SWAGAT-FI framework allows joint FPI/FVCI registration, conversion, extended renewal blocks and ten year KYC periodicity.
SWAGAT FI permits joint processing of FPI and FVCI registrations without duplicate applications where the same custodian and DDP are appointed; eligible FPIs may convert to SWAGAT FI FVCIs via their DDPs. Renewal timelines are adjusted with extended blocks for SWAGAT FI registrants and specified notice periods, and periodic KYC review for SWAGAT FI FVCIs is fixed at ten years, with implementation required by depositories, custodians and DDPs from June 01, 2026.

Stock brokers' electronic trading system glitch framework revised with new applicability, reporting timelines, exemptions, and disincentives.
The framework redefines technical glitch as any malfunction in a broker's electronic systems impacting trading or risk management for five contiguous minutes or more, while excluding global provider outages, MII disruptions, KYC processing, non trading back office issues, payment gateway failures at banks/aggregators, and decision support tool errors. Applicability is limited to IBT/STWT brokers with over 10,000 registered clients; brokers must notify exchanges and clients within two hours, submit a Preliminary Incident Report by T+1 and an RCA within 14 working days via a common portal. Capacity planning, software testing, monitoring, and proportionate BCP/DRS obligations are to be implemented and financial disincentives rationalised by exchanges.

Accreditation for AIF investors may proceed pending certificate, but commitments excluded from corpus and funds only after certification.
SEBI permits investment managers to execute contribution agreements and start operational procedures pending accreditation, provided such commitments are excluded from scheme corpus until accreditation certificate is obtained and funds are received only after certification. The circular abolishes the requirement for a detailed net worth break up annexure and makes it optional for the chartered accountant to state the actual net worth while certifying threshold compliance; net worth certificates must be current within six months. Compliance Test Reports must record adherence to these provisions.

Specialized Investment Funds must follow modified compliance reporting formats including expanded CTR Part IV and HYTR Clause 72A.
Asset Management Companies managing Specialized Investment Funds must apply mutual fund reporting obligations under Regulation 49V(2) and submit an expanded Compliance Test Report including a new Part IV (Annexure A1) covering minimum investment thresholds, fund manager certification, permissible strategies, limits on fees and expenses, issuer limits, ownership restrictions, INVIT/REIT and derivative limits, product differentiation, branding and disclosure requirements, portfolio and offer document disclosures, subscription/redemption terms, listing, benchmarking, distribution and scenario analysis; trustees must report SIF compliance in HYTR Clause 72A confirming AMC expertise, controls, risk management and adherence to regulatory restrictions and disclosure norms.

Incentive extension for mutual fund distributors: implementation shifted to March 1, 2026 for B-30 and women investors.
Implementation of the distributor incentive framework for onboarding new individual investors (new PAN) from B-30 cities and new women individual investors (new PAN) from T-30 and B-30 cities is deferred from February 01, 2026 to March 01, 2026; all other provisions of the November 27, 2025 circular remain unchanged, and the extension is issued under statutory powers to promote investor interest and orderly industry development.

Merchant Bankers must meet phased net worth and liquid net worth requirements, with CA certification and re categorisation timelines.
Amendments enact revised capital adequacy and a new liquid net worth requirement effective January 3, 2026; applicants after that date must meet the revised requirements at application, while existing MBs must adopt phased compliance by January 2, 2027 and January 2, 2028 with CA certified net worth (including liquid net worth) filings and half yearly CA certification of continuous maintenance.