Portfolio managers must submit quarterly offsite inspection data within 15 days, including day-wise client AUM and holdings.
Clauses 5.4.3 and 5.4.4 are modified: portfolio managers must submit quarterly data in specified formats within 15 calendar days from quarter end, with day-wise data for "Client Folio AUM" and "Client Holding Master." The submission requirement is declared applicable from an earlier specified date and the circular is effective immediately.

Submission timelines for offsite inspection data extended to fifteen days after quarter end; RTAs must submit data on an ongoing basis.
The circular amends Clause 5.27.2 of the Master Circular for Mutual Funds to require Mutual Funds to submit daily data in monthly files on a quarterly basis within fifteen calendar days from the end of the quarter, while Registrars to an Issue and Share Transfer Agents must submit the said data on an ongoing basis; the provisions take effect immediately under the regulator's statutory powers to protect investors and regulate the market.

InvITs: preferential issue lock in aligned with sponsor holding rules; inter sponsor transfers allowed; follow on offer framework set.
The circular amends preferential issue lock in rules to require 15% of sponsor allotted units to be locked for three years where the project manager is the sponsor or its associate (otherwise 25% locked for three years), with remaining sponsor allotted units locked for one year; sponsors must comply with Regulation 12(3) and 12(3A). It permits inter se transfers of locked in units within a sponsor's group while preserving the original lock in period and allows transfers on change of sponsor or conversion to self sponsored manager subject to meeting minimum unitholding obligations. It also prescribes procedures and disclosure, filing, listing, fee, dematerialisation and due diligence requirements for follow on offers, including a 25% minimum public unitholding post issue.

Lock-in requirement for preferential issue clarified: core sponsor holdings remain long-locked, transfers limited to sponsor group with conditions.
Amendments align preferential-issue lock-in mechanics with the REIT Regulations by prescribing a core portion of sponsor allotments to be locked for a longer period while remaining allotments face a shorter lock-in, require ongoing compliance with minimum sponsor unitholding, permit intra-group transfer of locked-in units subject to inheriting the remaining lock-in and restrictions on onward transfer, and allow transfer to incoming sponsors or self-sponsored managers conditioned on continued compliance with minimum unitholding. Separately, a comprehensive follow-on offer framework prescribes filing, listing, dematerialization, fee payment, disclosure rules, timelines, minimum public unitholding, restrictions during the offer process, and merchant banker due diligence requirements.

ESG reporting obligations updated with BRSR Core assessment or assurance option and mandatory green credits disclosure framework.
Revisions require listed entities to adopt a BRSR Core subset for ESG reporting and permit third party assessment or assurance of core KPIs per Industry Standards Forum standards; boards must ensure provider expertise and absence of conflicts, reporting formats are updated to combine data and assessment approach and to capture assessor identity and type, and a new leadership indicator mandates disclosure of green credits by the entity and top value chain partners, while value chain ESG disclosures are deferred and made voluntary initially with optional retrospective reporting.

Cybersecurity compliance extension: SEBI extends CSCRF implementation deadline to end-June for most regulated entities, excluding specified institutions.
Extension of the Cybersecurity and Cyber Resilience Framework (CSCRF) implementation timetable by three months to 30 June 2025 for SEBI regulated entities, excluding Market Infrastructure Institutions, KYC Registration Agencies and Qualified Registrars to an Issue and Share Transfer Agents; stock exchanges and depositories must notify members and publish the circular; the extension is effective immediately and issued under SEBI's regulatory powers to protect investors.

Extension of FCRA registration validity continues pending renewal, ending on disposal of application or interim government deadline.
Certificates previously extended and those expiring during the interim period are extended until the earlier of final disposal of the renewal application or an interim government cutoff date; refusal of a renewal application causes the certificate to be deemed to have expired on the date of refusal, preventing receipt or utilisation of foreign contribution.

Mandatory use of Baanknet auction platform for liquidation auctions; bidders must submit eligibility declaration and deposit EMD electronically.
The circular mandates exclusive use of the Baanknet auction platform for liquidation auctions with notices issued on or after 1st April 2025, requires listing of unsold assets by 31st March 2025, and directs that auction notices must require bidders to submit requisite documents and a declaration of eligibility under Section 29A and deposit EMD through the platform, specifying EMD forfeiture if a bidder is ineligible; pre auction due diligence by liquidators has been dispensed and platform submissions will serve the eligibility mechanism.

Waiver of interest and penalty under Section 128A clarified: eligibility, payment modes, and appeal withdrawal procedures explained.
The circular clarifies that payments made towards demands before the commencement of Section 128A are eligible for waiver of interest and penalty if intended for those demands, but payments on or after commencement must follow Rule 164's prescribed modes, including crediting tax to the electronic liability register. For notices/orders covering periods both within and outside the relief window, taxpayers may pay liabilities for the covered periods, file FORM SPL-01 or FORM SPL-02 to elect the benefit, notify appellate authorities of that election, and pursue appeals only for the remaining periods; proper officer verification is required.

Diamond Imprest Authorisation requirements now include status, tax and compliance declarations, and first-application certification under Foreign Trade Policy
Amendments to ANF-4J add mandatory declarations for issuance of the Diamond Imprest Authorisation requiring applicants to hold Two Star status, to have filed applicable Income Tax and GST returns, to comply with Pre Import and Actual User Conditions, and to certify that the application is their first for the financial year; the former declaration seven is renumbered as eleven.

