During 24–30 November 2025, key regulatory developments spanned Income Tax, Customs, DGFT, SEBI, IBBI, RBI, and Labour Laws. Income Tax authorities granted exemptions to technical education, real estate regulation, and pollution control bodies under Sections 10(46) and 10(46A). Customs updates included adding Jaipur Metro to the Project Imports Scheme, revising tariff values for major commodities, and launching SWIFT 2.0 for unified digital NOC processing. DGFT merged IEC application forms and initiated data collection on global NTMs. SEBI issued major amendments for investment advisers, research analysts, debenture trustees, mutual fund distributors, and REIT classification, along with several consultation papers and a new Informal Guidance Scheme. IBBI and NCLAT delivered significant insolvency rulings and suspended an IP for CIRP lapses. RBI released consolidated Master Directions, revised KYC norms, and updated digital banking channel rules. Labour Codes on Wages, Industrial Relations, Social Security, and OSH were implemented nationwide. Courts issued important rulings on cheque jurisdiction, auction sales, LoIs, civil disputes, CCI notices, and bid rigging.
Notifications & Circulars issued during week (24th- 30th 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
Exemptions to Haryana State Board of Technical Education (HSBTE), Panchkula: Haryana State Board of Technical Education (HSBTE), Panchkula, a Board constituted by Government of Haryana has been notified under section 10(46) for exemption on its income arising from amount received as Grants, Assignments and Contributions received from Government, Fees, Royalties, Bequests, Donations, Sale proceeds of any securities, Rent and interest on bank deposits.
(Link: Income Tax Notification 163/2025 Dated 26/11/2025)
Exemptions to Odisha Real Estate Regulatory Authority: Odisha Real Estate Regulatory Authority, an authority constituted under the Real Estate (Regulation and Development) Act 2016, 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 Act.
(Link: Income Tax Notification 164/2025 Dated 26/11/2025)
Exemptions to State Pollution Control Board, Odisha: State Pollution Control Board, Odisha, a Board constituted by the State Government of Odisha under the Water (Prevention and Control of Pollution) Act 1974, has been notified under section 10(46) for exemption on its income arising from Statutory Consent and Authorisation Fees, Penalties, Grants from government, Share of contribution from environment studies & research, Miscellaneous Income and interest on bank deposits.
(Link: Income Tax Notification 165/2025 Dated 26/11/2025)
B. GST
No Notification/ Circular during the Week.
C. Central Excise
No Notification/ Circular during the Week.
D. Custom Duty
Jaipur Metro added to Project Imports Scheme: The amendment, inserts a new entry under Serial No. 3FF of the existing Table, and so designates ‘Jaipur Metro Projects’ as an eligible category under the project imports framework and specifies the ‘Managing Director or Director (Project), Rajasthan Metro Rail Corporation Limited (RMRCL)’ as the authorised officer for certification and related procedural requirements. Thus enabling this project to access the benefits and procedures available under the scheme.
(Link: Customs Notification 49/2025 (T) Dated 28/11/2025)
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. 29th November 2025. The tariff value for crude palm oil is set at USD 1044 per metric ton, while gold and silver have tariff values of USD 1336 per 10 grams and USD 1723 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7142 per metric ton.
(Link: Customs Notification 75/2025 (NT) Dated 28/11/2025)
Launch of SWIFT 2.0, Single Touch Point for Trade for NOC Processing: CBIC has launched SWIFT 2.0, an upgraded, fully digital platform that shall serve as a single touch point for importers, exporters, and Partner Government Agencies (PGAs) for all EXIM clearance processes, replacing the earlier SWIFT system that primarily acted as a document repository. It enables online submission of additional data and documents for obtaining No Objection Certificates (NOCs), real-time tracking via dashboards, automated SMS/email updates, online payment of PGA fees, and digital access to approved NOCs. The first phase will onboard Animal Quarantine and Certification Services (AQCS), Plant Quarantine Management System (PQMS), and FSSAI, with over 60 PGAs planned for phased integration.
