Extension of declaration filing period under Sabka Vishwas Scheme allows affected declarants additional time for filing and compliance.
The Order extends the last date for filing declarations under the Sabka Vishwas Scheme for eligible declarants in Jammu & Kashmir and Ladakh and prescribes sequenced deadlines for issuance of the statement, issuance of the estimate of amount payable, and payment of dues; filing and verification must follow Chapter V of the Finance (No.2) Act, 2019 and the rules made thereunder, and tax formations are to inform trade and industry and report implementation difficulties to the Board.

Continuous disclosure compliance: exchanges to impose uniform fines and enforcement measures for listed debt securities, preference shares and commercial papers.
SEBI mandates a uniform enforcement framework requiring recognized stock exchanges to monitor continuous disclosure compliance by issuers of listed Non-Convertible Debt Securities, NCRPS and Commercial Papers, levy specified fines for enumerated disclosure failures, coordinate actions across exchanges for multi-listed entities, credit fines to the Investor Protection Fund, and impose restrictions (including prohibition on issuance and further listing) until compliance and payment of fines, with publication of actions and allowance for deviations only with written reasons.

Discontinuation of FEMA returns: specified reports withdrawn with immediate effect, Master Direction to be updated.
The Reserve Bank of India has withdrawn a specified set of returns and reports under the Master Direction - Reporting under FEMA with immediate effect to reduce compliance burden; the Master Direction will be updated accordingly and authorised dealers should inform their constituents. The circular is issued under Section 10(4) and Section 11(2) of the Foreign Exchange Management Act, 1999, without prejudice to other statutory permissions, and the Annexure lists the discontinued reports by reporting entity and frequency, noting that hardcopy DRR filing alone is discontinued.

Suspension of licence amendment services temporarily during IT migration; new licence issuance and applications remain available.
Temporary suspension of licence amendment services for Advance Authorization, EPCG and DFIA licences will occur from 12:00 PM on 20th November 2020 until 30th November 2020 due to migration to a new DGFT IT environment; amendment functions (re-validation, invalidation, value enhancement, EO extension) will be unavailable while new licence issuance and submission of new applications remain available. Exporters/importers must plan accordingly and ensure IEC registration/linking beforehand; DGFT helpdesk, helpline and email support are available.

Foreign trade policy consultation invites stakeholder suggestions via an online form to draft a new multi year policy.
Stakeholders including Export Promotion Councils, trade and industry bodies, commodity boards and regional authorities are invited to provide suggestions for drafting the new Foreign Trade Policy, the current policy having been extended to 31 March 2021. All inputs must be submitted exclusively via the designated Google Form (https://bit.Iy/3khHEI2) and not by email or paper, and must be lodged within fifteen days from the notice to enable centralized collation and processing.

Debenture trustees must monitor security created, submit asset cover certificates and publish timely disclosure of defaults and compliance.
Debenture trustees must independently and periodically assess issuer compliance with issue covenants, with focused monitoring of the security created and asset charges. Trustees shall embed monitoring terms in trust deeds, obtain issuer documents, and submit prescribed reports (quarterly Asset Cover Certificates, guarantor net worth, valuations) to exchanges within specified timelines; amend existing trust deeds within 120 days; follow prescribed breach response procedures; furnish revised half yearly reports to the regulator; and publish defined disclosures on trustee websites within stated timelines.

Corporate Circle jurisdiction streamlined through turnover-based identification of top registered persons and structured transfer proposals.
Uniformity in the jurisdiction of Corporate Circles is to be maintained by identifying the largest registered persons in each zone on the basis of turnover and transferring the jurisdiction of the top 60 registered persons to the Joint Commissioner (Corporate Circle) through a reasoned proposal to the Headquarters. The standard composition of 45 goods suppliers and 15 service suppliers may be relaxed where service suppliers exceed 15, while the top 15 service suppliers must be included where their number is fewer than 15. Future jurisdictional changes are to be proposed only after the close of the relevant financial year and at the beginning of the next financial year.

