Commodity derivative position limits revise client caps, delivery-based categories, and escalating penalties for repeated trading breaches.
Client-level open-interest breaches in commodity derivatives attract daily monetary penalties based on excess position, closing price, duration and a two-percent rate, subject to different caps according to the extent of breach. Members must reduce excess positions by the next trading day, failing which exchanges may square off the excess without further notice. Repeated breaches can trigger one-day square-off mode and additional equivalent penalties, subject to an exception for breaches exclusively caused by clubbing of positions. Client-level position limits remain linked to annual deliverable supply and commodity classification.

Accredited Investor mandate compliance deadline for existing Angel Funds is extended, while non-Accredited Investor limits and contribution restrictions continue.
The deadline for Angel Funds registered on or before September 10, 2025 to implement the Accredited Investor mandate is extended to March 31, 2027. Until that date, these funds may not offer investment opportunities to more than 200 non-Accredited Investors. From March 31, 2027, they may not accept contributions from non-Accredited Investors for investment in an investee company. Existing investors may continue to hold investments already made under the applicable private placement memorandum or fund documents.

Government securities-only FPI compliance removes investor group disclosure requirement across fully accessible and general investment routes.
Foreign Portfolio Investors investing only in Government Securities are exempt from furnishing investor group details. The exemption extends beyond investments under the Fully Accessible Route to all FPIs whose investments are limited to Government Securities. Withdrawal of the concentration-limit requirement for investments through the General Route makes investor-group identification no longer relevant. Depositories, custodians and Designated Depository Participants must update their systems, and the revised framework takes effect immediately.

ETF trading norms receive a deferred implementation date, while existing requirements and market infrastructure compliance duties remain unchanged.
Implementation of norms governing base price, price bands, pre-open session call auctions and close-out procedures for Exchange Traded Funds is deferred to September 7, 2026 to facilitate smooth implementation. All other requirements remain unchanged. Market infrastructure institutions must establish necessary systems, amend relevant bye-laws, rules and regulations where required, and disseminate the requirements to market participants, including investors.

IT resilience monitoring requires market infrastructure institutions to automate resilience scoring, detect deterioration early, and continuously oversee service delivery.
Market Infrastructure Institutions must implement a system-driven IT Resilience Index to assess critical IT systems and related systems through parameters covering availability, security, integrity, governance, reliability, business continuity and scalability. The index must be computed half-yearly without manual intervention, subject to limited exceptions discussed with the Standing Committee on Technology, and comparative results and corrective actions must be placed before the committee and Governing Board. MIIs must also establish an Early Warning System, continuous service-delivery dashboards and procedures for detecting and addressing disruptions.

Cyber incident reporting adopts a standardised staged portal framework for regulated entities, supporting timely updates and final closure.
SEBI's Cyber Incident Reporting Portal is aligned with the Financial Stability Board's Format for Incident Reporting Exchange framework to standardise cyber-incident reporting. Regulated entities remain subject to existing reporting timelines and must report incidents through the designated email channel and portal. The portal supports staged reporting from initial notification through updates and final closure, using common information fields, standardised definitions and consistent incident classifications. Regulated entities must establish implementation systems and make consequential amendments to relevant bye-laws, rules or regulations where required.

KYC information sharing enables regulated financial entities to access KRA systems, subject to KYC and data-security compliance requirements.
International Financial Services Centres Authority-regulated entities may access the systems of SEBI-registered KYC Registration Agencies for client KYC, enabling interoperability and information sharing. Such entities are subject to the applicable KRA regulatory framework and must comply with prescribed securities-market KYC norms. For clients registered as Foreign Portfolio Investors, they must also follow applicable data-security guidelines. The framework takes effect immediately.

Digitally signed Powers of Attorney streamline foreign portfolio investor address verification and remove notarisation and authentication requirements.
Foreign Portfolio Investor onboarding permits acceptance of a Power of Attorney digitally signed in accordance with the Information Technology Act, 2000. A digitally signed Power of Attorney issued to a custodian and specifying the FPI's address is admissible as address proof alongside a notarised, apostilled or consularised Power of Attorney. The revised KYC framework removes notarisation, apostillisation and consularisation requirements for digitally executed Powers of Attorney, supporting streamlined digital registration and onboarding from August 20, 2026.

Mutual fund registration: consolidated application requires sponsor eligibility, governance disclosures and AMC operational controls across approval stages.
Mutual fund registration uses a consolidated Form A across two stages: sponsor in-principle approval and final AMC registration. Sponsors must establish identity, ownership, beneficial ownership, financial capacity, eligibility-route compliance, management capability, regulatory history, fit-and-proper status, grievance and compliance arrangements, conflicts controls, and trading safeguards. Final AMC registration requires constitutional approvals and disclosures on capital, governance, personnel, business planning, infrastructure, investor services, technology, cybersecurity, continuity planning, risk controls and compliance systems. Applicants must certify the completeness, correctness and regulatory compliance of all information and annexures.

NDCF computation permits debt-funded road maintenance add-backs subject to unitholder approval, auditor certification, and enhanced borrowing disclosures.
NDCF computation for InvITs permits add-back of road-project major-maintenance payments funded by external borrowing at HoldCo/SPV and Trust levels. The add-back requires project-specific unitholder approval, prescribed explanatory disclosures, and statutory-auditor certification that expenditure complies with concession-agreement obligations and is externally debt funded. Periodic reporting must separately identify major-maintenance borrowing, outstanding debt, net borrowing ratio components, and debt maturity profiles.

