RTA regulation: master circular consolidates registration, recordkeeping, dematerialisation and enhanced cyber and BCP requirements.
The Master Circular consolidates SEBI directions for RTAs: it mandates online registration/filing via the SEBI Intermediary Portal, prescribes recordkeeping for eight years, appointment of a Compliance Officer, standardized agreements with issuers, uniform PAN/KYC and investor service request norms, dematerialisation-first processing and Suspense Escrow Demat Account procedures, and enhanced governance, BCP/DR, cyber-security and reporting obligations for QRTAs, while rescinding earlier circulars as applicable and preserving actions taken under them.

Client level segregation mandated for investment advisers; fees, disclosures, AI use, audit and supervision framework clarified.
SEBI consolidates guidance for Investment Advisers: enforce client-level segregation of advisory and distribution activities, require standardized IA-client agreements including MITC, mandate disclosure of AI use, accept fees only through traceable banking channels or centralized mechanism, impose deposit and audit requirements, prescribe qualification and registration transition rules, establish administration and supervision framework via recognised stock exchange as IAASB/RAASB, set advertising, outsourcing and conflict of interest norms, and require periodic reporting and complaint disclosure.

Research analyst regulation consolidates registration, disclosure, client segregation and RAASB supervision for strengthened compliance.
The master circular consolidates SEBI guidance for Research Analysts, prescribing registration and NISM certification requirements, deposit and fee rules, client level segregation, disclosure of terms (including MITC) and mandatory KYC and recordkeeping, annual compliance audits with public disclosure of adverse findings, model portfolio and AI use disclosure obligations, cybersecurity and SaaS advisories, procedures for prior approval of change in control, an advertisement code, outsourcing principles, and operational supervision via an enlisted RAASB with specified reporting and grievance redressal mechanisms.

Alternative Investment Funds must upload unit NAVs to depositories by May 1, 2026 or within 30 days of valuation.
AIFs must upload the latest NAV for each unit ISIN into depository systems before May 01, 2026 or within 30 days of valuation, using the valuation date as the date of the independent valuer's report or the date valuation is documented for internal valuers. The AIF manager is responsible for timely and accurate uploads via RTAs. Depositories must provide upload infrastructure, display a prescribed NAV disclaimer, amend relevant rules, notify participants, and publish the change. Trustees/sponsors must include this requirement in the manager's Compliance Test Report.

Voluntary Retention Route investments will count under General Route limits; FPIs may exit after minimum retention period.
Investments made through the Voluntary Retention Route in Central Government securities (including Treasury Bills), State Government Securities and corporate debt securities shall be reckoned under the investment limits for those securities under the General Route; FPIs that had longer-than-minimum retention periods may liquidate fully or partly and exit VRR after the minimum retention period; existing VRR investments will be transferred to the General Route limits on commencement.

IGST refund processing faces validation errors; exporters must submit concordance tables and correct shipping bill issues.
Delays in IGST refund processing arise from Shipping Bill validation errors SB-005 (invoice mismatches), SB-000 (validated but excluded from final refund scroll due to ineligibility, mixed invoice outcomes, PFMS/IEC alerts or low IGST amount) and SB-004 (duplicate GSTN transmission). Exporters must submit a concordance table mapping GST invoices to Shipping Bill invoices and pay the prescribed fee per shipping bill for rectification; stakeholders should rectify identified conditions or contact the IGST Refund section for unresolved errors.

SEZ approvals and modifications: extensions, co developer recognitions, de notifications and area conversions authorised or deferred.
The Board granted extensions of Letters of Approval and formal approvals where developers/units demonstrated investment, construction or operational progress and recommended reliance on SEZ Rules' provisos for post expiry regularisation; approved co developer statuses subject to standard SEZ conditions and tax examination rights; authorised specified partial and full de notifications and conversions of processing area to non processing area after confirmation that duty benefits on the demarcated land were repaid and no dues certificates issued; approved cancellation of certain co developer statuses; and deferred a temporary gate proposal pending clearer DC recommendations on security and customs safeguards.

