Designated email ID requirement: merchant bankers must create exclusive regulatory email accounts and submit details to SEBI.
Merchant bankers must create an exclusive, non-personal designated e-mail ID for regulatory communication and communicate it to SEBI at [email protected] using the prescribed Excel format. The Excel file must specify the intermediary type and name in the file name and e-mail subject and contain: Name, Address, Category, RegistrationNo, Designated e-mail id, and Name of compliance officer.

Designated email ID for regulatory communication: exchanges and depositories must create exclusive IDs and notify SEBI.
Stock Exchanges and Depositories must create an exclusive, non-personal designated e-mail ID for regulatory communications and communicate it to SEBI at [email protected] using Annexure A. Annexure A requires an Excel file named to indicate intermediary type and name and to contain the intermediary's name, address, designated e-mail id and the name of the compliance officer; the file shall be e-mailed to [email protected].

Abridged annual report format standardisation mandates uniform disclosure and electronic mailing with printed copies on nominal fees available.
Mandate prescribing a uniform Abridged Schemewise Annual Report format and requiring abridged reports to be deliverable electronically with full Schemewise Annual Reports displayed on the mutual fund website, while printed copies remain available to unitholders for a nominal fee. The circular also updates periodic disclosures by adding a separate category for securitized debt instruments in half yearly portfolio disclosures and requires unaudited half yearly financials to be displayed on websites in the Regulations' prescribed format.

Annual systems audit requirement mandates exchanges to commission independent comprehensive audits and submit reports to the regulator.
Annual Systems Audit requires all stock exchanges to engage an independent reputed auditor annually to conduct a comprehensive audit covering Trading Systems, Clearing and Settlement Systems, Risk Management, Databases, Disaster Recovery Sites, Business Continuity Planning, Security, Capacity Management and Information Security, with the Systems Audit Report and Compliance Status to be placed before the Governing Board and communicated, with findings and comments, to the regulator.

Monthly reporting obligations: custodians must file revised annexed reports as Excel to SEBI email by the monthly deadline.
Custodians must submit monthly periodical information to SEBI in a revised standardized format using Annexures A-E as an Excel file named per the prescribed convention (report[custodian acronym][month][year].xls) and electronically file it to the specified SEBI email address by the monthly deadline; the circular and annexures are available on SEBI's website.

Designated email ID requirement: intermediaries must create exclusive regulatory email IDs and notify SEBI for receipt of digitally signed circulars.
SEBI mandates that all registered intermediaries establish an exclusive, non-personal designated e-mail ID for regulatory communication to receive digitally signed circulars, and to submit that e-mail ID to [email protected] in an Excel file per Annexure A containing name, address, category, registration number, designated e-mail ID and compliance officer name.

FII debt limit replacement period: five business days for substitution; unutilised limits withdrawn and reallocated promptly.
A replacement period of up to five business days is permitted for FIIs to substitute disposed or matured debt instruments; custodians must monitor and report unutilised limits upon expiry of that period. Any unutilised limit after five business days will be withdrawn and reallocated to the next waitlisted entity. Switches by sell off and replacement between government securities and corporate debt are not permitted due to separate individual limits.

Mandatory PAN requirement: specified public authorities' transactions exempted subject to documentary verification and intermediary compliance.
SEBI exempts transactions by the Central Government, State Government and court-appointed officials from the mandatory Permanent Account Number requirement, conditional on intermediaries collecting and verifying sufficient documentary evidence to substantiate exemption claims; stock exchanges and depositories must amend rules, notify members, publish the clarification and report implementation in monthly development reports.

Dematerialisation requirement enables shift from trade-for-trade to rolling settlement upon meeting demat holdings and certification conditions.
Shift from the Trade-for-Trade Segment to rolling settlement is allowed for companies with connectivity to both depositories if at least half of other-than-promoter holdings are dematerialised, certified by the RTA or, if no RTA exists, by a practising Company Secretary or Chartered Accountant; exchanges must ensure no other grounds to continue TFT trading and report actions in their Monthly/Quarterly Development Report.

Parking of Funds in short-term bank deposits: mandatory disclosure of margin term deposits in half-yearly portfolio statements.
The circular clarifies that the prior instruction does not apply to term deposits placed as margins for cash and derivatives trading, withdraws the earlier related circular, and mandates that all term deposits placed as margins be disclosed in half-yearly portfolio statements under a separate heading with bank name, amount, duration and percentage of NAV.

