Disclosure Document format updated: portfolio managers must segregate static/dynamic pages, certify changed pages and file updates promptly.
The circular prescribes a simplified template for the Disclosure Document for Portfolio Managers, replacing Schedule V, and requires a two-part document with a Static Section (enduring disclosures including definitions, services, risk factors, taxation, accounting and valuation policies) and a Dynamic Section (client representation, financial and performance data, audit observations, related-party investments). Each parameter must start on a fresh page; only pages with changes require certification by an independent chartered accountant and the principal officer and must be highlighted to clients, updated on the manager's website and filed with the Board within seven working days of change.

Co-investment framework permits AIFs to launch ring-fenced CIV schemes for accredited investors under operational safeguards.
SEBI permits Category I and Category II AIFs to offer separate co-investment schemes (CIV schemes) for accredited investors; managers must file a shelf placement memorandum, ring-fence each CIV scheme with separate bank and demat accounts, and ensure no borrowing or leverage. Co-investor exposure across CIV schemes to a given investee company is capped relative to the investor's contribution through the affiliated AIF scheme, with specified government and development institution exceptions, and defaulting or excluded AIF investors are barred from co-investing in that investee. Expenses are shared pro rata and investor rights are pro rata except for carried interest arrangements; compliance with implementation standards and inclusion in the Compliance Test Report is mandatory.

Transshipment permission for bonded road movement requires bonds, manifests, CCTV supervision and destination acknowledgement for bond discharge.
Transshipment permission to M/s. UPS Express Pvt. Ltd. permits bonded road movement of import goods via M/s. Shreeji Trans Logistics Ltd. to specified airports, subject to a one year validity and customs supervision. Both parties must execute Transshipment Bonds (and the applicant a bank guarantee), manifest goods specifically for transshipment, segregate and process cargo in a CCTV monitored TP area, affix Master Airway Bill details to shipments, and obtain destination customs acknowledgement within prescribed periods for bond discharge. Noncompliance may attract financial liability and withdrawal of permission.

Legacy indirect-tax appellate jurisdiction is reassigned to enable the designated officer to issue Orders-in-Appeal in specified pending appeals.
Appeals filed on or after 1 July 2017 under section 35 of the Central Excise Act, 1944, or section 85 of the Finance Act, 1994, are subject to a re-assignment of appellate jurisdiction. The identified appeals are allotted to the Principal Commissioner, CGST and Central Excise, Nagpur Audit Commissionerate, for passing Orders-in-Appeal under the applicable enactment.

Correction facility for duty-free import authorisations permits system-related amendments to unutilized, untransferred DFIAs with Head of Office approval.
Insertion of Para 4.53(e) creates a correction facility allowing applications for system-related, corrective amendments in unutilized and un transferred DFIAs to be filed in ANF 4G, subject to Head of Office approval; examples include corrections to unit of measurement, ITC HS code, and value of the import item.

KRA surrender process: secure transfer of KYC records with audit trail to ensure continuity of investor services and compliance.
SEBI requires Transferor KRAs to follow a Board approved SOP and oversight process to ensure secure, complete transfer of KYC records with full audit trail to a Transferee KRA, maintain limited operations until transfer completion, obtain audit certifications, submit jointly signed compliance reports to SEBI, and enable continuity of investor services; SEBI may inspect records or appoint administrators and override SOP timelines in regulatory or distress scenarios.

SEZ regulatory approvals: extensions, co-developer recognitions, area conversions and de-notifications under SEZ Rules.
The Board recorded multiple regulatory actions: extensions of Letters of Approval and Formal Approvals; approvals of Co-Developer status subject to Rule 11A(3)(c) compliance and Assessing Officer tax-review rights; authorised partial/full de-notifications and permitted conversion of Processing Area into Non-Processing Area under Rule 11B; granted sectoral formal approvals for semiconductor SEZs with conditional relaxations to encumbrance-free requirements; imposed conditions on an industrial licence approval; upheld UAC/DC restrictions on sensitive commodities and proposed a committee to examine warehousing and restricted goods criteria.

Expert panel valuation framework for precious goods mandates competency, independence, voluntary service, and accountable reporting.
Expert Panel Valuers for precious goods are selected through scrutiny of qualifications and experience, practical evaluation, and interview. They must provide standardised valuation reports, remain available when required, maintain independence and confidentiality, avoid conflicts of interest, and cooperate with inspections or proceedings. Eligibility generally requires specialised valuation competence, relevant experience, supporting references, a clean professional record, and compliance with technical standards. Appointments are non-transferable, voluntary, performance-reviewed, and restricted to qualified personnel. Negligent, misleading, conflicted, or improper valuation activity may lead to suspension, cancellation, removal, legal proceedings, or professional-body intimation.

Minimum Import Price exemption for VPB: EOUs, SEZ units and Advance Authorization/DFIA imports remain outside MIP application.
The circular clarifies that the Minimum Import Price on Virgin Multi-layer Paper Board is subject to exemptions: imports by 100% Export Oriented Units and SEZ units are exempt provided the goods are not sold into the Domestic Tariff Area, and imports under Advance Authorization or DFIA are exempt under FTP, 2023. Customs and DGFT formations are directed to apply these provisions and deviations will invite penal action.

