Non-convertible securities issuance and listing: consolidated SEBI rules on ASBA/UPI, T+3 timelines, EBP/RFQ platforms, ISIN limits and green disclosures.
This Master Circular consolidates SEBI operational directions on issuance and listing of non-convertible securities and related instruments, prescribes ASBA/UPI application mechanics, roles of SCSBs, intermediaries, stock exchanges and RTAs, standardises listing timelines with optional T+3 acceleration, sets EBP and RFQ platform rules, caps ISIN fragmentation, mandates LEI reporting, requires issuer disclosures and third-party review for green debt securities, and details governance, reporting and settlement obligations including contributions to the LPCC Settlement Guarantee Fund.

Disclosure of allocation methodology: Angel Funds must follow PPM methodology for allocations after extended compliance deadline.
Existing Angel Funds must disclose a defined allocation methodology in their Private Placement Memoranda and ensure that any investment made after the extended compliance date is allocated in accordance with the methodology disclosed in the PPM.

Permanent Trade Facilitation Committees strengthen customs clearance through fortnightly consultation, grievance monitoring, stakeholder coordination and escalation mechanisms.
Permanent Trade Facilitation Committees at each Customs station must meet fortnightly with expanded representation from Customs, trade participants, DGFT, custodians, partner government agencies, shipping lines, logistics providers, trade councils and Customs Brokers. They monitor clearance timelines, address bottlenecks and trade grievances, oversee TSKs, AEM and the ICEGATE helpdesk, and escalate unresolved matters to NACs. A Single Point of Contact must support coordinated clearance, while local issues are to be discussed with relevant agencies and trade bodies.

Faceless assessment compliance requires complete Bill of Entry documentation, clear product particulars and specific query responses for faster clearance.
Faceless assessment requires complete and properly linked e-Sanchit uploads with the Bill of Entry to support correct self-assessment, classification, valuation and duty claims. Importers should provide clear goods descriptions, technical particulars, catalogues, end-use information, value documents and manufacturer details where relevant. Exemption claims must be supported by documents demonstrating compliance with applicable conditions. Required registrations, certificates, licences and import-monitoring information should be completed before filing. Query responses must be specific and exhaustive, while provisional assessment requests must state the reason. Additional documents may be required depending on the goods and assessment needs.

Diamond Imprest Authorisation requires Mumbai-only trade, physical exports 0.25 carat, 10% value addition and customs security requirements.
Diamond Imprest Authorisation (DIA) provisions require online application in ANF 4J; imports/exports only via Mumbai Airport; exports to discharge obligation must be physical Natural Cut and Polished Diamonds 1/4 carat with no one-to-one correlation required; minimum 10% value addition realised in Freely Convertible Currency; Para 2.52(d) not applicable; deemed exports prohibited. Before customs clearance, holder must execute a Bond equal to export obligation and a performance Bank Guarantee equivalent to duty foregone. DIA validity 12 months, export obligation 18 months, one authorisation per IEC per year; fulfilment filed in ANF 4K; default regularised by duty with interest and 1% FOB shortfall payment.

Extension of KYC filing deadline allows DIR-3-KYC and DIR-3-KYC-WEB to be filed without fee.
The Ministry permits submission of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of the filing fee for filings made up to 31st October, 2025, extending the compliance period and continuing relief from General Circular No. 04/2025, with approval of the Competent Authority.

Related Party Transactions: new tiered disclosure rules impose Annexure-13A disclosures below specified turnover and monetary thresholds.
Listed entities must supply audit committees and shareholders the Industry Standards' specified information for RPT approvals; however, transactions not exceeding the lower of 1% of annual consolidated turnover or Rs. Ten Crore shall provide the streamlined disclosures in Annexure-13A, and transactions not exceeding Rs. One Crore (individually or aggregated in a financial year) are exempt from these requirements. Annexure-13A lists required details including transaction terms, related party identity, tenure, value, turnover percentages, funding/indebtedness particulars for loans, justification of interest, and any valuation reports.

Look Out Circulars (LOC) now processed through an online portal; designated nodal offices manage access and implementation.
Look Out Circulars (LOC) are to be processed exclusively through an Online LOC Portal effective 1 March 2024; prior routing by letters or emails is discontinued. Designation-based login credentials for nodal officers will be created by specified central offices, which are responsible for user creation, coordination, procedural guidance, and overall implementation for their respective field formations. Field formations must coordinate with their designated office for access and report portal difficulties to the Board via the nodal offices.

Postal import GST reduction applies lower IGST to eligible personal-use consignments, alongside revised duty calculations and clearance documentation requirements.
Postal imports for personal use under CTH 9804, where not prohibited, are subject to reduced 18% GST from 22 September 2025. Personal imports involving a monetary transaction attract 10% basic customs duty, social welfare surcharge on that duty, and 18% IGST; gift imports attract 20% basic customs duty, the surcharge, and 18% IGST. IGST is calculated on CIF value plus basic customs duty and social welfare surcharge. Import clearance requires prescribed KYC and supporting documents, while export clearance requires commodity-specific documentation.

GST circular withdrawal: procedure for providing evidence of compliance under Section 15(3)(b)(ii) is no longer required.
The Central Board has withdrawn a prior circular that prescribed a procedure for suppliers to provide evidence of compliance with Section 15(3)(b)(ii); that procedural requirement is no longer required. The Goa Commissioner directs that the Central circular apply mutatis mutandis under the Goa GST Act, withdraws the State circular on the subject, attaches the Central circular as an annexure, and requests trade notices and reports of any implementation difficulties.

