Electronic Book Provider platform: mandatory for specified private placements with enhanced disclosure, allocation and anchor investor rules.
Revisions require specified private placements of debt, NCRPS and municipal debt to be conducted through the EBP platform while allowing elective EBP use for securitised instruments, money-market instruments and REIT/InvIT units; smaller issues may opt in. Issuers must provide the Placement Memorandum and term sheet to the EBP within prescribed lead times, disclose issue size and green shoe portion (green shoe capped at five times base size) and anchor investor details; anchor allocations are capped by credit-rating bands and must be electronically confirmed by T 1 day. Allotment at cut-off uses pro-rata rules; EBPs must publish detailed issuance data by defined timelines. Certain clauses have staggered effective dates.

Extension of implementation timeline for ODI and segregated portfolio disclosure requirements delays compliance obligation and systems readiness.
SEBI has extended the deferred implementation date for paragraphs 2.2 to 2.7 of its December 17, 2024 circular-covering additional disclosure obligations for ODI subscribers and FPIs with segregated portfolios-to November 17, 2025; all other provisions of that circular remain unchanged and depositories must complete necessary systems and procedures to ensure compliance by the revised date.

Input tax credit restrictions: ecommerce operators cannot use ITC to discharge platform service tax liability; must pay from cash ledger.
The Board clarifies that an electronic commerce operator liable to pay tax in respect of specified services notified as taxable on the operator is not required to reverse input tax credit on inputs and input services proportionately; nevertheless, the full tax liability on those specified services must be discharged only through the electronic cash ledger and ITC cannot be utilized to pay that liability, though such ITC may be used to discharge tax on supplies made by the operator on its own account.

As is where is basis in GST regularisation treats lower-rate payments as full discharge and prohibits refunds to higher payers.
Where genuine doubt arises from competing tariff entries or divergent interpretations, past returns and payments made by taxpayers at a lower competing rate (including nil rate under an exemption entry) will be accepted as full discharge of tax liability for the period regularized on an "as is / as is, where is" basis; taxpayers who paid a higher rate are not entitled to refunds, and regularisation does not protect cases where no tax was paid, in which event the appropriate tax will be recovered.

Amendment to Standard Input Output Norms: revised import quantity for 2 Ethylhexanol and updated export description, effective immediately.
The Directorate General of Foreign Trade amends Standard Input Output Norms (SION) A 1303 by revising the export product description and modifying import input quantities: Phthalic Anhydride remains at 0.400 kg, 2 Ethylhexanol (Octanol) is reduced from 0.700 kg to 0.680 kg, and Di Octyl Phthalate (DOP) is indicated as the PVC plasticizer. The amendment takes immediate effect under the Foreign Trade Policy-2023.

Government-supported Line of Credit enables export financing for refinery construction, subject to Foreign Trade Policy and FEMA compliance.
Government-supported Line of Credit permits financing of imports for refinery construction from India subject to export eligibility under the Foreign Trade Policy; the LoC is effective from the agreement date with final disbursement due 48 months after scheduled contract completion. Shipments must be declared in the Export Declaration Form/Shipping Bill per Reserve Bank instructions. No agency commission is payable under the LoC, but exporters may use own funds or Exchange Earners' Foreign Currency Account balances for commission after realization, subject to remittance rules; AD Category-I banks must notify exporters and direct them to Exim Bank for details.

Expected Loss based Rating Scale permitted for municipal bonds financing infrastructure to be used alongside standard rating scales.
SEBI permits Credit Rating Agencies to use an Expected Loss (EL) based Rating Scale, in addition to standardized rating scales and Probability of Default ratings, for rating Municipal Bonds issued to finance infrastructure assets; this directive is effective immediately and issued under Section 11(1) of the SEBI Act read with Regulation 20 of the CRA Regulations.

Investor charter obligations require RTAs to publish the charter, disclose monthly complaint data, and adopt SCORES and ODR.
RTAs must publish and display the updated Investor Charter, disseminate it to shareholders, and disclose monthly complaint data and resolution metrics on their websites in the prescribed Annexure B format by the specified monthly deadline. The Charter prescribes service timelines for investor requests, obliges transparent grievance redressal via SCORES 2.0 and SMARTODR ODR (including escalation and arbitration stages), requires protection of investor confidentiality, and takes immediate effect while rescinding the earlier circular and amending the Master Circular.

Internal audit composition for CRAs expanded to include Cost Accountants and DISSA-qualified auditors, effective immediately.
The audit team for registered credit rating agencies must be composed of at least a Chartered Accountant or a Cost Accountant and an information-systems auditor holding CISA, DISA, or DISSA; the amendment expands eligible qualifications and is effective immediately under statutory regulatory powers to protect investors and regulate the securities market.

FCRA account payments allowed for compounding and fees via SBI Branch Payment; other withdrawals remain prohibited.
Payment of compounding penalties and statutory fees for associations with expired FCRA registration is permitted to be made from the association's FCRA bank account at State Bank of India, New Delhi Main Branch through the FCRA online portal by using the introduced SBI Branch Payment mechanism; any other receipt or utilisation from the FCRA bank account during the expired validity period remains prohibited and attracts penal consequences.

