All spices classified under Appendix 4J subject to pre-import conditions, ineligible for DFIA despite intended end use
A government trade circular clarifies that all spices are listed under Appendix 4J and thus subject to pre-import conditions, making them ineligible for import under Duty-Free Import Authorisation (DFIA) regardless of intended end use. Appendix 4J's subcategories set differing export-obligation periods for specific processes (e.g., manufacture of oils/oleoresins, value-addition like grinding) while residual uses fall under a six-month export obligation; the appendix must be read holistically. Regional authorities, exporters and customs are directed to enforce this interpretation when processing DFIA applications.

Regulator mandates standard reason code TLH for nominee-to-legal-heir securities transfers to tax authority, effective January 1, 2026
The regulator directs registrars, listed issuers, depositories and depository participants to adopt a standard reason code "TLH" (Transmission to Legal Heirs) when reporting nominee-to-legal-heir securities transmissions to the tax authority, to prevent inappropriate capital gains withholding on transfers statutorily treated as exempt. Procedural requirements under existing listing and registrar rules remain unchanged. Entities must update systems and implement the change from January 1, 2026. The measure follows a working group recommendation after consultations with the tax authority and aims to streamline transmission processes and reduce refund-related inconvenience for nominees.

Regulator amends Social Stock Exchange rules: tightened NPO eligibility, mandatory AIRs covering 67% program spend, immediate effect
The securities regulator issued an amendment to the Social Stock Exchange framework updating capital-issuance and listing rules, revising NPO eligibility (registration types and 12-month validity), annual disclosure requirements (governance, operations, finances, top donors/programs) and timelines, and specifying Annual Impact Report (AIR) obligations for social enterprises and unlisted NPOs (self-reported AIR covering 67% of prior year program expenditure). AIRs must be assessed by accredited Social Impact Assessors and disclosed. Recognized exchanges and depositories must implement systems, amend by-laws and monitor compliance. The changes take effect immediately under the regulator's statutory powers.

Tax authority extends ITR filing deadline for non-auditable assessees for AY 2025-26 from Sept 15 to Sept 16, 2025
The central tax authority has extended the due date for filing income-tax returns for Assessment Year 2025-26 for non-auditable assessees specified under the relevant income-tax provisions, moving the deadline from 15 September 2025 to 16 September 2025 pursuant to its administrative powers; this amendment applies only to the category referenced in the governing provision and supersedes the earlier circular setting the 15 September date.

Government exempts aerospace-grade hydrogen peroxide imports for non-commercial space R&D from Hydrogen Peroxide (Quality Control) Order, 2022
The government exempts imports of aerospace-grade hydrogen peroxide for non-commercial space R&D from the Hydrogen Peroxide (Quality Control) Order, 2022 (which mandates BIS IS 2080:2021), because the Indian standard lacks specifications for aerospace grade material; customs formations are instructed to implement and sensitize officers accordingly and report any difficulties to the Board, consistent with the Ministry of Chemicals and Fertilizers' office memorandum and the Department of Revenue's instruction.

Tax authority: credit notes don't require input tax credit reversal; manufacturer discounts reduce dealer price unless direct customer agreement
The tax authority clarifies that recipients need not reverse input tax credit where suppliers issue financial or commercial credit notes, since such notes do not alter the original transaction value or tax liability. Post-sale discounts from a manufacturer to a dealer generally reduce the dealer's sale price and are not consideration for inducement of the dealer's supply to end customers, except where the manufacturer has a direct agreement with the end customer-in which case the discount must be included in overall consideration. Discounts are not payment for promotional services unless specific services and consideration are contractually agreed, in which case GST applies.

New Customs (Provisional Assessment) Regulations 2025 amend Section 18: provisional assessments finalised within two years, timelines and safeguards
The circular implements amended Section 18 by notifying Customs (Provisional Assessment) Regulations, 2025: provisional assessments must be finalized within two years (extendable by Principal Commissioner/Commissioner for sufficient cause), with pending cases counted from 29 March 2025; a 14-month limit applies to submission of documents/test reports and completion of enquiries (officers to finalize within three months thereafter where possible); proper officers must issue speaking orders and follow natural justice; importers/exporters may pay provisional duty with interest; bonds/security to be released or re-credited on finalisation; unpaid dues over 90 days may be recovered from security; rules apply to project imports and single unified multi-purpose bonds, with monitoring of cases beyond 17 months.

