Regulation of Research Analysts consolidates compliance, disclosure, fees cap and RAASB oversight, reshaping registration and reporting rules.
SEBI's Master Circular consolidates all RA related circulars up to June 20, 2025, clarifies registration and qualification rules for full time and part time Research Analysts, prescribes deposit and fee governance, mandates client level segregation, disclosure of AI use, KYC and record retention, annual compliance audits, model portfolio and proxy advisor procedural frameworks, operationalises RAASB (initially BSE) for administration and supervision, sets prior approval process for change in control and outsourcing principles, and prescribes advertising, cybersecurity, reporting and investor grievance disclosure obligations.

Regulatory consolidation for investment advisers: unified compliance framework sets segregation, agreement, fee, audit and supervision obligations.
This Master Circular consolidates SEBI circulars for Investment Advisers into a unified compliance framework: it mandates client level segregation of advisory and distribution activities with PAN as control, prescribes mandatory written agreements incorporating standardized MITC (including no execution without client consent and limits on fee modes), sets permitted fee modes and related limits and payment channels, requires comprehensive records, annual compliance audit and public disclosure of audit status, prescribes registration, governance and audit obligations, details administration and supervision by recognised IAASB/RAASB (with BSE recognised), and imposes conduct, advertising, outsourcing, cybersecurity and reporting requirements.

Discontinuation of service centres requires trade to adopt online webform filing and consult the ICEGATE user manual.
Discontinuation of physical Service Centres and migration to an online filing regime is announced, requiring all trade participants to use newly developed webforms for submission of documents previously lodged at Service Centres. Trade participants are directed to prepare for the change, with a detailed user manual available on the ICEGATE portal, and to report any difficulties to the Customs office.

Self-sealing exports now follow a simplified email application; existing permissions stay valid unless withdrawn for non-compliance.
A simplified e-mail-based procedure replaces the earlier renewal regime: existing Self-Sealing Permissions need not be renewed and remain valid until withdrawn for non-compliance. Fresh SSP and port registration applications must be emailed to DOCKS-ADMN with the documents listed in Facility Circular No.13/2017; port registration from other jurisdictions requires SSP letter and Annexure B. SSP/registration are port-specific; use of RFID e-seals from CBIC-nominated vendors and mandatory upload of stuffing/seal photographs in PDF to e-sanchit (category 7880FS) are required. Amendments to permissions require prior approval.

Passive breach timelines extend to all passive deviations for actively managed mutual fund schemes under SEBI rules.
Timelines for rebalancing prescribed under paragraph 2.9 of the Master Circular shall apply to all passive breaches in the portfolios of actively managed mutual fund schemes. Passive breaches-resulting from corporate actions, price movements, maturities, large redemptions, etc.-are distinguished from active breaches, and will be addressed through the existing rebalancing framework while maintaining other prudential limits and regulatory treatment.

Related Party Transaction disclosure: standardized minimum information required for audit committee and shareholders' approval under listing obligations framework.
SEBI incorporates Industry Standards into the Master Circular to require listed entities to provide a standardized minimum set of information to the audit committee and to include specified details in shareholder explanatory statements when seeking approval of Related Party Transactions, aligning these requirements with Regulation 23 of the listing obligations and disclosure framework.

Petroleum product imports under CTH 27101951-27101990 now require representative sampling and CRCL testing with limited exceptions.
Representative sealed samples of petroleum consignments in the specified tariff range must be drawn and sent to CRCL for testing; assessing officers may require testing where classification is doubtful. Exceptions allow final or provisional second-check assessment when importer demonstrates manufacturer/actual-user status and uploads a valid Previous Test Report (not older than six months) or where AEO Tier 2/3 holders submit PTRs or original manufacturer certificates covering standardized test parameters. Facilitation is denied on specific intelligence, suspicion of mis-declaration, or system interdiction; clearance depends on verification of test reports and regulatory compliance.

Sample submission requirements: trade-name samples must include composition, testing methods, reference materials and manufacturer details for lab analysis.
Samples described by trade names for chemical examination must be submitted with scientific/technical literature stating exact chemical composition, physiochemical properties and analytical data; the method of testing and a certified reference material where applicable; supporting evidence for claims or comparisons; and the generic name and manufacturer/brand owner when trade names are used. These documents must be provided to the examining officer at online consignment entry and forwarded with the test memo and sample to the DYCC/JNCH Laboratory sample cell.

Amendment to Appendix 2T updates council name and contact details for RCMC issuance under the Foreign Trade Policy.
Amendment to Appendix 2T revises the listing of The Silk & Rayon Textiles Export Promotion Council to Manmade and Technical Textiles Export Promotion Council (MATEXIL) and updates the registered office and contact details; the change takes effect immediately for purposes of RCMC issuance and FTP 2023 administrative processes.

Certificate of Origin authorization updated: agency renamed and contact details amended under FTP provisions, effective immediately.
Amendment under paragraph 2.04 of the Foreign Trade Policy 2023 replaces The Silk & Rayon Textiles Export Promotion Council in Appendix 2E with Manmade and Technical Textile Export Promotion Council (MATEXIL) and updates the agency's registered address, telephone, email and website contact information; the change takes immediate effect for issuance of Certificate of Origin (Non Preferential) for the Mumbai listing.

