Retail investor allocation increased, reshaping book building categories and shortening the bidding period in public issues.
Amendments to the SEBI DIP Guidelines increase the allocation to Retail Individual Investors and reduce allocation to Non Institutional Investors, introduce a transitory allocation pattern when a mandatory large allocation to Qualified Institutional Buyers applies, raise the monetary threshold defining a Retail Individual Investor, shorten the book building bidding period to a narrower working day range, allow listed issuers to disclose price band or floor price one day before bid opening subject to specified disclosures, and require stock exchanges to display uniform category wise bid data for a minimum period after bid closure.

Corporate governance compliance extension allows listed companies additional time to meet revised Clause 49 requirements by year-end.
Extends the timetable for adopting the revised Clause 49 Listing Agreement requirements by allowing additional time for listed companies and applicants to attain compliance, recognising widespread unreadiness and directing stock exchanges and market participants to note the deferred compliance deadline until the end of the calendar year.

Exemption from export declaration confirmed; customs instructed to accept RBI circular and not demand forms for low value exports.
Exemption from declaration is affirmed for exports below the low value threshold specified by the RBI circular, relieving exporters from submitting GR/SDF/PP/Softex forms for qualifying consignments; customs formations are instructed to recognise and implement the RBI instruction and to stop insisting on those prescribed export declaration forms to avoid delays or harassment.

Import controls on metallic waste and scrap now limited to specified ports; designated inspection agency added.
Amendment restricts the import of metallic waste and scrap in unshredded, compressed and loose form to the listed seaports and ICDs by revising paragraph 2.32(i)(b) of the Handbook of Procedures (Vol. I), and adds Alex Stewart (Assayers) Ltd. to Appendix-28 as an approved inspection/assaying agency.

Excise on branded jewellery applies when the brand is indelibly affixed, making the affixer liable for duty and registration.
Excise on branded jewellery is payable only when the brand name or trade name is indelibly affixed or embossed, since affixing is deemed to be manufacture; the affixer (manufacturer) must register, comply with excise law and pay duty. In job-work situations, either the principal manufacturer or the job-worker may discharge the duty, and a purchaser of a duty-paid article is not liable unless further manufacturing is undertaken.

Import authorisation: State Trading Corporation authorised to import specified vegetable oils from Nepal with distribution and monitoring responsibility.
Amendment authorises the State Trading Corporation and its associates to import specified quantities of vegetable oils (vanaspati) from Nepal, vesting overall responsibility on the State Trading Corporation to ensure distribution and monitoring in accordance with Government policy under the Foreign Trade Policy.

Advance licence issuance allowed on self-declaration with specified exclusions; biotechnology exports require No Objection Certificate.
Advance licences may be issued where SIONs are not fixed based on self-declaration and an undertaking for final adjustment as per Adhoc/SION fixed by ALC; issuance is prohibited under this provision for imports of horn, hoof and animal organs, pepper and specified agricultural categories including vegetable/edible oils and oilseeds, cereals, high-duty spices, and high-duty fruits/vegetables; perfumes, perfumery compounds and certain feed ingredients must follow an alternate application route, and biotechnology items require a No Objection Certificate from the Department of Biotechnology.

Adjustment of excess service tax payments allowed in April to correct provisional March overpayments and ease compliance.
Adjustment of excess Service Tax payments in April is authorised to correct provisional overpayments made in March arising from recent payment rule changes and estimation difficulties, as an administrative facilitation allowing service providers to rectify March or quarter end provisional deposits while aiding compliance and maximizing fiscal year tax collection.

Cenvat credit on light diesel oil stock: previous suspension withdrawn and pending cases to be adjudicated per judicial decision.
A prior instruction to keep show cause notices on Cenvat credit for Light Diesel Oil stock pending the department's SLP is withdrawn after the SLP was decided and accepted by the Board; pending cases should now be adjudicated in accordance with that judicial decision.

Filing deadline extension for Star Status Certificate applications extended to end of March after regional representations.
The Directorate General of Foreign Trade has extended the last date for submission of applications for grant of Star Status Certificate for 2004-05 from the date prescribed in Paragraph 3.2 of the Handbook of Procedures Vol. I 2004-09 to 31 March 2005, following representations and recommendations from Regional Licensing Authorities and with approval of the competent authority.

Bond without surety permitted for eligible importers under Advance Licence and EPCG schemes, reducing surety requirements.
For imports under the Advance Licence and EPCG schemes, specified categories of importers (including Star Export Houses and Public Sector Undertakings) may execute a bond without surety; all other conditions and checks in the earlier Circular remain unchanged, and Public Notices and Standing Orders should be issued with implementation difficulties to be reported to the Board.