(Link: Customs Circular 29/2025 Dated 21/11/2025)
HC, Cap on value of Gold Jewellery at Airports, directs CBIC to finalise Rule: Case of Qamar Jahan vs Union of India, HC Delhi Judgement Dated 19th November 2025. Assistant Commissioner of CBIC, present in court, confirmed that the draft Baggage Rules, related regulations, and circulars are in the final stages of preparation. It is reconsidering both the definition of jewellery and the monetary cap permitted under the existing framework. The court directed that the final draft be placed on record before the next hearing. It added that if any delay occurs, the matter being part heard, the court may proceed to issue directions based on the draft rules to guide customs authorities during the interim period until the new rules are finalised.
HC, Deposit under protest adjustable as Pre-Deposit for Custom Appeals: Case of Anoop Kumar Garg vs Commissioner of Customs, HC Delhi Judgement Dated 14th November 2025. The court held that, considering the substantial amounts already deposited and retained by the department, requiring a further fresh deposit would be inequitable and contrary to law. The impugned CESTAT order was set aside.
E. Directorate General of Foreign Trade (DGFT)
DGFT merges ANF-1A with ANF-2A to streamline IEC Applications: The Public Notice amends Paragraph 2.08 of the Handbook of Procedures (HBP), which merges ANF-1A with the revised ANF-2A, making ANF-1A obsolete. Under the revised procedure, details submitted in the Importer Exporter Code (IEC) application will be electronically verified through integration with records maintained by relevant Ministries, Departments, Organisations, and Banks, wherever feasible. Applicants must continue to submit scanned documents online unless exempted by the system.
(DGFT Public Notice 32/2025 Dated 20/11/2025)
Collection of Information on Export Related, Non-Tariff Measures, Testing and Certification Requirements: The Trade Notice, seeks information on export-related Non-Tariff Measures (NTMs), testing, and certification requirements. DGFT plans to map both mandatory and voluntary NTMs across global markets, including inspections, audits, labelling norms, and other regulatory compliance conditions applicable to Indian exports. Exporters, Export Promotion Councils, Commodity Boards, and trade associations have been requested to provide detailed information on certifications, sector applicability, costs, validity, and recognized labs within seven days through an online form. Non-submission may affect the prioritization of NTMs in the database and could influence future policy support.
(DGFT Trade Notice 18/2025 Dated 25/11/2025)
F. Securities and Exchange Board of India (SEBI)
Amendments to SEBI Investment Advisers Regulations: The key changes include recognition of CFA charter and NISM certifications for investment advisers and associated persons, mandatory renewal of NISM certification every three years, and structured transition from individual to non-individual investment adviser when client or fee thresholds are exceeded. The procedural updates involve updated submission formats, replacement of “address proof” with “details of address,” inclusion of compliance officers in declarations, and revised declaration requirements regarding infrastructure.
(Link: SEBI Notification Dated 25/11/2025)
Amendments to SEBI Research Analysts Regulations: The amendments expand the definition of persons required to comply with research analyst regulations to include individuals “associated with research services.” Qualification requirements were updated to include graduate or postgraduate degrees in relevant fields, CFA Charter holders, and NISM-certified programs, with mandatory renewal of NISM certifications every three years or upon expiry. Form A in the First Schedule has been revised to streamline documentation, including details of associated persons, compliance officers, and necessary infrastructure declarations.
(Link: SEBI Notification Dated 25/11/2025)
Specification of the terms and conditions for Debenture Trustees for carrying out activities outside the purview of SEBI: Debenture trustees (DTs) may engage in activities regulated by other financial sector regulators or unregulated fee-based, non- fund-based financial services, provided these are conducted through separate business units (SBUs) on an arm’s-length basis. The circular mandates segregation of staff, records, grievance redressal mechanisms, and disclosure of non-SEBI activities to stakeholders, ensuring transparency and risk awareness. DTs regulated by the Reserve Bank of India must also comply via SBUs.
