Risk management norms mandate stronger margining, uncapped fund contributions and a structured default waterfall to limit market risk.
Strengthened risk management norms require exchanges to set Initial Margins based on an estimated Margin Period of Risk (MPOR) with a minimum of two days and to scale margins by liquidity; increase delivery period margins and withdraw spread-margin benefits before tender or a specified pre-expiry day. Exchanges must apply graduated measures for repeated margin/pay-in shortfalls, impose concentration margins for concentrated positions, use a ranked set of liquidation tools to regain a matched book, differentiate base minimum capital for clearing members by trade type, remove the cap on SGF contributions so exchanges meet quarterly assessed shortfalls in full, and follow a prescribed default waterfall until clearing transfers to clearing corporations.

Price dissemination via electronic channels mandated for commodity derivatives; exchanges must register subscribers and provide free daily service.
SEBI requires commodity derivatives exchanges to register subscribers and disseminate daily derivatives prices free of charge via SMS or other electronic communication facilities. Exchanges may reimburse dissemination expenses from interest on the Investor Protection Fund. The circular supersedes earlier directives on SMS price dissemination and mandates amendments to bye laws, notice to brokers, website publication, and communication of implementation status to SEBI under its investor protection and market development powers.

Trading Hours on commodity derivatives standardized; exchanges must set hours within prescribed limits and adopt common holidays.
SEBI prescribes that commodity derivatives exchanges permit trading Monday through Friday, fix trading hours within prescribed limits for distinct commodity categories with adjustments for international daylight saving, coordinate Muhurat Trading timing, maintain commensurate risk management and infrastructure for trading hours, and determine and notify trading holiday lists (jointly for national exchanges, individually for regional exchanges) within the Negotiable Instruments Act framework; national exchanges may permit evening trading of internationally referencable commodities on trading holidays when international markets are open.

Record preservation requirements: commodity exchanges must adopt securities market retention norms and report implementation to the regulator.
Commodity derivatives exchanges and their members are required to comply with existing securities market recordkeeping norms, including the record retention obligations under the Securities Contract (Regulation) Rules and Broker Regulations. Prior SEBI preservation norms are made applicable to commodity markets; exchanges must amend bye laws, inform and disseminate requirements to members, report implementation to the regulator, and publish the circular, ensuring adherence to the record preservation regime from the stated effective date.

Client code modification rules clarified: strict criteria, monitoring, penalties and limited waivers apply to broker conduct.
Permits modification of client codes for non institutional trades only to rectify genuine entry errors-defined as communication/punching/typing mistakes with similar original and corrected codes or modifications among defined relatives. Trades shifted to a broker's Error account are not treated as code modifications if liquidated in the market and not moved to other codes; brokers must disclose error account codes, maintain an approved error policy, and exchanges will monitor flows. Exchanges allowing modifications must set Board approved objective criteria, monitor compliance, include modifications in internal audits, prohibit conversion between proprietary and client trades, levy penalties credited to the Investor Protection Fund, and may grant limited waivers with quarterly reporting to SEBI.

Exchange neutrality: exchanges must not sponsor media programmes discussing price outlook or trading recommendations and must bar staff participation.
Exchanges must preserve neutrality by not sponsoring or associating with media programmes, seminars, workshops or similar fora that discuss price behaviour, price outlook, trading strategy, buy/sell recommendations or other topics relating to commodity derivatives, and must prevent staff participation by adopting a suitable code of conduct, amending bye-laws, disseminating the provisions to brokers and reporting implementation to the regulator.

Hedge position limits: exchanges must adopt hedge policies granting non transferable limits tied to verified underlying exposures.
Exchanges must adopt and publicise a Hedge Policy granting incremental, non transferable hedge limits to bona fide hedgers after case by case assessment of underlying physical market exposure. Hedge limits require documentary verification (e.g., bank certificates, warehouse receipts), are not available for near month contracts once near month limits apply, and across exchanges must not exceed actual or anticipated physical exposure. Non compliance can attract expulsion, trading prohibition or other penalties; approved limits are time bound and hedgers must retain records for at least three years.

Annual system audit requirement expanded to commodity derivatives brokers, with Type I broker exemptions and exchange audit inclusion.
The circular prescribes annual system audit requirements for brokers and trading members of National Commodity Derivatives Exchanges, detailing audit process, auditor selection norms, and Terms of Reference, while exempting Type I brokers from standalone audits and incorporating their provisions into the Exchanges' Annual System Audit TORs; exchanges must amend bye laws and report implementation.

Sector exposure limits for mutual fund debt schemes allow increased additional exposure to housing finance companies with conditions.
Total sector exposure for debt schemes remains capped at 25% of net assets with an additional 10% permitted for Housing Finance Companies (HFCs) provided such HFC securities are rated AA and above, HFCs are registered with the National Housing Bank, and total investment in HFCs does not exceed 25% of scheme net assets; appropriate disclosures must be made in the Scheme Information Document and Key Information Memorandum.

