Anti Money Laundering due diligence: intermediaries must apply enhanced CDD, file STRs, and continuously screen clients.
Intermediaries must apply enhanced due diligence to expanded categories of Clients of Special Category, maintain and preserve detailed records and findings for ten years, ensure the Principal Officer and senior compliance have timely access to CDD and transaction data, file Suspicious Transaction Reports whenever there are reasonable grounds irrespective of thresholds, and continuously screen new and existing customers against the UN sanctions consolidated list with immediate reporting of matches to the regulator and FIU.

10-Year notional GoI security futures: VWAP pricing, demat physical delivery, VaR margins and default penalties.
Introduction of 10-Year Notional coupon-bearing GoI security futures requires exchange approval, published deliverable baskets and conversion factors, VWAP-based Daily Settlement Price with theoretical-price fallbacks adjusted for cost of carry, demat physical delivery with T+2 settlement after a two-business-day delivery intention, invoice price computed using conversion factors plus accrued interest, buy-in/auction default procedures with specified penalties, and VaR-based Initial Margin, SPAN portfolio margining, position limits and segregation of client margins.

Intermediary conduct: mandatory code requires full commission disclosure, prohibition on rebates and non compliant intermediary blacklisting.
Intermediaries must follow a revised code requiring compliance with SEBI mutual fund regulations, full disclosure of all commissions for competing schemes, suitability based recommendations, risk disclosure, and maintenance of infrastructure and confidentiality. The code forbids assuring returns, commission driven recommendations, churning, collusion in fraudulent practices, rebating commissions, and misleading comparisons. AMFI certification for sales personnel is mandated; mutual funds must report non compliant intermediaries to AMFI and SEBI and must not engage with those who breach the code.

ASBA in rights issues: mandatory ASBA option and streamlined disclosure and allotment procedures enhancing investor demat credit and issuer obligations.
The amendments rationalise rights-issue disclosures, make ASBA applicable to rights issues for shareholders holding dematerialised shares and require explicit ASBA election in application forms; they expand and standardise letter-of-offer and abridged-letter-of-offer contents, tighten materiality and risk-disclosure rules, and mandate that rights-issue proceeds may be utilised only after the basis of allotment is finalised, with a shortened finalisation timeline and specified issuer undertakings and transitional applicability rules.

Exit load parity: equal exit load treatment across all unit-holder classes at the portfolio level, with changes applied prospectively.
Mutual funds must apply identical exit load treatment to all classes of unit holders at the portfolio level, and any imposition or enhancement of exit load must be applicable only to prospective investments, in accordance with the regulator's prior principle; funds and AMCs are required to implement these measures to protect investors and ensure regulatory compliance.

Exit load parity: mutual funds must not charge different exit loads based on subscription amount.
Mutual funds and AMCs must not impose different exit loads based on the amount of subscription; all unit holders must be treated equally for exit load charging, with required disclosure of quantitative discounts and a prohibition on changes that adversely affect existing unit holders, pursuant to SEBI's regulatory powers to protect investors.

Exemption for limited share acquisitions: controlling holders may acquire a small additional stake without public offer, subject to market conditions.
An acquirer who, together with persons acting in concert, holds a controlling majority but is below the takeover threshold may acquire a limited additional stake without a public announcement, provided such acquisition is through open market normal segment purchases or pursuant to a buyback, excludes bulk/block/negotiated/preferential deals, is aggregated across purchases without netting sales, may occur in one or more tranches without time restriction, and must not result in the acquirer's combined shareholding exceeding the regulatory upper shareholding cap.

ASBA commission parity: ASBA and non ASBA applications to be treated equally and commissions paid accordingly.
Clarification that commission parity applies to both ASBA and non ASBA applications: SCSBs accepting ASBA applications, uploading details and blocking/unblocking accounts shall receive the same commission as Syndicate Members; registered merchant bankers must ensure immediate compliance and the directive was issued under the Board's regulatory powers.

Inter-scheme transfer reporting required for mutual funds; transfers must be separately captured and disclosed on authorised platforms.
Mutual funds must report inter-scheme transfers of corporate bonds on authorised trade reporting platforms, with such transfers indicated separately by the funds or their brokers. Authorised exchanges and FIMMDA are to implement systems to capture and display inter-scheme transfers distinctly from OTC and exchange trades, and disseminated information must segregate OTC trades, exchange trades, and mutual fund inter-scheme transfers. Other terms of prior corporate bond reporting circulars remain unchanged.

Updated offer document submission: material changes trigger fee-based or fresh filing obligations depending on affected disclosure sections.
The circular classifies changes to offer documents into those requiring an updated filing with SEBI with payment of a specified fee-covering sections such as Risk Factors, Capital Structure, Issue Size, Management, Promoter Group, Financial Statements and Legal information-and those requiring fresh filing of the draft offer document with full fees where substantive governance, control, object clause, or issue size/deployment changes occur. Other changes must be filed as updates without fees. Merchant bankers must file updates, pay fees where applicable, and await SEBI confirmation before proceeding.

