The week saw significant regulatory changes across Income Tax, GST, Customs, and SEBI. In Income Tax, the Central Processing Centre (CPC) was granted concurrent statutory power under Section 154 to rectify mistakes in Assessing Officer (AO) orders, covering errors in tax computation or interest. Furthermore, the deadlines for furnishing Income Tax Returns for audited assessees for AY 2025-26 and the corresponding audit report were extended to December 10, 2025, and November 10, 2025, respectively. CBDT also issued guidelines mandating AOs to independently verify documentary evidence for agricultural income exemptions.
In GST, a major procedural update was the introduction of new rules to grant registration electronically within three working days, along with a simplified scheme for small taxpayers. A critical advisory warned taxpayers to file pending GST returns (GSTR-1, 3B, 9, etc.) before the expiry of the three-year limitation period, effective from the November 2025 tax period. CBIC also assigned specific “proper officers” with monetary limits for adjudication under key penalty and tax determination sections (74A, 75(2), and 122).
Customs imposed a substantial 30% import duty on Yellow Peas (10% BCD + 20% AIDC), while simultaneously extending the nil duty concession only to consignments covered by Bills of Lading issued up to October 31, 2025. New regulations were introduced, establishing a structured electronic process for the voluntary revision of customs entries after goods clearance under Section 18A, with a set fee of Rs.1,000 per application. Meanwhile, SEBI amended regulations to integrate REIT units into mutual fund investment limits and revised allocation norms for anchor investors in public issues, increasing the minimum allotment size for large allocations. MCA announced a crucial extension for filing the Cost Audit Report (CRA-4) until December 31, 2025, without additional fees.
Notifications & Circulars issued during week (27th– 2nd Nov 2025)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Central Processing Centre (CPC) given power to rectify AO orders for Accounting Errors: The notification gives concurrent statutory powers upon the Commissioner of Income Tax, Centralized Processing Centre (CPC), Bengaluru, for all cases where assessment orders were passed using the interface between the Assessing Officer and the CPC. It includes the authority under section 154, to rectify mistakes apparent from the record. This encompasses errors like incorrect computation of tax, refund, or demand; non-consideration of prepaid tax credit or eligible reliefs; and faulty interest calculation under Section 244A. The notification also includes provisions allowing the Commissioner to formally delegate these functions and powers to subordinate tax authorities.
(Link: Income Tax Notification 155/2025 Dated 27/10/2025)
Extension of timelines for filing of various reports of audit and Income Tax Returns (ITRs): The circular extends the due date for furnishing the Income Tax Return (ITR) for Assessment Year 2025-26 (Previous Year 2024-25) for specific categories of assessees corporate assessees or non-corporate assessees whose accounts must be audited) to 10th December 2025. Also, the due date for furnishing the report of audit (specifically under Section 44AB) is consequently extended to 10th November 2025.
(Link: Income Tax Circular 15/2025 Dated 29/10/2025, Press Release)
CBDT Guidelines for Assessment of Tax on Agriculture Income: The C&AG report found that Assessing Officers (AOs) were making common mistakes, including improper verification of essential documents. CBDT has issued guidelines directing AOs to independently verify documentary evidence, such as land records (e.g., Khasra-khatauni), input expenses (e.g., fertilizer, labour costs), and sales documents (e.g., buyer receipts) before allowing exemptions. Further, it is mandated to ensure that exemptions are not incorrectly granted to income from non-agricultural activities (like the sale of fish or milk) and to correctly characterize claims of rent/revenue derived from agricultural land.
(Link: Income Tax CBDT Communication Dated 29/10/2025)
HC, License fee paid for use of goodwill is allowable as business expense: Case of PCIT vs Remfry and Sagar, HC Delhi, Judgement Dated 15th October 2025. HC has held that license fees paid for use of goodwill is allowable as business expenditure. Accordingly, the same is deductible under section 37 of the Income Tax Act. The appeal of revenue dismissed.
B. GST
GST Rules notified for GST Registration in three working days from 1st November 2025: The notification introduces Rule 9A, enabling electronic grant of GST registration within three working days based on data analysis and risk parameters. A new Rule 14A has been added to provide an option for electronic registration for taxpayers with a monthly output tax liability below ₹2.5 lakh. It specifies conditions, Aadhaar authentication requirements, withdrawal procedures, and eligibility criteria for registration and withdrawal. New procedural forms—GST REG-32 (Application for Withdrawal) and GST REG-33 (Order of Withdrawal)—have been introduced. It also clarify verification processes, submission requirements, and application procedures on the GST common portal.
