Client level segregation of advisory and distribution mitigates conflicts and imposes specific compliance and reporting obligations.
SEBI's Master Circular consolidates applicable IA circulars, rescinds earlier ones as applicable while preserving prior actions, and prescribes operative obligations: client level segregation of advisory and distribution services; mandatory written advisory agreements; prescribed fee modes with documentation; qualification and registration rules; recordkeeping of client interactions; annual compliance audits with adverse finding reporting; prohibition of free trials without risk profiling; mandatory risk profiling with client consent; traceable banking receipts for fees; IAASB membership and reporting; advertising, outsourcing, SaaS security and complaint reporting requirements.

Courier jewellery export simplification exempts non-reimporting exporters from specified image uploads and item-level specification requirements.
E-commerce jewellery exporters using courier mode who declare in the Courier Shipping Bill that they will not seek re-import are exempt from uploading export-item photographs, package photographs, and e-commerce product-listing images through the Express Cargo Clearance System. Form HA is amended to include this declaration, which also relieves exporters from completing certain additional item-level jewellery specification fields.

Verification of GST registrations: risk based scrutiny and required physical checks to curb fake registrations and bogus ITC.
Proper officers must promptly scrutinise FORM GST REG-01 entries and uploaded documents for legibility, completeness and authenticity, cross verify address proofs against public sources, and check prior registrations on the same PAN. Officers must consider DGARM risk ratings (Report Series 400), issue electronic notices in FORM GST REG-03 for deficiencies, examine replies in FORM GST REG-04, and reject unsatisfactory or non responsive applications in FORM GST REG-05. Aadhaar unauthenticated cases require immediate physical verification under rule 9/read with rule 25, with verification reports uploaded in FORM GST REG-30.

Exemption from Azo dye testing confirmed for imports from specified countries, removing testing obligations for those shipments.
Amendment to Appendix 2X of the Foreign Trade Policy, 2023 revises the list of countries exempted from mandatory testing for the presence of Azo Dyes in textiles and textile articles, superseding the earlier public notice. The updated Appendix 2X provides that testing for Azo dyes will not be required for imports originating from the enumerated countries, thereby changing import testing obligations for those consignments.

Certified copy fee payments must be electronic and confirmation sent to the regulator as prescribed.
Payment for certified copies must be made electronically by direct credit to the regulator's bank account via NEFT/RTGS/IMPS or online payment through the regulator's payment gateway; demand drafts are no longer accepted. Applicants must send payment confirmation to the concerned department and a designated email in the prescribed format including payer details, transaction number, bank/IFSC, virtual account code, purpose, and GST information.

Execution-only platform regulation mandates registration, KYC allocation, data governance, immediate order routing, and conflict controls for mutual fund direct plans.
SEBI mandates a regulatory framework for Execution Only Platforms (EOPs) for transactions in direct plans of Mutual Funds, requiring registration as either Category 1 with AMFI (agents of AMCs, may aggregate transactions) or Category 2 as Stock Brokers under an EOP segment (agents of investors, no aggregation). The framework prescribes eligibility, KYC and onboarding responsibilities (with AMCs retaining KYC compliance for executed transactions), order routing and immediate execution rules, operational risk management, data governance, cybersecurity, disclosure limits on advertisements and recommendations, conflict-of-interest controls, fee constraints to flat non-ad-valorem charges, and specified record-keeping and reporting obligations.

Mutual fund participation in repos affirmed by corrigendum, confirming eligibility under governing mutual fund provisions.
The corrigendum replaces Clause 1 of the earlier circular to clarify that Para 12.18 of the Master Circular on Mutual Funds permits mutual funds to participate in repo transactions in corporate bond securities, reaffirming the scope of eligible repo activity for mutual funds under the mutual fund regulatory framework.

GST Audit Reforms require visit audits for high-yield taxpayers and standardized monitoring to improve tax compliance.
The circular mandates strengthening GST audit by directing Visit Audit for Top and high-yield taxpayers, establishing Thematic Audit planning through state and divisional coordination, constituting an Audit Monitoring Committee in each DGSTO to vet initial audit objections and standardise practices, and prescribing mandatory use of analytics and specified annexures/formats for case-wise and consolidated audit and adjudication reporting to enable centralized monitoring and performance review.

AEO programme digitization requires online registration and electronic submission of all application documents for certification.
Dispensing with physical documents, the AEO programme now mandates online registration and electronic submission of all annexures and supporting documents for AEO-T1, AEO-T2, AEO-T3 and AEO-LO applications via the CBIC web portal; the upgraded portal supports real time monitoring, deficiency responses through online uploads and digital certification, applicants must use the step wise guides on CBIC and AEO India sites, earlier Circular 33/2016 is modified, and the Public Notice operates as a standing order for AEO Cell staff.

Import/export declarations now require additional product qualifiers including IUPAC/CAS, plant and formulation identifiers from 1 July 2023.
Importers must declare the IUPAC name and CAS number of constituent chemicals for goods under chapters 28, 29, 32, 38 and 39 in the Bill of Entry; exporters must declare medicinal plant name (chapter 12), formulation name (chapter 30) and surface material contacting chemicals (chapter 84) in Shipping Bills. These additional qualifiers, in formats set out in Annexures 1 and 2, are mandatory and additive to existing declarations for filings on or after 01.07.2023.