Ind AS implementation: listed issuers receive transitional relaxations and must file Ind AS compliant comparative disclosures and reconciliations.
Listed entities with listed debt or non cumulative redeemable preference shares must publish half yearly and annual financial results in the Schedule III formats for periods ending after December 31, 2016, except as otherwise required for banking and insurance. Entities adopting Ind AS must file Ind AS compliant comparative financials, are granted specified transitional relaxations for the first half year of adoption, and must provide reconciliations of equity and net profit/loss as required by Ind AS 101.

Combined corporate debt limit governs foreign investment in rupee denominated overseas bonds, with reporting and issuance criteria mandated.
Foreign investment in Rupee denominated bonds issued overseas by Indian corporates shall be reckoned against a Combined Corporate debt limit of INR 244,323 crore covering onshore and overseas corporate debt; such overseas Rupee investments will not be treated as FPI investments under SEBI FPI regulations, though other extant FPI terms for corporate debt apply, RBI will define issuance criteria, and depositories must receive and process periodic RBI data on these investments.

Central KYC Records Registry: intermediaries must adopt the standard individual KYC template and upload client records to the registry.
Intermediaries must use the standardized KYC template for individuals as Part I of the Account Opening Form and capture PAN as mandatory; they are required to upload individual KYC records to the Central KYC Records Registry in digital form in a phased rollout, using the registry operating guidelines and available test environment, with helpdesk support for technical issues.

Collateral eligibility: clearing corporations must not accept member issued or associate bank FDRs and must ensure replacement.
Prohibits clearing corporations from accepting FDRs issued by trading/clearing members or by banks that are associates of those members as collateral, and requires members who have deposited such FDRs to replace them with other eligible collateral within six months; clearing corporations must amend systems and rules, notify members, and report implementation.

Account opening documentation preference: clients choose electronic or physical delivery; brokers must provide and log documents accordingly.
Stock brokers and depository participants must provide specified standard documents in the account opening kit in electronic or physical form per the client's preference recorded in the account opening form; electronic delivery must be logged. Exchanges and depositories must keep these documents on their websites and inform clients. Exchanges and depositories must notify participants, amend rules for uniform implementation, and monitor compliance through half-yearly audits and inspections.

Ind AS implementation: phased reporting formats and temporary filing relaxations to facilitate transition for listed entities.
Listed entities must adopt Schedule III formats for Balance Sheet and Statement of Profit and Loss for reporting after Ind AS applicability, except banking and insurance entities which follow regulator prescribed formats. Until Ind AS Rules apply, AS Rules govern. Minimum quarterly/annual segment disclosures must include segment revenue (including inter segment revenue), segment results, segment assets and segment liabilities, with unallocated items shown separately and aggregate inter segment revenue deducted from segment revenue.

Grandfathering of ODI positions permits continued holdings under FPI regime subject to eligibility and Regulation 22 compliance.
ODI subscribers who held positions under the FII regime may continue under the FPI regime only if they comply with Regulation 22 and meet eligibility criteria in SEBI circular CIR/IMD/FIIC/20/2014 and other SEBI norms; non compliant entities, including certain unregulated funds, may only hold existing positions until expiry or until the specified cut off, and cannot take fresh positions or renew old ones. Fresh ODIs may be issued only to entities meeting the same eligibility and compliance conditions.

Position limit for currency derivatives: limits measured at opening remain binding, and increases barred until compliance with limits.
Position limits for currency derivatives are determined by open interest at the time a position is opened; a later drop in total open interest does not oblige unwinding of positions opened validly, but market participants cannot increase or create positions in that currency pair until they meet applicable limits, and exchanges may require position reductions for risk or surveillance reasons. The circular modifies the earlier para 14 and directs exchanges, clearing corporations and depositories to implement and communicate requisite procedural and rule changes.

ODI compliance: identify and verify beneficial owners above 25%/15%, maintain KYC, and report transfers and suspicious activity.
ODI issuers must identify and verify beneficial owners exceeding 25% (companies) or 15% (partnerships/trusts/unincorporated bodies) and, if no such owner is identified, verify the natural person(s) controlling operations; KYC documents per Annexure must be maintained and produced on demand.

Investor Protection Fund rules require depositories to allocate profits and maintain a separate trust for investor protections.
The circular mandates establishment of an Investor Protection Fund (IPF) by depositories for investor education, market research and support of participant initiatives; requires internal, board approved utilization guidelines to be submitted to the regulator; prescribes Trust administration with specified membership, segregation of IPF assets and immunity from depository liabilities; specifies contribution sources including a portion of depository profits, fines, investment income and transfers from related reserves; and requires low risk, board approved investments plus monthly reporting and timely implementation.

Restriction on redemption: temporary limits during systemic market illiquidity with exemptions for small redemptions and board approval.
Restriction on redemption may be imposed only for market-wide illiquidity, market failures, exchange disruptions, or exceptional operational force majeure despite adequate disaster recovery. Such restriction requires specific approval of AMC Boards and Trustees, immediate intimation to SEBI, prominent disclosure in scheme documents, and is limited to a period not exceeding 10 working days in any 90 day period. Small redemption requests are exempted from restriction and larger redemptions must be partially processed up to the exempted amount. AMCs must maintain internal liquidity management and cannot use restriction for issuer-specific illiquidity or poor investment decisions.