Standard Input Output Norm notified for acetyl salicylic acid tablets enables regional authorities to grant advance authorisations directly.
A new Standard Input Output Norm for export product "Acetyl Salicylic acid 75 mg. Film-coated Tablets" in the Chemical and Allied Product group fixes the input item and permitted input quantity per unit. The Director General of Foreign Trade notifies this SION under powers conferred by the Foreign Trade Policy to enable Regional Authorities to grant Advance Authorisation directly without Norms Committee referral, streamlining and standardising export authorisation processing.

Extension of investment deadline under clause (23FE) of section 10 updates qualifying date to 31 March 2030.
The circular updates administrative guidance to reflect the Finance Act, 2025 amendment by extending the qualifying investment date for the exemption under clause (23FE) of section 10 to 31st March, 2030 effective 1st April, 2025, and directs that references to 31.03.2024 in the opening paragraph and in paragraphs 4.6.2 and 4.6.3 of Circular No. 9 of 2022 be read as 31st March, 2030.

Intraday position limits cap entity FutEq exposure, triggering random monitoring and penalties for breaches to protect market integrity.
Entity-level intraday monitoring for index options sets FutEq-based caps: an intraday Net position limit of Rs.5,000 crore and an intraday Gross limit of Rs.10,000 crore (separate long/short). Stock Exchanges must perform at least four random intraday snapshots, including one near market close, considering underlying prices when taking snapshots. Additional exposure against eligible securities or cash/cash equivalents is permitted per the prior FutEq framework. Breaches will trigger trading-pattern reviews, client rationale requests, constituent trading checks, regulator discussions, and on expiry days may attract penalties or additional surveillance deposits as decided by Exchanges.

Digital accessibility compliance: timelines extended and reporting authority updated for investment advisors and research analysts.
Regulated Entities must submit compliance/action reports and platform lists, appoint IAAP-certified accessibility auditors, conduct accessibility audits, remediate audit findings, and submit annual audit confirmations within revised timelines; reporting authority for Investment Advisors and Research Analysts is changed to BSE Ltd., while brokers/depository participants report to exchanges/depositories and other entities report to the regulator.

Customs cargo custodianship requires secure handling, duty liability for pilferage, financial security, approved subcontracting, and operational support obligations.
Custodianship of imported, export and transhipment goods at Vizhinjam International Seaport is assigned to M/s Adani Vizhinjam Port Private Limited. The custodian must securely receive, handle, store and record cargo; remains accountable for loss or pilferage and applicable duty; and may not sell uncleared or relinquished goods without customs permission. It must furnish prescribed bond and security, provide cargo infrastructure and customs staff facilities, bear applicable charges, avoid demurrage on detained goods, and obtain approval for subcontracting or alterations within the customs area.

Cybersecurity and Cyber Resilience Framework: SEBI clarifies scope, equivalence/exclusivity principles and reporting obligations for regulated entities.
SEBI clarifies CSCRF scope and compliance: REs must apply either the Principle of Exclusivity for systems used solely for SEBI activities or the Principle of Equivalence where primary regulator frameworks provide equivalent controls; REs must demonstrate which principle is relied upon and SEBI reserves the right to verify compliance submissions made to other regulators.

SIONs revision invites stakeholder consultation to clarify input descriptions and specify quantities for food item norms.
Revision of SIONs for specified food items is being undertaken to clarify generic input descriptions and to specify quantities for alternative inputs. Norms Committee-6 invites comments and suggestions from exporters, importers, industry associations and other stakeholders, to be sent to the NC-VI email address within the prescribed time, with contact details provided for queries.

Duties on gifts and personal imports: zones must publish FAQs clarifying duty, KYC, fees and grievance process.
Customs Zones must prepare and publish an FAQ-format document on their websites explaining the duty structure on gifts and personal imports with demo duty calculations, applicable KYC norms for courier and postal imports/exports, fees and charges, and the grievance redressal mechanism; zones must maintain records and monitor grievances, widely publicise the FAQs to public and trade bodies, and report implementation difficulties to the Board.

Relaxation of net worth certificate timelines for stock brokers aligns submissions with financial results reporting timelines.
Brokers offering the margin trading facility must submit a half yearly auditor certificate confirming net worth as on 31 March and 30 September within the newly harmonised post period deadlines; stock exchanges must amend bye laws, notify members and disseminate the change for immediate implementation under SEBI's regulatory powers.

BIS registration validation required before customs clearance; only valid registrations permitted, deferred or cancelled rejected.
Field formations must verify BIS registration details on the BIS-CRS portal before allowing clearance and permit release only for registrations shown as valid; deferred or cancelled registrations must not be accepted. The verification must include confirming the manufacturer name, model number and manufacturing location against the registration record, and the procedure applies to all items requiring BIS registration under the CRO.

Suspension of Standard Input Output Norms: specified food-product SIONs suspended, exporters may seek Advance Authorisation alternatives.
The Public Notice suspends the Standard Input Output Norms (SIONs) listed at Annexure "A" with immediate effect and directs exporters of the affected food products to apply for benefits under Advance Authorisation pursuant to Para 4.03(b)(ii), 4.03(b)(iii) or 4.03(b)(iv) of the Foreign Trade Policy, 2023, as applicable.