Notified commodities list expands regulated commodity derivatives, specifying goods and categories for SCRA compliance in markets.
Central Government, in consultation with the Securities and Exchange Board of India, notifies a Schedule of goods as notified commodities for clause (bc) of section 2 of the Securities Contracts (Regulation) Act, 1956, superseding prior notifications; categories include cereals and pulses, oilseeds and oils, spices, fruits and vegetables, metals and precious metals, gems, forestry products, fibres, energy, chemicals, construction materials, sweeteners, plantation crops, dairy and poultry, dry fruits, and specified activities and events such as freight and weather.

Trading plan parameters expanded: mandatory trade details and optional price limits, with swift compliance officer approval and Audit Committee review.
Trading plans must specify for each trade either the value or number of securities, the nature of the trade, and either a specific date or a time period not exceeding five consecutive trading days; an optional price limit may be set within a prescribed range relative to the prior closing price, may be adjusted for corporate actions with compliance officer approval and disclosed to exchanges, and trades must be executed only within any set price limit. Non-implementation must be reported to the compliance officer, reviewed by the Audit Committee, and notified to exchanges; the compliance officer must approve or reject plans within two trading days and notify approved plans to exchanges on the day of approval.

Registration fee and compliance deadlines revised for foreign portfolio investors; late-fee payment preserves trading exit rights.
A foreign portfolio investor must pay registration fees for every three-year block before the block begins; payment within thirty days after block expiry together with the prescribed late fee will be treated as timely. Failure to pay required fees and late fees while continuing to hold securities or derivatives permits sale or winding up of positions within three hundred and sixty days from expiry of the thirty-day period under terms specified by the Board; failure to wind up will lead to deemed write-off as prescribed.

Subordinate units in InvITs: private issuer-only instruments convertible on objective performance benchmarks, with issuance, transfer and disclosure limits.
Regulations allow privately placed subordinate units issued only to sponsors or related entities as consideration on project acquisition, carrying no voting or distribution rights, with distinct ISINs, lock-in and restricted transferability; issuance is limited to ten percent of acquisition price and outstanding subordinate units to ten percent of ordinary units. Reclassification into ordinary units requires auditable performance benchmarks, a minimum three-year entitlement period, statutory auditor certification and trustee approval, with extinguishment if benchmarks are unmet. Extensive term sheet, disclosure, listing, diluted NAV and unitholding-reporting obligations apply, and public issues are prohibited while subordinate units remain outstanding.

Insider trading definition refined: unverified media reports excluded from public information and wording on unpublished price sensitive information amended.
Regulation 2(1)(e) of the Prohibition of Insider Trading Regulations is amended to provide that information made available on a non-discriminatory basis "shall not include unverified event or information reported in print or electronic media"; the NOTE to regulation 2 is revised to insert the word "constitutes" in the explanatory phrase concerning unpublished price sensitive information and to omit an existing verb to refine the explanatory wording.

Exclusion of material price movements allowed to adjust VWAP and lower price-range calculations under LODR framework.
The amendment permits exclusion of the effect on equity share price due to material price movement or confirmation of reported events as per the LODR exclusion framework when determining the volume weighted average market price for buy-back calculations and when computing the lower end of the price range for buy-back offers.

Offer price determination may exclude price effects from material movements and confirmed events under the listing framework.
Amendments allow exclusion of price effects from material market movements and confirmation of reported events or information, using the framework under sub-regulation (11) of regulation 30 of the listing regulations, for determination of the takeover offer price and for pricing listed equity shares offered as consideration under the takeover regulations.

Shareholder eligibility expansion: substantial non individual public shareholders and promoter group entities recognised for contribution and lock in rules.
The ICDR amendments add non individual public shareholders holding at least five per cent. of post issue capital and entities forming part of the promoter group (other than promoters) to multiple contribution, lock in and holding period provisions; permit equity from conversion of fully paid compulsorily convertible securities held by specified holders to be treated as eligible where held for at least one year and converted before filing with full disclosure; shorten various procedural timelines from three working days to one working day and add "unforeseen" to refine such circumstances; omit several regulations; and incorporate the LODR regulation 30(11) framework to exclude price effects from material price movement when determining preferential and issue pricing, with technical changes to schedules on issue size disclosure in rupee value.

Market capitalisation applicability updated: annual ranking now determines regulatory obligations and phased cessation rules apply.
The amendments revise market capitalisation applicability by requiring year end ranked lists from stock exchanges, set commencement and cessation rules including a three year outside threshold test for removal of obligations, require newly covered entities to implement compliance systems and disclose the Business Responsibility and Sustainability Report, extend and remove various date references and phased triggers, mandate six month timelines to fill certain board vacancies requiring approvals, clarify board meeting intimation and material price movement disclosure rules, and impose a duty on promoters, directors, KMP and senior management to promptly respond to queries so the listed entity can disseminate disclosures.

Certification requirement for alternative investment fund managers: a key investment-team member must hold NISM AIF Managers certification.
At least one key personnel in the key investment team of the Manager of an Alternative Investment Fund must obtain the NISM Series XIX C Alternative Investment Fund Managers Certification Examination certification, pursuant to the applicable certification and AIF regulatory provisions; the notification takes effect on publication in the Official Gazette.

