Most Important Terms and Conditions require IAs to disclose fees, consent for trades, ban guaranteed returns, and manage conflicts.
SEBI requires Investment Advisers to include standardized Most Important Terms and Conditions (MITC) in advisory agreements, prohibiting acceptance of client funds or securities, banning assured/guaranteed return schemes, and prohibiting execution of trades without explicit client consent. The MITC set fee and payment rules including prescribed maximums for eligible clients, limited advance fees with pro rata refunds and capped breakage fee, non-cash payment modes, mandatory risk profiling and suitability analysis, conflict-of-interest management favouring non-commission plans, specified grievance redressal steps, and disclosure when services fall outside SEBI's regulatory purview.

GST classification clarifications: rates and exemption treatment for pepper, raisins, popcorn, AAC blocks, and compensation cess effective dates.
Pepper of genus Piper falls under HS 0904 and is subject to the Schedule I GST rate; dried pepper and raisins supplied by an agriculturist are exempt and not liable for registration under Section 23(1) of the KGST Act. Ready-to-eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 with different GST treatment for prepackaged labelled and other forms, while sugar-mixed popcorn is classifiable under HS 1704 90 90. AAC blocks with over fifty percent fly ash fall under HS 6815. Amendment to Compensation Cess entry 52B is effective on or after 26.7.2023.

Late fee applicability clarified: fee runs until the complete annual GST return, including reconciliation, is filed.
Delay in furnishing a required reconciliation statement in FORM GSTR-9C renders the annual return under section 44 incomplete; late fee under subsection (2) of section 47 is leviable from the due date of the annual return until the date the complete annual return (FORM GSTR-9 and FORM GSTR-9C where required) is furnished. The late fee is computed for that single period and is not charged separately for each form. A limited waiver for past years is available subject to conditional furnishing of FORM GSTR-9C by the prescribed cutoff, with no refund for fees already paid.

GST classification and rates clarified for pepper, raisins, ready to eat popcorn and fly ash AAC blocks, with past period regularisation.
Pepper of genus Piper is classifiable under HS 0904 and attracts 5% GST; dried pepper and raisins supplied by agriculturists from cultivation are exempt and not liable to register. Ready to eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 and attracts 5% GST if non prepackaged and 12% GST if prepackaged and labelled, while popcorn mixed with sugar is classifiable under HS 1704 90 90 attracting 18% GST; treatment for salted/spiced popcorn is regularised for past periods. AAC blocks with over 50% fly ash fall under HS 6815 and attract the fly ash rate. The compensation cess amendment on vehicle ground clearance applies from its substitution date.

Automation of Refund Processing: electronic filing and disbursal streamlines customs refund applications and audit shift to post-audit.
Automation of Customs refund procedure establishes electronic filing, scrutiny, communication and electronic disbursal of refund claims through the ICEGATE Portal. Applicants may file refund applications with supporting documents; pre-filled forms follow reassessment, a Unique Application Reference Number is generated on filing, and proper officers must intimate deficiencies within ten days and communicate acknowledgements, show-cause notices and speaking orders electronically, including examination of unjust enrichment. Concurrent audit is dispensed with and selection for post-audit will be finalized by DG-Audit with DG ARM; electronic credit will be effected to the applicant's registered bank account via PFMS.

GST classification clarifications: specify taxable rates and exemption treatment for pepper, raisins, popcorn, AAC blocks, and vehicle cess applicability.
Clarification directs uniform GST treatment: pepper of genus Piper attracts the concessional pepper rate and dried pepper and raisins supplied by agriculturists are exempt from GST and not liable for registration; ready-to-eat popcorn mixed with salt and spices is taxed at a lower rate when not pre-packaged and at a higher rate when packaged and labelled, while sugar-coated popcorn is treated as confectionery at the higher rate and prior doubts on ready-to-eat popcorn are regularised for the past period; AAC blocks with majority fly ash attract the fly ash article rate; and the amended compensation cess entry applies from its stated effective date.

