Display Assembly classification clarified: integrated display components qualify for concessional customs duty; specific exclusions stated.
Clarification on customs classification: Display Assembly for cellular mobile phones comprises specified parts-touch panel, cover glass, brightness enhancement film, LED backlight, polarizers, mounted OLED/LCD driver IC, FPCs/FPCAs, LCM/OLED module, and integral sensors. Assemblies imported with attached auxiliary items such as support frames, receiver mesh, protective films, SIM socket/tray, antenna pin, or side keys remain Display Assembly and attract concessional BCD. Assemblies containing disqualifying components like PCBA (except display driver IC and display FPCs), camera modules, batteries, chargers, speakers, microphone/receiver, and other listed items lose the concessional treatment and are classed as general mobile phone parts.

Duty Free Shops and Special Warehouse at Visakhapatnam Airport must use computerized SKU records, bonded escort, and prescribed monthly returns.
Regulations require ITDC Special Warehouse (section 58A) to store goods destined for DFS or airline use, with transfers from public bonded warehouses (section 57) permitted only via prescribed removal procedures; DFS in customs area is a point of sale, not a locked warehouse. Licensee must maintain SKU-based computerized records with mandatory Form A data elements and audit trail, integrate sales records (Form C) every 24 hours with scanned passport and boarding pass linked to invoices retained five years, and file monthly returns (Form A) and expiry notices (Form B) with the Bond Officer. Bond Officers escort goods to DFS; customs presence at point of sale and signature on individual vouchers is not required.

KYC uploading requirement: KRAs must validate and upload client KYC to the central registry and integrate systems promptly.
Registered intermediaries must continue to upload, download and modify client KYC information on KRA systems with proper authentication. KRAs shall verify and validate KYC data received from intermediaries and upload verified records to the Central KYC Records Registry within seven days of receipt or within any timeline notified under AML rules, integrate their systems with the central registry and commence uploading from the specified start date; existing KYC records of legal entities and individuals must be uploaded within six months from that start point.

Anti money laundering obligations require securities intermediaries to implement CDD, reporting, sanctions screening and risk based controls.
Registered securities intermediaries and stock exchanges must implement written AML/CFT procedures under the PMLA and SEBI Master Circular, encompassing client acceptance policies, client identification and beneficial ownership verification, ongoing CDD with enhanced measures for high risk clients, risk based monitoring and documented risk assessments. They must preserve transaction and identification records to enable audit trails, promptly report suspicious and reportable cash transactions to FIU IND in prescribed formats, maintain sanctions/designated lists and freeze or suspend transactions as required, and appoint designated compliance officers (Principal Officer and Designated Director) with independent audit and training arrangements.

Financial disincentives for surveillance lapses to penalize MIIs for non implementation of surveillance decisions and reporting failures.
The framework defines Surveillance Related Lapses as non implementation, partial or delayed implementation of surveillance meeting decisions or SEBI communications, failures in performing agreed surveillance activities, and inadequate or non reporting of surveillance activity. It prescribes monetary disincentives on a sliding scale tied to the MII's annual revenue band and number of SRL instances, requires pre imposition opportunity to submit, mandates payment to the Investor Protection and Education Fund within a specified timeframe, and requires public disclosure of imposed disincentives, while excluding matters of market wide impact or minor procedural lapses.

Coastal goods compliance: stakeholders must follow prescribed circulars and manifest regulations, plus E-way bill and licence requirements.
The notice consolidates CBIC/CBEC circulars prescribing stakeholder obligations for carriage of coastal cargo, duty collection on ship stores, and use of imported or local containers, and directs strict compliance with those circulars. It also requires persons filing arrival or departure manifests to follow the Sea Cargo Manifest and Transhipment Regulations, 2018, and to comply with E-way bill and other registration or licence requirements under applicable laws.

Exemption from mandatory Quality Control Orders expanded to include chemical and petrochemical sector inputs for export manufacturing.
The DGFT amended Appendix 2Y to add the Department of Chemicals & Petro-chemicals to the list of departments whose mandatory Quality Control Orders are exempted for goods utilised in manufacture of export products, applicable to imports by Advance Authorisation holders, Export Oriented Units and Special Economic Zones. The amendment takes immediate effect and specifies that the EO Period for textile and chemicals & petrochemical products is regulated under para 2.03(A)(i)(g) of the FTP, 2023.

Deemed export compliance revised to simplify EODC applications by reducing documentary and certification burdens for suppliers and exporters.
Amendment to Para 2(b) of ANF 4F sets required evidence for Deemed Exports EODC applications: system generated GST e invoices and e way bills (with certified alternatives where unavailable); shipping bill copy endorsed with intermediate supplier name and file/authorisation numbers where applicable; e BRCs; and a supplies/consumption statement certified by an independent Chartered Accountant.

Direct payout of securities now mandatory to credit client demat accounts with auto-pledge for margin-funded stocks, enhancing client protection.
SEBI mandates direct payout of securities by Clearing Corporations to respective clients' demat accounts; funded stocks under margin trading must be held only by pledge in a separate demat account tagged 'Client Securities under Margin Funding Account' and, upon transfer to client accounts, followed by an auto-pledge without specific client instruction. CCs must identify unpaid and funded securities; unpaid securities follow Master Circular processes. Internal shortages from inter se netting are to be resolved through CC-specified auctions with no additional broker charges to clients. Custodian-arranged clients are excluded.