Section 128A benefit clarified: pre-enactment GSTR-3B payments qualify; DRC-03 required thereafter; procedure for partial-period appeals.
Taxpayers who paid disputed tax via FORM GSTR-3B before the provision's commencement are eligible for the waiver under Section 128A, subject to verification; payments on or after commencement must use modes under Rule 164 (including FORM GST DRC-03 and electronic liability register crediting). For notices/orders covering periods partly within the waiver, taxpayers may pay the tax for covered periods, file FORM SPL-01 or FORM SPL-02, intimate withdrawal of appeal for those periods, and the appellate authority/tribunal will decide remaining periods.

SCMTR compliance extended to allow stakeholders to file electronic cargo and transhipment declarations without penal action during interim.
The transitional period for implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) is extended until 31.05.2025 to allow stakeholders to test and file required electronic export, arrival and transhipment messages; officers are directed not to initiate penal action during the interim where stakeholders are making demonstrable efforts to comply, while monitoring, outreach and publicity measures must be undertaken to ensure timely adoption.

Personal carriage procedures for gems, samples, and prototypes enable electronic customs filing, temporary detention and airport clearance protocols.
The Circular establishes a harmonised procedure for import/export of gems and jewellery and samples/prototypes via personal carriage, mandating electronic filing and processing of Bills of Entry and Shipping Bills from 01.05.2025 at specified airports. It prescribes stakeholder roles: importers/exporters must file advance declarations with travel and trade identifiers; passengers must request temporary detention and obtain Detention Receipts; customs will verify, seal, escort and warehouse detained parcels pending clearance or LEO; eligible parties may opt for factory-premises examination or movement under bond. Time targets and amendment/cancellation processes are specified, and DG Systems will issue detailed advisory on electronic processing.

Waiver of interest permitted where TDS/TCS payments debited on time but credited late due to technical glitches.
Order authorizes CCIT/DGIT/PrCCIT under section 119 to reduce or waive interest under section 201(1A)(ii)/206C(7) where TDS/TCS payments were debited from the taxpayer's bank account on or before the due date but not credited due to technical problems beyond taxpayer control; a speaking order after hearing and verification from the bank/Directorate of Systems is required; paid interest may be refunded if waived; applications must be filed within one year from end of the relevant financial year and disposed of within six months; the designated officer's order is final.

Local Risk Management System mandates targeted and approved interventions to manage customs clearance and monitor compliance.
Local Risk Management System administration designates the Additional/Joint Commissioner in charge of SIIB as System Administrator who assigns LRM roles and oversees maintenance, security, and liaison with the National Risk Management system. The RMS implements targeting and intervention tools: targets match intelligence to bills and alert Targetors, while interventions permit approved percentage-based checks of consignments to monitor compliance; both require proposer and approver remarks, impact analysis, and cautious use given possible effect on AEO clients. Random examination percentages are applied and system outages revert processing to normal ICES procedures. Feedback must be routed to NRM.

Deletion of specified input: 'Walnut in any form' removed from export inputs list, easing compliance under advance authorizations.
The entry for Walnut in any form has been deleted from Appendix-4J of the Handbook of Procedures (HBP-2023), thereby removing that item from the list of specified inputs subject to the Appendix-4J pre-import condition under advance authorizations and altering the scope of items governed by that regime.

Section 128A benefit: earlier GSTR 3B tax payments accepted; subsequent payments must use prescribed DRC 03 procedure.
Payments made through FORM GSTR 3B before the statutory provision came into force are eligible for the Section 128A waiver if paid prior to the effective date and intended for the demand; once the provision is in force, payments must be made by the prescribed modes including the dedicated payment form and electronic liability register credits. For notices/orders covering periods both within and outside the waiver window, taxpayers may pay tax for covered periods, file the prescribed special application form to avail the waiver, and must inform the appellate authority or tribunal that they will not pursue appeals for the covered periods, whereupon the authority will pass orders for the remaining periods.

GST e invoice integration: mandatory submission to DGFT portal proposed to claim deemed export benefits under FTP.
Proposal would require GST e-invoices received from GSTN on the DGFT BO portal as mandatory documentary evidence to claim deemed export benefits under the Foreign Trade Policy, enabling automated validation of e-invoices and GST returns for verification of deemed export transactions and eBRC corroboration to improve transparency and compliance.

Camera module classification clarified: integrated camera assemblies qualify for concessional treatment while separate components face standard customs duty.
The camera module comprises parts such as lens, sensor, FPCB assembly, bracket/holder, connectors and mechanical parts whose essential character is the camera; classification must follow Rule 3(b) GRI. Integrated camera assemblies that function only as cameras shall be treated as camera modules and attract the concessional basic customs duty rate under the relevant notification entry, whereas individual components imported separately will attract their applicable basic customs duty rates.

Container scanning compliance: selected import and export containers must undergo DTCS scanning before terminal exit.
Import and export containers selected by the risk based Container Selection Module must be presented to the Drive Through Container Scanning System (DTCS) at Tuticorin Port and scanned before terminal exit. Terminal operators, custodians, carriers and shipping agents are responsible for moving selected containers to DTCS, verifying container and seal numbers against EIR/CODEX documents, and obtaining endorsed scan results. "SCANNED OK" endorsements permit release; "SCANNED SUSPICIOUS" triggers 100% or marked area examination at designated CFSs. If DTCS is non functional, DC/AC (CSD) may order release subject to physical verification and 100% examination.