Shift from Trade for Trade Settlement to Rolling Settlement when dematerialisation threshold for non promoter holdings is certified and no other grounds exist.
Shift from Trade for Trade Settlement to normal Rolling Settlement is permitted for companies with connectivity to both depositories, provided a dematerialisation threshold for other than promoter holdings is met and certified by the Registrar and Transfer Agent or, where no RTA exists, by a practicing Company Secretary or Chartered Accountant, and provided there are no other grounds for continuation of TFTS; stock exchanges must report actions in their Monthly/Quarterly Development Reports.

Admission of limited liability partnerships as exchange members enables LLPs to seek broker registration subject to membership conditions.
LLPs, as bodies corporate analogous to limited liability companies and partnership firms, may be admitted as stock exchange members subject to compliance with existing membership eligibility conditions and to the extent those conditions apply to LLPs; exchanges should publicise the clarification and amend bye-laws and rules in coordination to ensure uniform implementation.

Client code modification limited to genuine-entry errors, allowed under strict criteria with penalties and inspection triggers.
Modifications of client codes for non-institutional trades are allowed only to correct genuine entry errors; exchanges permitting such modifications must adopt strict objective criteria approved by their Governing Board, disclose them, monitor trading members' compliance, and include modifications in internal audits. Exchanges must levy penalties-credited to the Investor Protection Fund-based on the ratio of modified non-institutional turnover to total non-institutional turnover, with a lower penalty at or below five percent and a higher penalty above five percent. If the ratio exceeds one percent in a month, the exchange shall conduct a special inspection and may take disciplinary action.

Dematerialization requirement enables shift from Trade for Trade to Rolling Settlement when majority non promoter holdings are dematerialized.
The circular permits shifting listed securities to normal Rolling Settlement where companies have established connectivity with both depositories, subject to the condition that a majority of non promoter holdings are held in dematerialized form. Certification of dematerialisation must be provided by the Registrar and Transfer Agent or, if none exists, by a practicing Company Secretary or Chartered Accountant. Exchanges must ensure no other grounds justify continued Trade for Trade Settlement and must report the action taken in their periodic development reports.

Two-factor authentication for internet trading required to strengthen client authentication and secure order transmission.
Brokers must capture the IP address for all IBT/STWT orders, ensure high system availability, implement secure end-to-end encryption with mutual authentication, and protect systems against internal and external attacks. Systems should provide alternate authenticated communication channels upon failure, automatic logout for inactivity, and on-site plus remote backup and restore capabilities. Two-factor authentication, preferably PKI-based digital signatures from a government-certified agency with distinct factors, is recommended. Exchanges must monitor unauthorized access complaints, amend rules, notify members, disseminate the provisions, and report implementation status to the regulator monthly.

Prior approval for change in control now required; other status changes must be reported quarterly by bankers to an issue.
The amendment dispenses with prior SEBI approval for changes in status or constitution of bankers to an issue but requires prior approval for any change in control; bankers must report in quarterly filings specified events, and must indicate if no change occurred.

Change in control: SEBI approval remains required; debenture trustees must report structural, director and shareholding changes quarterly.
SEBI removed the general prior-approval requirement for debenture trustees' changes in status or constitution while retaining prior approval for change in control; trustees must report corporate restructuring, director changes, and non-control shareholding changes in their quarterly filings, and must indicate if no change occurred.

Prior approval for change in control required; depositories must report specified participant status changes periodically to regulator.
Depositories must submit quarterly reports in the prescribed Annexure A format to the regulator covering: corporate restructuring (amalgamation/demerger/consolidation), changes in directors (including managing/whole time directors), changes in shareholding not amounting to change in control, and other matters as appropriate; reports must state if no change occurred and follow procedural guidelines including separate annexures per change type, authorized signature and stamp, electronic and hard copy submission, and inclusion of implementation status in Monthly Development Reports.

Change in control: prior approval required; CRAs must report specified corporate and management changes in half yearly filings.
Prior approval by credit rating agencies is required only for change in control; other changes no longer need prior approval but must be reported in the half yearly Action Taken Report, including corporate restructuring (amalgamation, demerger, consolidation), change in directors (including managing or whole time directors), and shareholding changes not resulting in change in control; a negative declaration is required if no change occurred.

Prior approval for change in control required; other status or constitution changes reported semiannually to regulator.
SEBI removed the prior-approval requirement for changes in status or constitution of merchant bankers but retained prior approval for change in control. Merchant bankers must report specified events in their half-yearly reports: corporate restructurings (amalgamation, demerger, consolidation), changes in directors including managing/whole-time directors, and shareholding changes not resulting in change of control.

