Dematerialisation requirement: specified securities must be dematerialised before filing the draft offer document under amended disclosure rules.
Amendments expand definitions to include accredited investors and clarify entities eligible for offers and the Social Stock Exchange, impose mandatory dematerialisation of specified securities held by promoters, promoter group, selling shareholders, directors, key managerial personnel, senior management, qualified institutional buyers, employees, special rights shareholders and entities regulated by financial sector regulators prior to filing a draft offer document, broaden classes of sellers in specified provisos to include alternative investment funds and certain institutional holders, refine Social Stock Exchange registration and Social Impact Assessment Organization criteria, and revise Schedule VII disclosure and placement document requirements including capitalisation, financial information and litigation materiality.

Employees' Service Amendment expands senior posts, sets IT Director qualifications and adjusts promotion versus deputation composition.
The amendment inserts "Executive Director (Information Technology)" and renames "Executive Director (Law)" to "Executive Director (Law/Litigation)", limits deputation/contract appointments to not more than three posts with remaining posts to be filled from internal candidates through promotion, and provides that promotions will be from relevant streams.

Promoter-identified employee share benefits: allowed to continue holding and exercising pre-existing awards subject to regulatory compliance.
Employees identified as promoters or part of the promoter group in a draft IPO offer document who received options, SARs or other scheme benefits at least one year before filing may continue to hold and exercise those awards in accordance with their original terms, subject to these regulations and other applicable laws. The amendment takes effect on publication in the Official Gazette and is issued under SEBI's statutory powers and related company law provisions.

Dematerialisation requirement mandates issuance in demat form and tightens Social Stock Exchange disclosure and impact reporting obligations.
The amendments require issuance of securities under Schemes of Arrangement and securities sub division, split or consolidation only in dematerialised form, with a separate demat account for investors lacking demat accounts. They substitute and clarify Social Stock Exchange disclosure timelines: Not for Profit Organizations must make annual financial disclosures by October 31 or the income tax return due date, and non financial disclosures within sixty days of year end. Impact reporting terminology is revised, annual impact reports must cover a substantial portion of prior programme expenditure, Social Enterprises without fund raising may self certify impact reports, and registration continuity for Not for Profit Organizations is conditioned on having at least one listed project after an initial grace period.

Rescission of SEZ notification: central government withdraws prior SEZ designation following applicant proposal and state concurrence.
Rescission of a prior Special Economic Zone notification is effected for an SEZ proposed by M/s. Phoenix Living Spaces Private Limited for IT and IT enabled services on an identified 4.05 hectare site in Telangana, following the applicant's proposal to de notify the entire area, the State Government's No Objection Certificate, and the Development Commissioner's recommendation; the rescission withdraws the earlier notification except for actions already done or omitted before rescission, and the denotified land will conform to State land use guidelines.

De-notification of SEZ area reduces notified zone following statutory procedure under the Special Economic Zones Act, adjusting boundaries.
The Central Government, under the second proviso to sub section (1) of section 4 of the Special Economic Zones Act, 2005 read with rule 8 of the SEZ Rules 2006, de notifies an area of 8.717 hectares at Plot No. 6, Sector Techzone, Greater Noida, following the developer's proposal, State Government approval and the Development Commissioner's recommendation, resulting in a revised notified SEZ area of 21.693 hectares.

SEZ rescission reverses prior zone notification, restoring land to non SEZ status following state NOC and recommendation.
The Central Government rescinds the earlier notification designating a 10 hectare area at Thrikkakara North as a Special Economic Zone for the Solar Photovoltaic sector under the first proviso to rule 8 of the SEZ Rules, 2006, subject to preservation of actions or omissions prior to rescission.

Tariff value fixation for specified commodities set by Customs, substituting tariff tables and effective from September 2025.
The Central Board of Indirect Taxes & Customs substitutes TABLE 1, TABLE 2 and TABLE 3 in the principal notification No. 36/2001 Customs (N.T.), specifying tariff values for listed goods including edible oils, brass scrap, areca nut, gold and silver with associated explanatory entries for certain precious metal forms; the tariff values noted are marked as unchanged where applicable and the amendments take effect from the stated date in September 2025.

Export policy amendment requires veterinary-certified sourcing for animal by-products exported for pet food, adding new compliance condition.
A new policy condition requires animal by-products destined for pet food exports to originate from APEDA-registered integrated abattoirs or municipal slaughterhouses subject to post-mortem inspection and segregation. Suitability must be certified by the state designated veterinary authority based on inspections by veterinarians registered under the Indian Veterinary Council Act, employed by the slaughtering unit and supervised by the designated state/UT veterinary authority. Specified ITC(HS) codes for pet food and compounded animal feed are amended to be subject to both Policy Condition 1 and the new Policy Condition 2.

Special Public Prosecutor appointment for PMLA cases: Assistant Legal Advisor authorised to conduct Directorate of Enforcement prosecutions nationwide.
The Central Government, invoking the proviso to sub-section (1) of section 46 of the Prevention of Money-laundering Act, 2002 read with clause (v) of sub-section (1) of section 2 and sub-section (8) of section 18 of the Bhartiya Nagarik Suraksha Sanhita, 2023, appoints an Assistant Legal Advisor as Special Public Prosecutor to conduct cases on behalf of the Directorate of Enforcement before the Special Courts under the Prevention of Money-laundering Act, 2002 throughout India.