Online bond platform regulation expands permitted offerings while requiring overseas-product labelling, tax-bond disclosures, and certified compliance officers.
Online Bond Platform Providers may offer products, securities and services regulated by financial-sector regulators, including IFSCA-regulated offerings, and specified capital-gains tax-exemption bonds. Non-SEBI-regulated offerings must follow the respective regulator's requirements and have a stated grievance-redressal mechanism. IFSCA products require FEMA compliance and clear international or overseas labelling. Tax-specific bonds require issuer-based grievance disclosures, material feature disclosures and prominent eligibility-related tax-benefit warnings. OBPPs must appoint a certified compliance officer under the applicable stock-broker framework.

Commodity derivatives stress testing adopts a lower Z-score threshold for replacing extreme historical price movements in clearing risk assessments.
Commodity derivatives stress testing now requires extreme price movements in peak historical return scenarios to be replaced where they exceed a Z-score of 5 rather than 10. Maximum percentage price rises and falls for each underlying over the applicable margin period of risk during the preceding 15 years remain the relevant historical scenarios. Z-scores continue to be calculated using the mean and sigma of returns over that period. The revised methodology applies immediately to recognised clearing corporations in the Core Settlement Guarantee Fund framework.

Municipal debt securities framework revises private-placement denominations, pooled-finance escrow safeguards, credit enhancement options, and financial-results disclosure timelines.
Privately placed municipal debt securities may have a face value of Rs. One Lakh or Rs. Ten Thousand; lower-face-value securities require fixed maturity and cannot have structured obligations. Pooled finance vehicles and special purpose vehicles must maintain a two-step escrow arrangement, including interest payment and sinking fund accounts, and retain one year's interest obligation in the interest payment account. Listed municipalities must submit half-yearly unaudited results within sixty days and annual audited results with the audit report within ninety days.

PaRRVA enrolment deadline for advisers and analysts communicating certified past performance data is extended to support framework implementation.
Enrolment with the Past Risk and Return Verification Agency (PaRRVA) for registered Investment Advisers and Research Analysts intending to communicate certified past performance data to clients, including prospective clients, has been extended to September 3, 2026. Investment Advisers and Research Analysts wishing to make such communications must enrol with PaRRVA by the extended deadline. The extension is intended to facilitate smooth implementation of the framework.

Digital accessibility compliance deadlines are extended for platform audits and remediation, while all other accessibility obligations continue unchanged.
Digital accessibility compliance timelines for regulated entities are extended for conducting accessibility audits of digital platforms and remediating audit findings. The extended deadline is October 31, 2026. All other obligations under the earlier circulars concerning compliance with the Rights of Persons with Disabilities Act, 2016 and its rules remain unchanged and continue to apply.

GARUDA mechanism streamlines AIF PPM filing, enabling differentiated scheme launches while retaining disclosure accountability and due-diligence obligations.
The GARUDA mechanism permits regular AIF schemes to launch after 10 working days from PPM filing, subject to a SEBI-registered merchant banker's independent due diligence and prescribed filings. AI-only funds, LVFs and Angel Funds are exempt from merchant banker filing and SEBI-comment requirements, with AI-only funds and LVFs able to launch upon PPM filing and Angel Funds able to circulate PPMs after registration. Managers, merchant bankers where applicable, and designated officers remain responsible for accurate, complete and compliant PPM disclosures.

Securities transmission framework introduces risk-based claim categories, standard documentation, streamlined succession evidence, and time-bound processing for investors.
The revised framework classifies transmission claims into Quick Transmission Processing, simplified-documentation claims and above-threshold claims. All claimants must submit the prescribed request form, client master list, verifiable death certificate and applicable security certificate or statement of account. QTP is confined to non-nominated low-value claims by immediate relatives and requires relationship proof. Simplified and above-threshold claims require progressively greater indemnity, consent or succession documentation, subject to exemptions where court-issued succession documents are supplied. Entities must use standard forms, acknowledge and process complete claims within the prescribed period, communicate reasons for delay or rejection, and dematerialise transmitted physical securities.

ISIN-level freezing of promoter holdings during buy-backs permits tendering and pre-existing encumbrance invocation while maintaining the freeze.
Promoter and promoter-group holdings, including associates, must be frozen at the ISIN level from approval of a buy-back until closure of the offer. Tendering securities in a tender-offer buy-back and invocation of encumbrances created before the buy-back period remain permitted. Depositories must implement an operational framework covering freeze instructions, ISIN-level modalities, tendering, and invocation or release of pre-existing encumbrances; securities so invoked or released remain frozen. Listed companies and market intermediaries must comply with the framework.

SIF distribution certification now requires Series-V-D, with transitional recognition for existing derivatives certificate holders and continuing compliance oversight.
Persons engaged in the sale or distribution of SIF products must hold a valid NISM Series-V-D Mutual Fund-Specialized Investment Fund Distributors Certification, which also permits distribution of mutual fund products without separate Series V-A certification. Persons distributing only mutual fund products must continue to hold Series V-A certification. The Series XIII Common Derivatives Certification requirement for SIF distribution ceases after September 21, 2026, subject to a transitional arrangement for specified existing certificate holders. AMFI and asset management companies must ensure compliance by distributors and agents.

Demat mutual fund SWP and STP mandates enable phased unit-based and amount-based periodic withdrawals and scheme transfers.
Standing instructions for SWP and STP are extended to mutual fund units held in demat form. The facility will be introduced in two phases: unit-based mandates for periodic redemption of a fixed number of units, followed by amount-based mandates for fixed periodic payouts or investments. Depositories, as nodal facilitators, must publish a standard operational framework, make necessary regulatory and system changes, and implement both phases within the prescribed timelines. The framework takes effect immediately.