(Link: SEBI Circular Dated 25/11/2025)
Modifications to Chapter IV of the Master Circular for Debenture Trustees: The Recovery Expense Fund (REF) created by issuers of listed debt securities, enables Debenture Trustees to recover expenses related to enforcement or legal proceedings in case of default. The modifications specify that prior approval from debenture holders is not required if REF is used for defined purposes such as obtaining consents, conducting meetings, filing court applications, engaging legal consultants, or asset recovery. The trustees must notify holders and the designated stock exchange, maintain proper accounting, and submit independent auditor certificates. The stock exchange is required to release REF amounts within five working days upon intimation.
(Link: SEBI Circular Dated 25/11/2025)
Timeline for submission of information by the Issuer to the Debenture Trustee(s): The Issuers must provide security cover certificates quarterly, statements of pledged securities, debt service reserves, and guarantor net worth certificates half yearly, financials of corporate guarantors annually, and valuation and title search reports for assets every three years. The specific deadlines are prescribed i.e. within 60 days from the end of the reporting period, except the last quarter’s security cover certificate, which is due within 75 days.
(Link: SEBI Circular Dated 25/11/2025)
Additional incentives to distributors for onboarding new individual investors from B-30 cities and women investors: The circular revises the incentive structure for mutual fund distributors to encourage onboarding of new individual investors, particularly from B-30 cities and women investors. Under the revised framework, distributors will receive additional commission for new investors with a new PAN, i.e. 1% of the first lump sum investment or 1% of total SIP contributions in the first year, capped at ₹2,000, provided the investment remains for at least one year. The commission will be paid from the 2 basis points set aside annually for investor education and inclusion, with clawback provisions. The scheme exclusions include ETFs, Fund-of-Funds (domestic with >80% AUM in domestic funds), and schemes with durations under one year.
(Link: SEBI Circular Dated 27/11/2025)
Reclassification of REITs as equity related instruments for facilitating enhanced participation by Mutual Funds and SIFs: With a view to facilitate enhanced participation by Mutual Funds and Specialized Investment Funds (SIFs) in Real Estate Investment Trusts (REITs), SEBI has carried out amendments to SEBI Mutual Funds Regulations, for reclassification of REITs as equity related instruments. It has been decided that any investment made by Mutual Funds and SIFs in REITs shall be considered as investment in equity related instruments. Existing investment in REITs held by debt schemes of Mutual Funds and investment strategies of SIFs shall be grandfathered. However, AMCs are encouraged to make efforts to divest REITs from respective portfolios of debt schemes considering market conditions, liquidity and interest of investors.
(Link: SEBI Circular Dated 28/11/2025)
Consultation Paper on Disclosure of registered name and registration number on Social Media Platforms: It has been observed that fraudsters/unregistered persons have been perpetrating frauds in the securities market by way of misleading/ manipulative social media content. There is a need to distinguish social media contents uploaded by regulated entities on SMPs from the contents uploaded by other unregistered persons. It is important that content published do not contain anything which is prohibited under law or may harm investors interest. It is proposed to specify provisions for disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms. The comments/ feedback from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 28/11/2025)
Consultation Paper on Simplification of procedure and standardization of formats for issuance of duplicate securities certificates: As per existing provisions, investors must submit a copy of FIR/police complaint/court order, publish a newspaper advertisement, and provide separate affidavit and indemnity bonds, except for securities valued up to Rs 5 Lakhs. The paper proposes raising the simplified documentation threshold from Rs 5 Lakhs to Rs 10 Lakhs to reflect current market realities. It also recommends replacing separate affidavit and indemnity bonds with a single standardized Affidavit-cum-Indemnity form, with stamp duty applicable based on the investor’s state of residence, and formalizing the existing practice of the listed company issuing the loss advertisement. The comments/ feedback from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 25/11/2025)
Consultation Paper on Review of Facility for Basic Services Demat Account (BSDA) for Financial Inclusion: The paper proposes that Zero Coupon Zero Principal (ZCZP) bonds will be excluded from BSDA eligibility calculations as they are non-tradable and hold no realizable value. It also propose that delisted securities will be treated like suspended securities and excluded, while illiquid securities will be valued at their last closing price. Reassessment of BSDA eligibility for all Beneficial Owners (BOs) will be conducted quarterly instead of tying it to varying billing cycles. The comments/ feedback from stakeholders are invited.
