Risk value of commodities: volatility based scoring now determines risk o meter levels for mutual fund commodity investments.
Mutual fund investments in commodities must receive a risk o meter score derived from the commodity's annualized volatility computed quarterly using the past 15 years of the commodity's benchmark index. Volatility bands map to risk values: 20% = 6 (Very High). The rule modifies the earlier Annexure A provision for gold and related instruments and takes immediate effect, requiring AMCs and trustees to apply the volatility based scoring.

Risk management framework for Electronic Gold Receipts mandates VaR, extreme loss margins, collateral rules and T+1 settlement.
The circular mandates a risk management framework for the EGR segment requiring members to deposit liquid assets with the Clearing Corporation to cover MTM losses, a 99.9% VaR margin and a minimum Extreme Loss Margin, with daily valuation, prescribed asset haircuts, concentration limits, and rules for upfront collection on gross open positions. It sets operational rules for early pay-in, T+1 rolling settlement, auctions and close-out pricing, reporting and penalties for short/non-collection of client margins, segregation and pledge of EGR, a dedicated Core Settlement Guarantee Fund and stress-testing and default waterfall obligations for Clearing Corporations.

Container scanning procedure at the port sets out holds, movement controls, seal checks, and clearance only after clean scanning.
Commissioning of a Mobile X-ray Container Scanner at Syama Prasad Mookerjee Port, Kolkata is accompanied by a detailed procedure for containers selected for scanning. The notice sets out the role of the Container Scanning Division, the method of selection and intimation, insertion of system holds for CMAO and CTAO containers, movement only through Gate No. 4 to the scanner yard, record-keeping, seal verification, scanning, mandatory re-entry through Gate No. 8, communication of scan results, issuance of customs documents for containers found Scanned Clean, and segregation of Not Clean containers for 100% examination.

Temporary surrender of professional membership ceases to exist, replaced by Authorisation for Assignment under IBBI model bye laws.
Temporary surrender of professional membership under the model bye laws no longer operates following substitution of the relevant bye law provision; the introduced Authorisation for Assignment replaces that mechanism as the governing regulatory arrangement for insolvency professionals.

Stock exchange arbitration for listed company-shareholder disputes; exchanges must adopt SOPs and publish procedures for investor service issues.
Stock exchange arbitration is mandated for disputes between listed companies and shareholders/investors concerning investor services and entitlements; exchanges must adopt SOPs to resolve transfer, demat/remat, duplicate share, transposition and corporate benefit disputes, apply the mechanism to RTAs acting for companies, notify listed issuers and publish the SOPs on their websites, and implement the directive under the regulator's statutory investor-protection powers with immediate effect.

Omnibus approval validity for material related party transactions clarified, with AGM approvals lasting until the next AGM within fifteen months.
The circular clarifies that omnibus approvals by an audit committee are subject to the one year limit under Regulation 23(3)(e). Shareholder omnibus approval for material related party transactions given at an Annual General Meeting is valid only until the next AGM and in no case for more than fifteen months. Omnibus approvals obtained in general meetings other than an AGM shall not exceed one year. Stock exchanges must notify listed entities and publish the circular.

GST registration allocation: central unit handles statewide registrations while circle officers handle local registrations subject to pecuniary limits.
Assignment of GST registration functions delegates statewide registration powers under sections 25-27 to the Assistant Commissioner at the Central Registration Unit, while sections 28-30 are allocated to circle/ward Joint/Deputy/Assistant Commissioners within their territorial jurisdictions subject to pecuniary limits; substitution by the Additional Commissioner (Adm.) is provided if a local officer is unavailable, and pending applications on the effective date are to be decided by officers authorised under the prior notification.

Amendment to authorized agency updates name and contact details for Certificate of Origin issuance.
Amendment to the Appendix 2E entry authorizing issuance of Certificate of Origin (Non Preferential): Ernakulam Chamber of Commerce is renamed Kerala Chamber of Commerce & Industry and its postal address, email contact ([email protected]) and mobile numbers are revised in the Kerala listing of authorized agencies.

KYC validation obligations strengthened: KRAs must validate Aadhaar-based records and issue reusable KRA identifiers.
SEBI mandates KRAs to securely store KYC data and independently validate records where Aadhaar was used as an OVD, authenticating Aadhaar via UIDAI, verifying mobile/email by OTP when not Aadhaar seeded, and checking PAN against the Income Tax database. KRAs must notify RIs of deficiencies, develop uniform validation systems and integrate with RIs, assign a unique KRA identifier on successful validation for client reuse, and retain proof of communication; non Aadhaar OVD records will be stored but not validated unless Aadhaar is provided.

Undervaluation relative to MRP: detention solely on that basis prohibited; procedural verification and reporting required before action.
Detention of goods in transit solely because invoice value is below MRP is impermissible; intelligence squads must not detain or issue show cause notices on that sole ground. Suspected undervaluation must be recorded by uploading invoice details via the Mobile App and reporting to the jurisdictional officer and district Joint Commissioner. Intelligence squads must collect documentary evidence of actual supply value and classification, after which the jurisdictional officer shall verify and then take any further action as provided by law.