Quarterly return monthly payment scheme requires quarterly GST returns with monthly tax deposits, specifying eligibility and payment methods.
The QRMP Scheme allows eligible GSTINs (aggregate turnover up to five crore in the preceding year) to file returns quarterly while paying tax monthly in the first two months by either a portal-calculated fixed sum method or a self-assessment method. Outward supplies are reported quarterly in GSTR-1 with an optional Invoice Furnishing Facility for limited monthly invoice reporting to enable recipient ITC visibility. Monthly deposits are credited against the quarter's liability on filing FORM GSTR-3B; interest and late fees apply under prescribed conditions and timelines.

Inland Container Depots/CFS/AFS policy updates set zones, distance rules, minimum throughput and IMC approval process.
The guidelines establish a unified regulatory framework for setting up, notification and operation of ICDs, CFSs and AFSs, distinguishing ICDs as self contained customs stations and CFSs as customs areas linked to parent ports; prescribe geographical zoning, distance and throughput minima (7200 TEUs for ICDs; 1200 TEUs for CFSs), land ownership and entity eligibility; require DPR submission to CBIC with jurisdictional Commissioner feasibility review and IMC approval, LOI timelines and post approval obligations including bonds, HCCAR 2009 compliance, infrastructure, IT and annual audits, with powers for suspension, de notification and closure for non compliance or underperformance.

Sea cargo manifests now require ICEGATE registration and phased electronic filing of SAM, SDM, CSN and CIM within set timelines.
The Regulations require authorised carriers, agents, transhippers and notified parties to register on ICEGATE and submit electronic manifests and declarations-SAM, SEI, SDM, SDN, CSN and CIM-within prescribed timelines; introduce PCIN and MCIN for cargo identification; assign filing responsibilities among ASCs/ASAs, other carriers and ATPs; permit specified bond reductions and exemptions; allow phased transition and testing; and prescribe amendments protocols and penalties for non compliance.

Quarterly return with monthly payment scheme lets eligible small taxpayers file quarterly returns while paying tax monthly.
The QRMP scheme allows registered persons below the aggregate turnover threshold to file FORM GSTR-3B quarterly while making monthly tax payments for the first two months by either a system-derived fixed sum challan or by self-assessment in FORM GST PMT-06. Eligibility is GSTIN-wise, based on prior year turnover recorded on the portal, and loss of eligibility during a quarter takes effect from the next quarter. Optional Invoice Furnishing Facility permits selected invoice reporting in the first two months to reflect in recipient GSTR-2B; quarterly GSTR-1 and GSTR-3B filing obligations and interest and late fee rules apply as specified.

Interest relief for delayed GST returns provides phased nil and reduced rates, with late fee waiver conditional on notified filing dates.
Reduced rates of interest and conditional waiver of late fee apply to delayed GST returns for specified tax periods. For larger taxpayers a nil-interest initial window is followed by a reduced interest rate, reverting to the normal rate after the prescribed period; the circular provides illustrative day-wise calculations for GSTR-3B filings. For smaller taxpayers a nil-interest period until specified dates is followed by a reduced rate until a later cutoff, after which the standard rate applies. Waiver of late fee is conditional on filing by notified dates; otherwise late fee accrues from the original due date.

IRP and RP GST registration guidance: no fresh registration where prior returns filed and compliance deadlines extended.
Clarification extends the registration time-frame for IRP/RP and provides that IRP/RP need not obtain fresh registration when corporate debtor had filed all Form GSTR-1 and Form GSTR-3B returns prior to appointment and was not in default; subsequent changes in IRP/RP after initial registration are treated as changes of authorized signatory and may be effected by amendment. It also extends compliance deadlines falling within the COVID-19 relief window, including the merchant exporter export period condition and the filing date for Form GST ITC-04, to the relief cut-off date. The Circular is clarificatory and issued to ensure uniform implementation.

