During the week of 23–29 March 2026, multiple regulatory updates were issued across Income Tax, GST, Customs, SEBI, RBI, and other authorities, reflecting a strong focus on compliance, transparency, and facilitation. Under Income Tax, several statutory authorities and boards were granted exemptions under Sections 10(46) and 10(46A), while key circulars clarified delay condonation powers, extended TDS certificate timelines, and identified high-risk cases for verification. In GST, rulings confirmed taxability of certain services and reinforced limits on coercive recovery. Central Excise and Customs notifications introduced significant changes in export duties, fuel taxation, and payment systems, including digital facilitation measures. SEBI expanded audit eligibility, eased compliance norms, and strengthened investor protection, while DGFT simplified export policies. MCA proposed major amendments to corporate laws, and RBI introduced new identifiers and forex exposure limits. Overall, the updates emphasize stricter enforcement, digital transformation, and improved regulatory clarity for taxpayers and businesses.
Notifications & Circulars issued during week (23rd – 29th Mar 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Exemptions to Odisha PVTG Empowerment & Livelihoods Improvement Programme: Odisha PVTG Empowerment and Livelihoods Improvement Programme (OPELIP), an Authority constituted by the State Government of Odisha, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from state government and interest on bank deposits.
(Link: Income Tax Notification 38/2026 Dated 27/03/2026)
Exemptions to District Legal Services Authority, Panipat: District Legal Services Authority, Panipat, an Authority constituted by Government of Haryana for every District under Legal Services Authorities Act 1987, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from central or state government, Grants from central (NLSA) and state authority, order of court, fees and interest on bank deposits.
(Link: Income Tax Notification 37/2026 Dated 27/03/2026)
Exemption to Andhra Pradesh Pollution Control Board: Andhra Pradesh Pollution Control Board, a Board established by the State Government of Andhra Pradesh under the Water (Prevention and Control of Pollution) Act 1974, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 36/2026 Dated 27/03/2026)
Exemptions to Goa Board of Secondary and Higher Secondary Education: Goa Board of Secondary and Higher Secondary Education, Goa, a Board constituted by the Goa, Daman and Diu Secondary and Higher Secondary Education Board Act 1975, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from central or state government, Fees and interest on bank deposits.
(Link: Income Tax Notification 35/2026 Dated 27/03/2026)
Exemption to Improvement Trust, Sangrur: Improvement Trust, Sangrur, a trust constituted under `The Punjab Town Improvement Act 1922, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 34/2026 Dated 27/03/2026)
Exemption to Uttarakhand Avas and Nagar Vikas Pradhikaran: Uttarakhand Avas and Nagar Vikas Pradhikaran, an authority constituted under the Uttarakhand Urban and Country Planning and Development Act 2013, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 33/2026 Dated 27/03/2026)
Exemptions to Visakhapatnam Special Economic Zone Authority: Visakhapatnam Special Economic Zone Authority, an authority constituted by the Central Government, has been notified under section 10(46) for exemption on its income arising from amount received as Lease rent, Receipts from permit fee, Allotment fee, Auction amount of vacant plots/ building, Fees and interest on bank deposits.
(Link: Income Tax Notification 32/2026 Dated 25/03/2026)
Exemption to Varanasi Development Authority: Varanasi Development Authority, an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 31/2026 Dated 25/03/2026)
Exemption to Patiala Urban Planning And Development Authority (PDA): Patiala Urban Planning And Development Authority (PDA), an authority constituted under the Punjab Regional and Town Planning and Development Act 1995, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 30/2026 Dated 25/03/2026)
Exemption to Haryana Shehri Vikas Pradhikaran: Haryana Urban Development Authority (now known as Haryana Shehri Vikas Pradhikaran, an authority set up under the Haryana Urban Development Authority Act 1977, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 29/2026 Dated 25/03/2026)
Exemptions to District Legal Service Authority, Karnal: District Legal Service Authority, Karnal, an Authority constituted by Government of Haryana for every District under Legal Services Authorities Act 1987, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from central or state government, Grants from central (NLSA) and state authority, order of court, fees and interest on bank deposits.