(Link: SEBI Consultation Paper Dated 24/11/2025)
SEBI Informal Guidance Scheme 2025: SEBI Informal Guidance Scheme 2003 was issued to enable certain entities to obtain guidance from the Securities and Exchange Board of India (‘Board’) on the applicability of laws and regulations administered by it, in the form of ‘No Action Letter’ or ‘Interpretive Letter’. The eligible entities included intermediaries registered with SEBI, listed companies, companies intending to list, mutual fund trustees, and acquirers under the takeover code. It has been substituted with SEBI Informal Guidance Scheme 2025 (IG Scheme 2025), which broadens the scope of the Scheme and enables stock exchanges, clearing corporations, depositories and Managers of Pooled Investment Vehicles registered with the Board, to seek guidance from the Board. It also envisages streamlining and structuring of the process, by creation of a nodal cell for processing all informal guidance applications.
(Link: SEBI Press Release 77/2025 Dated 28/11/2025, Guidance Scheme)
G. Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the Week.
H. Insolvency and Bankruptcy Board of India (IBBI)
NCLAT, Auction Buyer cannot seek NPA reclassification against Creditor’s Rights: Case of IDBI Bank Ltd vs Silver Stallion Ltd, NCLAT Delhi Judgement Dated 31st October 2025. The appellate tribunal held that a successful auction purchaser cannot demand the reclassification of a corporate debtor’s loan account from Non-Performing Asset (NPA) to “standard” if such reclassification affects a financial creditor’s rights, particularly its right to proceed against personal guarantors. The tribunal emphasised that an auction purchaser’s interest is restricted to obtaining an encumbrance free title to the purchased assets, and it cannot insist on changes in the creditor books in a manner that compromises the creditor statutory recovery avenues.
NCLAT, Admission of claim by resolution professional constitutes valid acknowledgment of Debt: Case of Shankar Khandelwal vs Omkara Asset Reconstruction Private Limited, NCLAT Delhi Judgement Dated 15th October 2025. The appellate tribunal held that the admission of the claim by the Resolution Professional in the first CIRP against the Corporate Debtor constituted a valid acknowledgement, which extends the limitation period for initiating a fresh CIRP.
NCLAT, Leasehold rights are assets of Corporate Debtor hence includible in Liquidation Estate: Case of West Bengal Housing Infrastructure Development Corporation Ltd vs Kshitiz Chhawchharia, NCLAT Delhi Judgement Dated 28th October 2025. The appellate tribunal held that the leasehold rights with regard to the leased property are the assets of the Corporate Debtor. Accordingly, liquidator has not committed any illegality in including the demised leased land in the Liquidation Estate of the Corporate Debtor.
NCLAT, Genuine homebuyers claim not to be rejected due to delay filing as payment reflected in Corporate Debtor Account: Case of Reena vs Rabindra Kumar Mintri, NCLAT Delhi Judgement Dated 17th October 2025. The appellate tribunal held that the resolution professional is obliged to treat claims of genuine homebuyers, whose payments being reflected in the account of Corporate Debtor, at par with other homebuyers even when there was delay in filing their claims.
IBBI suspended registration of IP Madhur Aggarwal for Mismanagement of CIRP: The Disciplinary Committee (DC) found that he incorrectly admitted a financial creditor’s claim without verifying its authenticity or supporting documentation, despite the corporate debtor disputing the interest component. Also, he wrongfully included related parties in the Committee of Creditors (CoC) and failed to exercise due diligence in constituting the CoC. DC suspended his registration for one year.
