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    <title>Extension of timelines for compliance with certain provisions of Circular dated January 02, 2026</title>
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    <description>The Circular extends the compliance timelines for Merchant Bankers under the January 02, 2026 framework. It postpones the transfer of activities to Separate Business Units and compliance with Clause 11.2.10 to December 31, 2026, and shifts the staged net worth and liquid net worth requirements, together with the related categorisation intimation, to March 31, 2027 and March 31, 2028, while leaving all other provisions unchanged.</description>
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