Cybersecurity obligations require mutual funds/AMCs to report incidents promptly and undertake periodic VAPT and cyber audits.
Mutual Funds and AMCs must identify and classify critical assets and maintain an up-to-date inventory approved by Boards/Trustees. They are required to conduct periodic VAPT using CERT-In empanelled organisations, submit final VAPT reports to SEBI after Technology Committee approval within one month, remediate vulnerabilities immediately and file closure compliance within three months. VAPT or scanning is required before commissioning new critical systems. All cyber incidents must be reported to SEBI within six hours and quarterly reports submitted within fifteen days of quarter-end; entities must perform two cyber audits per year and provide an MD/CEO compliance declaration.

Seizure and provisional release under GST must follow statutory procedure, with fresh notices and appeal timelines for affected assessees.
Compliance with seizure and provisional release directions under the GST Acts was required in cases where goods and/or vehicles had been detained by enforcement units and later released under interim High Court orders on furnishing of security, bank guarantee or indemnity bond. The Supreme Court in M/s Kay Pan Fragrances Pvt. Ltd. held that release of seized goods must proceed strictly under the statutory mechanism in section 67 and the relevant rules, and that High Court orders inconsistent with those provisions should not be acted upon. The circular also directs fresh notices, communication of the High Court's later judgment, and treatment of limitation for appeals under section 107(1) against orders under section 129(3).

Extension of annual filing deadline for EPCG returns; fixed late fee now applies to returns due from the referenced year.
Amendment to para 5.15 of the Handbook of Procedures extends the time limit to file annual returns for 2022-23 until 30.9.2022 and specifies that a late fee of Rs.5000 will be applicable for returns due to be filed from 2022-23 onwards, effective immediately for EPCG authorisations under FTP 2015-20.

Pre Shipment Inspection Agency recognition: agencies added to Appendix 2G with equipment, calibration and notification requirements.
Pre Shipment Inspection Agencies DD International Global and Baltic Testing India Pvt Ltd are included in Appendix 2G under Para 2.55(d)/(e) of HBP 2015 20, recognised to issue Pre Shipment Inspection Certificates with approvals valid for three years or until DGFT notifies otherwise. Notified PSIAs must maintain updated membership certificates and office details, ensure calibration and supporting documentation for approved equipment, and give prior intimation to DGFT before deputing inspectors to countries where they lack full time equipped branch offices, per Para 2.55(f).

Discontinuation of return under Foreign Exchange Management Act removes non resident guarantee reporting obligation for authorised dealer banks.
The circular announces the discontinuation of the return "Details of guarantee availed and invoked from non-resident entities," removing the reporting obligation for Authorised Persons/Authorised Dealer banks effective from the quarter ending June 2022; the relevant Master Directions will be amended and AD banks are to notify their constituents, with the directions issued under FEMA regulatory powers and without prejudice to other statutory permissions.

Cyber security requirements mandate annual VAPT by certified vendors and timely remediation, plus annual cyber audit and executive certification.
Stock Brokers and Depository Participants must classify and inventory critical assets, including ancillary systems, obtain board-level approval of critical systems, and perform annual VAPT and comprehensive annual cyber audit. VAPT must be done by CERT In empanelled organisations, with the final report submitted to Exchanges/Depositories within one month after Technology Committee approval; vulnerabilities must be remediated promptly and closure compliance submitted within three months. Vulnerability scanning and penetration testing are required before commissioning new critical systems. Entities must submit an MD/CEO/partner/proprietor declaration of compliance and report implementation status to Exchanges/Depositories within ten days; Exchanges/Depositories must amend bylaws and notify members.

Relaxation of Bill of Export requirement: alternative corroborative evidence accepted to discharge export obligation under Advance Authorisation for SEZ supplies.
For supplies to SEZ units under Advance Authorisation made prior to 01.04.2015, exporters may discharge export obligations without submitting a Bill of Export by providing corroborative evidence such as an ARE 1 form attested by jurisdictional Central Excise/GST authorities, evidence of receipt by the SEZ recipient, or evidence of payment by the SEZ unit to the Advance Authorisation holder.

Pre-verification of GST registrations: matching core applicant data triggers Aadhaar authentication and physical verification to deter bill traders.
New GST registration applications must undergo Aadhaar Authentication and be matched against cancelled registration records on six parameters (place of business, PAN, mobile number, e mail ID, authorized signatory, bank account). Any match will trigger mandatory pre verification of the business premises by the jurisdictional proper officer; the IT wing will supply matched lists daily and Deputy Commissioners are to monitor enforcement.

Deemed export documentation relaxed: simplified acceptable certificates and shipping bill endorsement reduce compliance for EODC applications.
Amendment expands acceptable documentary proof for deemed exports under ANF-4F so that invoices or signed statements certifying item, quantity, value and date will suffice; a Project Authority Certificate may substitute excise/GST certification for non-excisable supplies or excisable supplies to non-excisable producers; CT-3/ARE-3 certified by excise/GST authorities can substitute for attested invoices for supplies to EOU/EHTP/STP/BTP; and where an intermediate supplier ships directly to port, a shipping bill with the intermediate supplier's name and the ultimate exporter's file or authorisation number must be furnished.

Pre-registration verification prevents bill trading by matching identity, contact and banking data before granting GST registration.
Any new registration application that matches cancelled-registration data on any of six parameters - place of business, PAN, mobile number, e-mail ID, authorised signatory, or bank account number - must undergo physical verification by the jurisdictional proper officer in the prescribed manner. The IT wing will provide the matching list daily to base-circle officers, and Deputy Commissioners (Territorial) are to monitor implementation to detect and deter bill traders at entry.