Single stock derivatives: calendar spread margin benefit not available on expiry day; exchanges must implement changes within three months.
The circular removes calendar spread margin benefit for single stock derivatives on a contract's expiry day: any spread pairing a contract expiring that day with another expiry will not receive offsetting margin treatment for that pairing, while spreads involving only later expiries remain eligible. Stock exchanges and clearing corporations must update systems and amend rules to implement the change; the measure is effective three months from the circular's date.

Creation/Invocation of pledge of securities requires reasonable notice, standardised pledge form, and invocation intimation to parties.
Depositories must adopt a standardized Pledge Request Form obliging pledger and pledgee to comply with the Indian Contract Act, the Depositories Act and SEBI regulations, require the pledgee to give reasonable notice to the pledger, record the pledgee as beneficial owner at invocation, and send intimation to both parties; bye laws and systems must be amended and provisions disseminated for implementation by April 6, 2026.

Annual RoDTEP Return filing extended to 31 March 2026 with Rs 15,000 composition fee, and non filing triggers denial of benefits.
Filing of the Annual RoDTEP Return for FY 2023 24 is extended to 31 March 2026 under paragraphs 1.03 and 2.04 of the Foreign Trade Policy 2023, conditional on payment of a composition fee of Rs 15,000 effective from publication. Non filing by the extended date will invite actions under HBP para 4.94, including denial of RoDTEP benefits and scroll out of scrips.

Late fee waiver for Bills of Entry after ICEGATE outage; applies to vessels with entry at INMAA1/INKAT1/INENR1 on 2 Feb.
Waiver of Late Fee is authorized for Bills of Entry affected by the ICEGATE outage; the Late Fee under the Bill of Entry (Forms) Amendment Regulations, 2017 (Notification No. 27/2017-Customs (N.T)) will be waived for Bills of Entry filed for vessels with entry inwards at INMAA1, INKAT1 and INENR1 on 2 February 2026, where those Bills of Entry are filed on or before 2 February 2026.

SWIFT 2.0 single-window integration digitises PGA certificates, no-objection processing, test reports and Customs clearance documentation for EXIM trade.
SWIFT 2.0 expands the Single Window interface for EXIM clearances by integrating CDSCO, WCCB, MeitY and the Textile Committee alongside existing pilot PGAs. PGA licences, permits, certificates, other documents and no-objection certificates are harmonised through designated document codes. CDSCO, WCCB and AQCS officers will process no-objection certificates on the Customs IT infrastructure without separate physical document submission. MeitY certificates will be digitally linked with Bills of Entry, while Textile Committee test reports and prescribed fee payments will be available through the SWIFT dashboard.

Customs changes from Union Budget 2026: revised duties, exemptions, baggage rules, deferred duty payment and automation.
Implementation of Union Budget 2026 customs measures effective 01.02.2026 requires compliance with notifications that amend Basic Customs Duty rates, revise Social Welfare Surcharge and Agricultural Infrastructure Development Cess, and modify exemption notifications. Procedural changes adopt Baggage Rules and Customs Baggage (Declaration & Processing) Regulations, 2026. Non tariff measures include inclusion of Eligible Manufacturer Importers in deferred duty payment facilities and extended timelines. Circulars introduce automation of clearance processes, mandatory e scheduling via ICEGATE and use of body worn cameras during physical examination. Stakeholders must file bills/shipping bills per revised rates, avail exemptions only per conditions, and consult CBIC resources or Customs officers for details.

Revision of Order-to-Trade framework: equity option pricing and market maker algorithmic orders exempted, effective April 6, 2026.
Equity option orders within +/-40% of LTP (premium) or +/-INR 20, whichever is higher, are exempt from the penalty framework for high OTR. Algorithmic orders by Designated Market Makers for market making activity are excluded from OTR computation. The OTR framework remains applicable to cash and derivative segment orders, including liquidity enhancement scheme orders, subject to these exemptions. Stock Exchanges must amend bye laws and notify participants. The modifications amend specified Master Circular paragraphs and take effect from April 06, 2026.

