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.

Eligibility criteria for commodity futures revised, requiring template submissions, Annexure P proposals, and strict launch and surveillance obligations.
Revision deletes certain legacy eligibility and retention provisions, renames the eligibility heading, and requires exchanges to analyze proposed commodities using the prescribed template and submit supporting evidence to SEBI for statutory notification. Proposals to launch new contracts must include Annexure P details; SEBI approved contracts may trade continuously unless directed otherwise. Exchanges must adhere to SEBI approved contract specifications and launch calendars, notify participants in advance, seek fresh approval if launch timelines are missed, and maintain position limits, mark to market settlement, delivery procedures and surveillance to prevent market manipulation.

Foreign Portfolio Investors: SEBI issues master circular consolidating registration, KYC, investment limits and ODI rules.
SEBI's Master Circular consolidates and supersedes prior circulars governing FPIs, DDPs, custodians and EFIs by prescribing unified procedures for FPI registration (via CAF and PAN), DDP due diligence and reporting, categorical KYC and beneficial ownership requirements, investor group and company level investment monitoring and red flag and disinvestment mechanics, position and margining limits across derivative segments, and comprehensive rules and reporting obligations for issuance and hedging of Offshore Derivative Instruments, with specific processes for IFSC participation, reclassification, surrender and data security.

Drawback disbursal through PFMS directs credit of eligible amounts into exporters' accounts under standing customs implementation guidance.
Drawback disbursal into exporters' accounts through the Public Financial Management System (PFMS) is to be implemented under the applicable Customs instruction. The PFMS-based mechanism concerns crediting drawback amounts to exporters' accounts and applies to relevant stakeholders, including importers, exporters and customs brokers. The instruction operates as standing guidance for officers in the concerned customs jurisdiction, with implementation difficulties referable to the responsible Export Appraising Deputy Commissioner or Assistant Commissioner.

Review of Norms Committee decisions: extended limited time window for authorisation holders to seek review of pre existing norms.
The circular clarifies that Para 4.17 of HBP 2023 allows review of Norms Committee decisions within 12 months of website upload, and that as a one time concession authorisation holders affected by decisions taken before 01.04.2023 may file review applications until 31.12.2024; for all other cases the original Para 4.17 timeline remains applicable.

Early tax recovery: Principal Commissioner must record written reasons before ordering payment within a shorter period to protect revenue.
The instruction clarifies that recovery proceedings generally commence only after three months from service of a GST demand order, but a Principal Commissioner/Commissioner may, for reasons recorded in writing and where expedient in the interest of revenue, require payment within a shorter period. The jurisdictional Deputy or Assistant Commissioner referring a case for early action must provide justifications; the Principal Commissioner/Commissioner must record specific reasons based on credible evidence of revenue risk and issue written directions for early payment. Failure to comply permits recovery by the Deputy or Assistant Commissioner under the prescribed enforcement procedure.

Exporters must submit e-BRCs or repay RoDTEP/RoSCTL with interest by 15 July 2024 to avoid recovery proceedings.
Exporters who claimed RoDTEP or RoSCTL incentives must submit e-BRCs or proof of realised export proceeds, or repay the incentive amounts with applicable interest and file proof of payment to the BRC cell by 15.07.2024; noncompliance will result in recovery proceedings for unrealised incentives and interest under the statutory recovery framework.

Custodianship renewal under Handling of Cargo regulations extended with compliance and possible cost recovery charges.
Custodianship for M/s Adani Ennore Container Terminal Pvt. Ltd. is extended for five years to 29.05.2029 pursuant to the Handling of Cargo in Customs Areas regulatory framework, conditioned on compliance with the regulations and on payment of any cost recovery charges arising from failure to meet eligibility benchmarks for waiver.

Appointment of approved valuers for precious metals and stones establishes panel, duties, availability and capped service fees.
Appointment of a Panel of Approved Valuers/Assayers for valuation of gold, silver, jewellery, precious and synthetic stones and other valuable articles at Chennai I (Airport) Commissionerate from 01.06.2024 for two years with interim review at one year. Appointees must be available when required, submit an Annual Performance Report by 30 April each year detailing assignments, and issue advisory valuation certificates. A capped service fee schedule with graduated rates and minimum charge applies, with GST chargeable; fees for departmental valuations of seized goods are borne by the Department.

Voyage Call Number standardization ensures uniform rotation number generation across NLP and non NLP ports via ICEGATE utility.
A new ICEGATE utility standardises the Voyage Call Number (VCN) format for uniform rotation number generation under SCMTR: VCN must be 14 characters comprising last four of port code, four digit year, two digit month, and last four of the running serial number; non NLP ports must supply only the last four digits of long serials or prefix zeroes if shorter. NLP transmission remains primary but the utility may be used when NLP data is not received; the system issues a single rotation number and displays it if already generated.

Drawback payment migration to PFMS: electronic credit into exporters' linked bank accounts replacing cheque-based disbursal.
Disbursal of Duty Drawback will shift from cheque-based bank payments to electronic credit via the Public Finance Management System (PFMS). Customs officers will process Drawback scrolls in the Customs Automated System (CAS), which will automatically forward scrolls to a central nodal eDDO; the eDDO will consolidate and send All-India scrolls to the nodal ePAO for approval, after which amounts will be credited to exporters' PFMS-linked bank accounts. Transitional actions include processing prior scrolls, issuing outstanding cheques, notifying PAO and bank of the last cheque number, and handling cheque books as specified.