Relaxation of time limit for processing electronic income tax returns, permitting late processing and consequent refund actions.
The Board relaxes the processing timeframe for valid electronic returns filed pursuant to condonation of delay orders, directing that intimations under the return processing provision be issued to affected taxpayers by a specified deadline; exclusions apply where assessment or reassessment proceedings were completed after filing. Consequential effects, including refunds with interest, will follow subject to PAN Aadhaar linkage conditions, and the systems authority must prescribe procedures to process such returns and send intimations.

Extension of FCRA registration validity allows continued registration while renewal is pending, subject to refusal ending eligibility.
Extension of FCRA registration validity is provided for (a) entities previously extended to 30.06.2025 with pending renewal applications and (b) entities whose five-year validity expires between 01.07.2025 and 30.09.2025 that have applied or will apply for renewal before expiry; in both cases validity is extended to 30.09.2025 or until disposal of the renewal application, whichever is earlier. If renewal is refused, the certificate is deemed expired on the refusal date and the association cannot receive or utilise foreign contribution.

Advance filing of affidavits in court proceedings directed to ensure timely availability on the record before hearings.
Advance submission of affidavits in court proceedings is required so that affidavits directed to be filed on behalf of officers are placed on record three to four days before the next date fixed and are available to the Court for timely perusal. Officers are instructed to contact the concerned Standing Counsel or the Chief Standing Counsel well in advance to secure prompt filing, and strict compliance with this timeline is emphasised.

Review and revision authority for CAA GST orders rests with the Principal Commissioner/Commissioner; appeals to Commissioner (Appeals).
The Principal Commissioner or Commissioner of Central Tax under whom the Common Adjudicating Authority is posted shall be the reviewing authority under Section 107 and the revisional authority under Section 108 for Orders-in-Original passed by the CAA; appeals against such orders shall lie before the Commissioner (Appeals) corresponding to the territorial jurisdiction of that Principal Commissioner or Commissioner, who shall represent the department in appeal proceedings and may appoint a subordinate officer to file departmental appeals. The reviewing or revisional authority may seek comments from the concerned DGGI formation before deciding.

Master Circular consolidates SEBI rules for RTAs on registration, investor service standards, IPO reconciliation, and cyber resilience.
Master Circular consolidates SEBI instructions for RTAs: it supersedes prior RTA circulars and prescribes online registration, prior approval for change in control, mandatory agreements with issuers, records retention, half yearly net worth and compliance reporting, mandatory PAN/KYC for physical folios, standardized investor service processes (including Letters of Confirmation and Suspense Escrow Demat Accounts), URN based online portals for service requests, RTA responsibilities in primary market allotment/reconciliation and UPI/ASBA flows, and enhanced cyber security, BCP/DR and governance requirements for QRTAs.

Place of Supply rules determine CGST/SGST or IGST on telecom services, affecting tax allocation and compliance.
SoP guidance requires telecom services (SAC 9984) to be taxed at 18% with CGST/SGST or IGST determined by place of supply using billing, installation and contract records. ITC claims and reversals must be validated through GSTR-9/GSTR-9C, valuation sheets and financial statements; ISD distributions and capital goods (including towers treated as plant and machinery) are subject to specified disallowances and reversal rules. RCM entries, related-party and import-of-service receipts, and balance-sheet mismatches should be audited, and records retained for 72 months to support enforcement consistent with GST law and CBIC guidance.

NOC validity extension for imported alcoholic beverages grants one-year validity and permits re-validation via visual inspection.
Extension of the validity of the import NOC for alcoholic beverages bottled in origin and in bulk is prescribed to be 365 days where the consignment contains more than ten percent alcohol and no expiry date is present; consignments beyond that period in ports' Customs areas may be re-validated through visual inspection on payment of the visual inspection fee.

Import policy change: colloidal and precious metal compounds moved from free to restricted, effective immediately.
Import policy for colloidal precious metals and related precious metal compounds under Chapter 28 (CTH 2843) is amended: specified ITC(HS) subheadings previously "Free" are now designated "Restricted". The amendment lists colloidal gold and silver, silver and gold compounds, noble metal solutions, specified thiosulphates and amalgams, and takes effect immediately. Customs officers are to sensitize staff and report implementation difficulties to the Board, with administrative action required to enforce the new restricted import regime.

Commercial venue leasing for exhibitions attracts GST, while organisers must meet casual taxable person registration and compliance requirements.
Short-term leasing of hotel, convention-centre or similar premises to exhibition and sales-event organisers is taxable as leasing of non-residential immovable property for business or commerce, not as accommodation or banquet services. Owners must invoice and disclose rental receipts correctly. Organisers operating occasionally where they lack a fixed place of business must obtain compulsory Casual Taxable Person registration, pay estimated tax in advance, issue invoices and file prescribed returns. Input tax credit on rent and qualifying event inputs remains subject to normal eligibility conditions.

Import Policy: restriction on precious metal alloys with elevated gold content now requires licensing and customs control.
The Import Policy for ITC(HS) codes 71102100, 71102900, 71103100, 71103900, 71104100 and 71104900 is Free, except that imports of Palladium, Rhodium and Iridium alloys containing gold in excess of one percent by weight are classified as Restricted. The amendment, effected by Notification No. 18/2025-26 under the Foreign Trade (Development & Regulation) Act, 1992 and incorporated into Schedule I (Chapter 71) of ITC (HS) 2022, is immediately effective and requires customs authorities to implement and report difficulties to the Board.