all tobacco product packages covering 85% of the principal display area. The 2022 amendment notifies two rotating warnings (Image 1 and Image 2) effective 1 December 2022, sequenced as twelve month periods, and prescribes textual content (including quit helpline), exact background and font colours, four colour printing at minimum 300 DPI, and availability of printable versions online. Customs is directed to sensitize officers for implementation.

Extended Producer Responsibility regime requires online EPR certificate purchases from registered recyclers to meet recycling targets.
The E Waste (Management) Rules, 2022 create a market based Extended Producer Responsibility regime administered through an online CPCB portal: manufacturers, producers, refurbishers and recyclers must register, file periodic returns, and meet product specific recycling targets by purchasing EPR certificates from registered recyclers; certificates are generated by CPCB using conversion factors, are auditable and time limited, and non compliance attracts revocation, environmental compensation and prosecution.

Management and advisory services to FPIs from IFSCs allowed with thematic-scheme ban and restricted contra-position trading.
AMCs may provide management and advisory services to FPIs operating from International Financial Services Centres and regulated by the IFSC regulator even if not previously specified, provided such FPIs are prohibited from investing in mutual fund schemes classified as thematic and are subject to a restriction on taking contra-positions in equity and equity derivative securities listed on recognized Indian exchanges for a prescribed post-trade period.

Credit Rating Agencies must follow SEBI mandated registration, standardized rating scales, disclosure, governance, audit and outsourcing rules.
SEBI's Operational Circular consolidates CRA regulatory directives: registration and change of control approvals via the SEBI Intermediary Portal; procedures for transfer, suspension, cancellation and surrender of registration with mandated client communications and migration facilitation; standardized rating symbols and EL scale; detailed requirements for operations manuals, rating processes, press releases and treatment of non cooperation; periodic PD benchmarks and default/transition disclosures; prescribed timelines for reviews and press releases; governance, internal audit, conflict of interest, firewall and outsourcing rules; and continuing SEBI oversight and reporting obligations.

No Claim Bonus treatment: NCB reduces taxable insurance premium when pre disclosed, and e invoicing exemption covers the whole entity.
No Claim Bonus is not consideration from the insured to the insurer and does not constitute supply by the insured; where NCB is pre disclosed in the policy and stated in the invoice it is an admissible deduction under clause (a) of sub section (3) of section 15 of the APGST Act, and GST is to be computed on the premium after deducting NCB. The statutory exemption from mandatory e invoicing under Go.Ms.No.141 applies to the exempted entity as a whole and covers all its supplies.

Limitation on re-determination under GST: only demands from notices issued within prescribed limitation can be recomputed.
When an appellate body finds a notice under section 74 unsustainable for lack of fraud, the proper officer must re-determine tax, interest and penalty by deeming the notice as issued under section 73 and issue the re-determination order within two years of communication of the appellate direction. Re-determination is limited to amounts for which a valid section 73 notice could have been issued-i.e., demands in respect of which the original notice was issued within the statutory limitation window (effectively notices issued within two years and nine months of the relevant return due date or erroneous refund); amounts beyond that window are time-barred.

Place of supply for export-bound transportation services: foreign destination triggers IGST and permits recipient's ITC if conditions met.
The place of supply for transportation services of goods destined outside India is the foreign destination; such supplies are treated as inter-State supplies and IGST is chargeable, and the recipient located in India may avail input tax credit of the IGST subject to conditions in sections 16 and 17 of the APGST Act.

Input tax credit reconciliation: certification permitted to validate ITC differences when supplier records do not reflect supplies.
Discrepancies between ITC claimed in FORM GSTR-3B and amounts in FORM GSTR-2A for FY 2017 18 and 2018 19 must be resolved by obtaining invoice details and verifying Section 16 conditions (invoice possession, receipt of supplies, payment to supplier), assessing need for reversals and timeliness, and requiring documentary certification: a CA/CMA certificate with UDIN where the per supplier yearly difference exceeds the prescribed threshold, or a supplier's declaration where it does not. The guidance applies to ongoing or pending proceedings and to bonafide reporting errors.