Exam attempt frequency revised to include a cooling-off period between attempts and a capped annual attempt limit.
The circular requires a mandatory cooling-off period between consecutive attempts for each candidate in the Limited Insolvency Examination and Valuation Examinations, producing a capped number of attempts within any twelve-month period. The requirement applies to examinations conducted under the Insolvency and Bankruptcy Board's regulatory framework and the Valuation Rules, and must be implemented by test administrators, professional agencies, registered valuer organisations and candidates for examinations held after the prescribed publication period.

Export duty on DTA to SEZ supplies requires filing a Bill of Export and payment before goods enter the zone.
Supplies from the Domestic Tariff Area to a SEZ unit attract export duty where leviable; SEZ units must file a Bill of Export on SEZ Online with requisite documents and a self-assessment of duty, have the Bill processed by the assessing officer, discharge the duty liability, and present an assessed Bill of Export plus proof of duty payment to the gate officer for entry of goods into the zone. Advance filing and payment are recommended to avoid delays.

Arbitration mechanism: stock exchange arbitration must be pursued after IGRC recommendations, with limitation governed by law.
Complaints of a civil nature between a member and a client must be referred first to the IGRC and/or the stock exchange arbitration mechanism; arbitrators appointed thereunder are competent to decide jurisdiction. A party dissatisfied with an IGRC recommendation must seek stock exchange arbitration within the prescribed challenge period from the IGRC recommendation. That challenge period applies only to IGRC challenged cases; if arbitration is initiated without using the IGRC, the limitation for filing is governed by the general law of limitation. Stock Exchanges and Depositories must amend bye laws and notify constituents accordingly.

Virtual meetings for REITs and InvITs extended, requiring compliance with prescribed VC/OAVM procedures until year-end.
Permission to conduct annual and other unitholders' meetings of REITs and InvITs via video conferencing or other audio-visual means is extended until December 31, 2022. The extension is granted under the applicable regulations and requires REITs/InvITs to comply with the procedure set out in Annexure-I of SEBI's June 22, 2020 circular when using VC/OAVM for meetings.

Commercial Sterility Test exclusion for UHT whipping cream: imported consignments shall not be subjected to that test.
Instruction requires that the Commercial Sterility Test in Table 2B of the FSS Regulations, 2011, shall not be applied to imported UHT whipping cream, because stakeholder input and the Scientific Panel determined the test is not feasible given the product's nature and storage conditions; Authorized Officers of FSSAI and Customs must ensure consignments are not tested for Commercial Sterility and report implementation difficulties to the Board.

Compulsory scrutiny selection for returns arising from search and seizure mandates administrative approval and central transfer after statutory notice service.
Procedures require prior administrative approval for compulsory selection of returns arising from search and seizure or requisition actions, and mandate transfer of such matters to Central Charges within a prescribed short period after service of statutory notices by the Assessing Officer; if not centralized, the Assessing Officer must serve a notice for return when a return is filed in response to the statutory communication, or a notice calling for information when no return is filed.

Specified violation power: registration and approval conditions in Form 10AC treated as updated, enabling cancellation for breaches.
The Circular clarifies that conditions in Form No. 10AC issued between 01.04.2021 and the Circular's date are to be read as substituted by Table 1 conditions effective 1 April 2022, aligning Form 10AC with Finance Act, 2022 amendments granting the Principal Commissioner or Commissioner power to examine and cancel or refuse cancellation of registration/approval for specified violations. It rectifies technical "provisional" headings to reflect substantive registration/approval and reproduces annexed standard conditions (income application, no non incidental business, separate books, no non genuine activity, compliance with law, truthful Form 10A, timelines and re registration/re approval obligations).

Change in control of portfolio managers requires SEBI prior approval, six month validity, and investor exit rights without exit load.
Change in control of portfolio managers requires prior approval via the SEBI Intermediary Portal; such approval is valid for six months and fresh registration following the change must be completed within that period. The portfolio manager must inform existing investors and offer an exit without exit load for at least 30 calendar days. For schemes requiring NCLT sanction, SEBI approval must be sought before NCLT filing, SEBI may grant a three month in principle approval, and after NCLT order the manager must file specified documents within 15 days for final approval.

Revocation of GST registration via appellate or court order now executable through a new electronic module on GST Pro.
A tested electronic module 'Revocation after Appeal / High Court Order' on GST Pro enables LGSTOs/SGSTOs to revoke cancelled GST registrations where appellate or High Court orders permit reversal. Proper officers must select the GSTIN, upload the appellate or High Court order PDF and the revocation proceedings, and complete actions using their Digital Signature Certificate. Officers with issues should raise grievances on GST Pro or contact the e-Governance section for assistance.

Export restriction on sugar requires specific permission from the Directorate of Sugar for exports under OGL.
Export of raw, white and refined sugar is placed in the Restricted category requiring specific permission from the Directorate of Sugar via issuance of Export Release Orders (EROs) processed through the National Single Window System or email in prescribed format with supporting contracts, bank documents or proof of advance payment. EROs are time limited, non amendable, published on the Directorate's website, and shipments already meeting prescribed port filing conditions remain permissible. Sugar mills must submit daily dispatch reports, obtain approvals before export dispatch, and breaches may attract blacklisting and penalties under the Essential Commodities Act and the Sugar (Control) Order.