(Link: CGST Notification 18/2025 Dated 31/10/2025)
CBIC Assigns Proper Officers for section 74A, 75(2) and 122 of CGST: The circular assign specific officers as the “proper officer” for adjudication under Section 74A, Section 75(2), and Section 122 of the CGST Act, and Rule 142(1A). This clarification was necessary because no proper officer had been previously assigned for these specific provisions, which deal with the determination of tax short-paid from FY 2024-25 onwards (Sec. 74A), redetermination of tax when fraud is not established on appeal (Sec. 75(2)), and the imposition of penalties for various offences (Sec. 122). It establishes monetary limits for the issuance of show cause notices (SCN) and orders under Section 74A (for tax demands) and Section 122 (for penalties), as per the officer rank.
(Link: CGST Circular 254/2025 Dated 27/10/2025)
Advisory to file pending returns before expiry of three years: As per the extant provisions, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return under Section 37 ( Outward Supply), Section 39 (payment of liability), Section 44 ( Annual Return) and Section 52 (Tax Collected at Source). These Sections cover GSTR-1, GSR-1A, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 or 9C. This restriction will be implemented on the GST portal from November 2025 Tax period which means any return whose due date was three years back or more and hasn’t been filed till November Tax period will be barred from Filling.
(Link: GSTN Advisory Dated 29/10/2025)
Advisory, Introduction of Import of Goods details in IMS: The Invoice Management System (IMS) enables recipient taxpayers to accept, reject, or keep pending their individual records uploaded by their suppliers through GSTR-1/1A/IFF. A new section for “Import of Goods” has been introduced in IMS wherein the Bill of Entry (BoE) filed by the taxpayer for import of goods including import from SEZ, will be made available in the IMS for taking allowed action on individual BoE. It be noted that, If no action is taken on an individual BoE, it will be treated as deemed accepted and based on the action taken, the GST Portal will generate the draft GSTR 2B for the recipient on 14th of subsequent month.
(Link: GSTN Advisory Dated 30/10/2025)
Advisory for Simplified GST Registration Scheme: The Simplified GST Registration Scheme under CGST Rule 14A intend to lessen the compliance burden for small taxpayers. It is open to any person whose self-assessed total monthly output tax liability (including CGST, SGST/UTGST, IGST, and Compensation Cess) on supplies to registered persons will not exceed Rs. 2.5 lakh. The scheme require applicants, on GST Portal, to select “Yes” for the “Option for Registration under Rule 14A” in FORM GST REG-01. The Aadhaar authentication is mandatory for the Primary Authorized Signatory and at least one Promoter/Partner, after which registration will be granted electronically within three working days.
(Link: GSTN Advisory Dated 01/11/2025)
AAR, Transfer of Construction Project via Slump Sale Treated as Going Concern: Case of RDB Reality and Infrastructure Limited, AAR Gujarat Ruling Dated 9th October 2025. The AAR held that the transfer of the redevelopment project, along with all its assets and liabilities, qualifies as a “transfer of a going concern” and is therefore exempt from the Goods and Services Tax (GST).
AAR, ITC Allowed on Power Transmission Equipment Installed Outside Factory: Case of Alleima India Pvt Ltd, AAR Gujarat Ruling Dated 16th October 2025. The AAR held that the applicant is eligible to avail ITC on procurement of capital goods & related services in the form of wires/ cables, electric equipment, supervision charges & installation service used for transmission of electricity from the power station of DISCOM to the factory premises, which are installed outside the factory.
AAR, GST exemption allowed only for Planning Services linked to Local Body Functions: Case of Devendra K Patel, AAR Gujarat Ruling Dated 9th October 2025. The AAR ruled that the services related to the buildings would qualify as pure services and are eligible for GST exemptions under Notification No. 12/2017 dated 28th June 2017.
AAR, Flow Meter aintenance not part of Composite Supply: Case of Greater Visakhapatnam, AAR Andhra Pradesh Ruling Dated 16th October 2025. The AAR held that the maintenance charges of the flow meter installed at the end user premises to record the recycled water does not fall under composite supply. The supply to be considered under SAC Code 9987 at 18% rate of GST.
AAR, License Fee for Public Toilets Exempt from GST: Case of Public Transport Department , Govt of Andhra Pradesh, AAR Andhra Pradesh Ruling Dated 25th September 2025. The AAR held that in view of licenses granted to tender bidders for maintenance of toilets, the license fee is exempted in view of serial number 76 of notification 12/2017 dated 28th June 2017.
AAR, R&D for Government Bodies Taxable Under GST: Case of Laila Nutra Private Limited, AAR Andhra Pradesh Ruling Date 22nd September 2025. The AAR held that the Research & Development activity undertaken by the applicant for the Ministry of AYUSH (MoA), through the Central Council for Research in Ayurvedic Sciences (CCRAS), under a grant-in-aid arrangement , falls within the scope of supply as defined under section 7 of CGST Act. It does not qualify for exemption under notification 12/2017 dated 28th June 2017.