(Link: Income Tax Notification 28/2026 Dated 24/03/2026)
Exemptions to CIM cum District Legal Services Authority, Fatehabad: CIM cum District Legal Services Authority, Fatehabad, an Authority constituted by Government of Haryana for every District under Legal Services Authorities Act 1987, has been notified under section 10(46) for exemption on its income arising from amount received as Grants from central or state government, Grants from central (NLSA) and state authority, order of court, fees and interest on bank deposits.
(Link: Income Tax Notification 27/2026 Dated 24/03/2026)
Exemption to Shree Ayodhya Jee Teerth Vikas Parishad: Shree Ayodhya Jee Teerth Vikas Parishad, a body constituted by the Uttar Pradesh Shree Ayodhya Jee Teerth Vikas Parishad Act 2023, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 26/2026 Dated 24/03/2026)
Exemption to Urban Improvement Trust, Sikar: Urban Improvement Trust, Sikar, a trust constituted under the Rajasthan Urban Improvement Act 1959, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for specified purpose under section 10(46A)(a) of Income Tax Act.
(Link: Income Tax Notification 25/2026 Dated 24/03/2026)
Indian Institute For Human Settlements, Bangalore gets Income Tax approval for scientific research: The Principal Chief Commissioner of Income Tax (Exemptions), has approved Indian Institute For Human Settlements, Bangalore, Karnataka, for ‘Scientific Research’ under section 35(1)(iia) read with rule 5F of Income Tax, for a period of five years, starting from the AY 2026-27. It will enable the Institute to receive certain benefits, related to its scientific research activities.
(Link: Income Tax PCCI (Exemptions) Notification 05/2025 Dated 23/03/2026)
Condonation of delay Form 10A filing by Commissioner: The circular clarifies the authority to condone delay in filing Form 10A for registration under section 12A(1)(ac)(i) of the Income Tax Act 1961. The existing provisions empower the Principal Commissioner or Commissioner to condone delays where reasonable cause exists. However, the DIT (CPC), Bengaluru, is the statutory authority for processing such registrations under Rule 17A. The Board clarified that the jurisdictional Principal Commissioner or Commissioner alone has the power to condone delays.
(Link: Income Tax Circular 01/2026 Dated 23/03/2026)
Extension of timeline for issuance of TDS certificate for the quarter ending 31st December 2025: CBDT (Order under section 119) has extended the due date for issuance of TDS certificate under section 203 of the Act read with rule 31 of the Rules for the for the quarter ending December 2025 to 31st March, 2026. TDS certificate issued within the extended period shall be treated as having been issued within the prescribed time.
(Link:Income Tax Circular 02/2026 Dated 25/03/2026)
Identification of Benami, Foreign Asset and TDS cases for Action: The instructions relates to high risk cases identified under the Board’s Risk Management Strategy (Cycle-6), categorized into suspected benami transactions, undisclosed foreign assets/income, and TDS compliance issues. These cases have been uploaded on the ‘Verification’ module of the Insight portal. Suspected benami and foreign asset cases are allocated to Investigation wings for action. High-risk TDS cases have been allocated to the TDS wing for verification based on jurisdiction.
(Link: Income Tax Insight Instructions 87/2026 Dated 23/03/2026)
Identification of High Risk CRIU/VRU PAN Case and Non-PAN Cases: The instructions relates to high risk cases identified under the Board’s approved Risk Management Strategy (Cycle-6). These cases have been uploaded on the ‘Verification’ module of the Insight portal and categorized into high-risk PAN and non-PAN cases. Jurisdictional Assessing Officers (JAOs) and designated authorities have been assigned these cases for further action.
