Municipal debt securities amendment corrigendum corrects clause numbering within inserted Schedule IB of the English notification.
The corrigendum corrects clause numbering in inserted Schedule IB of the English version of the municipal debt securities amendment notification. In paragraph 9.a, clauses (vi) to (x) are renumbered as clauses (i) to (v). In paragraph 9.b, clauses (iv) to (vi) are renumbered as clauses (i) to (iii).

Alternative Investment Fund scheme filings gain revised fees, timelines, comment compliance duties, and exemptions for accredited-investor-only funds
Scheme fees are required with the application, except for the launch of an Alternative Investment Fund's first scheme. The period for filing specified documents is changed to ten working days. After filing, the Board may communicate comments to the merchant banker or Manager, who must ensure compliance with those comments. These requirements do not apply to an Accredited Investors only fund. The amendment also removes the requirement for action under regulation 19D(4) to be undertaken through a merchant banker and omits regulation 19D(5).

Listed entities must follow Board-specified transfer procedures, while disclosure requirements and Schedule VII provisions are revised.
The amendment requires listed entities to comply with procedural requirements concerning the transfer and transmission of securities as specified by the Board from time to time. It replaces the reference to requirements specified in Schedule VII under regulation 61(4) with requirements specified by the Board from time to time and omits clause C of Schedule VII. The regulations come into force on publication in the Official Gazette.

Conflict of interest and investment restrictions strengthen SEBI employee disclosure, recusal, and non-permitted investment controls.
The amendments revise the employee-service framework by expanding definitions of dependent, family members, financial investment, non-permitted investment, permitted investment, professional interest and relational interest, while introducing the Office of Ethics and Compliance as the key disclosure and approval authority. They prohibit fresh non-permitted investments during service, provide limited relaxations and options for existing holdings, require disclosures of interests, property, financial transactions and future employment negotiations, and introduce a structured recusal regime for conflicted relationships backed by a digital recording system.

Foreign venture capital investor fees and remittance rules are revised, with updated payment timing and designated depository participant obligations.
The fee and remittance framework for foreign venture capital investors is revised under the amended registration regulations. The amendment removes the reference to a fee specified in the Second Schedule from regulation 3(3), and the Second Schedule substitutes the existing fee amounts with revised rupee-equivalent charges payable in eligible foreign exchange equivalent. It also requires initial registration fees to be paid prior to the grant of the certificate of registration, and restates the designated depository participant's obligation to remit collected fees to the Board within five working days.

Foreign portfolio investor fees and registration rules are revised with rupee-equivalent substitutions, remittance timing changes, and new disclosure details.
Amendment regulations revise the Foreign Portfolio Investors framework by removing a specified fee reference, substituting several fee amounts with rupee-equivalent amounts in eligible foreign exchange, and updating the timing and manner of fee remittance by designated depository participants. The amendments also require payment prior to grant of registration and add a schedule entry for the foreign portfolio investor's date of birth, incorporation, agreement, partnership deed, trust deed, or formation details.

Monthly fee framework for custodians replaces annual fee payment and revises transitional liability under the amended schedule.
The amendments replace the annual fee framework for custodians with a monthly fee framework, including corresponding changes in the regulatory provisions and Second Schedule. The revised schedule prescribes a monthly fee and sets out payment timing, proportionate liability for newly registered custodians, and transitional treatment for custodians already registered before commencement, including adjustment of any overlapping annual fee already paid.

Intraday borrowing by mutual funds clarified for timing mismatches, subject to Board-specified conditions.
Mutual funds are permitted to engage in intraday borrowing for addressing timing mismatches between a scheme's outflows and inflows, subject to conditions specified by the Board. The amendment clarifies that such borrowing is not barred where it is used for liquidity management within a scheme and remains controlled by regulatory conditions.

Buy-back regulations tighten open market limits, disclosure timelines, and compliance duties while allowing optional merchant banker engagement.
The buy-back regulations are amended to revise eligibility conditions, procedural timelines, disclosure obligations and compliance requirements. The amendments cap open market buy-back through stock exchange at less than fifteen per cent of paid-up capital and free reserves from 1 August 2026, bar a fresh offer within the prescribed interval from closure of the preceding offer, and prohibit any buy-back that would breach minimum public shareholding requirements. The public announcement, offer period, escrow, bank guarantee, promoter share freeze, and extinguishment procedures are also updated, and companies may dispense with a merchant banker if specified responsibilities are reassigned.

Municipal debt securities disclosure rules expand pooled financing, electronic advertising, investor incentives, ESG issuance conditions and special purpose vehicle compliance.
Special purpose vehicles established for pooled municipal financing must obtain constituent-municipality agreements before raising funds, disclose those agreements, and be formed as trusts or companies. Schedule IB requires extensive offer-document and placement-memorandum disclosures for listed municipal debt securities, covering issuer governance, project objects, refinancing, financial information, borrowings, litigation, creditor dues, approvals, undertakings and risk factors. Electronic public-issue advertising remains subject to a national-daily notice with a QR code and link. Specified investor categories may receive additional-interest or issue-price incentives only as initial allottees.