AAR Confirms GST on Export of Frozen Shrimps in Both Printed and Plain Packs: Case of Neeli Sea Foods Private Limited, AAR Andhra Pradesh Ruling Date 16th September 2025. The AAR held that the export of processed frozen shrimps (HSN 0306), which are packaged in individual printed pouches or boxes and subsequently placed inside a print master carton (of up to 25 Kilogram each) that includes the design, label, and other specification provided by the buyer, attracts GST. It further held that the export of processed frozen shrimps (HSN 0306), packaged in individual plain pouches or boxes and subsequently placed inside a plain master carton (of up to 25 Kilogram each), also attracts GST.
C. Central Excise
No Notification/ Circular during the Week.
D. Custom Duty
Govt Imposes 30% Import Duty on Yellow Peas from 1st November 2025: The notification imposes import duty of 30% on Yellow Peas classified under HS Code 0713 10 10. It comprises a 10% basic customs duty and a 20% Agriculture Infrastructure and Development Cess (AIDC).
(Link: Customs Notification 46/2025 (T) Dated 29/10/2025)
Nil Duty on Yellow Peas Imports extended only till 31st October 2025: The notification extends the validity period of the nil import duty concession on Yellow Peas (HS Code 0713 10 10), only to consignments covered by Bills of Lading issued on or before 31st October 2025, instead of the earlier cut-off date of 31st March 2026.
(Link: Customs Notification 47/2025 (T) Dated 29/10/2025)
Revision of Duty Drawback Rates for Gold Jewellery and Silver Jewellery/articles: The notification modifies duty drawback rates in Chapter 71, for precious metals and jewellery, for three specific tariff items. For tariff item 711301, the drawback rate in column (4) has been revised from Rs 466.76 to Rs 524.27. For tariff items 711302 and 711401, the earlier rate of Rs 5234.00 has been increased to Rs 6317.22. The revised rates are expected to align duty drawback benefits with prevailing export cost structures and fluctuations in international metal prices.
(Link: Customs Notification 67/2025 (NT) Dated 27/10/2025)
Amendment to Customs Notification 26/2022, adds Section 18A: The notification amends earlier notification No. 26/2022 dated 31st March 2022. and insert the entry “Section 18A” into the existing Table of the earlier notification. The section 18A of the Customs Act relates to the provisional assessment of duty when the final duty cannot be determined immediately.
(Link: Customs Notification 68/2025 (NT) Dated 30/10/2025)
Customs Fee set for Voluntary Revision of entries Post Clearance: The notification amend the Levy of Fees (Customs Documents) Regulations and inserts a new entry into the fee table, establishing a charge of Rs. 1,000 for every “Electronic Application” filed under the post-clearance voluntary revision mechanism.
(Link: Customs Notification 69/2025 (NT) Dated 30/10/2025)
Customs Voluntary Revision Regulations for Post-Clearance Entries: The notification introduce the Customs (Voluntary Revision of Entries Post Clearance) Regulations 2025, effective 1st November 2025. These establish a structured, electronic process under Section 18A of the Customs Act, allowing importers or exporters (authorised persons) to voluntarily revise entries made in the Bill of Entry or Shipping Bill after goods clearance.
(Link: Customs Notification 70/2025 (NT) Dated 30/10/2025)
No Revision needed under Section 18A(5)(c), where separate Reversal Procedure exists: The notification has clarified that no revision of entry under Section 18A(5)(c) of the Customs Act, will be made in cases where benefits under any instrument- based scheme (i.e. under the Foreign Trade Act, Customs Act, or Customs Tariff Act) have already been availed but require reversal, if a specific procedure for such reversal is already prescribed under the relevant notification or regulation.
(Link: Customs Notification 71/2025 (NT) Dated 30/10/2025)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 1st November 2025. The tariff value for crude palm oil is set at USD 1113 per metric ton, while gold and silver have tariff values of USD 1285 per 10 grams and USD 1556 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7142 per metric ton.
(Link: Customs Notification 72/2025 (NT) Dated 31/10/2025)
Amendment to existing ADD notification 66/2021 for ‘Untreated Fumed Silica’: The notification amend an existing anti-dumping duty (ADD) notification. 66/2021 dated 11th November 2021. Specifically, for serial number 1, the value in column (7) has been substituted with the figure ‘1,296’.
