Offshore derivative instrument limits: issuance restricted to regulated persons and cancellation required; sub-accounts barred from issuing them.
The amendment defines a "sub-account" and aligns undefined terms to other statutes; makes registration certificates permanent unless suspended or cancelled; requires FIIs and sub-accounts with deemed permanent certificates to file specified forms and allows surrender subject to conditions; expands eligible applicant categories (including university funds and Sovereign Wealth Funds) and permits an investment manager's track record for new funds with disclosure of disciplinary history; imposes FII liability for all acts of sub-accounts and KYC obligations before admitting foreign corporate sub-accounts; tightens offshore derivative instrument rules by restricting issuance to regulated persons after KYC, barring sub-accounts from issuing ODIs, mandating closure of certain outstanding ODIs, imposing quantitative ceilings linked to assets under custody, and updating forms and fee schedules.

Sale of government securities already contracted for purchase permitted under RBI guidelines, changing mutual funds regulatory practice.
The amendment inserts a proviso to clause 6 of the Seventh Schedule to the Mutual Funds Regulations, 1996, permitting the sale of a government security already contracted for purchase, provided such sale is carried out in accordance with guidelines issued by the Reserve Bank of India. The change is effected under the Board's regulatory power and becomes effective upon publication in the Official Gazette.

Newsprint Control Order amendment adds a Shah Paper Mills Unit to the manufacturers' Schedule, effective on publication.
The Central Government, under Section 18G of the Industries (Development and Regulation) Act, 1951, issues the Newsprint Control (Amendment) Order, 2008, to add M/s. Shah Paper Mills Limited (Unit-III) at GIDC, Vapi, Valsad District, Gujarat to the Schedule of indigenous newsprint manufacturers in item 4 of the Newsprint Control Order, 2004; the Order takes effect on publication in the Official Gazette.

Review Committee composition updated: additional Commissioners added to the Service Tax review panel under the notification amendment.
The Central Board of Excise and Customs, under sub-section (1A) of section 86 of the Finance Act, 1994, amends Notification No. 19/2007-Service Tax by inserting Sl. No. 55 in the TABLE of Review Committees. The new entry adds three offices to the Review Committee: Commissioner of Central Excise and Service Tax, Large Tax Payers Unit, Mumbai; Commissioner of Central Excise (Service Tax), Mumbai; and Commissioner of Central (Appeals), Large Tax Payers, Mumbai.

Service Tax Review Committees expanded to include Chief Commissioners from designated Mumbai tax units as members.
Amendment inserts a new table entry to the Service Tax notification specifying that Review Committees will include the Chief Commissioner of Income Tax, Payers Unit, Mumbai; the Chief Commissioner of Central Excise, Mumbai I; and the Commissioner of Central Excise and Service Tax, Large Tax Payers Unit, Mumbai, thereby prescribing those office designations as members for constituting review panels.

Export liberalization of cement: reclassification permits export while noting prior prohibition with SEZ and Nepal exceptions.
The amendment immediately reclassifies cement entries at Sl. No. 72A, Chapter 25, in Schedule 2 of the ITC (HS) as Free for export (specified HS subheadings), issued under the Foreign Trade (Development & Regulation) Act and Foreign Trade Policy, and notified as being in the public interest; it contrasts with the prior Prohibited classification which had specific exceptions for supply to SEZ units/developers for use within SEZ and for export to Nepal.

Renewal of recognition permits a regional stock exchange to continue securities contracts subject to prescribed regulatory conditions.
Renewal of recognition is granted to the Uttar Pradesh Stock Exchange Association Limited, Kanpur, under section 4 of the Securities Contracts (Regulation) Act, 1956, permitting it to continue dealing in contracts in securities; the renewal is based on the interest of trade and public interest and is subject to conditions that may be prescribed or imposed thereafter.

Customs exemption amendment expands port designations and excludes specified beneficiary units from certain notification benefits.
A central government customs notification amends three miscellaneous exemption notifications by substituting wording to include Haldia (Haldia Dock Complex of Kolkata Port) alongside Vadinar and to include Dabolim (Goa) alongside Indore, thereby expanding listed port and location designations; it also inserts proviso language in specified conditions to exclude units already availing certain central excise notification benefits, narrowing eligible beneficiaries under those provisos.

Renewal of recognition: Exchange may commence trading only after SEBI approval for a settlement or trade guarantee fund.
SEBI renews recognition of Bhubaneswar Stock Exchange Limited for one year from 5 June 2008 to 4 June 2009, subject to the condition that the Exchange shall commence trading only after obtaining final SEBI approval for establishment of a Settlement Guarantee Fund or Trade Guarantee Fund. The renewal is granted under the Securities Contracts (Regulation) Act and is conditioned on SEBI's approval of the specified market infrastructure safeguard.

Special Economic Zone designation establishes IT and ITES zone in Noida under the SEZ Act notification.
The Central Government, having granted a letter of approval to the developer and satisfied statutory prerequisites, notifies the land measuring 10.0498 hectares at the specified plot in Noida as a Special Economic Zone for information technology and information technology enabled services, exercising powers under the Act and in pursuance of the SEZ Rules.