Minimum subscription requirement for IDR issues imposed; refund and interest obligations apply on shortfall or delayed allotment.
Amendments to Chapter VIA align IDR disclosure obligations with the IDR Rules, define "home country," require proportionate allotment, prescribe a minimum subscription regime with refund and interest liabilities for shortfall or delay, mandate a single IDR denomination and disclosure of demat/physical options, impose staged due diligence certification by the lead merchant banker in the format of Schedule VI-B, expand financial statement and audit/reconciliation requirements for three preceding years, and specify the precise applicability of other DIP Guidelines' chapters and schedules to IDR issues.

Portfolio Managers must disclose proposed services, provide a draft client agreement, and follow a specified networth statement format.
SEBI amended registration and renewal requirements for Portfolio Managers to require disclosure of proposed services and submission of a draft client agreement, and prescribed a revised networth statement format listing paid up equity capital; free reserves (excluding revaluation reserves); accumulated losses; deferred expenditure not written off (including miscellaneous expenses); deductions for minimum capital adequacy/networth requirements for other SEBI-regulated activities; and the resulting Networth.

Dematerialisation requirement enables shift from trade-for-trade to rolling settlement upon meeting demat threshold and no remaining grounds.
Companies with connectivity to both depositories may be shifted from Trade-for-Trade Settlement to Rolling Settlement if at least half of non-promoter holdings are dematerialised, certified by the RTA or, if no RTA exists, by a practicing Company Secretary or Chartered Accountant, and if there are no other grounds for continuing TFTS; stock exchanges must report actions taken to SEBI in their development reports.

Risk margin cap: combined VaR, extreme loss and mark-to-market on purchases limited to purchase value; exchanges must comply.
Buy-side cash-market transactions must ensure that VaR margins, Extreme Loss margins and mark-to-market losses together do not exceed the purchase value. Sell-side transactions remain subject to the existing practice where VaR and Extreme Loss margins together do not exceed the sale value while mark-to-market losses are levied separately. Exchanges must modify bye-laws, notify members, implement and test software changes, and report implementation status.

Prohibition on superior share rights bars issuance of shares conferring superior voting or dividend rights over listed equity.
Listed companies are prohibited from issuing shares that confer on any person superior rights as to voting or dividend compared with rights attached to equity shares already listed; Clause 28A is inserted into the Equity Listing Agreement to record this obligation, stock exchanges must amend their Listing Agreements accordingly and report implementation to SEBI, and the amendment is effective immediately to protect investor interests.

Abolition of no-delivery period allows direct close-out of short deliveries for dematerialised corporate actions.
SEBI abolishes the no-delivery period for corporate actions in scrips traded in compulsory dematerialised mode, allowing direct close-out of short deliveries on a cum basis with mark-up pricing as per existing SEBI guidance. Stock exchanges must amend rules, notify members, publish the change, and report implementation to SEBI; the measure is issued under SEBI's investor-protection and market-regulation powers and applies from the stated effective date for relevant record dates or book closures.

Compulsory listing on nationwide exchanges, aggregated holding periods, and regulated anchor investor allocations ensure broader access and controlled book building.
Unlisted companies making an initial public offer must apply for listing on at least one nationwide trading stock exchange; holding periods for eligibility to offer shares on sale shall aggregate the period for fully paid compulsorily convertible securities and the resultant equity shares; and book built public issues may allocate a portion of Qualified Institutional Buyers' quota to Anchor Investors subject to eligibility, reservation for domestic mutual funds, discrete pre-issue bidding and disclosure, upfront margin and short payment timelines, a short lock-in, restrictions on related parties, documented merchant banker selection parameters, and non-multiple application treatment.

Revision in filing fees for mutual fund schemes applies to schemes filed on or after the amendment's effective date.
Revision in filing fees for mutual fund scheme filings under the SEBI (Payment of Fees) (Amendment) Regulations, 2009 applies to schemes whose scheme information documents were filed with SEBI on or after the amendment's effective date; the circular transmits the gazette notification and directs AMCs, mutual funds and AMFI to implement the revised fee regime under the authority of Section 11(1) of the SEBI Act and Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996 for investor protection and market regulation.

Firm commitment requirement: FVCI registration now mandates investor commitment before application submission to ensure parity.
Applicants seeking registration as Foreign Venture Capital Investors must obtain a firm commitment from their investors for contribution of at least USD 1 million at the time of submitting the registration application, imposed to bring parity with domestic venture capital fund entry requirements and enacted under the regulator's statutory powers to protect investor interests.

Transparency in mutual fund commissions: investors pay upfront distributor fees directly; excess exit loads credited to schemes.
SEBI mandates abolition of entry load and requires application forms to disclose that upfront distributor commission is paid directly by investors. A limited portion of exit load/CDSC may be retained in a separate account for distributor commissions and marketing, with any excess credited immediately to the scheme. Distributors must disclose all commissions payable for competing schemes. AMCs must update scheme documents, inform distributors and monitor compliance, while continuing to recover permissible recurring marketing and selling expenses from schemes within regulatory limits.