UPI limit increase requires UPI use and UPI ID submission for eligible retail public-issue applications via specified intermediaries.
Revision of Unified Payment Interface (UPI) transaction limit for ASBA payments requires all individual investors whose application amount does not exceed the revised per-transaction cap to use UPI and provide their UPI ID in the bid-cum-application form when applying through a syndicate member, eligible stock broker, eligible depository participant, or eligible registrar to an issue and share transfer agent; the change is operative for public issues opening on or after the stated effective date.

Input Tax Credit reporting: taxpayers must correctly declare ineligible ITC and reversals in GST returns to ensure fund settlement.
Correct reporting of Input Tax Credit of IGST on interstate and import supplies in GSTR 3B is required because settlement and apportionment of IGST funds depend on these disclosures. Reversals under Rules 42/43 and Rule 37 must be reported in Table 4(B); ineligible ITC under Section 17(5) in Table 4(D)(1); and blocked or other ineligible credits under Section 17(4) and Rule 38 in Table 4(D)(2). Omissions for FY 2021-22 are to be rectified in GSTR 9; from FY 2022-23 onwards corrections must be made in the subsequent GSTR 3B by giving the net effect.

Demat Debit and Pledge Instruction authorizes broker access to client demat for settlement and pledging, subject to client consent.
SEBI prescribes a Demat Debit and Pledge Instruction (DDPI), executable only with explicit client consent and e-signature, to authorize brokers/DPs to transfer securities for exchange settlement obligations and to pledge/re-pledge securities for margin purposes; transfers under DDPI must be matched with client-wise net delivery obligations, credited only to the client's trading member pool account, registered in the client's demat account, and revocable by the client, while brokers/DPs may not compel execution of DDPI or deny services for refusal.

Track and Trace requirement extended for export pharmaceutical packaging parent child data to allow further compliance time.
The Director General amended Para 2.90A of the Handbook of Procedure to defer the implementation date in sub paras (vi) and (vii) for the Track and Trace system; exporters and manufacturers must maintain and upload the Parent-Child relationship between packaging levels and related movement data on the Central Portal, with the extension applying to both SSI and non SSI manufactured drugs.

Standardisation of rating scales extended: credit rating agencies must comply with section B requirements by June 30.
SEBI has extended the date for applicability of section B of its July 16, 2021 circular on standardisation of rating scales; all registered credit rating agencies must ensure compliance with the section B requirements on or before June 30, 2022, aligning scales with relevant financial-sector regulator-prescribed scales or Board-prescribed scales where applicable.

Credit rating agencies must adopt a harmonised industry classification for ratings, benchmarking and research from Oct 1, 2022.
Credit rating agencies must apply the harmonised four level industry classification framework for rating exercises, peer benchmarking and research, with mandatory applicability from October 1, 2022; agencies may submit feedback before that date while exchanges may recalibrate the framework where feasible, and the requirement is issued under statutory regulatory authority to protect investor interests and promote market development.

Audit extension: GST audit completion period extended for affected cases due to COVID-19 related delays under commissioner's proviso.
The period for completion of GST audits that commenced in January 2022, covering taxable periods beginning on or after 1 July 2017 and ending on or before 31 March 2018, is extended by two months beyond the three month completion period because COVID-19 disruptions prevented timely completion; the extension is issued by the Commissioner under the proviso to the audit completion provision and takes immediate effect.

Discontinuation of pooling of mutual fund transactions extended and requiring mandatory two factor authentication for redemptions.
Extension of the compliance timeline for the discontinuation of pooling of funds and/or units in mutual fund transactions and related safeguards, including Two Factor Authentication for redemptions and source account verification; modification that new mandates accepted after the revised applicability date must be in favour of SEBI-recognized Clearing Corporations and exclusively for subscriptions to mutual fund schemes; obligations on AMCs, Stock Exchanges, Depositories, Clearing Corporations and RTAs to implement the Circulars and follow the activity-specific timelines in Annexure A.

Co-developer approvals and LoA extensions confirmed, subject to tax and customs conditions and DoC leasing instructions.
The Board approved extensions of formal approvals, Letters of Approval, and in principle approvals for multiple SEZ developers and units, and granted co developer status to several entities for defined infrastructure, operational and service roles. All approvals are subject to execution of co developer agreements, standard SEZ Act and Rules conditions, and explicit compliance with the conditions and observations of CBDT and CBIC; lease periods must follow DoC Instruction No. 98. The Board deferred a restricted items FTWZ request and recommended conditional renewal of plastic recycling LoAs pending MoEF&CC/CPCB audit and regulatory compliance.

GST Audit Module Implementation requires all audit work to be executed on the GSTN platform with role allotment and IT support.
Implementation of the GST audit module mandates that all GST audit work and entries be executed exclusively on the GSTN audit module; login credentials have been issued and sub state admins must allot roles to officers. Cases with proceedings already initiated on the departmental portal will continue there, while cases with no action must be processed on the GSTN module on the boweb portal. Report technical problems to the GST audit/IT headquarters email addresses; IT support handles roll allotment issues. Compliance is mandatory.