(Link: Income Tax Insight Instructions 88/2026 Dated 23/03/2026)
Identification of High Risk Transactions for Reassessment under Sections 148/148A: The instructions relates to High Risk Transaction and Non PAN Transaction cases under the Board’s approved Risk Management Strategy (Cycle-6). These cases have been uploaded on the ‘Verification’ module of the Insight portal. High-Risk Transaction cases are assigned to Jurisdictional Assessing Officers (JAO), while Non-PAN cases are assigned to CCA.
(Link: Income Tax Insight Instructions 89/2026 Dated 23/03/2026)
Identification of High Risk Non-filers cases: The instructions relates to High Risk Non-filers cases under the Board’s approved Risk Management Strategy (Cycle-6), with potential tax liabilities. These cases have been uploaded on the ‘Verification’ module of the Insight portal. These cases are identified by analysing information received under, SFT Data, TDS/TCS Statement, Import Export Data etc. and overall taxpayer profile, and assigned to Assessing Officers.
(Link: Income Tax Insight Instructions 90/2026 Dated 23/03/2026)
B. GST
AAR, GST Payable on Health Centre Operations because Services supplied are not Healthcare Services: Case of Indovation Heathcare LLP, AAR Uttarakhand Ruling Dated 28th January 2026. AAR ruled that services for the operation and management of government health centres are liable to GST and do not qualify for exemptions as ‘healthcare services’ or ’pure services’ provided to a governmental authority.
SC, Pre-Deposit cannot be weaponised against GST Taxpayer: Case of Simla Gomti Pan Products Pvt Ltd vs Commissioner of State Tax UP, SC Judgement Dated 20th March 2026. The apex court directed the petitioner to deposit Rs 3.50 crore within two weeks instead of the full statutory 10% amount. It ordered that no coercive steps be taken against the petitioner pursuant to the assessment orders once this deposit is made. Upon filing the deposit receipt, the Court will issue notice to the respondents.
C. Central Excise
Central Excise notification rescinded to withdraw earlier Exemption Framework: The notification rescinds earlier notification 18/2022 dated 19th July 2022. The past transactions or decisions made under the rescinded notification remain valid and unaffected.
(Link: Central Excise Notification 13/2026 (T) Dated 26/03/2026)
Central Excise notification amended for Petrol, Diesel Exports by PSU oil firms to Select Countries: The notification amends earlier notification 04/2019, and excluding petrol and diesel cleared for export from its scope. However, the exclusion will not apply to exports made by Public Sector Oil Companies to Nepal, Bhutan, Bangladesh, and Sri Lanka.
(Link: Central Excise Notification 12/2026 (T) Dated 26/03/2026)
Road and Infrastructure Cess rates prescribed on exported Petrol and Diesel: The notification prescribes rates of Road and Infrastructure Cess applicable to petrol and diesel cleared for export. Motor spirit, commonly known as petrol has been prescribed a nil rate. High speed diesel oil falling under the same heading has been prescribed a rate of Rs. 9.5 per litre. The exports made by Public Sector Oil Companies to Nepal, Bhutan, Bangladesh and Sri Lanka have been specifically excluded from the scope of the notification.
(Link: Central Excise Notification 11/2026 (T) Dated 26/03/2026) Corrigendum
Excise Duty & AIDC exempted on Petrol, Diesel and ATF for Exports: The notification exempts applicable basic excise duty and Agriculture Infrastructure and Development Cess on petrol and diesel and basic excise duty on Aviation Turbine Fuel, when cleared for exports.
(Link: Central Excise Notification 10/2026 (T) Dated 26/03/2026)
ATF Exempted from Special Additional Excise Duty: The notification exempts Aviation Turbine Fuel from whole of Special Additional Excise Duty except when cleared for exports. However, the exemption will not apply to goods cleared for export, except in cases where exports are made by Public Sector Oil Companies to Nepal, Bhutan, Bangladesh, and Sri Lanka.
(Link: Central Excise Notification 09/2026 (T) Dated 26/03/2026)
Special Additional Excise Duty (SAED) Rate fixed for ATF cleared for Export: The notification prescribe an effective rate of Special Additional Excise Duty on Aviation Turbine Fuel when cleared for exports. The rate prescribed is Rs 29.50 per litre.