(Link: Customs Notification 30/2025 (ADD) Dated 27/10/2025)
Guidelines on Revision of Entries Post Clearance under section 18A: The Circular provide guidelines for the new facility of Revision of Entries Post Clearance under Section 18A of the Customs Act. An electronic application for revised entry, or revised entry-cum-refund, must be filed at the port where the duty was paid, containing entries from a single bill of entry, shipping bill, or bill of export. Upon successful acceptance, an Acknowledgement Receipt Number (ARN) is generated, followed by a Revised Entry Reference after payment of duty and interest. The process operates on a self-assessment approach, with applications being routed for verification by the proper officer based on the Risk Management System (RMS).
(Link: Customs Circular 26/2025 Dated 31/10/2025)
MOOWR Scheme application deadline extended: The circular relates to Manufacturing and Other Operations in Warehouse Regulations (MOOWR) Scheme. It extends the deadline for the current online application process, the facility for MOOWR will remain operational until 15th November 2025, for receiving applications under Section 58 and Section 65 of the Customs Act.
(Link: Customs Circular 27/2025 Dated 31/10/2025)
E. Directorate General of Foreign Trade (DGFT)
Clarification regarding SEZ Exemption on Silver Imports: DGFT has issued a clarification regarding the applicability of restrictions on the import of silver jewellery under ITC (HS) Codes 71131141 and 71131149 imposed by Notification No. 34/2025-26 dated 24th September 2025. It stated that imports of silver jewellery by 100% Export Oriented Units (EOUs) and units located in SEZs are exempt from these restrictions, as per Para 6.01(d) of the Foreign Trade Policy (FTP) and Rule 27 of the Special Economic Zones (SEZ) Rules. However, such imports cannot be sold in the Domestic Tariff Area (DTA). Similarly, imports made under the Advance Authorisation or Duty-Free Import Authorisation (DFIA) schemes are also excluded from the restrictions.
(DGFT Circular 06/2025 Dated 27/10/2025)
DGFT Launches Aayat Nirya Lab Setu for Digital Export Certification: The pilot launch has been announced, of Bharat Aayat Niryat Lab Setu, a new digital platform intended to create a single-window ecosystem for testing and inspection agencies across India to facilitate exports and imports. The system, accessible via the Trade Connect ePlatform, will commence its pilot phase, with the onboarding of agencies, initially focusing on those under the Tea, Coffee, and Rubber Boards. The exporters and importers will be able to seamlessly search, select, apply, track, and obtain digitally signed test reports and certifications for their commodities.
(DGFT Trade Notice 14/2025 Dated 27/10/2025)
DGFT expands ‘Source from India’ Exporter Eligibility: The Trade Connect e-Platform functions as a key digital reference point for international buyers seeking accomplished Indian exporters. Initially exclusive to Status Holder exporters, the service will now be accessible to a broader base of Indian exporters. The updated criteria mandate that, in addition to Status Holders, any entity with a valid, non-delisted Import-Export Code (IEC) is eligible if they have achieved a minimum export realization of $100,000 in at least one of the previous three financial years. Eligible exporters, identified via their IEC-linked Trade Connect accounts, will automatically see the option to create a microsite to showcase their products and credentials.
(DGFT Trade Notice 15/2025 Dated 29/10/2025)
Gold TRQ Allocations cancelled under India-UAE CEPA: The Trade Notice outline the procedure for refunding the application fees for the Tariff Rate Quota (TRQ) for importing Gold Bullion under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for the fiscal year 2025-26. It follows the cancellation of all provisional TRQ allocations made for the specified period. Applicants whose TRQ application status has been automatically changed to “closed” on the DGFT portal are now eligible to apply for a fee refund.
(DGFT Trade Notice 16/2025 Dated 29/10/2025)
DGFT seeks Input on Draft Single Format SCOMET ANF Forms: The Trade Notice seek feedback on proposed amendments to the Aayat Niryat Forms (ANF) used for granting SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) export authorizations. The proposed change aims to consolidate the application process into a single format for all SCOMET-related applications, streamlining procedures as outlined in Para 10.04(a) of Chapter 10 of the Handbook of Procedures (HBP).
(DGFT Trade Notice 17/2025 Dated 31/10/2025)
New Self-Declaration for Export CoO under India-EFTA TEPA: The Public Notice introduces the India-EFTA TEPA into the list of Free Trade Agreements (FTAs) under Para 2.88 (a) of the HBP. It also introduces a new sub-para 2.91 (e), which allows exporters to obtain the Certificate of Origin (CoO) under the India-EFTA TEPA through self-declaration. This option is provided in addition to the existing procedure where CoOs are issued by authorized agencies.
(DGFT Public Notice 29/2025 Dated 28/10/2025)
CoO issuing Agencies updated for India-EFTA TEPA: The Public Notice updates the list of agencies authorised to issue Certificates of Origin (CoO) for the India-European Free Trade Association Trade and Economic Partnership Agreement (India-EFTA TEPA). These certificates enable exporters to claim preferential tariff benefits under the trade pact.