Deemed Inland Container Depot designation grants SEZ customs ICD status for transport industry goods including tyres and tubes.
The Central Government appointed the Special Economic Zone developed by the State Industries Promotion Corporation of Tamil Nadu at Gangaikondan Village, Tirunelveli District, to be deemed an Inland Container Depot for purposes of the Customs Act, applying to the transport industry sector including manufacture of transport engineering goods and tyres and tubes, thereby conferring customs ICD status and associated customs processing functions on the SEZ.

Approval Committee for Special Economic Zone constituted for transport engineering goods, specifying ex officio membership and developer invitee.
Constitutes an Approval Committee for the Special Economic Zone for transport engineering goods including manufacture of tyres and tubes under sub section (1) of Section 13 of the Special Economic Zones Act, 2005, and specifies its composition: the Development Commissioner as Chairperson, central and state ex officio departmental representatives, territorial tax and customs representatives (or nominees), a banking division director, a state industrial guidance director, the State Secretary (Industries), and the developer as special invitee.

Special Economic Zone designation for transport engineering goods enables a sector-specific SEZ at Gangaikondan for industry development.
A Special Economic Zone is notified for a sector-specific manufacturing park for transport engineering goods, including tyres and tubes, at the SIPCOT Industrial Growth Centre, Gangaikondan, Tirunelveli, Tamil Nadu. The Central Government, having granted prior approval under the Special Economic Zones Act and satisfied statutory requirements, designates the specified survey parcels and aggregate area as an SEZ to permit development and operation of the transport industry cluster under the SEZ Rules.

Deemed Inland Container Depot status conferred on a sector-specific SEZ, extending Customs Act recognition for container operations.
A sector-specific Special Economic Zone for Information Technology and Information Technology Enabled Services at Hinjewadi by M/s. Base Realty Private Limited is declared to be deemed an Inland Container Depot under Section 7 of the Customs Act, 1962, pursuant to the appointment power under sub section (2) of Section 53 of the Special Economic Zones Act, 2005 and notified by S.O. 1155(E).

Approval Committee for IT/ITES Special Economic Zone constituted, with specified ex officio members and developer invitee.
Constitutes an Approval Committee under the Special Economic Zones Act for a sector specific IT/ITES SEZ at Hinjewadi promoted by M/s Base Realty Private Limited, and specifies the Committee's composition: the Development Commissioner as Chairperson (with a designated substitute), senior ex officio officials from the Department of Commerce, DGFT, Customs/Central Excise, Income Tax, Banking Division of the Ministry of Finance, two state nominated senior officers, and a developer representative as special invitee.

Inland Container Depot designation converts an IT/ITES Special Economic Zone into an ICD under Customs Act, effective on appointed date.
The Central Government appoints 15 May 2008 as the date on which the information technology and information technology enabled services Special Economic Zone at Plot No.7, Sector Uttar Pradesh developed by M/s. Aachvis Softech Private Limited shall be deemed to be an Inland Container Depot under the Customs Act, 1962.

Approval Committee constitution for IT/ITES SEZ directs specified ex officio membership and developer special invitee.
The Central Government constituting an Approval Committee under sub section (1) of Section 13 of the Special Economic Zones Act, 2005 for the IT/ITES SEZ at Plot No.7, Sector 144, Noida developed by M/s. Aachvis Softech Private Limited, to carry out functions for the purposes of the Act.

Inland Container Depot designation applies to an IT/ITES Special Economic Zone, bringing it within the Customs Act regulatory regime.
The Central Government, under sub section (2) of Section 53 of the SEZ Act, appoints 15 May 2008 as the date from which the information technology and information technology enabled services Special Economic Zone at Plot No.6, Sector 144, Noida developed by M/s. Perfect IT SEZ Private Limited shall be deemed to be an Inland Container Depot under section 7 of the Customs Act, 1962, thereby subjecting the specified SEZ to the customs regulatory regime applicable to inland container depots.

Approval Committee for IT/ITES SEZ constituted to administer approvals and define official-member composition and roles.
Constitutes an Approval Committee for the information technology and information technology enabled services Special Economic Zone at Plot No.6, Sector 144, Noida, developed by M/s. Perfect IT SEZ Private Limited under the authority of sub section (1) of Section 13 of the Special Economic Zones Act, 2005 to perform administration and approval functions. The committee is chaired by the Development Commissioner (ex officio) and comprises specified ex officio members from central and state government departments and a developer representative as special invitee, defining institutional composition for SEZ governance.

Special Economic Zone designation for IT and ITES enables authorised development and operation following statutory approval.
Notification designates a sector specific Special Economic Zone for information technology and information technology enabled services at Plot No.6, Sector 144, Noida, Uttar Pradesh, following grant of a letter of approval under Section 3(10) of the Special Economic Zones Act, 2005; the Central Government, exercising powers under Section 4(1) and Rule 8, notifies 10.00 hectares of land at the specified plot as an SEZ for development and operation.