Securitisation governance and investor-risk rules tightened with limits on board representation, trustee conflicts, and single-asset concentration risk.
Amendments to the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 introduce changes to governance, eligibility, disclosure, and risk classification in securitisation structures. They limit board representation by an RBI-regulated originator, prohibit acquisitions from originators linked to the trustee, replace references to originator with servicer in specified provisions, expand investor-interest based action under regulation 20, update trustee replacement language under regulation 45, and add concentration risk from single asset securitisation in Schedule V.

Alternative investment fund rules updated with revised threshold, Board-conditioned closure process, and inoperative fund tagging.
The amendment revises the threshold in regulation 10(c) by replacing "two lakh" with "one thousand" and updates regulation 29 to make post-liability steps subject to Board-specified conditions. It also introduces a new provision permitting an Alternative Investment Fund to be tagged as an inoperative fund in the manner and subject to conditions specified by the Board from time to time.

Credit risk value threshold for REIT instruments is lowered and risk class coverage is expanded under amended regulations.
The Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2026 revise the 2014 REIT Regulations by lowering the credit risk value threshold from 12 to 10 in regulation 2(1)(ta) and regulation 18(5)(i). The amendment also expands the potential risk class matrix reference to include Class B-I alongside Class A-I, and updates the terminology for Government Securities, treasury bills, and repo on Government Securities.

Infrastructure Investment Trusts regulations revised to expand liquid asset criteria, SPV classification rules, and permitted fund use.
Amendments to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 revise the definition of liquid assets and the special purpose vehicle framework, including treatment of PPP projects, continuation of SPV status after concession agreement termination, and eligibility of specified SPVs under regulation 18. The investment criteria are updated to include units of liquid mutual fund schemes with credit risk value of at least 10 and Class A-I or Class B-I classification, and regulation 20 is expanded to permit use of specified funds for such other purposes as may be specified by the Board.

Fit and proper person standards tightened for intermediaries through revised reporting, hearing, replacement, and divestment requirements.
The amendment regulations revise the definition of days as calendar days and update the Schedule II fit and proper person framework by altering the disqualification events, adding a reporting obligation, and requiring a reasonable opportunity of being heard before a declaration that a person is not fit and proper. They also clarify the limited effect of adverse declarations against associates or group entities, and prescribe replacement, voting restriction, and divestment requirements for persons declared not fit and proper, failing which the fit and proper criteria may be invoked against the intermediary.

Abridged prospectus requirement expanded to mandate draft abridged prospectus, QR code links and hosting for public offers.
Amendments require submission and hosting of a draft abridged prospectus alongside draft and final offer documents and red herring prospectuses, mandate QR codes and links in public announcements and prescribed documents to access the red herring prospectus, abridged prospectus and price band advertisement, and permit depositories to mark securities as "non-transferable" where statutory lock in cannot be created for the lock in period.

Corrigendum to regulatory notification: substitution of Schedule X heading and Parts A, B and C implemented.
Corrigendum clarifies that the correct instruction is that the schedule heading and Part A, Part B and Part C of Schedule X shall be substituted with the specified replacement text, replacing the earlier phrase that suggested substitution of the entire schedule.

Public shareholding norms revised: tiered minimum public offers and phased post listing shareholding increases required.
The amendment reforms public shareholding norms by imposing a tiered, post-issue capital-based framework for minimum public offers of each class of equity shares or convertible debentures, with staged timelines for issuers to increase public shareholding after listing. It requires simultaneous listing of superior voting shares when ordinary shares are offered to the public, provides an exception for IFSC listings with modified application of the tiered minimums, and authorises recognised stock exchanges to penalise prior non-compliance. The rules take effect on Gazette publication.

Amendment to Listing Regulations: corrigendum revises enabling provision and mandates prompt crediting of dematerialised securities.
The corrigendum replaces the enabling provision to state SEBI's power under section 11, sub section (2) of section 11A and section 30 of the SEBI Act read with section 31 of the SCRA for amending the Listing Regulations, revises regulation 39(2) to require listed entities to credit dematerialised securities following investor service requests for subdivision, split, consolidation, renewal, exchanges and issuance of duplicate securities within thirty days of receiving the request and documents, and effects specified renumbering corrections in paragraphs VI.(c) and XI.(d).

Threshold change for high-value debt listed entities alters governance and disclosure obligations under listing regulations.
The amendment increases the threshold for classification as a high-value debt listed entity and revises transitional applicability; mandates crediting investor service requests for subdivision, split, consolidation, renewal, exchanges and duplicate securities in dematerialised form within thirty days; requires transfers and transmissions only in dematerialised form with limited grandfathering for specified physical transfers; directs unclaimed escrow amounts to prescribed investor protection funds without interest; centralises periodic corporate governance compliance reporting for HVDLEs; and modifies board appointment, vacancy-filling, meeting frequency, related party transaction carve-outs, subsidiary measurement and secretarial audit annexure requirements.