(DGFT Public Notice 30/2025 Dated 28/10/2025)
Gold TRQ Rules amended for India-UAE CEPA Imports: The Public Notice revise the procedure for allocating the Tariff Rate Quota (TRQ) for importing gold (under tariff head 7108) within the framework of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The key change is the modification of Condition (d) in Annexure-IV, which now mandates that eligible TRQ applicants must be registered with the Bureau of Indian Standards (BIS) for hallmarking and possess GST registration. Further, the allocation process itself is being fundamentally changed to a competitive online bidding/tender process to enhance transparency and management.
(DGFT Public Notice 31/2025 Dated 29/10/2025)
F. Securities and Exchange Board of India (SEBI)
Amendments in SEBI Mutual Funds Regulations: The amendments integrate units of Real Estate Investment Trusts (REITs) into several provisions governing mutual fund investments. The definition of “derivatives” in Regulation 2 is expanded to include REIT units. The maximum exposure limit for a liquid scheme investment in money market instruments and treasury bills is increased from 95 per cent to 97 per cent of the total assets. Mutual fund schemes are now subject to investment limits on the units of REITs issued by a single issuer, mirroring the existing limits for paid-up capital of a company. The clause related to investment limits in the debt securities of a single issuer in Regulation 52(6A) is omitted.
(Link: SEBI Notification Dated 31/10/2025)
Amendments to Anchor Investor Rules in ICDR Regulations: The amendments relates to changes to the allocation norms for anchor investors in public issues. For an allocation of up to Rs 250 crore, a minimum of 2 and a maximum of 15 anchor investors are permitted, with a mandatory minimum allotment of Rs 5 crore per investor. For allocations exceeding Rs 250 crore, a maximum of 15 investors are permitted for the first Rs 250 crore, plus an additional 15 investors for every subsequent Rs 250 crore or part thereof, maintaining the Rs 5 crore minimum allotment per investor.
(Link: SEBI Notification Dated 31/10/2025)
Amendments to SEBI Issue And Listing Of Non-Convertible Securities Regulations: The key amendments relates to Regulation 18, Issuers are now required to execute the trust deed “in such format and within such timelines” as specified by SEBI. A new proviso allows the debenture trustee to accept deviations from the specified format. However, if any deviation is accepted, the issuer must provide a key summary sheet detailing the deviations along with the rationale, and this information must be included in the General Information Document/Key Information Document or Shelf Prospectus. Furthermore, the previous requirement to structure the trust deed into two parts has been omitted.
(Link: SEBI Notification Dated 24/10/2025)
Amendments to SEBI Debenture Trustees Regulations: A key amendment is the insertion of Regulation 9C, which permits debenture trustees to undertake additional activities on an arms-length basis through separate business units. These activities include those under the purview of other financial sector regulators (such as RBI, IRDAI, PFRDA, etc.) or other fee-based, non-fund-based activities related to the financial services sector that do not fall under any regulator’s purview. Further, Regulation 14 is substituted, specifying that trust deeds must contain matters per Section 71 of the Companies Act, 2013, and related rules, in the format and timeline specified by the Board.
(Link: SEBI Notification Dated 24/10/2025)
Amendments to SEBI Listing Obligations and Disclosure Requirements Regulations: The amendments relates to corporate actions and rules for Not-for-Profit Organizations (NPOs) on the Social Stock Exchange. A listed company must now issue securities only in dematerialized form for any scheme of arrangement, sub-division, split, or consolidation. The company is required to open a separate demat account for investors who do not have one. For NPOs registered on the Social Stock Exchange, the timeline for financial disclosures has been updated to 31st October and non- financial disclosures within 60 days of the financial year-end.
(Link: SEBI Notification Dated 24/10/2025)
Implementation of NBI Derivative Norms and Phased Weight Changes: The prudential norms require Non- Benchmark Indices (NBIs) to have a minimum of 14 constituents, with the top constituent’s weight not exceeding 20% and the top three combined weights not exceeding 45%. To comply with these rules, stock exchanges must undertake necessary constituent/weight adjustments in the existing indices. For BANKEX and FINNIFTY, this adjustment must be completed in a single tranche by 31st December 2025. For BANKNIFTY, it will be implemented in a phased manner over four monthly tranches to ensure orderly rebalancing of assets under management (AUM).
(Link: SEBI Circular Dated 30/10/2025)
Certified past performance of IAs and RAs prior to operationalisation of PaRRVA: SEBI has established an interim framework allowing Investment Advisers (IAs) and Research Analysts (RAs) to disclose their past performance data to clients for the period before the Past Risk and Return Verification Agency (PaRRVA) becomes operational. It permits past performance data certified by an ICAI/ICMAI member only upon a client’s specific request and on a one-to- one basis, it must not be publicly displayed.