Change of control requirement for underwriters: prior approval retained while other changes require half yearly reporting to regulator.
Amendment removes the general prior approval requirement for underwriters except that prior approval for change in control remains; underwriters must file a half yearly electronic report within 15 days of the half year end reporting amalgamation/demerger/consolidation or similar corporate restructuring, director changes, partnership partner changes not amounting to dissolution, and shareholding changes not causing change in control, using the prescribed email address and subject line, and indicating if no changes occurred.

Prior approval for change in control required; other registrar status changes must be reported quarterly to the regulator.
SEBI removed the requirement for prior approval for changes in status or constitution of RTI/STAs but retained prior approval for change in control. RTI/STAs must report quarterly specified events-corporate restructurings (amalgamation, demerger, consolidation), any change in directors, partner changes not amounting to dissolution, and shareholding changes not resulting in change of control-and must indicate if no change occurred.

Promoter shareholding dematerialization requirement: non-compliant securities to be traded only in trade-for-trade segment as reported to exchanges.
Companies' securities will be admitted to trading in the normal segment only if the company has achieved 100% of promoter and promoter group shareholding in dematerialized form as reported to the stock exchanges; otherwise securities will trade in the trade-for-trade segment, with exchanges required to use the latest shareholding pattern filed under the listing agreement for assessment.

Investor Protection Fund rules amended: fixed claim period, asset return order, and exchange bylaw amendments required.
The Circular fixes a minimum ninety day specified period for inviting legitimate claims, requires exchanges to bear eligible claims arising within three years of that period without recourse to IPF/CPF, allows post three year claims to be treated as civil disputes, and permits retention of residual amounts while litigation is pending. It deletes Clause 22, confirms IPF/CPF disbursement only where broker assets are insufficient, and mandates that realized assets be returned to the defaulter only after satisfying claims of the exchange, SEBI, and, for multi exchange brokers, other exchanges; exchanges must amend bye laws, notify members, and report implementation.

Change of company name compliance now allows revenue or substantial asset investment test, with auditor certificate required.
The prior revenue-based test for change of name is supplemented by an alternative asset-investment test: companies may comply either by showing the new activity accounted for a majority of prior year revenue or by demonstrating that investment in the new activity (fixed assets + advances to contractors/suppliers specific to the project + works-in-progress) equals at least half of company assets; compliance must be supported by an auditor's certificate submitted to the exchange.

Standardisation of rating symbols requires CRAs to adopt uniform definitions and disclose changes to investors and on websites.
Standardisation of rating symbols and definitions is mandated for CRAs across six categories of debt-related instruments; CRAs must adopt the prescribed symbols and definitions for new ratings, prefix symbols with the CRA name, and for existing ratings publish the new symbols on their websites, update rating lists, and inform clients that symbol changes do not constitute rating changes. Modifiers for comparative standing are prescribed and CRAs must report implementation status to the regulator and place compliance before their Boards.

Reporting of Offshore Derivative Instruments requires phased implementation with monthly summary deadlines and delayed transaction wise uploads.
ODI and PN reporting must use notional valuation and may split partially hedged instruments into separate rows identifying linked Indian securities and any unhedged portion. Issuers must link hedges where possible; FII to FII subscriptions must include the subscriber FII registration number. The end beneficial owner column must state the country. Monthly summaries will transition to the new format at the prescribed implementation point, detailed transaction annexures covering outstanding positions as of the cut off must be uploaded in the subsequent cycle with thereafter six month lag, and existing formats remain until implementation.

Certification requirement for pre-funded instruments mandates bank-certified identity and an audit trail to ensure client-origin of funds.
Where the aggregate daily value of pre-funded instruments per client meets the prescribed threshold, brokers may accept them only if accompanied by evidence identifying the account holder and debited bank account, certified by the issuing bank by means such as a bank certificate on letterhead, certified requisition slip, certified passbook/bank statement copy, or authentication on the reverse of the instrument; brokers must also maintain an audit trail for electronic fund transfers to ensure funds originate from their clients.

Investor complaint processing through SCORES requires electronic ATR submission; failure to upload is treated as non-redressal of complaints.
SEBI requires centralised electronic processing of investor complaints through SCORES: companies must use issued credentials to view complaints and upload ATRs and supporting documents online; physical ATRs are not accepted for complaints in SCORES. If an RTI/STA processes complaints for a company, the company must notify SEBI via the Annexure so credentials can be provided; failure by the company or authorised RTI/STA to upload ATRs will be treated as non-redressal of the complaint.

Change in control now requires SEBI prior approval; stock exchanges must report other member status changes quarterly.
SEBI dispensed with the general prior-approval requirement for members and sub-brokers to change status or constitution but retained a prior-approval requirement for any change in control. Stock exchanges must continue to grant approvals for specified changes (corporate restructuring, director changes under regulatory provisions, legal form conversions, partner changes, etc.) and submit quarterly periodical reports to SEBI in the prescribed Annexure A format, following specified procedural guidelines and reporting channels.