Appointment of Special Public Prosecutors for Prevention of Money laundering Act prosecutions: designated advocates empowered to prosecute within specified jurisdictions and tenures.
Appointment of advocates as Special Public Prosecutors under the Prevention of Money laundering Act, 2002 to conduct prosecutions on behalf of the Directorate of Enforcement before Special Courts, with each appointee identified by name, designated territorial jurisdiction, and a specified tenure terminating on the date shown against their name.

Scheme notice and merger eligibility revised: new notice, auditor certificate requirement, and specified filing and reporting procedures apply.
Rule 25 is amended to require a prescribed notice (Form CAA.9) inviting objections from the Registrar, Official Liquidator, sectoral regulators where applicable, stock exchanges for listed companies and affected persons; to create simplified eligibility routes for certain unlisted company mergers and specified holding-subsidiary combinations subject to outstanding financing and no-default conditions certified by an auditor in Form CAA-10A; to mandate filing of approved schemes, meeting results and valuer reports in Form CAA.11 (as attachment to Form RD-1) within the stipulated post-meeting period with fees and statements addressing regulator or exchange objections; and to extend these provisions mutatis mutandis to schemes under section 232, with Annexure Forms CAA-9 to CAA-12 replaced by updated templates.

Legislative corrigendum corrects drafting and typographical errors in the Income-tax Act, 2025 and the Bills of Lading Act, 2025.
Corrigendum correcting multiple drafting and typographical errors in the Income-tax Act, 2025, including replacement, insertion, deletion and grammatical corrections to words and phrases across specified pages, lines, headings and marginal notes. A further corrigendum corrects the Bills of Lading Act, 2025 by substituting "done or taken" for "or taken" in the published Gazette version.

Tax exemption for specified educational board income expands to fee and interest receipts, subject to non-commercial and filing conditions.
Notification under clause (46) of section 10 grants tax exemption to the Central Board of Secondary Education, Delhi for specified income heads-examination fees; affiliation fees; registration, sports, training and academic receipts; receipts from Board projects/programmes; interest on deposits/securities/loans and income tax refunds; and interest on those receipts-subject to conditions prohibiting commercial activity, maintaining unchanged activities and income nature, and specified return filing for the notified financial years.

Tax exemption for specified income limits relief to fees, subscriptions and interest while imposing non commercial and filing conditions.
Notification grants tax exemption under clause (46) of section 10 to Maharashtra State Pharmacy Council for specified income limited to fees and subscriptions and interest income, subject to conditions that it shall not engage in commercial activity, the activities and nature of specified income remain unchanged, and it files income-tax returns as required under clause (g) of sub-section (4C) of section 139; the notification is given retrospective effect for the financial years listed and includes a certification that no person is adversely affected by retrospective operation.

Tax exemption for specified public receipts conditioned on noncommercial activity and mandated return filing.
Notification exempts specified receipts of The Commissioners for the Rabindra Setu under section 10(46), covering municipal and railway tax proceeds, rental and maintenance and related miscellaneous receipts, and interest on bank deposits, subject to conditions that the body refrain from commercial activity, keep activities and income unchanged during the relevant years, and comply with the prescribed income tax return filing requirement.

Tax exemption under section 10(46A) grants Lucknow Development Authority relief, effective from assessment year 2024-25.
Notification under section 10(46A)(b) designates Lucknow Development Authority (PAN AAALL0016F) as an authority for clause (46A), effective from assessment year 2024-25, conditional on its continued constitution under the Uttar Pradesh Urban Planning and Development Act, 1973 and its continuance in having one or more purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum certifies that no person is adversely affected by giving retrospective effect to the notification.

Disclosure Document requirement: portfolio managers must provide Board-specified disclosure and Form C before client agreement.
Regulation 22(3) requires the portfolio manager to provide the Disclosure Document in the Board-specified format along with a certificate in Form C as specified in Schedule I, prior to entering into the client agreement; Regulation 20 now references Schedule IV and Schedule V is deleted.

Valuation and disclosure regime updated for InvITs, imposing periodic valuation and reporting obligations where borrowings exceed threshold.
Amendments redefine public for InvITs, adjust minimum private placement investment thresholds, and revise valuation and disclosure timelines: full valuations at financial year end, half year valuations to be submitted with quarterly results for the September quarter, and quarterly valuations required where consolidated borrowings and deferred payments exceed a specified threshold; valuation reports must be submitted simultaneously to the designated stock exchange(s) and the trustee and reporting timelines are made subject to times specified by the Board.

Definition of public for REITs reshaped, valuation and reporting timelines aligned with financial-result filings and disclosure tightened.
Amendments redefine public to exclude related parties, sponsors and manager while allowing qualified institutional buyers to qualify as public in offers; mandate that full annual and specified half-year valuation reports be submitted by the manager to designated stock exchange(s) alongside annual or specified quarterly financial results, require simultaneous submission of certain valuation reports to trustees and stock exchanges, and permit holdcos with negative net distributable cash flow to adjust against SPV cash flows subject to Board-specified disclosure requirements.