<h1>Liberalisation of FDI in commodity exchanges: government approval now required only for the FDI component, easing entry.</h1> The Circular liberalises FDI in commodity exchanges by requiring government approval only for the FDI component, aligns commodity-exchange rules with other securities market infrastructure, clarifies that NBFC 'leasing and finance' covers only financial leases and not operating leases, excludes second-hand machinery from conversion-to-equity concessions, and restates FII portfolio limits subject to board and shareholder resolutions with prior intimation to the central bank. It also incorporates permissions for FVCIs and QFIs, general permissions on transfers in financial services, and recent single-brand retail and pharmaceutical FDI relaxations.