Post-registration securities disposal: new framework permits sale windows with a financial disincentive and escrow sale mechanism and reporting obligations.
SEBI amends FPI and Custodian Master Circulars to allow FPIs who lapse or fail to re activate registration defined disposal windows: 180 days post lapse (no disincentive), an additional 180 days subject to a 5% financial disincentive on sale proceeds remitted to the IPEF, subject to KYC/AML/CFT compliance. Unsold securities after the combined 360 days are deemed written off, losing beneficial interest; custodians must transfer written off securities to escrow accounts operated by exchange empanelled brokers for sale, with net proceeds transferred to the IPEF and prescribed reporting by custodians and exchanges.

Material change disclosures for FPIs now require expedited notice for critical events and mandatory DDP re-assessment.
Revised disclosure regime requires FPIs to notify material changes to DDPs/SEBI under two categories: Type I critical events affecting registration, eligibility or exemptions-examples include change of jurisdiction, ownership/control, cessation after corporate transactions, legal-form restructuring, and regulatory-status change-subject to expedited reporting and documentation; all other material changes are Type II with a longer notification and documentation window. DDPs must reassess eligibility, require fresh registration for specified Type I events, and inform SEBI of delayed intimation with reasons.

Drawback recovery adjudication permits personal or virtual hearings, while non-response allows ex parte determination on available evidence.
Adjudication of show cause notices for recovery of drawback is initiated for the exporters listed in Annexure A. Exporters may attend personal hearings personally, through authorised representatives, or by video conferencing after advance submission of email details and valid identity proof. An exporter not requiring a hearing may communicate that position by post or email. In the absence of a reply or representation by the scheduled hearing date, adjudication may proceed ex parte on available records and evidence.

Public Finance Management System disbursal of duty drawback to exporters' PFMS-linked bank accounts replaces bank cheque mechanism.
Disbursal of duty drawback payments will migrate from bank-mediated cheque payments to direct credit through the Public Finance Management System (PFMS). The Customs Automated System will automatically transmit processed drawback scrolls to a central nodal eDDO, which will forward a consolidated All-India scroll to the nodal ePAO; following nodal ePAO approval, amounts will be credited to exporters' PFMS-linked bank accounts. Legacy scrolls must be processed and communicated to PAO and banks prior to the transition.

Prior approval for change in control required for bankers to an issue; SEBI mandates online applications, disclosures and reporting obligations.
SEBI consolidates guidance for Bankers to an Issue, centralising registration and filings on the SEBI Intermediary Portal, requiring online applications for registration, surrender and prior approval for change in control with prescribed disclosures and fit and proper compliance. BTIs must designate non person e mail IDs for investor and regulatory communication, submit half yearly activity and compliance reports in prescribed formats, maintain specified records, enforce outsourcing principles while remaining liable for third party performance, and comply with PAN identification, AML/CFT, FATCA/CRS reporting and a CERT In SaaS data localisation advisory.

Relaxation of Bill of Export requirement permits alternative evidence for SEZ supplies under Advance Authorisation/DFIA made before July 2017
The DGFT has relaxed the Bill of Export submission requirement for supplies to SEZ unit/developer/co-developer under Advance Authorisation/DFIA made prior to 01.07.2017. In lieu of the Bill of Export, exporters may submit: (a) ARE-1 with the AA/DFIA file number attested by jurisdictional Central Excise/GST authority, (b) evidence of receipt of supplies by the SEZ recipient, and (c) evidence of payment by the SEZ unit to the exporter, to establish discharge of export obligation.

Initiation of recovery proceedings requires written reasons and senior approval before shortening the three-month period.
Recovery is generally to be initiated only after three months from service of a demand order; the proviso permits earlier recovery when the proper officer, on recording written reasons, deems it expedient in the interest of revenue. Early recovery requires referral to and written directions from the competent senior authority, who must record specific, evidence based reasons (e.g., business closure risk, insolvency prospects) and may then direct payment within a shorter period, after which normal recovery procedures may be invoked if payment is not made.

Value addition requirement for spices: higher threshold where both export and import items fall in same chapter, otherwise reduced.
Amendment to Appendix 6B conditions the higher value addition obligation for spices on both exported and imported items falling within the same spice tariff classification; where they do not, a reduced value addition requirement applies, aligning Appendix 6B with Chapter 4 of the FTP/HBP.

Advance Authorisation review eligibility clarified: eligible authorisations may be reviewed where no prior Norms Committee review exists.
Clarification permits Advance Authorisation holders with Norms Committee decisions before 01.04.2023 to file review applications until 31.12.2024; the addendum limits eligibility to AAs issued on or after 01.04.2019 and only where no prior Norms Committee review decision had been taken.

Internet based trading permissions: exchange decision timeline cut to seven days and broker confirmation of IBT statistics removed.
SEBI reduces the decision timeline for exchanges on broker applications to provide Internet Based Trading services from thirty to seven calendar days. It also eliminates the mandatory periodic confirmation by brokers of IBT trade statistics prior to publication; exchanges will publish IBT statistics based on IBT terminal details supplied by brokers and may collect additional information or declarations regarding those terminals as deemed necessary. The circular is effective immediately under SEBI's regulatory authority to protect investors and regulate the market.

Investor Protection Fund rules reinforce trust governance and structured claims processing, enabling expedited investor compensation where eligible.
SEBI prescribes comprehensive guidelines effective June 1, 2024, requiring exchanges with commodity derivatives segments to establish separate trusts for the Investor Protection Fund and separate accounts for the Investor Services Fund, ensure fund segregation, specify trustee composition and tenure, mandate contributions from turnover fees with a minimum floor, and adopt investment policies prioritising capital protection and diversification. The framework defines eligibility exclusions for claims, detailed notice and claims processing procedures including timelines, audit, committee recommendations and IPF disbursement rules (including provisional payments recoverable upon asset realisation), disclosure obligations and standards for Investor Service Centres.