Detention notice withdrawal after realization of recoverable arrears, restoring exporter's compliance status under customs detention provisions.
A detention notice had been issued against an exporter citing an Order in Original and a confirmed recoverable demand with interest and penalty. Following realization of the recoverable arrears by the customs office, the detention notice is withdrawn with immediate effect by the deputy commissioner as the administrative response to satisfaction of the demand.

Pre-import condition compliance alters IGST and compensation cess liability; claimants may seek refund or input credit upon application.
Imports failing the pre-import condition under the Advance Authorization scheme are liable for IGST and Compensation Cess; affected importers may apply to the jurisdictional commissioner for refund or input tax credit, subject to case-by-case examination. Ports must permit reassessment by cancelling the Out-of-Charge on the Bill of Entry, accept payment against an electronic Customs EDI challan, and create a notional OOC to transmit IGST and cess details to GSTN, enabling ITC subject to CGST eligibility and refund provisions.

Pre-import condition compliance: imports under Advance Authorization may be regularized by prescribed payments for the specified period.
Imports under the Advance Authorization Scheme effected on or after 13.10.2017 and up to and including 09.01.2019 that did not meet the pre-import condition may be regularized by making payments as prescribed in the Customs Circular; Regional Authorities are to guide trade and report implementation difficulties to the Directorate.

Upstreaming of clients' funds: SBs/CMs must transfer all client monies to CCs via cash, liened FDRs, or pledged MFOS units.
All client funds held by Stock Brokers and Clearing Members must be upstreamed to Clearing Corporations as cash, lien-marked FDRs meeting CC exposure norms and pre-terminable within one year, or as pledged dematerialized units of Mutual Fund Overnight Schemes held in a dedicated Client Nodal MFOS Account and pledged through the prescribed pledge/re-pledge mechanism; designated Up Streaming and Down Streaming Client Nodal Bank Accounts must be used with specified cutoff times for upstreaming and release, permitted withdrawal scenarios are limited, CCs must enable collateral utilisation and margin adjustment, and bank-CMs and proprietary funds are excluded.

Online processing of investor service requests mandates RTAs to implement portals with URN, tracking, authentication, and compliance.
Mandates RTAs servicing listed companies to implement publicly accessible websites and online portals enabling investor authentication, submission of standard forms (uploadable or fillable), generation and use of a unique reference number (URN), online acknowledgement, and status tracking; requires cybersecurity, BCP/DR compliance, a Company Secretary compliance certificate post implementation, investor notifications, and uniform document lists with provision for seeking additional documents in specific cases.

Repo participation by mutual funds: permitted on listed AA and above corporate debt, CPs and CDs; look through ratings apply.
Mutual funds may enter repos on listed AA and above rated corporate debt securities, Commercial Papers and Certificate of Deposits. Credit exposure for regulatory metrics shall be assessed on a look through basis to the underlying securities' ratings. Repos with settlement guaranteed by a Clearing Corporation shall be excluded from single issuer, group issuer and sector investment limit calculations. Other prior conditions remain unchanged and the provisions are effective immediately.

Import allocation of watermelon seeds limited and licensed on actual user basis; applications by deadline with specified documentation.
Imports of watermelon seeds under ITC(HS) 12077090 are capped for the period up to 31 October 2023 and allowed only on an Actual User basis. Applications from processors must be filed by the publicised deadline and exclude IECs issued on or after the notice date. Applicants must supply a pre-existing FSSAI licence showing processing capacity and a CA certificate of overall and watermelon-seed-specific turnover; one application per IEC and mis-declaration carries a two-year disqualification. The Exim Facilitation Committee will allocate quantities using 70% weight for processing capacity and 30% for average past imports, with DGFT reserving rights to set floors/ceilings and amend the process.

Amnesty scheme for export obligation defaults allows duty payment with prescribed capped interest to regularise shortfalls.
Scheme allows Advance Authorization and EPCG holders to regularise bona fide export obligation defaults by paying applicable Customs duty for the EO shortfall with interest as prescribed by the DGFT Public Notice; cases involving fraud, mis-declaration, or unauthorised diversion are excluded and duties paid under the scheme are not eligible for CENVAT credit or refund.

Pre-import condition enforcement: affected importers must pay IGST and may claim refund or input credit via prescribed procedure.
Mandatory enforcement of the pre-import condition in the Advance Authorization scheme requires imports failing that condition to be charged IGST and compensation cess with interest. Affected importers may apply to the jurisdictional assessment group at the port of import with documentary evidence to pay the tax, seek refund or claim input tax credit; customs will cancel OOC, reassess the bill of entry, accept payment via electronic challan, and make a notional OOC to transmit payment data to GSTN. ITC availability and refunds remain subject to statutory eligibility and rules.

Mandatory import/export qualifiers require chemical IUPAC/CAS, medicinal plant and formulation identifiers to streamline customs clearance.
Import declarations for Chapters 28, 29, 32, 38 and 39 must include IUPAC name and CAS number of constituent chemicals and constituent fields at the time of filing; export Shipping Bills must include medicinal plant names for Chapter 12 parts, formulation names for Chapter 30 formulations, and surface material identifiers for specified Chapter 84 items. These qualifiers are additional to existing declarations, enabled under the electronic Bill of Entry and Shipping Bill regulations, and detailed identifier tables and field formats are provided in Annexures for mandatory use.