(Link: SEBI Circular Dated 30/10/2025)
Enabling Investment Advisers to provide second opinion to clients on assets under pre-existing distribution arrangement: SEBI has allowed registered Investment Advisers (IAs) to charge a fee for providing a second opinion on client assets held under pre-existing distribution arrangements. Previously, IAs were barred from including the value of these assets in their Assets Under Advice (AUA) for fee calculation purposes, which limit their ability to serve clients who sought an independent review of their existing investments.
(Link: SEBI Circular Dated 30/10/2025)
Extension of timeline for implementation of systems and processes by QSBs with respect to T+0 settlement cycle: SEBI has granted further extension for Qualified Stock Brokers (QSBs) to implement the necessary systems and processes for the optional T+0 rolling settlement cycle in the Equity Cash Markets. The T+0 settlement option was originally introduced vide circular dated 10th December 2024, to operate in addition to the existing T+1 cycle. The deadline for implementation was extended to 1st November 2025. SEBI has now decided to further extend the compliance timeline to be communicated at a later date.
(Link: SEBI Circular Dated 30/10/2025)
Consultation paper for permitting debt issuers to offer incentives in public issues to certain category of investors: The paper proposes to amend the SEBI (Issue and Listing of Non-Convertible Securities) Regulations to permit debt issuers to offer incentives in public issues. It suggests allowing issuers, at their discretion, to offer a higher coupon rate or discount to the issue price to specific categories of initial allottees, such as senior citizens, women, armed forces personnel, and retail subscribers. The Feedback/ comments from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 27/10/2025)
Consultation paper on Relaxation in the threshold for identification of High Value Debt Listed Entities (HVDLEs) and provisions relating to Related Party Transactions: The paper proposes changes to the Corporate Governance (CG) norms for High Value Debt Listed Entities (HVDLEs) under SEBI’s LODR Regulations, increasing the threshold from Rs 1000 to 5000 crores. It also proposes to align the CG norms for HVDLEs with those applicable to equity-listed entities. These alignment measures cover diverse areas, including substituting ‘income’ with ‘turnover’ in the ‘material subsidiary’ definition, standardizing rules for the appointment/reappointment of directors (especially non-executive directors over 75 years), providing a three-month timeline to fill vacancies in Board Committees, and harmonizing provisions related to Related Party Transactions (RPTs) and Secretarial Audit requirements. The Feedback/ comments from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 27/10/2025)
Consultation paper on comprehensive review of SEBI Mutual Fund Regulations: The key proposed changes focus on investor protection and transparency, such as eliminating the additional 5 basis point expense charge (while adjusting expense ratio slabs), excluding all statutory levies (like GST, STT) from the Total Expense Ratio (TER) limits, and significantly reducing the permissible limit for brokerage and transaction charges to prevent investors from paying twice for research. The Feedback/ comments from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 28/10/2025)
G. Ministry of Corporate Affairs (MCA)
Extension of time and Relaxation of additional fees in filing of CRA-4 (Cost Audit Report in XBRL format): MCA has granted a relaxation from payment of additional fees for filing the Cost Audit Report (Form CRA- 4) in XBRL format for the financial year ended 31 March 2025. The companies and cost auditors can file CRA-4 for FY 2024–25 without incurring any additional fees if the submission is made on or before 31st December 2025.
(Link: MCA General Circular 07/2025 Dated 27/10/2025)
MCA establishes 10 New Regional Directorates (RDs) under Companies Act: The ten directorates, each headed by a Regional Director, are geographically structured with specific jurisdictions across India. Regional Director, Northern Region Directorate I, headquartered in New Delhi, will oversee Uttar Pradesh and the National Capital Territory of Delhi, while the Western Region Directorate II in Navi Mumbai will cover all districts of Maharashtra except Mumbai and Mumbai Suburban. This new structure will be effective starting 1st January 2026.
(Link: MCA Notification Dated 23/10/2025)
MCA establishes New Registrar of Companies (ROCs) under Companies Act: MCA has established several new Registrars of Companies (ROCs) to manage company registration and related functions. It redefines the jurisdictional boundaries for company registration across several key regions, primarily in the National Capital Territory of Delhi, Uttar Pradesh, Maharashtra, and West Bengal. Specifically, Delhi will now have two separate ROCs based on geographic division: Delhi-I at South Delhi and Delhi-II at Central Delhi. The State of Haryana will continue to be served by the ROC at Chandigarh. Maharashtra now has three ROCs, including Mumbai-I, Mumbai-II at Navi Mumbai, and one at Nagpur, each with distinct district-wise jurisdiction.
