Power of Attorney treatment in margin arrangements extended to align with depository pledge repledge implementation, authorities direct member notification.
The circular defers the effective date of the provision that holding of Power of Attorney by Trading Members/Clearing Members shall not be treated as equivalent to collection of margin for client demat securities, from its earlier scheduled date to August 1, 2020, due to COVID 19 operational constraints, aligning the change with implementation of the pledge/re pledge mechanism through the Depository System; exchanges, clearing corporations and depositories must notify members and publish the extension.

Delivery centre selection guidelines standardize location criteria for commodity derivatives, requiring infrastructure, liquidity, value chain participation and stakeholder review.
Stock exchanges must apply uniform criteria when identifying delivery centres for physically delivered commodity derivatives, assessing demand-supply dynamics, production catchment, contract liquidity, value chain participation, and infrastructure such as warehouses (with WDRA registration where applicable), transport links, assaying facilities and processing plants; they must obtain stakeholder feedback, review existing and potential centres, report assessments to Product Advisory Committees, and submit relevant information to the regulator for contract approvals and renewals.

Margin pledge requirements clarified; implementation deferred and client confirmation limited to initial pledge and repledging.
Implementation of pledge/re-pledge margin obligations in the depository system is deferred to allow system readiness; trading and clearing members must close existing demat accounts tagged as Client Margin/Collateral within the extended transition period. A Power of Attorney held by a member is not equivalent to collection of margin, effective immediately. Client confirmation by OTP or verifiable mechanism is required only once at initial creation of the pledge; subsequent re-pledging by the member does not require further confirmation.

Post-default curing period flexibility allows CRAs to upgrade ratings after cure, subject to published policies and oversight.
Revision permits CRAs generally to upgrade a cured default to non-investment grade after a 90-day satisfactory performance period, while allowing case-by-case deviations subject to a detailed, published policy. Deviations must be reported to the Ratings Sub-Committee half-yearly with rationale. CRAs must also publish a policy for upgrading defaults to investment grade and may consider scenarios that fundamentally change credit risk, such as technical defaults, management change, acquisition, large long-term fund inflows, or regulatory benefits.

Listing of winding-up mutual fund schemes enables optional investor exit via dematerialised trading on stock exchanges with prescribed listing formalities.
Units of mutual fund schemes under the winding-up process shall be listed on recognized stock exchanges as an optional exit route for investors, subject to listing formalities; initial trading will be in dematerialised form and AMCs must enable transfer of units held as Statement of Account or unit certificates.

Disclosure of material COVID 19 impact: listed entities must report timely, non selective operational and financial effects to investors.
Listed entities should assess and disclose the material impact of the CoVID 19 pandemic on operations and financials, using existing materiality guidelines. Disclosures should be timely, adequate, non selective, and may include operational disruption, restart schedules, measures taken, and quantitative/qualitative effects on capital, profitability, liquidity, debt servicing, assets, internal controls, supply chain, demand and contractual risks; entities should update prior disclosures as material developments occur and include pandemic impact in periodic financial statements where possible.

Relaxation in timelines for regulatory compliance provides extended filing and operational relief for market participants during pandemic disruptions.
The circular extends compliance timelines for trading members, clearing members and depository participants by amending earlier SEBI circulars: specified monthly and quarterly obligations and listed items are extended largely until June 30, 2020; the period of exclusion for another set of provisions is March 23, 2020 to June 30, 2020; and certain items receive a two month extension from their due date. All other conditions of the earlier circulars continue; market infrastructure entities must notify members and publish the circular.

Relaxation of Minimum Public Shareholding compliance shields listed entities from penal measures during the specified relief period.
Recognized stock exchanges and depositories are directed not to initiate, and to withdraw any penal actions already initiated, for listed entities whose deadlines to meet Minimum Public Shareholding requirements fall within the prescribed relief window; exchanges must notify listed entities and publish the circular, which takes effect immediately as a regulatory relaxation under the Listing Obligations and Disclosure Requirements framework.

Relaxation of procedural requirements allows electronic service of offer documents and electronic inspection for open offers and buy-backs.
Relaxation permits electronic transmission of letters of offer, tender forms and related materials for open offers and buy-back tender offers up to July 31, 2020, provided the documents are published on the company, registrar, stock exchange and manager websites. Acquirers/companies and lead managers must undertake complementary outreach (post, SMS, television, digital ads) and publish advertisements notifying shareholders of electronic dispatch and web availability in the same newspapers as the original public statements; additional newspapers and electronic media may be used. Electronic inspection of material documents must be provided.

Aadhaar authentication permission allows designated market entities to provide e KYC for investor KYC subject to UIDAI and regulatory compliance.
Permission is granted for designated market entities to perform Aadhaar Authentication via the e-KYC facility for investor KYC, provided they register with UIDAI as KUAs, enable SEBI-registered intermediaries to register as sub-KUAs under UIDAI-prescribed agreements, and comply with UIDAI privacy and security standards and applicable regulatory requirements; stock exchanges and depositories must notify participants, amend rules for implementation, report monthly on status, and monitor compliance, with permissions subject to withdrawal if standards are not maintained.