Commencement of AIF amendment: amendments to sub regulation of regulation 3 take effect on Gazette publication.
The Board appoints that the amendments to a specified sub regulation of regulation 3 in the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023 shall come into force on the date of publication of this notification in the Official Gazette, pursuant to powers conferred by the governing statute.

Regulatory fee timing and turnover basis: exchanges must remit monthly fees; agricultural commodity derivatives carry a separate year end fee.
A recognised stock exchange must remit, within fifteen days from the end of each month, the regulatory amount in Part A of Schedule III based on its annual turnover for the financial year up to that month, after adjusting any regulatory fee already paid. "Annual turnover" excludes agricultural commodity derivatives. Separately, exchanges must pay, within fifteen days from the end of the financial year, a flat regulatory fee on the aggregate value of agricultural commodity derivatives. Related provisions replace quarterly references with monthly ones and omit the prior proviso, changing payment and reporting cycles to monthly.

Payment of annual charge: depositories must remit a monthly percentage of issuer custody fees to the Board under the prescribed schedule.
A depository must, within fifteen days from the end of each month, pay a percentage of the annual custody charges received from issuers during the month to the Board in the manner provided in Part B of the Second Schedule, with percentages set out in Part A.

Recovery of pecuniary loss and withholding gratuity permitted during continued disciplinary proceedings against current and former employees.
The amendments allow the Competent Authority to recover quantified pecuniary loss from amounts due and payable to an employee as well as from pay, ensure disciplinary proceedings begun while in service are continued and concluded after retirement/repatriation/completion of contract as if in service, introduce a procedure to deal with allegations of corrupt practice by former or departed employees (including acts amounting to criminal misconduct or improper motive), and permit withholding of gratuity during the pendency of proceedings under regulations 79 to 82, payable on conclusion subject to decisions and recoveries.

Administration of specified intermediaries: recognised stock exchanges may perform supervision with Board approval and specified conditions.
Administration and supervision of specified intermediaries may be carried out by a recognised stock exchange with the approval of the Board, and only on such terms, conditions and to such extent as the Board may specify, thereby permitting conditional delegation of oversight functions while preserving Board control.

Enlistment requirement: research analysts must be enlisted with a recognized supervisory body, affecting registration and fees.
SEBI may recognize a body or body corporate to administer and supervise research analysts and may require that no person act as a research analyst unless enlisted with that recognized body, with specified bye-laws applying to such enlisted analysts; existing analysts and certain applicants are deemed enlisted from the date of recognition. The Second Schedule prescribes application, registration and five-year renewal fees for individuals, partnership firms, proxy advisory firms and body corporates, and permits SEBI to specify payment modes and related conditions.

Recognition of supervisory bodies conditions investment adviser registration; enlistment obligation and deemed membership follow under amended regulations.
Amends the Investment Advisers Regulations to permit the Board to recognise a body or body corporate to administer and supervise investment advisers and to require enlistment with such recognised bodies as a condition to act as an investment adviser; the Board may make specified bye-laws or articles applicable. Existing advisers and certain applicants are deemed enlisted from the date of recognition. The Regulations commence on the ninetieth day from Gazette publication and include a savings provision treating past or ongoing actions regarding membership of recognised bodies as taken under corresponding regulatory provisions.

Encumbrance on investee equity permitted for infrastructure projects, enabling borrowing subject to SEBI conditions requirements.
The amendment defines dissolution period and encumbrance, permits Category I and II AIFs to create encumbrance on equity of investee companies in specified infrastructure sub-sectors solely for borrowing subject to Board conditions, mandates due diligence by AIFs, managers and key personnel to prevent circumvention of financial-sector laws, prescribes filing an information memorandum through a merchant banker for schemes entering a dissolution period, prohibits fresh commitments or new investments during dissolution, limits the dissolution period to the original tenure, allows specified additional liquidation periods, and requires in-specie distribution if unliquidated investments remain.

Index Provider registration and governance framework mandates methodology transparency, conflict of interest controls and periodic independent audits.
These Regulations require registration of Index Providers that administer Significant Indices of securities listed in India, impose eligibility conditions (corporate form, net worth, infrastructure, fit-and-proper status) and mandate submission of independent assessments to IOSCO Principles. Registered Index Providers must implement governance (a separate oversight committee), conflict-of-interest policies, documented Methodology and data controls, maintain audit trails and records, publish disclosures and auditor reports, appoint a compliance officer, and submit periodic reports to the Board; the Board retains supervisory, audit and enforcement powers.

SM REIT regulatory framework establishes tailored registration, disclosure, leverage and governance rules protecting unitholders.
Creates a dedicated regulatory regime for Small and Medium Real Estate Investment Trusts (SM REITs) with definitions, registration in prescribed forms by an investment manager, eligibility criteria including net worth and experience, and mutatis mutandis application of REIT rules. Establishes scheme-level structures via wholly owned SPVs, mandatory draft scheme offer document filings through merchant bankers, asset and investor thresholds for offers, restrictions on investments to completed revenue-generating properties, leverage limits with credit rating and unitholder approval triggers, valuation and disclosure obligations, and detailed unitholder rights, lock-in and post-issue responsibilities.