(Link: MCA Notification Dated 23/10/2025)
MCA establishes 10 New Regional Directors (RDs) under LLP Act: These directors will discharge functions assigned under the Act or delegated by the Central Government within their respective jurisdictions. Northern Region Directorate I headquartered at New Delhi with jurisdiction over Uttar Pradesh and Delhi, Northern Region Directorate II at Chandigarh covering Haryana, Himachal Pradesh, Punjab, Uttarakhand, and the Union Territories of Chandigarh, Ladakh, Jammu and Kashmir, Western Region Directorate I at Mumbai overseeing Goa, Daman and Diu, and the Mumbai districts, Western Region Directorate II at Navi Mumbai for the remaining districts of Maharashtra.
(Link: MCA Notification Dated 23/10/2025)
MCA establishes New Registrars of Companies (RoCs) under LLP Act: MCA has established several new Registrars of Companies (RoCs) specifically for the purpose of registering and discharging functions related to Limited Liability Partnerships (LLPs) under the LLP Act. It involves creating new offices and defining their respective territorial jurisdictions. National Capital Territory of Delhi into two separate RoCs (Delhi-I at South Delhi and Delhi-II at Central Delhi), Uttar Pradesh into Uttar Pradesh-I at Kanpur and Uttar Pradesh-II at NOIDA. The state of Haryana is assigned a single RoC at Chandigarh.
(Link: MCA Notification Dated 23/10/2025)
H. Insolvency and Bankruptcy Board of India (IBBI)
SC, Preference Shares are not Financial Debt, CRPS holders cannot invoke IBC: Case of EPC Constructions India Limited vs Matix Fertilizers and Chemicals, SC Judgement Dated 28th October 2025.The apex court held that holders of Cumulative Redeemable Preference Shares (CRPS) are investors, not financial creditors, and cannot use Section 7 of the IBC to initiate proceedings against an issuer.
NCLAT dismisses Minority Homebuyers challenge to CIRP Plan: Case of Harjit Singh Ahluwalia vs Udayraj Patvardhan, NCLAT Delhi Judgement Dated 9th October 2025. The Tribunal held that when creditors in a class vote on a resolution plan under IBC, the vote of the majority must be treated as final, and the minority must abide by that decision. Given the plan was approved with 96.56% of the votes of the creditors in the class, the NCLAT concluded that the Adjudicating Authority rightly rejected the application filed at the instance of the minority homebuyers. The NCLAT acknowledged that a resolution plan can be interfered with if it is not compliant with the provisions of Section 30(2) of the IBC, it stated that the present case did not establish any such non-compliance.
NCLAT, Partial Loan disbursement No Bar to section 7 proceedings: Case of Ammeet Kamal Agarwal, suspended Director of Supreme Transport Organisation vs Axis Bank, NCLAT Delhi Judgement Dated 6th October 2025. The bank had sanctioned a loan of Rs. 24.90 Crore but only disbursed Rs. 12.50 Crore. It was argued that disbursement is not disputed, and debt and default are admitted or clearly established. The NCLAT found no error in the Adjudicating Authority order admitting the Section 7 application. The appeal was dismissed.
NCLAT, Personal Guarantor plea for Lending Documents dismissed: Case of Rajesh Jain vs Bank of Baroda, NCLAT Delhi Judgement Dated 10th October 2025. The appellate tribunal dismissed appeals by personal guarantors, ruling that a prior NCLT order providing an opportunity for inspection of lending documents was sufficient to protect their interests. The guarantors plea for a blanket production of all documents was rejected.
NCLAT, Unintentional Delay not a valid reason for Late Refiling under IBC: Case of LBF Publications Private Limited vs A&A Business Consulting Private Limited, NCLAT Delhi Judgement Dated 13th October 2025. The appellate tribunal stated that the IBC is a self-contained code and has a time-bound mechanism. While the IBC prescribes a time limit for filing an appeal, the Appellate Authority does not have any statutory power to condone the delay beyond that time period, in the context of filing. In this case, the undue long delay in refiling which is more than a year and no cause was provided.
I. Reserve Bank of India (RBI)
RBI Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks Directions: These Directions mandate that banks must explicitly inform customers about the facility’s benefits and secure a written declaration from those who choose not to nominate. The key procedural requirements include recording the nomination status and the nominee’s name on the passbook/statement of account and TDR, acknowledging nomination requests within three working days, and implementing systems to register, cancel, or vary nominations.