Post-sale discounts clarified: when they constitute consideration for downstream supplies and how GST applies.
Clarifies that issuance of financial/commercial credit notes does not reduce the supplier's original transaction value or tax liability, so recipients need not reverse Input Tax Credit tied to such discounts. Post sale discounts from manufacturers to dealers generally reduce the dealer's sale price and are not consideration for the dealer's supply to end customers unless the manufacturer has an agreement with the end customer; in that case the discount forms part of overall consideration. Separate promotional or marketing activities carried out by dealers are taxable only when expressly agreed as distinct services with defined consideration.

SION notification enables direct issuance of Advance Authorisations by regional authorities for mobile phones and inputs, expediting clearance.
Fixation of a new Standard Input Output Norms (SION) entry C-2049 for export item Mobile Phones under Engineering & Electronic Items lists permitted import inputs and their quantity treatment as either Net-to-Net or Net + 1%, covering a comprehensive catalogue of components and subassemblies. Regional Authorities are authorised to issue Advance Authorisations under this SION directly without referring individual cases to the Norms Committee, providing operational clarity for application of the norm under Paragraph 1.03 of the Foreign Trade Policy 2023.

Modification of SION C888 removes "Circular" from the export description for stainless steel washers, effective immediately.
The corrigendum to Public Notice No. 05/25 amends the export description for SION C888 by removing the word "Circular", changing "Small and large-size Circular Stainless Steel washers of different grades" to "Small and large-size Stainless Steel washers of different grades," issued under Paragraphs 1.03 and 2.04 of the Foreign Trade Policy 2023 with immediate effect.

Selection of Special Public Prosecutors for CBIC: applications from advocates with ten years' practice due Oct 25.
Applications are sought for appointment as Special Public Prosecutors for CBIC matters; applicants must be registered advocates with Karnataka State Bar Council with at least ten years' practice. Submit Proforma-A with supporting documentary proof of qualifications, enrolment, case experience, publications and income by October 25, 2025; interviews are scheduled for October 29, 2025. Initial appointments may be renewed after an annual performance assessment contingent on recommendations from the relevant Commissioner or ADG.

GST treatment of post-sale discounts clarified for input tax credit, dealer incentives, and promotional service transactions.
Clarification is issued on the GST treatment of secondary or post-sale discounts. Where financial or commercial credit notes do not reduce the original transaction value, the recipient need not reverse input tax credit. Post-sale discounts to dealers are not consideration for onward supply or for promotional activities unless there is a specific agreement creating a distinct service or an inducement linked to supply at an agreed discounted price.

Delegation of power for machine-registration penalties extends to State tax officers under the GST special procedure framework.
Delegation of power under section 122A of the West Bengal Goods and Services Tax Act, 2017 is extended to specified State tax officers to impose penalty for contravention of a notified special procedure relating to registration of machines under section 148, and to seize and confiscate every machine not so registered. The amendment is inserted into the existing delegation order as a new serial entry and is stated to take effect from 1 October 2024.

Airport baggage screening officers required to use BWCs for Red channel interactions with 30-day recording retention.
BWCs must be worn by officers processing passengers in the Red channel to record baggage examinations from the officer's perspective; recording begins on arrival/diversion to the Red channel and stops only with the Air Customs Superintendent's permission. A register records wearing, removal and handover, supervised transfer of data to a password-protected internal drive, daily hard-disk backup, and a minimum 30-day retention. BWCs are for official use only and weekly random reviews and monthly supervisory reviews with reporting obligations are required.

Block deal framework updated: defined windows, VWAP reference, 3% price bands, INR25 Crore minimum and mandatory delivery.
Modification of the Block Deal Framework establishes two timed block deal windows-morning (08:45-09:00) using previous close and afternoon (02:05-02:20) using VWAP (01:45-02:00) with VWAP dissemination at 02:00-02:05. Orders must be within 3% of reference price, minimum size INR 25 Crores, mandatory delivery, same-day public disclosure of deal particulars, and applicability to optional T+0. Exchanges, clearing corporations and depositories must apply standard trading, settlement, surveillance and risk containment practices. Measures take effect 60 days after issuance and require MIIs to update systems and byelaws.

Customs duty structure clarified for post and courier imports, distinguishing personal, gift, and B2B consignments.
For CTH 9804, goods for personal use not prohibited by import law attract Basic Customs Duty, Social Welfare Surcharge and IGST; duty concession applies where commercial transaction is involved, with a specified combined duty percentage of assessable value. Consignments imported as gifts are subject to a higher combined duty rate due to an increased Basic Customs Duty component and resultant IGST calculation. B2B consignments are assessed as per tariff. For CTH 49011010 (printed books) a reduced Basic Customs Duty applies and SWS and IGST are nil.

Sea Cargo Manifest and Transhipment Regulations require electronic filing of correct arrival and departure messages and stakeholder outreach.
Sea Cargo Manifest and Transhipment Regulations implementation mandates phased operationalisation of electronic SCMTR messages, with SAM, SEI and SDM live and SF piloted; remaining messages to be operationalised by the systems directorate. Transitional provisions are extended, but stakeholders must file correct electronic declarations in the prescribed format in compliance with the Customs Act and SCMTR 2018. Chief Commissioners, in coordination with DG Systems, must conduct weekly outreach, publish notices, and report implementation difficulties to the Board.