Associate definition revised to exclude certain sponsors investing for insurance beneficiaries; corresponding schedule provisions amended.
The amendment revises the definition of associate by adding a proviso excluding sponsors that invest in companies on behalf of insurance policy beneficiaries or other specified schemes, and updates Part B of the Fifth Schedule to substitute the sub clause identifying associates for Asset Management Companies and sponsors while omitting a related sub clause to align with the revised associate definition.

Competent authority designation allows the Board to approve initiation of proceedings against registered intermediaries for specified defaults.
Amendment replaces "designated member" with competent authority, defined as a Whole Time Member or a Board officer not below Chief General Manager, and provides that the Board may approve initiation of proceedings for defaults specified in regulation 23 against persons granted a certificate of registration under the Act and regulations.

Social Stock Exchange enables registration and targeted fund raising via non principal zero coupon instruments and listed securities.
Creates a Social Stock Exchange segment permitting registration of Not for Profit Organizations and identification of For Profit Social Enterprises, and allows fund raising through Zero Coupon Zero Principal Instruments (issued only by registered Not for Profit Organizations for specified projects), donations via mutual funds, and equity/debt routes for For Profit Social Enterprises. Sets eligibility (primacy of social intent, targeted underserved populations, 67% activity threshold), disclosure and public consultation on fund raising documents, issuance conditions (dematerialization, tenure, subscription thresholds), ineligibility grounds, and termination rules for listings.

Social impact fund regulation requires predominant investment in unlisted social enterprises and permits issuance of social units.
Amendments define social impact fund, social enterprise, not for profit organization, social stock exchange and social units; permit issuance of social units; require each scheme of a social impact fund to maintain a minimum corpus; reduce the minimum individual investment where investment is solely in securities of not for profit organizations listed or registered on a social stock exchange; mandate that at least seventy-five percent of investable funds be invested in unlisted securities or partnership interests of social ventures or in securities of social enterprises; allow existing funds with investor consent to deploy remaining funds in securities of not for profit organizations on a social stock exchange; and permit exclusive not for profit organization schemes to invest one hundred percent in such securities.

Social Enterprise disclosure obligations: annual impact reports and materiality-based event disclosures required to exchanges under listing rules
Chapter IX-A imposes listing and disclosure obligations on social enterprises: For Profit Social Enterprises must follow disclosure requirements applicable to their listing segment; Not for Profit Organizations registered on the Social Stock Exchange must make annual disclosures to the exchange within a prescribed period. Social Enterprises must adopt a published materiality determination policy, designate Key Managerial Personnel for materiality and disclosure, report events materially affecting planned outputs promptly with ongoing updates, and publish such disclosures on their website. Annual impact reports must be audited by a Social Audit Firm; listed Not for Profit Organizations must submit quarterly utilisation statements and keep unutilised funds in a separate bank account.

Zero coupon zero principal instruments declared securities, requiring NPO issuance and Social Stock Exchange registration.
Central Government classifies zero coupon zero principal instruments as securities under the Securities Contracts (Regulation) Act, 1956. A zero coupon zero principal instrument is defined as an instrument issued by a Not for Profit Organisation that is registered with the Social Stock Exchange segment of a recognised stock exchange in accordance with applicable regulations.

Eligibility for IT Stream amended: broader educational qualifications now accepted for officers in Information Technology Stream.
The amendment replaces the prior specified list of acceptable technical qualifications with a broader requirement for the Information Technology Stream, allowing either a Bachelor's Degree in Engineering in any discipline or a Bachelor's Degree in any discipline combined with a minimum two year postgraduate qualification in computer application or information technology from a recognized university or institute.

Special Courts designation expands jurisdiction to address securities, contracts and depository offences under relevant statutes.
Central Government notification designates the Courts of Sessions Judge in Leh and Kargil as Special Courts to exercise jurisdiction under the Securities and Exchange Board Act, the Securities Contracts (Regulation) Act and the Depositories Act, enabling those courts to hear matters arising under those statutes within their respective districts, issued with the concurrence of the Chief Justice and by Ministry of Finance notification dated 17 June 2022.

Designation of Special Courts: Additional Special Judge Anti-Corruption courts in Jammu and Srinagar designated as Special Courts for respective divisions.
The central government, exercising powers under the relevant securities and depository statutes and with the concurrence of the Chief Justice of the High Court of Jammu & Kashmir and Ladakh, substitutes the earlier notification entry to designate the Courts of Additional Special Judge, Anti Corruption at Jammu and Srinagar as the Special Courts for the Jammu division and the Kashmir division respectively.

Withdrawal of recognition: deemed recognised stock exchange status terminated under securities law for an erstwhile commodity exchange.
Recognition of the Indian Commodity Exchange Limited as a stock exchange has been withdrawn by invoking the regulator's power under section 5(1) of the Securities Contracts (Regulation) Act, applying the deeming created by the merger that made former Forward Contracts associations into deemed recognised stock exchanges and relying on the ground that withdrawal is in the interest of trade or the public.