(Link: RBI Notification 95/2025 Dated 28/10/2025)
New Banking Nomination Rules allows up to Four Nominees per Account: Ministry of Finance has issued the Banking Companies (Nomination) Rules 2025 to streamline the process of nominating individuals for bank deposits, articles in safe custody, and safety lockers. Depositors may nominate up to four individuals, either successively or simultaneously, using a prescribed form or through an electronic mode if the bank provides e-nomination facilities. The rules also provide for appointment of a guardian if a nominee is a minor and allow extending an existing nomination to other accounts within the same bank upon request.
(Link: Fin Min Notification Dated 27/10/2025)
Draft circular on Guidelines to facilitate faster cross-border inward payments: The draft aims to resolve delays between receipt of payments at beneficiary banks and credit to beneficiary accounts. Banks are encouraged to establish straight-through processes for automatically crediting inward payments to residents’ accounts, based on risk assessment and regulatory compliance. The proposed guidelines require banks to immediately inform customers upon receiving cross-border inward payment messages. Further, inward payments received during foreign exchange market hours should be credited within the same business day, while those received afterward should be credited on the next business day, subject to FEMA and other regulations.
(Link: Draft Circular Dated 29/10/2025, Press Release)
Withdrawal of Rs 2000 Denomination Banknotes Status: The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation vide Press Release dated 19th May 2023. These notes can be exchanged/ deposited/ send through India Post from any post office in the country, to any of the 19 RBI Issue Offices for credit to their bank accounts in India. The ₹2000 banknotes continue to be legal tender. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore, has declined to Rs 5817 crore as at the close of business on 31st October 2025. Thus, 98.37% of the banknotes has since been returned.
(Link: RBI Press Release Dated 01/11/2025)
J. Miscellaneous
PFRDA Extends NPS to Gig Workers, New E-Shramik Model: The Pension Fund Regulatory and Development Authority (PFRDA) has introduced the “NPS e-shramik (Platform Service Partner) Model” to extend the National Pension System (NPS) to gig and platform workers. The model operates similarly to the Corporate NPS model, allowing contributions to be made jointly (by the Aggregator and the Partner), by the Partner only, or by the Aggregator only, with no fixed minimum or maximum thresholds. Points of Presence (PoPs) will actively onboard the partners, using a quick, two-phase process for PRAN generation based on Aadhaar e-KYC, but they will be fully responsible for all regulatory compliance.
(Link: PFRDA Circular Dated 29/10/2025)
HC, SC/ST Act cannot prevent banks from exercising valid mortgage under SARFAESI: Case of Axis Bank Limited vs National Commission for Schedule Tribes, HC Delhi, Judgement Dated 16th October 2025. HC has held that the SC/ST Act cannot be used to prevent banks from enforcing valid mortgage rights under the SARFAESI Act. The relevant provisions of the SC/ST Act do not apply to cases where a bank is exercising its security interest.
SC, Tender Authority cannot impose conditions not stated in Tender Notice: Case of Kimberley Club Pvt Ltd vs Krishi Utpadan Mandi Parishad, SC Judgement Dated 31st October 2025.The apex court held that tender terms must be clear & unambiguous & cannot be supplemented by implied conditions. Since Clause 18 did not specify that the certificate must come from the District Magistrate, the Mandi Parishad could not reject the bid on that ground. Accordingly, the Supreme Court set aside the High Court’s decision & quashed the rejection of the appellant’s technical bid.
SC, Advocates cannot Be Summoned for giving Legal Advice or Representing Clients: Case of Summoning Advocates who give legal opinion or represent parties during investigation of cases, SC Judgement Dated 31st October 2025The apex court clarified that advocates cannot be summoned merely for rendering legal advice or representing clients during investigations.
SC, Termination Void as Vendor accepted payment after Expiry, restores Specific Performance: Case of Annamalai vs Vasanthi, SC Judgement Dated 29th October 2025.The apex court held that once the vendors accepted Rs 1,95,000 after the expiry of the six-month period, their right to forfeit for delay stood waived and the contract remained alive. This pronouncement reinstates the standard that contracts for sale of immovable property are not automatically terminated by lapse of time, especially where the parties conduct reflects otherwise. SC ordered specific performance, directed refund and restored the first appellate court decree for execution of the sale deed in favour of the applicant.
SC, Section 12A Mediation not mandatory in ongoing IP Infringement: Case of Novenco Building & Industry vs Xero Energy Engineering Solutions Pvt Ltd, SC Judgement Dated 27th October 2025.The apex court held that the requirement of pre-institution mediation cannot be applied mechanically in cases of continuing infringement of intellectual property rights. It observed that compelling mediation in such situations, including trademark or patent violations, would effectively deny the plaintiff timely relief and permit the infringer to continue profiting under procedural formality. It restored the suit for adjudication on merits.
*****
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)
Author Bio