DEPB rate amendments update value caps and add time limited chemical export entry affecting specified exporter eligibility.
DGFT amends the Schedule of DEPB rates: engineering product entries see enhanced or newly imposed value caps and Sr. No. 588 is revised to cover hermetically sealed compressors at 4% DEPB with a Rs.1200 per piece cap; chemicals group amends Sr. No. 710 to specify pseudo ephedrine forms and inserts an adhoc entry for Metroprolol Tartrate at 5% DEPB with a Rs.2000/kg cap, limited to six months and applicable only to exports by M/s. Sun Pharmaceutical Industries Ltd.

All Industry Rate duty drawback principle upheld-cannot be reduced for use of duty free inputs in exports.
All Industry Rates of duty drawback reflect weighted averages of imported and indigenous input consumption and average duty incidence; they are not tied to an individual exporter's actual input mix. Field officers must not deny or reduce All Industry Rates on the sole ground that some inputs used were duty free, nor recoup drawback by equating exemptions with misdeclaration. The proviso to rule 3 guides Ministry rate determination and does not authorize arbitrary adjustment by field formations; All Industry Rates should therefore be allowed.

Refund advice note discontinuation changes refund processing: small refunds without advice note; larger refunds routed to main bank branch.
No separate advice note will be generated for refund orders below a prescribed monetary ceiling; refunds at or above the ceiling must be accompanied by an advice note sent to the Main Branch of the designated bank, and cheques for such refunds shall be drawn on that Main Branch. Assessing Officers will retain one counterfoil of every refund cheque regardless of amount. Implementation requires issuance and distribution of new refund stationery, surrender of unused old stationery, and adherence to existing security measures.

Duty Free Credit Entitlement Certificate deadline extended; applications accepted within three months of Appendix 17D notification.
Because Appendix-17D has not been notified, the deadline for submission of applications for the Duty Free Credit Entitlement Certificate for the period 2003-2004 is extended: applications will be accepted for three months from the date of issue of the Public Notice notifying Appendix-17D.

Compliance Test Report frequency changed to bi monthly; reports must reach the regulator promptly after each two month period.
SEBI requires that the Compliance Test Report (CTR) submitted by AMCs be furnished once every two months (instead of quarterly) and reach the regulator within 21 days after the end of the two month period; the April-May 2005 CTR must reach SEBI by June 21, 2005. The instruction is issued under the regulator's powers to protect investor interests and regulate the securities market and references prior circulars and an earlier CTR format revision.

Registration cum Membership Certificate allocation: exporters must apply to designated export councils; pharma, services and state rules specified.
Exporters must declare their main line of business and apply for a Registration cum Membership Certificate to the Export Promotion Council corresponding to that line; status holders may alternatively obtain RCMCs from a designated exporters' federation. Exporters of drugs and pharmaceuticals must obtain RCMCs from the sector specific authority. Service exporters other than software must obtain RCMCs from the federation, and exporters with head/registered office in Orissa may obtain RCMCs from the federation's Bhubaneshwar office regardless of product. An exclusive Export Promotion Council for Services will be established.

Transfer of pending settlement cases requires prior filing before the competent bench and a copy served before seeking chairman transfer.
Transfer applications are permitted only for cases already pending before the Bench having jurisdiction; applicants must first file settlement applications before the ordinarily competent Bench, and only thereafter may they petition the Chairman for transfer while serving a copy on that Bench. Separate applications are required where multiple Commissioners issue show cause notices unless a common adjudicating authority has been notified. Transfer requests filed without following this procedure are liable to rejection.

Export policy supersession: pre 2004 instructions on onion exports are replaced by ITC HS Schedule 2 provisions.
Export of onions is governed by the Export Policy in Sl. No. 44, Chapter 7 of Schedule 2 of the ITC(HS) Classification for 2004 09. All instructions, clarifications and notifications issued prior to 1.9.2004 that previously governed onion exports are superseded by those Schedule 2 provisions; exporters and designated State Trading Enterprises must therefore follow the Schedule 2 export conditions rather than earlier departmental instructions.

Resident power of attorney authority to remit from NRE and FCNR B accounts to the non-resident account holder.
Banks authorised to deal in foreign exchange may permit a resident power of attorney holder, when specifically authorised, to remit through normal banking channels funds out of balances in NRE accounts to the non-resident account holder, and the same permissions and conditions apply, mutatis mutandis, to FCNR B accounts.