(Link: IBBI DC Order Dated 27/11/2025)
I. Reserve Bank of India (RBI)
Amendments to Compounding of Contraventions under FEMA Directions: It has been decided to change the account details of account where compounding application fee and compounding amount will be received through National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS). The directions has been modified to include the revised account details.
(Link: RBI Notification 98/2025 Dated 24/11/2025)
Compliance with Know Your Customer (KYC) norms: Authorised Persons, which are regulated by the Department of Regulation of RBI, shall be governed by the respective ‘Know Your Customer’ directions as applicable to them. Authorised Persons, which are not regulated by the Department of Regulation of RBI, shall be governed by RBI NBFC-KYC Directions, 2025. The authorised Persons shall ensure compliance of directions, as applicable to them, by their agents/ sub-agents/franchisees.
(Link: RBI Notification 99/2025 Dated 28/11/2025)
Consolidation of Regulations and Withdrawal of Circulars: RBI has announced the release of 244 Master Directions consolidating the instructions currently administered by the Department of Regulation (DoR). The extant instructions considered as obsolete have not been included in the consolidated Master Directions, as they are no longer relevant. Accordingly, 9445 circulars, which are either circulars whose instructions have been consolidated or circulars which have become obsolete / redundant, are withdrawn and are hereby repealed.
(Link: RBI Notification 100/2025 Dated 28/11/2025, Consolidated Master Directions, Circulars Withdrawn)
Compliance with Know Your Customer (KYC) norms: RBI has repealed the RBI Master Directions- Know Your Customer (KYC) Directions dated 25th February 2016. In view of the above, all references to the said Master Direction in instructions to Payment System Providers and Payment System Participants shall be read as reference to ‘RBI (Commercial Banks- Know Your Customer) Directions, 2025.
(Link: RBI Notification 101/2025 Dated 28/11/2025)
RBI Commercial Banks Digital Banking Channels Authorisation Directions 2025: The instructions have been issued from time-to-time governing internet and mobile banking services offered by various categories of banks. The Master Directions to facilitate sustainable growth of digital banking services, by consolidating and updating the existing instructions on use of digital channels for providing banking services.
(Link: RBI Press Release Dated 28/11/2025)
J. Miscellaneous
Labour Law- Code on Wages implemented w.e.f. 21st November 2025: The Code on Wages 2019, consolidates four key labour laws i.e. Payment of Wages Act, Minimum Wages Act, Payment of Bonus Act, and Equal Remuneration Act, into a single framework. It guarantees statutory minimum wages for all employees, introduces centrally notified floor wages, links wages to skill, arduousness, and geography, and mandates timely payment, wage slips, and bonuses. It protects vulnerable groups, including women, daily wagers, migrant and contractual workers, and promotes gender equality by ensuring equal pay and women’s representation on advisory boards. It also decriminalises minor offences, replacing imprisonment with civil penalties and compounding provisions, fostering compliance without fear.
(Link: Implementation Notification Dated 21/11/2025, Code Notification Dated 08/08/2019, PIB Press Release Dated 21/11/2025)
Labour Law- Code on Industrial Relations implemented w.e.f. 21st November 2025: The Industrial Relations Code 2020 modernises Indian labour framework by consolidating three existing labour laws i.e. Trade Union Act, Industrial Disputes Act and Industrial Employment Act. It expands the definitions of “worker” and “industry,” ensuring wider access to labour protections, fair wages, and social security. A uniform wage definition prevents manipulation and enhances statutory benefits, while statutory recognition of trade unions strengthens collective bargaining. It introduces fixed term employment with equal benefits, regulates strikes through notice requirements, and simplifies dispute resolution with time bound adjudication and direct tribunal access.