Extension of LLP settlement scheme: belated filings and delayed statement of account treated as compliant under revised applicability.
Extension of the LLP Settlement Scheme adjusts the applicability period so belated documents due for filing up to the substituted cutoff are covered by the scheme, while all other requirements remain unchanged. A statement of account and solvency signed beyond six months from the end of the financial year but within the substituted extended filing window shall not be deemed non-compliance.

Delegation of powers updated: assessment and recovery authorities reallocated among specified GST officers, altering appellate allocation.
Amendment revises the delegation Table of the earlier Order, assigning assessment of unregistered persons to Senior Joint Commissioner, Joint Commissioner, Deputy Commissioner and Assistant Commissioner; reallocating initiation and conduct of recovery proceedings and related functions to Additional Commissioner, Senior Joint Commissioner, Joint Commissioner, Deputy Commissioner and Assistant Commissioner; validating continuation of specified recovery proceedings; and substituting appellate authority allocation to Special Commissioner, Additional Commissioner, Senior Joint Commissioner and Joint Commissioner. The Order is made under sub section (3) of section 5 read with clause (91) of section 2 and is effective immediately except where otherwise stated.

Outsourcing obligations and liability: LPCCs may outsource core IT to clearing corporations but remain primarily liable for failures and continuity.
LPCCs may outsource core IT and operational activities to existing Clearing Corporations under comprehensive agreements that ensure redundancy, set selection criteria, define fees, and require service providers to meet regulatory and cybersecurity standards; the LPCC remains primarily responsible for risk management, clearing and settlement, dispute liability, business continuity, disaster recovery and must preserve regulator access while embedding indemnity and financial disincentives to prevent market disruption.

Investor grievance redressal mechanism enforces timelines, IGRC conciliation, and arbitration as escalation for unresolved complaints.
Investor grievance redressal mechanism requires Stock Exchanges to resolve investor complaints within prescribed timelines, seek additional information within seven working days, and record reasons for any delay. Service-related complaints are handled by the Exchange with escalation to the Investor Grievance Redressal Committee (IGRC) where complainants remain dissatisfied. IGRC has a 15-working-day conciliation period, extendable to an overall 30-working-day period if additional information is sought, must not dismiss complaints for lack of information or complexity, and may recommend admissible claim values which Exchanges must block from member deposits.

Liquidity requirement for open ended debt schemes imposes minimum liquid asset holdings and mandatory stress testing.
SEBI requires most open ended debt schemes to hold at least ten percent of net assets in liquid assets (cash, government securities, T bills, repo on government securities), excludes these holdings from scheme characteristic calculations, and mandates AMCs to restore such exposure before further investments if breached; additionally, all open ended debt schemes except overnight schemes must conduct stress testing under AMC stipulated guidelines, with a committee to review norms and methodology.

Flexi Cap Fund category introduced with equity investment floor, benchmark and naming requirements, and conversion conditions.
Introduction of the Flexi Cap Fund category requires a minimum investment in equity and equity related instruments of 65% of total assets; it is an open ended dynamic equity scheme investing across large cap, mid cap and small cap stocks. AMCs must adopt a suitable benchmark; scheme names must match the category for uniformity; existing schemes may be converted to this category subject to compliance with requirements for change in fundamental attributes under the mutual fund regulations. The category is effective from the date of the circular under SEBI's regulatory powers.

Overseas investment limits for mutual funds increased, with per fund and industry caps and monthly reporting required.
Mutual Funds may invest up to US$600 million per fund in overseas securities within a US$7 billion industry cap, and up to US$200 million per fund in overseas ETFs within a US$1 billion industry cap. US$50 million is reserved per Mutual Fund within the US$7 billion industry cap. NFOs must disclose intended overseas investment amounts in scheme documents, valid for six months from NFO closure, after which unutilised amounts revert to the industry pool. Ongoing schemes have a monthly headroom equal to 20% of the average AUM in overseas securities/ETFs for the preceding three calendar months. Monthly utilisation reporting is required within ten days of month end.