Relaxation of listing obligations permits electronic AGMs and waives physical annual report and proxy requirements during the pandemic.
SEBI relaxes specified LODR compliance for calendar year 2020 by permitting AGMs by electronic mode and dispensing with the physical dispatch of annual reports and proxy forms for such AGMs; dividend warrant issuance by post is deferred until postal normalization while electronic payments and collection of bank details should be pursued; newspaper publication requirements for corporate notices are exempted till June 30, 2020; banks and insurers or entities with such subsidiaries may voluntarily publish consolidated quarterly results for the June quarter but must submit standalone results and disclose reasons if consolidated results are not published.

Rights issue procedural relaxations allow electronic dispatch, alternative application mechanisms and digital authentication to facilitate investor participation.
SEBI permits one time procedural relaxations for rights issues opening up to July 31, 2020: electronic service of offer materials with mandated website publication and outreach measures; revised advertisement requirements including electronic dissemination; conditional acceptance mechanisms for physical shareholders unable to submit demat details, prohibiting renunciation and mandating demat allotment; optional non cash application mechanisms in addition to ASBA with prohibition on third party payments; requirements for transparent, robust processes, investor helpdesks, complaint responsibility; and allowance for digital signatures and electronic inspection of offer documents.

Continuation of capital and debt market services: SEBI notification extended under revised national COVID 19 containment guidelines.
SEBI extended an earlier authorisation permitting specified entities to provide capital and debt market services; the prior SEBI notification continues in force for a further two week period under revised national containment guidelines, thereby preserving operational continuity of regulated market functions during the specified containment period.

Relaxation in mutual fund compliance extends implementation deadlines and reporting timelines under SEBI powers to accommodate disruptions.
SEBI extended implementation deadlines for three mutual fund policy measures-liquid asset minimums for liquid funds, revised sector exposure limits for existing open ended schemes, and the change from amortisation based valuation for money market and debt securities-to a later uniform date. It also extended timelines for submission of cybersecurity audit reports and for filing mutual fund scheme annual reports for 2019-20. These relaxations are issued under Section 11(1) of the SEBI Act read with Regulation 77 of the Mutual Funds Regulations, 1996.

Grandfathering of unlisted NCDs preserved; mutual funds may transact subject to due diligence and extended compliance timeline.
Grandfathering of existing unlisted non-convertible debentures (identified NCDs) is confirmed as an industry-wide concession allowing mutual funds to transact in and hold those instruments until maturity, subject to ongoing investment due diligence and applicable investment restrictions. The compliance timeline for maximum exposure limits to unlisted NCDs within a scheme's debt portfolio has been extended to later dates, while the regulatory power to protect investor interests and regulate the securities market is invoked to issue this clarification.

Extension of implementation date for margin framework postpones enforcement due to COVID-19, requiring exchanges to ready systems and report.
Extension of the margin framework implementation date for cash and derivatives segments (excluding commodity derivatives) postpones the effective date due to COVID-19 disruptions and directs recognized stock exchanges and clearing corporations to put in place systems and amend bye laws, disseminate the circular to members and on their websites, and report implementation status in the Monthly Development Report.

Online KYC through eSign, Aadhaar e-KYC and VIPV enabled with secure app features and mandatory verifications.
SEBI permits technology-enabled KYC: eSign electronic signatures and Aadhaar-based e-KYC (including recent Aadhaar XML/QR offline verification) replace wet signatures; DigiLocker digitally signed OVDs and scanned OVDs under eSign meet the original-seen requirement. Intermediaries must verify PAN via the Income Tax database and bank details via Penny Drop or bank APIs, retain no Aadhaar numbers and ensure redaction where required. VIPV must be live, time-stamped, securely saved, include random prompts and OVD display, and be performed by authorised trained personnel. Apps must provide real-time encrypted audiovisual interaction, liveliness checks, geo-tagging, and undergo security audits.

Regulatory timeline relaxation for depositories and participants extends compliance deadlines and allows backlog clearance amid pandemic disruptions.
Temporary relaxation of compliance timelines for Depositories and depository participants due to COVID-19, extending submission and audit deadlines for items such as BO grievances reporting, half-yearly Internal Audit Reports, systems audit, AI/ML reporting, and Risk Based Supervision, and instituting a period of exclusion plus a short backlog clearance window for investor grievance redressal, transmission of securities, and demat account closure; depositories must notify participants and publish the circular, issued under statutory powers to protect investor interests and regulate markets.

Valuation treatment for pandemic-related payment delays may not be treated as default; conservative valuation required.
Valuation agencies appointed by AMFI may, after assessment, refrain from treating delays in payment of interest or principal or extensions of maturity as a default if such delays arose solely from the COVID 19 lockdown and/or the RBI permitted moratorium; where two agencies differ, the conservative valuation shall be accepted, and this modification applies only for the RBI moratorium period while AMCs remain responsible for fair valuation under the Principles of Fair Valuation.

Buyback restriction period reduced, enabling quicker access to capital under SEBI temporary relaxation to align with company law.
Relaxation of the buy-back restriction period temporarily reads the period in Regulation 24(i)(f) of the Buy-back Regulations as six months instead of one year to enable quicker access to capital after a buy-back; the relaxation is effective immediately, must be notified by stock exchanges to stakeholders and published on their websites, and is issued under statutory regulatory powers.