(Link: Implementation Notification Dated 21/11/2025, Code Notification Dated 29/09/2020, PIB Press Release Dated 21/11/2025)
Labour Law- Code on Social Security implemented w.e.f. 21st November 2025: The Code on Social Security 2020, consolidates 9 existing labour laws into a single framework to provide universal and inclusive social protection for all workers, including organized, unorganized, gig, and platform workers. It expands coverage of EPF and ESIC nationwide, introduces a Social Security Fund, and establishes National and State Boards to advise on welfare schemes. Pro-worker measures include gratuity for fixed-term employees after one year, coverage of commuting accidents, and a uniform definition of wages. Pro-women provisions strengthen maternity benefits, nursing breaks, work from home options, crèche facilities, and simplified certification for maternity-related claims.
(Link: Implementation Notification Dated 21/11/2025, Code Notification Dated 29/09/2020, PIB Press Release Dated 21/11/2025)
Labour Law- Occupational, Safety, Health and Working Conditions Code implemented w.e.f. 21st November 2025: The Occupational Safety, Health and Working Conditions (OSH) Code, consolidates 13 existing labour laws into a single comprehensive legislation. It sets uniform standards for occupational safety, health, and welfare across all sectors, extending coverage to factories, mines, plantations, construction, and audio-visual workers, among others. It mandates appointment letters, regulated working hours, annual leave, and paid overtime, while enhancing protections for inter-state migrant workers through travel allowances, benefit portability, and grievance redressal. Women-centric provisions include night work with safeguards, crèche facilities, and safety measures.
(Link: Implementation Notification Dated 21/11/2025, Code Notification Dated 29/09/2020, PIB Press Release Dated 21/11/2025)
SC clarifies Jurisdiction for Negotiable Instruments Act Section 138 Cases Post-2015: Case of Jai Balaji Industries Ltd vs HEG Ltd, SC Judgement Dated 28th November 2025. The apex court held that the jurisdiction to try a complaint regarding an account payee cheque lies with the court where the payee’s ‘home branch’ is situated.
SC restores Auction Sale, Objections not raised in time cannot Be Revived Later: Case of GR Selvraj vs KJ Prakash Kumar, SC Judgement Dated 25th November 2025. The apex court held that a judgment debtor’s failure to raise available objections to a sale proclamation prior to its finalization constitutes a statutory waiver of such grounds. A judgment debtor who sleeps over their rights and fails to raise a legally available objection at the correct juncture cannot be permitted to derail a concluded sale years later. The constitutional right to property is not absolute and is subject to such process based limitations designed to ensure the efficient enforcement of court decrees.
SC upholds cancellation of LoI for non-compliance in HP Tender: Case of State of HP vs OYSYS Cybernetics Pvt Ltd, SC Judgement Dated 24th November 2025. The apex court held that a Letter of Intent (LoI) is merely a “precursor to a contract” and a “promise in embryo” which does not create any binding or enforceable rights until the stipulations and pre-conditions mentioned therein are fully satisfied. The Court set aside the HC judgment and ruled that the State Government decision to cancel a conditional LoI for non-compliance with technical prerequisites was a lawful exercise of administrative discretion and not arbitrary.
SC quashes cheating case, Partnership split is purely Civil: Case of Inder Chand Bagri vs Jagdish Prasad Bagri, SC Judgement Dated 24th November 2025. The apex court quashed criminal proceedings for cheating and criminal breach of trust, ruling that a dispute arising from a partnership deed, governed by specific contractual terms agreed upon by all partners, is essentially civil in nature. Using criminal law to resolve such contractual disputes amounts to an abuse of the judicial process.
HC, Demand notice served during subsistence of stay is Invalid: Case of United India Insurance Company Limited vs Competition Commission of India, HC Delhi Judgement Dated 01st November 2025. The court held that demand notice issued by Competition Commission of India being served during subsistence of the stay is unsustainable and liable to be quashed.
NCLAT, Common IP usage and use of fake and fabricated documents duly proved Bid Rigging: Case of Satish Kumar Agarwal vs Competition Commission of India, NCLAT Delhi Judgement Dated 16th September 2025. The appellate tribunal held that collusive bidding and bid rigging duly proved on the basis of evidence such as common IP usage, use of fake and fabricated documents. Thus, order of commission holding appellant guilty is upheld.
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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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