Potential Risk Class matrix for debt schemes sets maximum interest rate and credit risk caps for scheme classification.
Introduction of a Potential Risk Class (PRC) matrix requiring all debt mutual fund schemes to be mapped to one of nine cells defined by maximum interest rate risk (scheme-level Weighted Average Macaulay Duration: Class I MD 1 year; Class II MD 3 years; Class III any MD) and maximum credit risk (scheme-level weighted average Credit Risk Value: Class A CRV 12; Class B CRV 10; Class C CRV

AEO certificate validity extension grants temporary renewal relief for certificates affected by pandemic-related restrictions and lockdowns.
Validity of all AEO certificates that expired or were due to expire between 1 April 2021 and 31 May 2021 was extended until 30 June 2021 to facilitate renewal affected by pandemic-related restrictions and lockdowns. The extension does not apply where an entity has been found ineligible to continue under the AEO Programme.

High-value e-way bill scrutiny targets newly registered dealers linked to bogus input tax credit and tax evasion.
Action is prescribed for newly registered persons generating high-value e-way bills within a short period after registration. The registration documents are to be examined and the declared business premises are to be informally verified, especially where no real business activity is found or where e-way bills appear connected with bogus Input Tax Credit or tax-evasion transactions. Adverse State cases may lead to cancellation and further proceedings, while Central cases are to be referred for intelligence-based enforcement. Investigation units must also monitor MIS data monthly and report tax-evasion linkages.

Extension of time for revocation of cancelled registration permits consideration of delayed applications upon sufficient cause and recorded reasons.
Extension of time for revocation of cancelled registration is available on sufficient cause and recorded reasons. Revocation may ordinarily be sought in FORM GST REG-21 within 30 days of service of the cancellation order. For applications made within 60 days, a request stating grounds may be submitted to the proper officer and referred to the Deputy Commissioner. The same procedure applies, with necessary modifications, to applications made within 90 days. The proper officer processes the revocation application after the extension decision.

Centralized database for corporate bonds requires issuers, depositories and exchanges to submit and verify standardized bond data daily.
SEBI mandates a jointly maintained Centralized Database of corporate bonds in demat form, assigning Depositories the duties to create, host, synchronise, retain historical data, ensure data integrity and provide secure access; requiring Issuers to submit prescribed ISIN-time and periodic/event-based fields; obliging Stock Exchanges to update and verify data daily; and directing Credit Rating Agencies and Debenture Trustees to verify and correct rating and default information within timelines specified in Annex III. The circular applies to debt securities issued on or after August 1, 2021.

Integrated tax exemption for specified medical imports is available through designated system serial numbers now.
Integrated tax exemption for specified medical imports is enabled in the customs system under Notification No. 32/2021-Customs. Importers and customs brokers must use the applicable Annexure A serial number for eligible goods. Covered categories include remdesivir-related products, diagnostic marker kits, oxygen equipment and supplies, ventilators, high-flow nasal cannula devices, non-invasive ventilation equipment, COVID-19 vaccines, and amphotericin B. Specified remdesivir manufacturing material and parts for oxygen-related equipment require compliance with the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.

Margin lending to FPIs permitted for government securities settlement, subject to banks' credit risk frameworks.
Banks in India holding an Authorised Dealer Category 1 licence may lend to Foreign Portfolio Investors to enable placement of margins with the central counterparty for settlement of government securities (including Treasury Bills and State Development Loans) transacted outside recognised exchanges; such lending must follow the banks' credit risk management frameworks and the change is effected by amendments to the foreign exchange regulatory framework, effective immediately.

Overseas investment limits for mutual funds increased, with ETF sub-limits and scheme limits converted to reporting soft limits.
The circular raises per-fund and ETF-specific overseas investment ceilings while preserving industry-wide caps; specified scheme-level limits in NFO and ongoing scheme documents become soft limits for reporting. All other prior conditions continue to apply, the changes are effective immediately, and monthly reporting in the prescribed format remains required under the regulator's powers to protect investors and regulate the market.

IGST exemption claims for specified medical imports require use of system serial numbers and compliance with applicable conditions.
IGST exemption is operationalised in the customs system for specified medical imports, subject to applicable conditions. Importers and customs brokers must claim the exemption through the corresponding Annexure A serial number. Covered goods include Remdesivir-related products, diagnostic kits, medical oxygen, oxygen production, storage and transport equipment, ventilators, related respiratory equipment, COVID-19 vaccines and Amphotericin B. Separate conditions apply to the IGST exemption framework and the earlier ad hoc arrangement, whose existing system claim procedure continues unchanged.

UPI-based ASBA processing updated: adjusted timelines and operational duties to streamline mandate blocking, unblocking, and CUG reporting.
SEBI adjusts implementation timelines for UPI-enabled ASBA processing: SCSBs must continue SMS alerts with full application/allotment details deferred for later issues; Sponsor Banks must implement an automated CUG web portal after testing, with interim email reporting and immediate notification of technical issues; the circular prescribes refined sequencing and cut-offs for registrars, Sponsor Banks and SCSBs to ensure timely unblocking of UPI mandates around allotment, and requires inclusion of the circular's contents in offer documents filed thereafter.

