Electronic Gold Receipts operational guidelines require vault registration, security, reconciliation and insurer backed indemnity measures.
Standard operating guidelines prescribe registration, maintenance of a Financial Security Deposit with a depository, designation of a Compliance Officer, segregated storage and real time tracking of gold, minimum security and insurance requirements for recognized vaults, fortnightly physical verification and inspections by Depositories, and procedures for deposit, creation, reconciliation, withdrawal and extinguishment of Electronic Gold Receipts via a common interface; Depositories must coordinate reconciliation, suspend activity on unresolved discrepancies and report to SEBI.

Electronic Gold Receipts trading rules set structured pre-open, block/bulk frameworks and mandatory client verification for orderly markets.
The circular operationalizes EGR as tradable securities by prescribing exchange obligations, defined trading hours and holidays, a 15 minute pre-open call auction with reference-price rules and +/-5% pre-open limits, frameworks for block and bulk deals with VWAP/reference-price and disclosure/mandatory-delivery requirements, price-band mechanisms with dynamic relaxations, use of Investor Protection and Service Funds for EGR matters, and mandatory Unique Client Code and PAN verification for clients, with exchanges required to amend rules and implement risk-management and disclosure systems accordingly.

Audit Committee requirement: AMCs must establish independent audit committees to oversee financial reporting, audits and controls.
AMCs must constitute an Audit Committee to oversee Mutual Fund financial reporting, audit processes, internal controls and compliance. The Committee shall review financial reporting and audit outputs, ensure rectification of auditor observations, recommend appointment or removal of auditors, review internal audit scope and reports (including outsourced critical activities), assess implementation of audit action points, and forward internal audit observations to Trustees. Membership requires minimum three directors with at least two thirds independent directors and a finance experienced independent Chair. The Committee must meet regularly and interact with auditors without management present.

Conversion of Private Unlisted InvITs via private placement requires compliance, sponsor contribution and lock-in obligations.
Conversion of a Private Unlisted InvIT to a Private Listed InvIT is effected by a private placement and/or offer for sale under Chapter IV, after which the InvIT is treated as a Private Listed InvIT and must comply with listed-InvIT obligations. Issuance requires asset eligibility under Regulation 18(4), compliance with disclosure and distribution obligations since issuance (or preceding three years), no defaults on distributions, and approval of unit holders by the required value threshold. OFS units must meet holding-period and encumbrance-free conditions, and the InvIT must adhere to SEBI private placement procedures, sponsor contribution and lock-in rules, investor subscription limits, and enhanced placement memorandum disclosures.

Conversion of Private Listed InvIT to Public InvIT requires public issue compliance and prescribed sponsor contribution and lock in rules.
Framework permits conversion of a Private Listed InvIT into a Public InvIT by making a public issue (fresh issue and/or offer for sale); upon issuance and listing the InvIT is treated as a Public InvIT and must comply with Public InvIT regulations. Conditions include asset composition eligibility, compliance with listing and disclosure obligations since listing or for the preceding three years, no defaults on distributions since listing, specified regulatory compliances, and approval by unit holders by value. Sponsor contribution, lock-in periods, transfer restrictions, investor subscription limits, and enhanced draft-offer disclosures are prescribed.

IND AS adoption for mutual funds mandates IND AS financial statements, specified formats, disclosures and expense treatment for transaction costs.
Mandated IND AS adoption requires mutual fund schemes to prepare an opening balance sheet at transition and IND AS comparatives, use the Annexure A financial statement formats at scheme level, and provide specified disclosures including classification of assets/liabilities, accounting policies, impairment and defaulted security details, and percentage of income/expenditure to average net assets. Prior GAAP per unit statistics need not be restated for two years but must be labelled as non IND AS with the nature of adjustments disclosed. Brokerage and transaction costs must be expensed consistent with IND AS; specified execution costs may be charged to schemes and excess amounts only within the overall Total Expense Ratio.

Prospectus disclosure requirements: revised abridged prospectus and front-cover formats require KPI substantiation and QR code linkage.
SEBI prescribes revised formats for abridged prospectuses (Annexure A) and front outside cover pages (Annexure B) applicable to all issues opening after the circular, requiring issuers and merchant bankers to ensure accurate, non-misleading disclosures; qualitative statements must be supported by Key Performance Indicators; abridged prospectuses must be made downloadable via issuer/lead manager/registrar websites and linked in price band advertisements; QR codes linking to prospectus materials are mandated; stock exchanges must disseminate the circular; and prescribed content includes offer particulars, timelines, WACA data, limited risk and litigation summaries, financial snapshots and issuer/selling shareholder responsibility declarations.