(Link: Central Excise Notification 08/2026 (T) Dated 26/03/2026)
Special Additional Excise Duty (SAED) Rs 50 Per Litre imposed on Aviation Fuel: The notification inserts Aviation Turbine Fuel in the Eighth Schedule to Finance Act 2002, and prescribe Special Additional Excise Duty of Rs. 50 per litre on it.
(Link: Central Excise Notification 07/2026 (T) Dated 26/03/2026)
Special Additional Excise Duty (SAED) on export, Nil on Petrol and Rs 12 per Litre on Diesel: The notification grants partial exemption from Special Additional Excise Duty on specified petroleum products. The notification prescribes a nil rate of duty for motor spirit (petrol) and a concessional rate of Rs. 12 per litre for high speed diesel oil. The exemption applies only to the extent the duty exceeds these specified rates. However, the notification restricts its applicability by excluding goods other than those cleared for export.
(Link: Central Excise Notification 06/2026 (T) Dated 26/03/2026), Corrigendum
Special Additional Excise Duty (SAED) reduced on Petrol, Diesel for Domestic Supply: The notification reduces Special Additional Excise Duty on petrol and diesel for domestic consumption. It amends earlier notification 05/2019 dated 6th July 2019, and substitutes the rate of duty to Rs. 3 per litre (earlier Rs 13) on petrol and Nil (earlier Rs 10) for diesel. It clarifies that the revised rates will not apply to goods cleared for export.
(Link: Central Excise Notification 05/2026 (T) Dated 26/03/2026)
Amendments in Excise Rules to exclude Fuel Export Rebates: The amendment inserts provisos in Rules 18 and 19 to exclude exports of motor spirit (petrol), high speed diesel oil and aviation turbine fuel (ATF) from the provisions that allow export of excisable goods without payment of duty or under claim of rebate. However, an exception has been provided for exports made by Public Sector Oil Companies to Nepal, Bhutan, Bangladesh and Sri Lanka.
(Link: Central Excise Notification 02/2026 (NT) Dated 26/03/2026)
D. Custom Duty
ATF Imports exempted from Additional Customs Duty: The notification provides exemption, in respect of Aviation Turbine Fuel (ATF) imported into India, from the whole of the additional duty of customs levied under section 3(1) of the Customs Tariff Act.
(Link: Customs Notification 07/2026 (T) Dated 26/03/2026)
Amendments to Customs Electronic Cash Ledger Regulations: The amendment introduces “payment aggregator” as an additional mode for depositing funds into the electronic cash ledger. A new clause 3(6)(d) has been inserted to explicitly permit payments through payment aggregators.
(Link: Customs Notification 30/2026 (NT) Dated 24/03/2026)
International Transhipment of FCU/LCL cargo from all Ports/Airports, in view of disruption in maritime routes due to closure of the Strait of Hormuz: In view of the ongoing disruption in maritime routes, it is clarified that International transhipment of both Full Container Load (FCL) and Less than full Container Load (LCL) cargo shall be permitted from all seaports and international airports, including cases involving transhipment through other Customs stations.
(Link:Customs Circular 15/2026 Dated 27/03/2026)
Clarification regarding validity period for self-sealing permission to Exporters: The circular clarifies that the facility of self-sealing, once granted to an eligible exporter/merchant exporter in terms of the circular 26/2017 dated 1st July 2017, does not have any prescribed validity period. The permission shall continue to remain valid unless it is specifically withdrawn, suspended, or cancelled by the jurisdictional authority due to non-compliance, misuse of the facility, or any other valid reason.
(Link: Customs Circular 14/2026 Dated 27/03/2026)
Introduction of Payment Aggregator: The circular introduces a payment aggregator facility on the ICEGATE e-Payment platform to simplify customs duty payments and enhance trade facilitation. The new system allows importers to pay duties through Electronic Cash Ledger (ECL), using credit cards, debit cards, and UPI for the first time, along with expanded internet banking access through 41 banks.
