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.

Dematerialisation requirement for non promoter holdings must be certified before shifting securities from TFTS to rolling settlement.
Shift to Rolling Settlement is permitted for securities with connectivity to both depositories provided a defined proportion of other than promoter holdings are dematerialised, certified by the Registrar and Transfer Agent or, if none, by a practicing Company Secretary or Chartered Accountant; exchanges must ensure no other grounds warrant continuation of Trade for Trade Settlement and must report action taken in the Monthly/Quarterly Development Report.

Disclosure for convertible debt: convertible instruments follow equity disclosure norms for listing, while non-convertible debt follows debt listing regulations.
Issue and listing of non-convertible debt securities, public or private, must follow the Issue and Listing of Debt Securities Regulations, 2008, while debt securities convertible into equity are governed by the disclosure norms applicable to the equity or instruments on conversion under the Disclosure and Investor Protection Guidelines, 2000. The clarification applies to information memoranda and offer documents for privately placed debt securities intended for listing prepared after this circular; merchant bankers must ensure compliance and stock exchanges must inform issuers.

Portfolio managers must keep clients' funds in segregated bank accounts with daily reconciliation and monthly statements to clients.
Portfolio managers may maintain clients' funds in a single separate bank account so long as they segregate each client's funds via clear back-office records, maintain a client-wise accounting system, refrain from using one client's funds for another, provide monthly client statements, and perform daily client-wise reconciliation between ledger records and the bank account.

Listing requirements for Indian Depository Receipts demand synchronized cross border disclosures, translated financials and continuous compliance.
Model listing terms require issuers of Indian Depository Receipts to furnish pre issuance documentation including SEBI observation and merchant banker compliance certificates, ensure underlying shares are listed in the home market, obtain in principle exchange approval for further IDRs, and disclose pre/post capital structure changes. Continuing obligations mandate simultaneous electronic filing of corporate actions and financial statements disclosed in other jurisdictions, quarterly IDR holder pattern reports, appointment of an India based compliance officer, translated audited annual and periodical financials with reconciliations where applicable, and prompt notification of material events, with stock exchange powers to suspend or delist for non compliance.

Investment compliance in money market instruments: mutual funds must meet issuer exposure limits within regulator's prescribed transition period.
Where existing schemes hold money market instruments of an issuer not in conformity with the amendment, the asset management company must ensure compliance within the specified transition period; the circular is issued under Section 11(1) of the SEBI Act read with Regulation 77 of the SEBI (Mutual Funds) Regulations to protect investors and regulate the market.

Submission of Monthly Report: Portfolio managers must upload AUM and activity data on SEBI portal by the 5th.
All registered portfolio managers must upload a standardized monthly report on the regulator's portal by the 5th of the following month, stating AUM as on the last calendar day in rupees (crores) and providing investor counts and AUM breakdowns for discretionary, non-discretionary and advisory services, plus gross sales, gross purchases and portfolio turnover ratio; the Compliance Officer is responsible for ensuring compliance under Regulation 23(A) and hard copies must not be sent.

Investment in Indian Depository Receipts permitted for mutual funds subject to SEBI Regulations and Seventh Schedule compliance.
Mutual funds may invest in Indian Depository Receipts provided such investments comply with the SEBI (Mutual Funds) Regulations, 1996 and the investment restrictions set out in the Seventh Schedule; the circular also transmits amending gazette notifications and invokes powers under Section 11(1) of the SEBI Act, 1992 and Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.