Customs circular mandates institutionalised consultation, stronger trade facilitation, revised PTFC/CCFC roles, tri-layer digital grievance redressal
A customs board circular mandates institutionalised consultation to strengthen trade facilitation by revising and consolidating PTFC and CCFC mandates and composition, requiring PTFCs to meet fortnightly and CCFCs bimonthly, broadening membership to include trade, logistics, PGAs, infrastructure ministries and IT/system representatives, and updating ToRs to prioritise timely grievance resolution, monitoring of digital tools (AEM, TSKs, ICEGATE helpdesk) and escalation to NACs/CCG. It formalises a tri-layer redressal (AEM, TSKs, NACs), directs proactive monitoring and sectoral consultations, requires monitoring of social-media/email grievances with unique references, and instructs local formations to publicise SPOCs and notify operational changes.

SEBI relaxes compliance for GS-FPIs: simpler registration, KYC aligned with bank, 30-day material change notice, Feb 8, 2026
SEBI amends FPI regulations to ease compliance for Foreign Portfolio Investors that invest exclusively in government securities (GS-FPIs): GS-FPIs need not furnish investor group details, face relaxed registration and renewal information requirements (only fee payment required), have KYC review periodicity aligned with their bank accounts, and must notify material changes within 30 days; resident individual contributions must flow through LRS into global funds with under 50% Indian exposure. Procedures for transitioning between regular FPIs and GS-FPIs and system changes by intermediaries are mandated; implementation effective February 8, 2026.

AIF Angel Fund rules tightened: only Accredited Investors for new funds; Sept 8, 2026 compliance; investment and lock-in limits
The regulator amends the AIF framework for Angel Funds: new funds must accept capital only from Accredited Investors; existing funds must comply by September 8, 2026 (with up to 200 non-Accredited investors allowed until then) and onboard at least five Accredited Investors before first close within 12 months of PPM record. Angel Funds must invest directly (no schemes or term-sheet filing, though term-sheet records must be retained), follow-on investments capped at INR 25 crore and not increase post-issue shareholding, and face a one-year lock-in (six months if sold to a third party). Overseas investment limits use total investments at cost. PPMs must specify a non-discretionary allocation methodology and pro-rata rights apply (excluding agreed carried interest). Category I classification, audit/reporting thresholds, and calculation bases are revised; rules take immediate effect.

Regulator requires new simplified Disclosure Document format for portfolio managers with page-level updates certified and filed within seven working days
A securities regulator mandates a simplified, circularized format for portfolio managers' Disclosure Document, removing the prior schedule from the regulations and prescribing a template split into static and dynamic sections covering 16 parameters (e.g., risks, services, taxation, accounting, performance, 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 such updated pages must be communicated to clients, posted on the manager's website and filed with the regulator within seven working days. Existing regulatory content, certification and other obligations remain unchanged; the circular is effective immediately.

Regulator allows Category I/II AIFs to create ring-fenced co-investment CIVs with caps, separate accounts, and reporting requirements
The regulator amends AIF rules to allow Category I and II funds to offer co-investment to accredited investors via a distinct co-investment scheme (CIV) within the AIF structure as an alternative to the portfolio-manager route, effective immediately. CIVs must use separate bank/demat accounts and ring-fence assets; managers must file a shelf placement memorandum detailing terms and governance. Investor co-investment in a target is capped at three times their contribution through the affiliated AIF scheme, except for certain public/sovereign entities. Non-contributing or defaulting scheme investors cannot co-invest in that target. CIVs cannot leverage, must avoid investments creating indirect forbidden exposures or extra disclosure obligations, allocate proceeds pro rata (subject to carried interest), share expenses pro rata, and adopt implementation standards and compliance reporting.

Handbook amended to allow electronic correction of unutilized, un-transferred DFIA entries under Para 4.53(e) via ANF 4G
The competent trade authority amends the Handbook of Procedures to insert Para 4.53(e), permitting electronic correction of system-related, corrective amendments in unutilized and un-transferred Duty Free Import Authorisations (DFIAs) via ANF 4G, subject to Head of Office approval. The change aims to ease doing business by allowing corrections such as unit of measurement, ITC HS code of import items, and import item value. The amendment operates under existing Foreign Trade Policy provisions cited for authority.

Regulator requires board-approved SOP for KRA surrender with mandatory data transfer, audits, oversight, AML and insolvency compliance
The regulator mandates a streamlined, board-approved SOP for surrendering KYC Registration Agency (KRA) registrations-voluntary or involuntary-requiring transfer of complete KYC records, audit trails, stakeholder notice, an Oversight Committee, and adherence to statutory obligations (including AML and insolvency laws) to ensure continuity of services. Transferor KRAs must identify a transferee through a transparent process, secure data migration with audits, settle dues and grievances, maintain investor support, and submit jointly signed compliance reports; the regulator may inspect, impose administrators or nominate transferees and override timelines in enforcement scenarios. SOPs must be published and periodically reviewed.