No Objection Certificate requirement: lenders representing a substantial majority of secured creditors must consent for listed-entity schemes to proceed.
A No Objection Certificate (NOC) is mandated from lending scheduled commercial banks, financial institutions or debenture trustees representing a substantial majority in value of secured creditors as an amendment to Part I Para A 2(k) of the Master Circular; this requirement applies to all schemes filed with stock exchanges after the mid-November 2021 amendments, and stock exchanges are directed to notify listed companies and publish the circular on their websites under SEBI's regulatory powers.

Change in control of asset management company requires SEBI pre filing and time limited in principle approval before NCLT and final clearance.
Applicants seeking change in control of an AMC via a scheme of arrangement must file for SEBI approval under Regulation 22(e) before approaching the NCLT; SEBI may grant a time limited in principle approval, after which the NCLT petition must be filed. Within 15 days of the NCLT order, the applicant must submit to SEBI an application for final approval, the NCLT order, the approved scheme, a statement of any modifications and reasons, and evidence of compliance with SEBI's in principle conditions.

Special Situation Funds: new AIF rules set corpus, investor eligibility, stressed loan conditions and due diligence obligations.
Special Situation Funds as a Category I AIF sub-category require a prescribed minimum corpus and tiered minimum investor commitments, include a carve out for internal employees and directors, and must meet Insolvency and Bankruptcy Code eligibility when acting as resolution applicants. SSF may acquire stressed loans only after inclusion in the RBI Annex, subject to a general lock in except upon borrower recovery, and must apply investor due diligence standards equivalent to those for Asset Reconstruction Company investors.

Dematerialization requirement: securities issued on investor service requests must be demat only; unclaimed shares moved to suspense escrow account.
Listed companies must issue securities in dematerialized form for specified investor service requests (duplicate certificates; unclaimed suspense claims; renewal/exchange; endorsement; sub-division/splitting; consolidation; transmission; transposition). Holders submit Form ISR-4; RTAs/issuers verify requests and issue a Letter of Confirmation in lieu of physical certificates, which the holder must use to request dematerialization via a DP within the letter's validity. Absent demat request, securities are credited to the company's Suspense Escrow Demat Account.

Electronic Gold Receipts trading enabled: framework for creation, trading and conversion established under securities law.
SEBI's framework treats Electronic Gold Receipts (EGRs) as securities and establishes a three tranche operational model: creation of EGRs by Vault Managers via a common Depository interface upon receipt of eligible physical gold that meets prescribed delivery standards; continuous trading of EGRs on recognized exchange segments with Clearing Corporations settling transfers of EGRs and cash; and conversion of EGRs into physical gold through depositor requests with extinguishment and reconciliation. The framework mandates reconciliation, periodic inspections, upfront disclosure of storage, withdrawal and assaying charges, and enables fungibility and interoperability across vault locations.

Related Party Transactions disclosure extended to high-value debt issuers, requiring audit-committee review, shareholder information, and exchange reporting.
Disclosure obligations for Related Party Transactions are extended to entities with listed specified non-convertible debt securities under a 'comply or explain' applicability; such entities must provide information for Audit Committee review, furnish specified information for shareholder consideration, and report RPTs to stock exchanges in the Board-prescribed format, with stock exchanges required to notify and publish these requirements; the circular is effective immediately under statutory regulatory powers.

Investor grievance redressal expanded online: SCORES links and platform updates mandated for exchanges and market entities.
Recognised stock exchanges, commodity derivatives exchanges, depositories and clearing corporations must display a direct complaint lodging option and a link to the SCORES portal or SCORES mobile app on their websites and mobile apps, amend relevant bye laws, rules and regulations as necessary, and communicate implementation status via the Monthly Development Report; the directive is issued under Section 11(1) of the SEBI Act read with Section 10 of the Securities Contracts (Regulation) Act.

Timing of NOC submission: listed entities must file lender or trustee NOCs before receiving the stock exchange no objection letter.
The circular clarifies that the NOC from lending scheduled commercial banks, financial institutions or the debenture trustee in relation to schemes of arrangement by listed entities must be submitted before the listed entity receives the stock exchange no objection letter under the Listing Obligations and Disclosure Requirements; stock exchanges are instructed to notify listed companies and publish the clarification.

Automatic exercise of in the money commodity options now required; fair assignment to short positions and member notification mandated.
Automatic exercise of all in the money option contracts at expiry is required unless a long holder gives a contrary instruction; out of the money contracts expire worthless; exercised contracts within an option series must be assigned to short positions in that series in a fair and non preferential manner. Exchanges must amend bye laws, notify members and report implementation status to the regulator.