Annual Report obligations require comprehensive governance and market disclosures, covering primary, secondary, fund management and enforcement domains.
The rules impose a statutory obligation on the Board to submit an annual report to the Central Government within ninety days after the end of each financial year, in the detailed Annexure form. The Annexure prescribes comprehensive sections covering market review and outlook; primary and secondary market developments across instruments and derivatives; market infrastructure and intermediaries; fund management activities; investor protection and grievance redressal; technology and cyber security; regulatory action, enforcement and litigation; international engagements; NISM activities; and organizational and financial disclosures.

Networth and governance reforms: continuous AMC networth maintenance and quarterly trustee review, with tightened timelines for refunds and unit issuance.
Amendments update definitions (including sponsor, exchange traded fund, equity related instruments, networth, relative), require AMCs to maintain specified networth continuously with trustees conducting quarterly reviews, exclude loans to sponsors/associates when computing AMC networth, shorten refund and unit-issuance timelines (refunds within five working days; units/demat timelines), require dematerialisation within two working days, set open-ended repurchase price floor at 95% of NAV, mandate segregation and ring-fencing of scheme assets and liabilities, and insert or omit multiple provisos and schedule clauses to align terminology and operational requirements.

Enforcement procedure for intermediaries: amended notice reply hearing process with specified sanctions and mandated timelines for finalisation.
Amendments replace Regulations 25-27 to mandate that the designated authority issue a show cause notice with specified contraventions and annexed documents; the noticee must reply within twenty one days and may inspect documents within thirty days. A personal hearing is to be granted except for nonpayment of fees, wilful defaulters or fugitive economic offenders; proceedings may be concluded on records if the noticee defaults. The designated authority must report recommended measures within 120 days, and the designated member must call for submissions and pass an order within 120 days or remit for further enquiry where appropriate.

Commencement date: SEBI notification's regulations will commence on the specified date, clarifying publication-based commencement language.
The corrigendum amends Regulation 2 of the referenced notification by replacing the provision that regulations "shall come into force on the date of their publication in the Official Gazette" with an express commencement date of April 1, 2021, thereby fixing the effective date for the regulations.

Regulatory repeal of central database regulations preserves existing rights, liabilities, ongoing investigations and enforcement actions.
Repeal of the Central Database of Market Participants Regulations, 2003 is immediate but subject to a savings provision: prior operation, rights, privileges, obligations, liabilities, penalties and punishments incurred under the regulations are preserved, and investigations, legal proceedings and remedies may be instituted, continued or enforced and penalties imposed as if the regulations had not been repealed.

Special Court designation: Court of Additional District and Sessions Judge Patna vested with statewide jurisdiction under securities and depositories laws.
The Central Government designates the Court of Additional District and Sessions Judge, Patna as the Special Court under the securities, securities contracts and depository enactments, following concurrence of the Chief Justice of the Patna High Court, and vests that Special Court with jurisdiction throughout the State of Bihar to adjudicate matters under those regulatory statutes.

Registration fee changes for investment advisers revise application, grant and renewal fees and add recognized body membership disclosure.
Amendments require applicants and existing investment advisers to disclose membership of a recognized body or body corporate under regulation 14, with compliance as specified by the Board. The Second Schedule revises the fee regime by entity class, prescribing separate application, registration (certificate grant), and renewal fees for individuals and firms and for body corporates including Limited Liability Partnerships, and clarifies the Schedule text to list the specified amounts at each stage.

Lock-in exemption permits reduction to achieve required public shareholding, subject to amended eligibility, compliance and disclosure conditions.
Regulation 112(b) now requires issuers with equity shares frequently traded for at least three years to have redressed at least ninety five per cent of investor complaints and to have complied with Listing Obligations and Disclosure Requirements for three years; temporary non compliance with board composition is deemed satisfied if cured at filing and disclosed. Promoter subscriptions above specified caps must be priced at the higher of regulation 164 price or the issue price. Regulation 115 proviso after clause (c) is omitted and regulation 167 is amended so lock in does not apply to the extent necessary to achieve required public shareholding.

Resolution plan disclosure required: detailed non commercial features, investor steps and quarterly reporting on MPS compliance.
Amendments mandate disclosure of specific non commercial details of resolution plans approved under the Insolvency Code, including pre and post net worth, assets post CIRP, continuing securities and material liabilities on assets, pre and post shareholding on full conversion, funds infused and creditors paid, additional liabilities and funding sources for incoming investors, investor impact metrics, names and backgrounds of new promoters or key managers, and a brief business strategy, plus proposed steps to achieve the MPS, quarterly status disclosures on MPS achievement, and any delisting plans approved in the resolution plan.

Investor commitment threshold exemption allows AIF investors to waive specified compliance requirements when high commitment and waiver furnished.
A new proviso to Regulation 20 provides that clauses (i) and (ii) shall not apply to an Alternative Investment Fund in which each investor, other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager, has committed to invest at or above the prescribed investor commitment threshold and has furnished a waiver in respect of compliance with those clauses, in the manner specified by the Board.