Transit of Bhutan-bound import cargo requires an ICES-filed Letter of Guarantee, RFID sealing, and system-verified exit at Jaigaon LCS.
Clearance of Bhutan-bound transit imports via Jaigaon LCS must be against a Letter of Guarantee issued by Royal Bhutan Customs and filed in ICES; Bhutan importers register in ICES and present LOG with BL/AWB, invoice and packing list for classification and duty assessment. Docks/CFS officials verify container and seal numbers, affix/record RFID/ECTS seals supplied by the importer, record vehicle details, give 'Out of Charge' in ICES and hand signed LOG copies to the importer for border transit. At Jaigaon LCS officers verify LOG and RFID seals in ICES and record cross-border completion, while discrepancies trigger examination and potential invocation of the guarantee.

Entry Inwards procedure at Paradip Port now allows earlier customs approval to reduce delay before cargo unloading after berthing.
Customs procedure at Paradip Port now delinks Entry Inwards from physical boarding of the vessel to reduce delay between berthing and cargo discharge. After pilot boarding at the pilot station, the Port Traffic Control Room must record and electronically communicate vessel arrival to Customs, while vessel or steamer agents must submit arrival information and relevant documents. This enables Customs to grant Entry Inwards at the reporting stage so unloading can begin immediately after berthing. Boarding Officers must still complete verification and checks after berthing and may act on any variation, shortcoming, or misdeclaration.

Customs control of marine services requires supervised supplies, crew baggage clearance, hazardous-waste monitoring, transshipment safeguards, and returnable equipment tracking.
Customs procedures at Vizhinjam International Seaport govern supplies to foreign-going vessels, crew sign-on and sign-off, hazardous vessel-waste clearance, transshipment of imported ship stores, and other marine services. Supplies require Shipping Bill assessment, gate entry, examination and supervised loading. Crew baggage requires customs examination and a gate pass. Hazardous sludge, waste oil and waste water require pollution-control licensing, monitoring, sampling and testing, with foreign-going vessel waste subject to import clearance and duty where applicable. Transshipment requires bonds, sealing, permit controls and supervised delivery. Returnable repair equipment requires prior permission, special gate passes and entry-exit verification.

Union Budget 2026 revises customs duties, consolidates exemptions, tariffises lines, and amends GST and customs procedures.
Union Budget 2026 proposes amendments to customs, central excise and GST by the Finance Bill, 2026 and accompanying notifications: widespread BCD rate revisions, tariff consolidation/tariffisation into the First Schedule, creation of new tariff items, extensions/lapses of numerous exemptions (many extended to 31 March 2028 or lapsed 31 March 2026), selected specific and ad valorem duty adjustments, addition of medicines and rare diseases to exemption lists, procedural changes to deferred duty payment and baggage rules, amendments to Customs Act (including fishing beyond territorial waters and advance ruling validity), central excise valuation and NCCD adjustments, and GST amendments on discounts, refunds and advance ruling appeal mechanism.

Import cargo examination now requires e-scheduling and mandatory body worn camera recordings retained for two years.
Mandatory use of Body Worn Cameras (BWC) requires officers to record import cargo examinations from before opening containers/packages through completion, capturing interactions and critical examination stages; recordings must be securely stored and retained for two years and preserved for investigations, disputes or litigation. A system-based e-Scheduling application on ICEGATE 2.0 will schedule physical examinations to create an auditable digital trail; DG Systems will issue an advisory and full rollout is to be implemented by 01.04.2026, with field formations required to ensure officer sensitisation and compliance monitoring.

Automation of customs processes introduces auto goods registration, auto out of charge and auto let export order with risk based controls.
CBIC implements automated clearance: Auto Goods Registration and Auto Out of Charge for specified importers (AEO T2/T3, Eligible Manufacturer Importers, longstanding supply chains, DPD) and online/e seal based auto goods registration for exports; Auto Let Export Order will be granted on risk based evaluation for facilitated Shipping Bills not selected for examination, with no PGA NOC requirement and duty/cess paid, subject to officer override via system HOLD.