Single Unified Multi Purpose Electronic Bond enables nationwide electronic execution with linked e bank guarantees, streamlining customs security.
Introduction of a Single All India Multi Purpose Electronic Bond (SEB) enabling importers/exporters to submit one nationwide electronic bond via ICEGATE covering obligations across provisional assessment, export promotion schemes, section 143 imports, warehousing (section 59) and manufacture/operations in private/special warehouses (section 65). SEB execution uses e stamping and e signing through NeSL without notarisation, allows later addition of obligations or bond value, and links to electronic Bank Guarantees validated via NeSL and displayed on ICEGATE dashboards per consolidated BG quantum schedules.

Consolidated Account Statement timelines revised: new monthly and half yearly data submission and dispatch schedules for AMCs and depositories.
AMCs and MF RTAs must provide common PAN data to depositories within five days from month end; depositories shall consolidate and dispatch monthly CAS electronically within twelve days and physically within fifteen days from month end. For half yearly CAS, data must be provided by the eighth day of April and October, with electronic dispatch by the eighteenth and physical dispatch by the twenty first of those months. Monthly email CAS is required where investor accounts have transactions; otherwise half yearly email CAS with holdings applies, with a physical option available.

Related party transaction disclosure standards require specified minimum information be provided to audit committees and shareholders for approval.
Listed entities must provide the information specified in the Industry Standards on "Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction" when submitting RPT proposals to the audit committee and when including explanatory information in shareholder notices, pursuant to modifications to Section III B of the Master Circular read with Regulation 23(2), (3) and (4) of the LODR Regulations; stock exchanges and industry associations will publish and promote the standards and ensure compliance.

Dematerialisation requirement: AIF investments must be held in dematerialised form with phased compliance and specified exceptions.
AIFs must hold investments in dematerialised form for any acquisition on or after July 1, 2025; pre-July 1, 2025 investments are exempt unless the investee is legally mandated to dematerialise or the AIF (alone or with other mandated SEBI-registered entities) exercises control over the investee, in which case such investments must be dematerialised by October 31, 2025. Schemes ending on or before October 31, 2025 or in extended tenure as of February 14, 2025 are exempt. Trustees/sponsors must ensure the manager's Compliance Test Report records compliance. The circular is immediately effective.

GST classification and rates clarified for commodities, including agriculturist exemptions and packaged versus non packaged food treatment.
Pepper of genus Piper is classifiable under HS 0904 and taxed under the applicable notification; dried pepper and raisins supplied by an agriculturist are exempt from GST under the agriculturist exemption and not liable for registration. Ready-to-eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 with differential treatment for packaged versus non packaged sales, while sugar mixed popcorn that becomes sugar confectionery is classifiable under HS 1704 90 90. AAC blocks with over 50% fly ash fall under HS 6815. The compensation cess amendment concerning vehicle ground clearance applies from the substitution notification's effective date.

Import authorisation for premium frozen duck meat limited to hotels rated three star and above; suppliers must provide undertakings and records.
Imports of premium frozen duck meat under the specified ITC HS codes are restricted for supplies destined to hotels rated three-star and above; such hotels may import directly. Distributors/aggregators/suppliers may obtain DGFT Import Authorisations by submitting an undertaking that imports are for eligible hotels, maintaining supply records, and providing GST invoice evidence of previous supplies for subsequent authorisations. Imports will be verifiable and non-compliance can lead to actions under applicable laws.

Amendments during final assessment permitted for bulk cargo, allowing officers to revise invoice details and recalculate assessable value.
Updated EDI functionality allows officers, during final assessment of bills of entry for bulk and liquid bulk cargo, to amend unit price, quantity, invoice number, freight and miscellaneous charges; the system will recalculate the assessable/invoice value based on the amended unit price and amended quantity. The capability is limited to bulk and liquid bulk consignments and is effective as a standing order for officers, with specified helpdesk contacts for issues.