(Link: Customs Circular 13/2026 Dated 24/03/2026)
E. Directorate General of Foreign Trade (DGFT)
Urea Imports allowed via Indian Potash Limited: The notification amends the import policy condition for Urea. It extends the State Trading Enterprise (STE) status of Indian Potash Limited (IPL) for import of agricultural grade urea on government account valid up to 31 March 2027.
(Link: DGFT Notification 68/2026 Dated 27/03/2026)
Removal of per-consignment Value Limit for Courier Exports: The notification amends Para 9.05 of the Foreign Trade Policy (FTP), Effective from 1st April 2026, it removes the earlier per-consignment value limit of Rs 10,00,000 for exports through courier services.
(Link: DGFT Notification 67/2026 Dated 27/03/2026)
Restoration of RoDTEP Rates, withdraws 50% Restriction: The Notification restores RoDTEP rates and value caps for all eligible export products. The rates applicable as on 22nd February 2026 have been restored for the period from 23rd February 2026 to 31st March 2026. This supersedes Notification No. 60/2026, which had earlier restricted benefits to 50%.
(Link: DGFT Notification 66/2026 Dated 27/03/2026)
Gold Import TRQ validity extended due to Global Trade Disruptions: The Public Notice extends the validity of Tariff Rate Quota (TRQ) Authorisations for import of gold under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The extension applies to authorisations issued in FY 2025– 26, whose validity was originally set to expire on 31st March 2026, and now stands extended up to 30th June 2026.
(Link: DGFT Public Notice 53/2026 Dated 24/03/2026)
F. Securities and Exchange Board of India (SEBI)
Cost Accountants allowed to Audit Research Analysts: Earlier, only members of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) were permitted to conduct such audits under the SEBI (Research Analysts) Regulations. SEBI has now extended this eligibility to members of the Institute of Cost Accountants of India (ICMAI).
(Link: SEBI Circular Dated 25/03/2026)
Cost Accountants allowed to Audit Investment Advisors: Earlier, only members of the Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) were permitted to conduct such audits under the SEBI (Investment Advisers) Regulations. SEBI has now extended this eligibility to members of the Institute of Cost Accountants of India (ICMAI).
(Link: SEBI Circular Dated 25/03/2026)
Intraday Borrowing Rules deferred due to operational challenges faced by AMCs: In view of operational challenges raised by Asset Management Companies (AMCs), SEBI has postponed the implementation of guidelines relating to intraday borrowings, originally introduced in March 2026, to 15th July 2026.
(Link: SEBI Circular Dated 25/03/2026)
Relaxation in Reporting Norms for certain Stock Brokers: The brokers who are also banks or primary dealers are now required to report only those bank accounts that are used for stock broking operations, eliminating unnecessary reporting of unrelated accounts. The circular also removes the requirement of reporting demat accounts by brokers, while ensuring that depositories share such details directly with stock exchanges. Timelines for reporting opening and closure of bank accounts are prescribed.
(Link: SEBI Circular Dated 23/03/2026)
Extension of suspension in trading in seven key Commodities Derivatives: The suspension in trading in derivative contracts has been extended till 31st March 2027, for commodities i.e. Paddy (non-basmati), Wheat, Chana, Mustard seeds and its derivatives, Soya bean and its derivatives, Crude Palm Oil, and Moong.
(SEBI Press Release Dated 27/03/2026)
Launch of Verified Label to curb Fake Trading Apps and Protect Investors: SEBI has introduced a significant investor protection measure by launching a ‘Verified’ label for stock trading apps of registered brokers on the Google Play Store. It will ensure that only authentic, registered entities receive the verified badge, enabling investors to easily identify legitimate apps. It has also reinforced investor awareness through its ‘CVV’ approach i.e., Check, Validate, and Verify, encouraging users to verify bank accounts, UPI IDs, and app authenticity before investing.