Internal review cell to examine tax orders and recommend appeals or revision under OGST procedural provisions.
Creation of an internal review cell to examine orders and Range Head recommendations for legality and propriety, and to advise the Commissioner on whether to pursue appeals before the first appellate authority or the Appellate Tribunal or to initiate revision proceedings; SR Section officers will staff the cell and assist in framing grounds and ensuring authorised, timely filing by Range officers.

Off-market transfer of securities permitted for FPI relocation to IFSC subject to DDP approval and tax and FEMA compliance.
A one-time off-market transfer is authorised for an FPI or its wholly owned special purpose vehicle to relocate holdings to a resultant fund, subject to DDP approval after appropriate due diligence. A relocation request is deemed an application for surrender of FPI registration, and the transfer is permitted without prejudice to tax laws and FEMA. DDPs and custodians must notify clients; the circular modifies an earlier SEBI instruction accordingly.

IGST exemption claims for COVID-19 imports require correct serial-number selection and compliance with applicable concessional import conditions.
IGST exemption for specified COVID-19-related imports is enabled in the customs system under Notification No. 32/2021-Customs, subject to its distinct conditions. Importers and customs brokers must use the applicable Annexure-A serial number for eligible Remdesivir-related goods, diagnostic kits, oxygen-related equipment and supplies, ventilators, COVID-19 vaccines, and Amphotericin B. IGST exemption under the earlier ad hoc route continues alongside basic customs duty exemption where its conditions are fulfilled. Certain concessional imports require compliance with the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.

Risk-o-meter disclosures and portfolio details implementation deferred; requirement applies only to investor subscribed schemes.
Only for schemes subscribed by an investor, mutual funds must disclose the risk-o-meter with the benchmark and performance comparison, and provide portfolio details. The circular defers the implementation date of these disclosure obligations following industry representation, and issues the extension under the regulator's statutory powers to facilitate investor protection and orderly compliance.

Regulatory filing extension for AIFs and VCFs permits delayed submissions to address pandemic-related compliance disruptions.
SEBI permitted Alternative Investment Funds and Venture Capital Funds to submit regulatory filings for periods ending March through July 2021 on or before September 30, 2021, pursuant to SEBI Act authority, with the Circular taking immediate effect to address pandemic-related compliance disruptions.

Corporate governance reports must now include half yearly disclosures of loans, guarantees and securities to promoters and insiders.
SEBI prescribes a standardized Corporate Governance compliance report format with Annex I (quarterly), Annex II (annual), Annex III (six months after year end) and Annex IV (half yearly, effective FY2021 22) which mandates tabular disclosure of loans, guarantees, comfort letters and securities provided directly or indirectly to promoters, promoter group, directors (and relatives), KMPs and entities they control, including amounts issued during the six month period, balances outstanding and an affirmation that such exposures are in the economic interest of the company, subject to specified statutory exclusions.

Inclusion of State Police Agencies under NATGRID access expands authorised recipients of taxpayer information for intelligence purposes.
The Central Board of Direct Taxes partially modifies its prior order to insert State Police Agencies as notified by the Central Government in connection with NATGRID project among authorised recipients of taxpayer information under Section 138(1)(a); the MoU between the Director General of Income-tax (Systems) and NATGRID must be amended to include those agencies and a copy of the amended MoU is to be forwarded for record, while all other provisions remain unchanged.

Employer-funded medical treatment exclusion: employer payments for specified eye treatment at approved hospital not taxable as perquisite.
Approval is granted to M/s Raj Retina and Eye Care Centre under the proviso to clause (viii) of sub-section (2) of section 17 read with Rule 3A(1) & 3A(2). Employer payments for medical treatment at the approved hospital for eye-related diseases or ailments (excluding ear, nose or throat) shall not be treated as a perquisite for sections 15, 16 and 17, and the employer need not deduct tax at source in respect of such sums.

FPI investment limits in government securities maintained; allocation equally between general and long-term with revised absolute caps announced.
FPI investment ceilings remain at six percent for government securities and two percent for State Development Loans for FY 2021-22; specified securities investments continue to be reckoned under the Fully Accessible Route. Incremental G Sec increases are allocated equally between General and Long term sub categories, while SDL incremental increases are fully allocated to the General SDL sub category. Revised absolute limits for half year periods across G Sec (General and Long term), SDL (General and Long term), corporate bonds and total debt are announced. AD Category I banks are directed to inform constituents; directions are issued under sections 10(4) and 11(1) of FEMA, 1999.

Investor Protection Fund rules require segregated trusts, prescribed contributions, and defined SOPs for investor claim processing.
Regulatory framework requires recognized stock exchanges and depositories to maintain segregated Investor Protection Funds administered by dedicated trusts with prescribed trustee composition, tenure and reporting. Specified contributions from listing fees, deposits, penalties and depository profits must be made; investment policies must prioritise capital protection and diversification. Uses are restricted to meeting legitimate investor claims, strengthening corpus and investor education, with detailed SOPs for member default, claim invitation, processing, auditing, committee approval and disbursement, plus disclosure, review and corpus adequacy review obligations.