Short selling and securities lending allowed for mutual funds with mandated scheme disclosures and RBI-guided treatment of contracted government securities.
Mutual funds are permitted to undertake short selling and securities lending and borrowing after making additional disclosures and risk-factor entries in the Scheme Information Document as required by SEBI. The Seventh Schedule is amended to permit sale of a government security already contracted for purchase when done according to Reserve Bank of India guidelines, with the amendments effective from publication and a notified date set for implementation.

FII debt investment limits increased with first-come-first-served allocation and per-entity ceiling enforced.
SEBI increased cumulative caps for FII investment in Government Securities and Corporate Debt, allocating the enhanced limits on a first come first served basis subject to an entity ceiling of US $200 million per registered entity; allocation requests must be sent to the dedicated email channel specified in the prior circular and custodians must notify their FII clients.

Offshore derivative instruments compliance: revised FII undertaking requires non-dealing declaration and enhanced monthly ODI reporting.
SEBI requires FIIs and their sub-accounts, effective from the monthly ODI report for May 2008, to undertake that they and their associates have not issued, subscribed to, or purchased any ODIs directly to or from Non-Resident Indians or Indian residents, and to include in the monthly report the value of outstanding ODIs as of the last reporting date and that value as a percentage of Assets Under Custody.

Simplification of Offer Documents: new SID, SAI and KIM formats with filing, update and availability obligations for mutual funds.
The circular mandates splitting the offer document into a Scheme Information Document (SID), a single common Statement of Additional Information (SAI), and a Key Information Memorandum (KIM) in a simplified format, prescribes filing and posting requirements including soft-copy submission and an undertaking, sets timelines for updation and handling of material and non-fundamental changes (including addenda, public notice and seven-day filing), requires launch within six months of final observations or refiling, and withdraws earlier conflicting circulars.

Margining of institutional trades deferred by regulator; cash market margins remain on T+1 until further direction.
Upfront margining of institutional trades in the cash market has been deferred and institutional trades will continue to be margined on a T+1 basis until further directions; stock exchanges must notify member brokers/clearing members and publish the circular on their websites under the regulator's powers to protect investor interests and regulate the securities market.

Quarterly reporting obligation for registrars and share transfer agents now requires certified electronic submission in prescribed formats.
Registrars to an Issue/Share Transfer Agents must submit quarterly reports in the revised Annexure A format within fifteen days of quarter end, certified by an authorised officer. Beginning with the quarter ended June 30, 2008, reports shall be submitted in electronic form only, by e mail as two files (PDF and Excel) to the prescribed e mail id, using the specified subject line and file naming conventions.

Electronic Submission Requirement: merchant bankers must file half yearly reports in pdf and excel via the designated email, replacing hard copies.
Merchant bankers must submit prescribed half yearly reports electronically only, in both PDF and Excel formats, to the designated regulatory email; reports must follow the Schedule XXVII format, employ the prescribed title and file naming convention identifying the merchant banker and period, and be certified by the compliance officer, with hard copy submission dispensed with.

Electronic quarterly reporting requirement for debenture trustees: submit certified PDF and Excel filings via designated email with specified naming convention.
Debenture trustees must submit quarterly reports electronically only, sending one PDF and one Excel file to the designated email address with a prescribed subject-line and file name identifying the trustee and quarter; each report must be certified by the compliance officer. Trustees with no reportable activities for a quarter need not file; other timelines and conditions in prior circulars remain unchanged.

Electronic reporting requirement: Bankers to Issue must file quarterly and annual reports in PDF and Excel to designated email.
Bankers to Issue must submit prescribed quarterly and annual reports electronically in PDF and Excel formats to the designated SEBI e mail, with each submission certified by the compliance officer and files and e mail titles following prescribed naming conventions. Bankers to Issue with no reportable activity for specified tables need not file a quarterly report, but all must submit the annual report in the prescribed format within the stipulated post financial year period, and other submission timelines remain unchanged.

Cross margining for institutional cash positions offsets VaR margins while retaining extreme loss and mark-to-market requirements.
Institutes a cross margin facility for institutional cash positions with offsetting stock futures so that VaR margin is not charged on the cash position to the extent of the offsetting futures, while Extreme Loss and Mark-to-Market margins remain applicable; near-month futures are excluded three days before expiry and F&O margins are unchanged. Exchanges must adopt systems, amend rules, notify members, publish the provisions, and report implementation status monthly under enabling regulatory powers.