Authorized representation in statutory proceedings requires recognition, hearing access, written reasons for refusal, and opportunities to rectify authorization defects.
Statutory authorities must recognize duly authorized advocates and representatives, provide reasonable hearing opportunities, and treat them with professional respect. Valid vakalatnamas or authorization letters must be taken on record unless legally deficient. Representatives may participate in physical or virtual hearings, make submissions, examine permitted records, file documents and seek reasonable adjournments. Refusal of representation requires written reasons and an opportunity to rectify defects; blanket or oral refusals are impermissible.

GST applicability clarifications: exemptions and regularisation for specified public services, incentives, reinsurance and accommodation.
Clarifications address GST treatment across specified categories: exemptions and retrospective regularisation on an as is where is basis for certain Ministry of Railways supplies and SPV transactions; statutory RERA collections covered by the governmental authority exemption; incentive payments under the digital payments scheme treated as subsidy and not taxable when shared as per the prescribed distribution; reinsurance (including retrocession) and government sponsored insurance reinsurance regularised for specified past periods; and specified accommodation services exempted where value and minimum continuous period criteria are met.

Yield to price computation simplified using due dates for cash flows; centralized bond database required to disclose cash flow schedules.
Cash flow dates for interest, dividend and redemption payments on RFQ-traded non-convertible securities shall be based on due dates in the cash flow schedule and not adjusted for day count convention for yield-to-price computation. Issuers must submit a cash flow schedule (due date and payment date as per day count convention) at ISIN activation in the centralized corporate bond database and update any changes within one working day; the requirement covers prospective issuances and residual maturities of listed ISINs.

Certification requirement for AIF managers' key investment team extended, providing additional time for mandatory NISM compliance.
The AIF regulatory framework mandates that the key investment team of an AIF Manager include at least one person holding the prescribed NISM certification. SEBI has extended the timeline for obtaining the NISM Series-XIX-C certification for applicable existing and pending AIF schemes, with the extension taking immediate effect to facilitate compliance.

Voluntary customs payments on ICEGATE now replace manual TR-6 challans for past clearances through electronic self-initiated payment routes.
ICEGATE has enabled electronic voluntary or self-initiated payment to replace manual TR-6 payments for customs-related amounts concerning past import or export clearances. Registered users may generate a challan and pay electronically without further officer approval, but the facility cannot be used for live consignments or in place of challans generated through ICES, ECCS, SEZ online, or ACES applications. Payments may be made through the Electronic Cash Ledger, challan-wise internet banking, NEFT or RTGS, and payment aggregator mode. Manual TR-6 payments now require specific approval with reasons.

Mandatory DIGIT ID requirement for arrest and incident reports ensures revised reporting formats and email submission.
Revised reporting formats mandate inclusion of the DIGIT ID in both Arrest Report and Incident Report (where arrest not made), provide updated Annexure I and Annexure II templates enumerating standardized fields (identification, date/time/place, offence description, customs documents, seizure details, commodity classification, quantity and value, modus operandi), and require email transmission to specified CBIC and investigative agency addresses; all other prior Board instructions on the subject remain unchanged.

Remanded GST assessments require fresh determination under the non-fraud procedure, followed by portal-based replacement and closure of prior orders.
Where fraud, wilful misstatement, or suppression to evade tax is not established in proceedings initiated under section 74, tax must be redetermined as though the notice were issued under section 73(1). Pending GST-system remand functionality, the appellate remand must be issued manually in APL-04. The assessing officer must issue a fresh section 73 order through standalone DRC-07 and close or nullify the earlier section 74 order through DRC-08 for zero amount, with appropriate remarks.

Anti-dumping duty scope limited: electronic declaration allows exemption for specified end-uses, subject to undertaking to pay.
Anti-dumping duty on Titanium Dioxide from China PR is limited to specified end-uses; imports for food, pharma, skin-care, textiles, fibre, nano or ultrafine titanium dioxide are excluded. An electronic declaration in the Bill of Entry will allow importers to state the goods are for excluded uses and include an undertaking to pay applicable anti-dumping duty with interest if the goods are supplied for non-excluded uses. DG (Systems) will issue an advisory for implementation and officers are to be sensitized; implementation difficulties may be reported to the Board.

Grievance redressal mechanism for GST registration applicants enables resolution of documentary queries through prescribed channels and submissions.
Grievance redressal mechanism for GST registration in Central Tax, Bengaluru Zone prescribes required documents for proof of Principal Place of Business (owned premises: property tax/municipal khata/utility bill or similar; rented/shared premises: valid rent/lease agreement plus lessor ownership document; consent letter and consenter identity proof where owner is relative/spouse; affidavit and possession proof where no agreement exists; SEZ requires central certificates) and for constitution of business (Partnership Deed or Registration Certificate). Applicants may file grievances by email with specified fields or approach the GST Seva Kendra for resolution.

Entry exemption for perishable agricultural goods at ICP Attari authorises specified freight trucks to enter for export clearance.
A one time exemption to the ICP Attari closure permits entry of 162 freight trucks carrying perishable agricultural goods from Afghanistan at ICP Attari. The Ministry of Home Affairs OM dated 07 May 2025 authorised these specified consignments notwithstanding the closure, and CBIC Instruction No. 09/2025-Customs (09 May 2025) directed customs field formations to admit and facilitate the listed vehicles and their transit/clearance.