(SEBI Press Release Dated 25/03/2026)
SEBI Board approves multiple regulatory changes to ease compliance & Improve Market Operations: The main decisions include allowing Alternative Investment Funds (AIFs) to retain liquidation proceeds under specified conditions and introducing ‘inoperative fund’ status with reduced compliance requirements. Foreign Portfolio Investors (FPIs) will be permitted net settlement of funds in cash market transactions to reduce costs. The minimum investment threshold in Social Impact Funds has been reduced from Rs 2 lakh to Rs 1,000 to boost retail participation. Reforms for InvITs and REITs provide flexibility in investments, borrowings, and asset management. Amendments to the ‘fit and proper person’ criteria relax automatic disqualifications while maintaining regulatory safeguards.
(Link: SEBI Press Release Dated 23/03/2026)
Consultation Paper on Framework of IT Resilience Index for Market Infrastructure Institutions (MIIs): SEBI has proposed a framework for introducing an IT Resilience Index (ITRI) for Market Infrastructure Institutions (MIIs) such as stock exchanges, clearing corporations, and depositories. The index will be computed using predefined parameters including availability, security, governance, business continuity, and scalability, with assigned weightages. MIIs are required to calculate the ITRI on a half-yearly basis through a system-driven, non-discretionary process and submit comparative analysis reports to SEBI. It also mandates standardization through the Industry Standards Forum to ensure uniformity and comparability across institutions.
(Link: SEBI Consultation Paper Dated 25/03/2026)
Consultation Paper on introduction of Gift Card/ Gift PPI (Prepaid Payment Instrument) for Mutual Funds: SEBI has proposed the introduction of Gift Card/ Gift Prepaid Payment Instruments (Gift PPI) for investing in mutual funds. A purchaser can buy a Gift PPI through banking channels and transfer it to a recipient, who can redeem it for mutual fund subscriptions via an Asset Management Company (AMC). Existing SEBI and RBI regulations governing e-wallets and PPIs will apply, including limits, KYC requirements, and restrictions on incentives. Additional safeguards include funding only through bank transfer or UPI, mandatory ownership validation, adherence to Rs 50,000 annual investment limits, and use of the full PPI value for subscription.
(Link: SEBI Consultation Paper Dated 24/03/2026)
G. Ministry of Corporate Affairs (MCA)
Corporate Laws Amendment Bill 2026 introduced in Lok Sabha: The Bill proposes extensive amendments to the Limited Liability Partnership Act, 2008 and the Companies Act, 2013 with the objective of updating regulatory frameworks, improving compliance mechanisms, and aligning corporate practices with evolving financial and regulatory environments. Key proposals include decriminalizing minor offences, doubling the ‘small company’ threshold (turnover up to Rs 200 crore), increasing the CSR applicability threshold to Rs 10 crore profit, and enabling digital-first governance, such as virtual AGMs. It also introduces frameworks for converting specified trusts (e.g., SEBI/IFSC regulated) into Limited Liability Partnerships (LLPs), and enables IFSC-based LLPs to convert currency contributions.
(Link: Corporate Law Amendment Bill Dated 23/03/2026)
H. Insolvency and Bankruptcy Board of India (IBBI)
SC Upheld Clean Slate Principle due to Binding Effect of Approved Resolution Plan: Case of Ujaas Energy Ltd vs WB Power Development Corp Ltd, SC Judgement Dated 20th March 2026. The apex court held that while claims not included in an approved resolution plan stand extinguished under the Insolvency and Bankruptcy Code, a plea of set-off may still be raised defensively in pending arbitral proceedings, so long as it does not result in any affirmative or independent recovery.
NCLAT, Resolution Plans below Liquidation Value rejected, CoC Commercial Wisdom Upheld: Case of Goldendreams Buildcon Private Limited vs Snehal Arvind Kamdar, NCLAT Delhi Judgement Dated 24th March 2026. The appellate tribunal upheld that a resolution applicant cannot challenge Request for Resolution Plan (RFRP) clauses after submitting an Expression of Interest (EoI). The CoC decision to reject resolution plans, particularly if they are below liquidation value, is viewed as part of their commercial wisdom.