Renewal of recognition granted to a clearing corporation under securities regulation for a fixed term, subject to compliance.
Renewal of recognition is granted to Multi Commodity Exchange Clearing Corporation Limited as a recognized clearing corporation for a three-year term commencing on 31st July, 2022 and ending on 30th July, 2025 under Regulation 12, the grant being made in the interest of trade, the securities market and the public interest and expressly subject to conditions specified by the regulator and any further conditions prescribed or imposed subsequently.

Collective investment regulations tightened: enhanced eligibility, ownership limits, faster refunds, demat units and expense caps.
Amendments update definitions including auditor and designated employees, tighten fit and proper eligibility by prescribing business tenure, net worth and profitability conditions, and impose ownership and board representation restrictions to prevent promoters, associates or group companies from holding substantial interests in other Collective Investment Management Companies or trustee companies. Operational changes limit offer periods with one extension, require prompt refunds and dematerialized unit issuance within specified short timelines, mandate minimum subscription, investor count and concentration thresholds, restrict related party investments by schemes, cap initial and recurring expenses, prohibit incentive fees, and require granular expense disclosure and full trail commission models.

InvIT filing fee framework: privately placed offers must pay non-refundable filing fees based on issue size at filing.
The substituted Schedule II provision requires that a privately placed Infrastructure Investment Trust shall pay non-refundable filing fees calculated as a percentage of the total issue size, including any green shoe option, at the time of filing the draft placement memorandum or letter of offer with the Board, with differentiated rates for initial offers and rights issues.

Effective date of ICDR amendments phased by issue size; smaller public offers effective from April, larger offers from July.
Certain amendments to the Issue of Capital and Disclosure Requirements Regulations, 2018 are commenced by notification and come into force on publication in the Official Gazette. Specific amendments to sub regulation (3A) of regulation 32, regulation 49, regulation 129, regulation 145, parts of Schedule XIII Part A and Schedule XIV are subject to a phased commencement: they apply to public issues below the specified size threshold opening on or after April 1, 2022, with effect from April 1, 2022, and to public issues at or above the threshold opening on or after April 1, 2022, with effect from July 1, 2022.

Custody of silver instruments extended under custodian regulations, with prior Board approval required for providing custodial services to mutual funds.
The amendments extend custody definitions and obligations in the Custodian Regulations, 1996 to include "silver or silver related instruments" alongside gold instruments across regulation 2, regulation 6(1)(ba), regulation 8 and regulation 15. A new sub regulation in regulation 8 requires custodians registered at commencement to obtain prior Board approval before providing custodial services for silver or silver related instruments held by a mutual fund, and textual insertions ensure consistent custody references for silver in provisos and clauses addressing assets and exchange traded fund schemes.

Transmission of securities: new documentary regime for nominee and legal heir claims, with indemnity and threshold safeguards.
Amendment adds transmission to transfer provisions and prescribes documentary requirements for transmission: for single name with nomination, a signed transmission request by the nominee, death certificate (original or attested copy) and nominee's PAN; for single name without nomination, notarized affidavit by legal heirs or applicable succession documents, signed transmission request, death certificate, claimants' PAN, attested succession instrument or equivalent with accompanying notarized indemnity bond and, where applicable, No Objection from non claimants; alternative no objection/family settlement plus indemnity bond allowed for lower value cases; listed entity may raise the value threshold.

Security cover requirement updated: replaces asset cover, mandates secured non convertible debt and includes interest in coverage.
Substitutes security cover for "asset cover" and inserts the requirement that listed non convertible debt securities be secured, while clarifying that coverage applies to the principal amount and the interest thereon; corresponding textual changes are made in the related disclosure provision. The amendments take effect on publication in the Official Gazette.

Debenture trustee monitoring obligations strengthened and "security cover" replaces "asset cover" clarifying security reporting duties.
Amendment requires debenture trustees to monitor compliance with the trust deed as specified by the Board and revises regulation 15 terminology: replacing "asset cover" with "security cover", altering receivables/book debts references, and substituting valuation language with a requirement for information regarding security cover, thereby focusing trustee obligations on assessing and reporting the adequacy of security cover.

Security cover requirement: secured debt must maintain full cover and trustees must deliver prescribed due diligence certificates.
Secured debt securities must be secured by full security cover or higher as per the offer document and/or Debenture Trust Deed, sufficient at all times to discharge principal and interest. Charges and securities must be disclosed in the offer document and Debenture Trust Deed with an undertaking regarding encumbrances or prior consent of existing chargeholders. Debenture trustees must provide due diligence certificates in prescribed formats for secured and unsecured issues, confirming adequacy of offer-document disclosures, disclosure of covenants, and execution of the Debenture Trust Deed before filing the listing application. Credit rating press releases must be current within one year.

Separation of Chairperson and CEO roles: Chairperson must be non-executive and not related to the MD/CEO.
The amendment mandates appointment of separate persons to the posts of Chairperson and Managing Director or Chief Executive Officer: the Chairperson must be a non executive director and must not be related to the Managing Director or Chief Executive Officer as per the statutory definition of "relative." It also omits a sub regulatory provision of Regulation 17 and inserts the new clause into the schedule governing board composition, thereby imposing a separation of leadership roles in listed entities.