Minimum Import Price INR 67,220/MT for virgin multi-layer paperboard until 31 March 2026; exemptions for EOU, SEZ, Advance Authorization
Notification imposes a Minimum Import Price (MIP) of INR 67,220 per MT CIF for Virgin Multi-layer Paper Board under specified HS codes effective until 31.03.2026; however, imports by 100% Export Oriented Units and units in Special Economic Zones are exempt from the MIP provided the goods are not sold into the Domestic Tariff Area, and imports under Advance Authorization or Duty-Free Import Authorization schemes are similarly exempt. The circular directs Customs, DGFT regional authorities and trade stakeholders to apply these extant FTP and SEZ provisions and warns that deviations will attract penal action under applicable laws.

Trade authority notifies SION A-3695 setting 76.50 mg input norm for Acetyl Salicylic Acid 75 mg tablets under paragraph 1.03
Under powers conferred by paragraph 1.03 of the Foreign Trade Policy-2023, the national trade authority notifies Standard Input Output Norm (SION) A-3695 for export product "Acetyl Salicylic Acid 75 mg film-coated tablets," fixing the input norm at 76.50 mg acetyl salicylic acid per tablet. The notification enables regional authorities to grant Advance Authorisations directly for this export item without referral to the Norms Committee, intended to expedite authorisation processing and promote uniformity in clearance procedures.

Tax authority extends qualifying investment deadline under clause (23FE) of section 10 from Mar 31, 2025 to Mar 31, 2030
The tax authority amends its prior circular under clause (23FE) of section 10 of the Income-tax Act to reflect a statutory change: the permissible date for qualifying investment is extended from 31 March 2025 to 31 March 2030, effective 1 April 2025. Consequently, references to 31 March 2024 in the earlier circular's opening paragraph and paragraphs 4.6.2 and 4.6.3 are to be read as 31 March 2030 with effect from 1 April 2025.

Regulator requires intraday monitoring, sets entity FutEq limits: Rs 5,000cr net, Rs 10,000cr gross; SOP in 15 days
Regulator mandates an intraday monitoring framework for equity index options: entity-level intraday FutEq limits set at Rs.5,000 crore net and Rs.10,000 crore gross, monitored via at least four random intraday snapshots (including one between 14:45-15:30) with underlying price considered; additional exposure permitted against securities or cash per existing rules. Exchanges and clearing corporations must prepare a joint SOP within 15 days and issue it to market participants. Breaches trigger scrutiny of trading patterns and client rationale, and expiry-day breaches will attract penalties/additional surveillance deposits from December 6, 2025; most provisions take effect October 1, 2025.

Regulator grants staged extensions to digital accessibility compliance, audits, remediation and reallocates reporting responsibilities for regulated entities
The regulator extended deadlines for compliance with its digital accessibility circular under the Rights of Persons with Disabilities Act, granting short extensions for submission of compliance reports and platform lists, longer extensions for appointing certified accessibility professionals (to Dec 14, 2025), for conducting accessibility audits (to Apr 30, 2026) and for remediation (to Jul 31, 2026), and deferred annual audit reporting to the next financial year (Apr 30, 2027). Reporting authorities were reallocated: stock brokers/depository participants report to exchanges/depositories, investment advisers and research analysts report to the designated stock exchange, and other regulated entities report to the regulator.

Regulator issues immediate technical clarifications to Cybersecurity and Cyber Resilience Framework, adding Exclusivity and Equivalence principles and operational changes
Regulator issued technical clarifications to the Cybersecurity and Cyber Resilience Framework for regulated entities, introducing Principles of Exclusivity and Equivalence for overlapping regulator oversight, and detailed technical changes to critical-systems definitions, zero-trust implementation, incident response (aligned to entity-approved crisis plans), VAPT/cyber audit submission formats (no explicit vulnerabilities unless requested), log/retention, supply-chain assessment, Market-SOC onboarding, RTO/RPO expectations, and encouragement (not mandate) of ISO 27001 for qualified entities. Portfolio managers and merchant banker thresholds were re-categorised, CERT-level audit guidance adopted, and exchanges/depositories instructed to amend bylaws and notify members. Provisions take immediate effect.