Digital signature security prevents unauthorized access to trade scrips; report compromised certificates and follow secure password and network practices.
Protection of digital identities depends on secure custody and use of Digital Signature Certificates or Aadhaar e signatures; adopt strong passwords, do not share sensitive credentials, avoid public Wi Fi for official logins, beware phishing and suspicious attachments or domains, and ensure duty credit scrips and related instruments are reflected in online modules. On suspected unauthorized DSC issuance contact the licensed Certifying Authority and report to the Controller of Certifying Authorities, and industry bodies should sensitize members to prevent online theft of duty credit instruments.

Refund of excess electronic cash ledger: statutory time limits and unjust enrichment certification not required; TDS/TCS credits refundable.
The Board clarifies that the time limit for filing refund applications does not apply to refunds of excess electronic cash ledger balances; certification to guard against unjust enrichment is unnecessary for such refunds. TDS/TCS amounts credited to the electronic cash ledger are treated as cash, may be utilised or refunded, and unutilised balances can be refunded per the refund proviso and related ledger provisions. For deemed export supplies, the relevant date for refund of tax paid is the date of the return furnished by the supplier, since the supplier pays the tax in his return.

Dynamic QR Code applicability clarified: invoices to recipients outside India paid via RBI approved payment modes may be issued without QR.
The Board clarifies that where services supplied to a recipient located outside India have their place of supply in India, invoices issued to such recipients may be issued without a Dynamic QR Code if payment is received by the supplier through RBI approved modes of payment, including convertible foreign exchange or Indian rupees where permitted; Circular No. 156/12/2021 GST is modified accordingly.

Investor Charter publication and monthly complaint disclosure by RTAs increases transparency and investor grievance accountability.
SEBI requires all registered RTAs to publish an Investor Charter on their websites and disseminate it to shareholders, and to disclose monthly complaint data on their websites in the prescribed Annexure B format by the seventh day of the succeeding month; these obligations supplement existing disclosure requirements and aim to enhance transparency in investor grievance redressal, with specified service timelines and escalation procedures outlined in the Charter.

Merchant bankers must publish Investor Charter and monthly complaints data on their websites from Jan 1, 2022.
SEBI directs registered merchant bankers in the debt market to publish on their websites an Investor Charter for public debt issues, NCRPS and private placements detailing services, rights, timelines and grievance mechanisms, and to disclose monthly complaints data in a prescribed Annex B format by the seventh day of the succeeding month; Charters require hosting draft/final offer documents, inviting seven working days public comments, disclosing track record and basis of allotment, providing grievance resolution timelines (indicatively T+30 days), and other operational disclosures; effective January 1, 2022.

Merchant Bankers must publish Investor Charter and monthly investor complaint data for REITs and InvITs public offers.
SEBI requires registered merchant bankers handling public offers by REITs and InvITs to publish an Investor Charter on their websites (Annexure A) and to disclose monthly investor complaints data-received, resolved and pending-by source and category in the Annexure B format, separately for each category and collectively, with specified timelines and grievance resolution benchmarks to enhance transparency in the primary market.

Merchant Bankers must publish an investor charter and monthly complaint data online for municipal debt private placements.
Merchant Bankers must publish an Investor Charter for private placements of municipal debt securities on their websites and disclose monthly complaint data and redressal, separately and collectively, in the prescribed format by the 7th of the succeeding month; the requirements take effect from January 1, 2022 and are issued under Section 11(1) of the SEBI Act and applicable municipal debt securities regulations.

Refund of excess electronic cash ledger balances exempt from refund time limits and unjust enrichment certification requirements.
The time limit for filing refund applications does not apply to refunds of excess electronic cash ledger balances, and unjust enrichment certifications under the refund rules are not required for such refunds. TDS/TCS amounts credited to the electronic cash ledger are equivalent to cash and may be used at the registered person's choice; any unutilised balance after discharge of dues is refundable as excess. For deemed export supplies, the relevant date for refund is the date the return relating to those deemed exports is furnished, and this applies regardless of who files the claim, with the supplier's return being the operative date.

Dynamic QR Code requirement relaxed when recipient abroad and payment made via RBI approved convertible foreign exchange or permitted rupees.
Where a supplier issues an invoice to a recipient located outside India for services whose place of supply is in India, and payment is received by the supplier in convertible foreign exchange or in Indian rupees where permitted by the RBI, the invoice may be issued without a Dynamic QR Code, and Serial Number 4 of the earlier circular is substituted accordingly.

GST rate classification clarified: cloud kitchens deemed restaurant service; ice cream parlors treated as goods; mining rights standard rated.
Services by cloud/central kitchens are covered under restaurant service (including takeaway and delivery) and attract the concessional restaurant service rate without input tax credit. Ice cream parlors selling pre manufactured ice cream are supplying goods, not restaurant services. Government funded coaching under the disability scholarship scheme is exempt as a government funded training service. Satellite launch services to foreign customers qualify as export of service and are zero rated. Overloading fees at toll plazas receive the same treatment as toll charges and are exempt. Renting/giving on hire to STUs and local authorities is included in the exemption. Grant of mineral exploration/mining rights classifies under licensing for right to use minerals and was taxable at the residuary standard rate for the disputed period. Job work for manufacture of alcoholic liquor is excluded from the reduced food job work rate and attracts the standard job work rate.