NCLAT Upholds rejection of Homebuyer claim filed 4 days before CoC Vote on Resolution Plan: Case of Suman Chopra vs Arvind Kumar, NCLAT Delhi Judgement Dated 10th March 2026. The appellate tribunal upheld the rejection of a homebuyer’s claim filed shortly before the Committee of Creditors (CoC) meeting scheduled to vote on a resolution plan, holding that belated claims under the CIRP Regulations can only be admitted if they are submitted at least seven days prior to such meetings.
(Link: NCLAT Delhi Judgement Dated 10/03/2026)
NCLAT, Successful Bidder not entitled to Blanket Reliefs: Case of Shanti International vs Ram Singh Setia, NCLAT Delhi Judgement Dated 1st September 2025. The appellate tribunal held that a successful bidder in a liquidation auction cannot claim waivers for statutory compliance (e.g., taxes, regulatory dues) merely by being the purchaser. The ruling emphasized that auction sales on ‘as is where is’ terms do not exempt buyers from future statutory liabilities.
IBBI, Breach of Duty & GST Non-Compliance in CIRP led to suspension of IP Registration for two Years: The Disciplinary Committee found that despite a clear request from homebuyers holding over 33% voting rights, the professional failed to place the mandatory agenda for his replacement before the Committee of Creditors, misrepresented facts in meeting minutes, and did not verify voting share transparently. Further, he failed to comply with GST requirements by not obtaining registration within the prescribed period and did not raise invoices for professional fees, citing unjustified reasons. DC suspended the registration of the Insolvency Professional for two years.
(Link: IBBI DC Order Dated 23/03/2025)
I. Reserve Bank of India (RBI)
RBI Unique Identifiers in Financial Markets Directions 2026: The Master Direction consolidate existing circulars and standardise the use of Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) in financial markets. LEI, a 20-character code, is mandated for all non-individual entities undertaking OTC transactions in specified markets, with thresholds for certain foreign exchange transactions. UTI, applicable from 1st January 2027, is required for all OTC derivative transactions to enhance reporting and transparency.
(Link: RBI Master Directions 392/2026 Dated 27/03/2026)
Caping of NOP-INR at USD 100 Million to Control Forex Risk Exposure: RBI has directed Authorised Dealers to maintain their Net Open Position in INR (NOP-INR) within a limit of USD 100 million in the onshore deliverable market at the end of each business day.
(Link: RBI Circular 252/2026 Dated 27/03/2026)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments on its ISIL (Da’esh) and Al-Qaida Sanctions List of individuals and entities, which are subject to the assets freeze, travel ban and arms embargo. Regulated Entities (REs) are advised to take note for necessary compliance in terms of Master Directions on KYC.
(Link: RBI Circular 251/2026 Dated 27/03/2026)
J. Miscellaneous
SC, Acquisition of property with token amount of Rs. 1 compensation was arbitrary & unfair: Case of Anurag Krishna Sinha vs State of Bihar, SC Judgement Dated 10th March 2026. The apex court struck down the Bihar law that allowed the State to take over a historic library for a token compensation of just one rupee, holding that such a provision was ‘confiscatory’ and failed constitutional scrutiny. The deprivation of property must be based on law which is ‘just, fair and reasonable’.
CCPA, Restaurants cannot Levy LPG Charges as Separate Fees: The Central Consumer Protection Authority (CCPA) has directed hotels and restaurants not to levy additional charges such as ‘LPG charges’, ‘gas surcharge’, or similar fees by default on consumer bills. It clarified that operational costs like fuel, LPG, and electricity are already embedded in the pricing of food and services and cannot be recovered separately from consumers.
(Link: CCEA Advisory Dated 25/03/2026)
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Compiled by: CMA Yash Paul Bhola, MBA, FCMA, Former Director (Finance), National Fertilizers Limited.
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
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