Complete annual return filing requires mandatory FORM GSTR-9C, with late fee continuing until both annual-return components are furnished.
Where FORM GSTR-9C is mandatory, the annual return is complete only when both FORM GSTR-9 and FORM GSTR-9C are furnished. Late fee under section 47(2) applies from the annual-return due date until the complete annual return is filed; it is not separately levied for delays in the two forms. Where FORM GSTR-9C is not required, FORM GSTR-9 determines completion. Excess late fee may be waived for eligible delayed complete annual returns up to the financial year 2022-23 if FORM GSTR-9C is furnished by the specified date, without refund of late fee already paid.

GST service clarifications exempt loan penal charges and define payment settlement relief while regularizing specified intervening-period tax payments.
Penal charges imposed by regulated banks and non-banking financial companies for breach of material loan terms are not consideration for tolerating an act and attract no GST. RBI-regulated Payment Aggregators qualify as acquiring banks for the limited card-payment settlement exemption, but Payment Gateway services are excluded. GST payments for specified past periods are regularized on an as is where is basis for Government-grant-funded research services, eligible skilling services, reverse-charge commercial renting involving composition taxpayers, and listed ancillary electricity transmission or distribution utility services.

GST treatment of co-insurance apportionment and ceding commission is regularized where tax is paid on the prescribed gross premiums.
Specified co-insurance premium apportionment and insurer services involving deduction of ceding or reinsurance commission are treated as neither supply of goods nor supply of services, subject to GST payment on the full insured premium by the lead insurer and on gross reinsurance premium, inclusive of commission, by the reinsurer. GST payments on these transactions for the stated past period are regularized on an "as is where is" basis.

Line of Credit support enables export financing for high-speed guard boats subject to export documentation and FEMA compliance.
A Line of Credit from Exim Bank to Vietnam finances procurement of high-speed guard boats from India; eligible exports must meet Foreign Trade Policy criteria, be declared in the Export Declaration Form/Shipping Bill per RBI instructions, and adhere to the LoC's disbursement timetable. Agency commission is not payable from the LoC; exporters may use their own funds or EEFC balances for commission in free foreign exchange, with AD Category-I banks allowed to remit after full export value realization and compliance with applicable instructions. Directions are issued under FEMA without prejudice to other required approvals.

Government-supported line of credit enables procurement of offshore patrol vessels, subject to export eligibility and RBI declaration rules.
A Government-supported Line of Credit from Exim Bank enables procurement of four Offshore Patrol Vessels in the borrower's country; exports under the facility must meet the Foreign Trade Policy and LoC eligibility. The LoC is effective from January twentieth and limits disbursements to a period ending sixty months after scheduled project completion. Shipments must be declared via Export Declaration Form/Shipping Bill per RBI instructions. No agency commission is payable under the LoC; exporters may pay commissions from own resources or EEFC balances in free foreign exchange, subject to extant rules and AD Category-I bank compliance. The directions are issued under FEMA and do not affect other required approvals.

Tariff rate quota allocation requires certified turnover disclosure and purpose declaration, with periodic utilisation review and reallocation.
Allocation of the Tariff Rate Quota for gold under India-UAE CEPA for FY 2025 26 requires applicants to declare import purpose and submit CA certified GST based turnover details in prescribed formats for specified HS codes; existing online applications may be amended to include these details.

Inactive folio tracing platform enables investors to locate and claim dormant mutual fund holdings and update KYC.
Creates MITRA, a searchable industry-level platform to help investors trace inactive mutual fund folios-defined as folios with unit balance and no investor-initiated transactions in the last ten years-hosted jointly by the two Qualified RTAs as agents of AMCs; QRTAs are jointly and severally responsible for cybersecurity, system audits and BCP/DR compliance, must operationalise the platform within fifteen working days with a two-month beta, and AMCs' Unit Holder Protection Committees must review inactive folios to reduce unclaimed amounts.