GST classification updates: fresh produce exemptions, seed and copra reclassification, and uniform rates for specified headings.
Clarification distinguishes exempt fresh fruits and nuts from dried or frozen variants which attract GST; tamarind seeds and other seeds under heading 1209 supplied for non sowing uses attract 5% while seeds for sowing remain nil rated; copra is classified under heading 1203 and not exempt as coconut; pure henna powder and leaves without additives fall under heading 1404 and attract the concessional rate; brewers' spent grain and similar residues are under heading 2303 and attract the specified rate; all goods under heading 3006 and all reagents under heading 3822 are covered by their respective concessional entries; procedural clarifications address essentiality certificates for inter state transfers, separate taxation of UPS and batteries, deemed 70:30 valuation for specified renewable projects retrospectively, and uniform treatment of fibre drums under heading 4819.

Extension of Letters of Approval and co-developer approvals granted, subject to standard SEZ Act conditions and lease period instructions.
Approvals granted for extensions of Letters of Approval for multiple SEZ units, and for co-developer statuses permitting provision of infrastructure and management services under executed co-developer agreements; approvals and cancellations of co-developer LoAs were made subject to statutory compliance and Lease cum Development Agreements. A developer's area increase was approved conditionally, and industrial licences for manufacturing units were authorised with conditions on technology, pollution control, input sourcing, export obligation, and prescribed security and monitoring measures.

TDS on e commerce transactions clarified: e auctioneers exempt if only price discovery, buyers/sellers must follow withholding rules.
The circular clarifies that e commerce operator deduction applies to operators facilitating sales through their digital platforms, but does not apply to e auctioneers that only perform price discovery and have no role in facilitating sale or payment provided six specified factual conditions are met; buyer deduction and seller collection obligations remain independently applicable. It further instructs that separately invoiced non GST levies may be excluded from the taxable base when deduction is at credit stage, but full amounts are subject to deduction on payment basis, and confirms that statutory collection exemptions do not preclude buyer deduction where its conditions are satisfied. Government departments not carrying on business do not qualify as buyers for buyer deduction purposes, while other government entities with business activities do.

Revisional Authority designation updated: the named official in the prior GST administrative order is substituted with immediate effect.
The order amends a prior administrative GST order by substituting the name in the Table at serial 14, column (2), replacing the previously listed official with a new appointee. The change is made under powers granted by the West Bengal GST Act and related definition clauses and takes effect immediately, serving solely to update the designated Revisional Authority in the specified order.

Appointment of Appellate Authorities: amendment adds officers with specified jurisdiction and retrospective commencement of authority.
Amendment designates additional Appellate Authorities by inserting four officers with specified designations and jurisdictional circles into the existing order, formalizing their authorization to exercise appellate functions; the order is declared to have retrospective effect, thereby conferring operative appellate authority and jurisdictional assignment to the newly listed officers.

Silver ETF norms establish investment, valuation, disclosure and liquidity rules to align ETFs with physical silver performance.
Regulatory norms require Silver ETFs to replicate returns of physical silver by investing the majority of net assets in silver and silver related instruments, with physical metal meeting prescribed good delivery standards and valuation rules; derivative exposure is permitted under an AMC board approved policy and within cumulative exposure limits. NAV calculation, daily disclosure, benchmarking to a silver spot reference, disclosure and monitoring of tracking error and tracking difference, market making arrangements for liquidity, dedicated fund manager requirements, and half yearly auditor verification of physical silver are mandated, with parallel norms specified for Gold ETFs.

Import certification requirement: tea from neighbouring country must have food-safety, sanitary and tea-council clearances before entry.
Imports of tea from Nepal marketed as "Darjeeling Tea" require statutory import clearance under the food safety import regime and mandatory sanitary and phytosanitary documentation; importers must hold licenses under the Tea Distribution and Export Control Order and obtain a Tea Council clearance certificate, all of which Customs must insist on before permitting entry.

Extension of NOC validity for certain imported alcoholic beverages permits revalidation after prolonged port storage upon inspection.
For imported alcoholic beverages bottled in origin and in bulk without an expiry date and containing more than ten percent alcohol, the Food Authority has directed that the NOC under the FSS (Import) Regulations, 2017 shall be valid for 300 days; consignments beyond that period may be re validated by conducting visual inspection at ports/customs upon payment of the visual inspection fee, the direction being issued under Section 16(5) of the FSS Act and valid until further orders.

Filing of stakeholders lists must omit identification numbers; revised format to be filed within three days.
The circular removes the "Identification No." column from the stakeholder list format used for filings on the Board's electronic platform to prevent disclosure of sensitive personal information such as Aadhaar or PAN. Insolvency professionals must file the revised stakeholder list or any modification thereof on the electronic platform within three days of preparation. All other filing requirements and the prior circular's provisions remain unchanged except for this modification.

Filing of creditor lists must omit identification numbers; revised format to be filed within three days.
The Circular removes the "Identification No." column from the creditor list filing format to prevent publication of Aadhaar, PAN and other sensitive identifiers, and requires insolvency professionals to file the revised list or any modification on the Board's electronic platform within three days of its preparation, while other requirements of the earlier circular continue to apply.