“Compliance is the mark of a trustworthy organization”
G.V. and Associates, Company Secretaries & Advisory Solutionz (P) Ltd.
In this Issue (Updates for 01.05.2026 – 31.05.2026):
Compliance Calendar – Business and Economy – Reserve Bank of India (RBI) – Promotion of Industry & Internal Trade (DPIIT) – Insolvency and Bankruptcy Code (IBC) – Other Acts – Labour Laws & MSME
Compliance Calendar For The Month Of June 2026
| Act | Form / Regulation (Reg) No. | Applicability | Due Dates |
|---|---|---|---|
| Companies Act, 2013 | DPT-3 Annual Return of Deposits | All Companies | Within 30.06.2026 |
| Companies Act, 2013 | MBP-1, DIR-8 | All Companies | Within 30.06.2026 |
| Income Tax Act, 2025 | Payment of 1st Instalment of Advance Tax (Tax Year 2026-27) | All Assessees subject to Advance Tax | Within 15.06.2026 |
| Income Tax Act, 1961 | Form 16, Form 16A TDS Certificate for Q4 FY 2025-26 | All Tax Deductors | Within 15.06.2026 |
| Foreign Trade Policy / DGFT | IEC renewal / update | Importers & exporters | Within 30.06.2026 |
| Foreign Exchange Management Act | ECB-2 | LLP & Company having ECB | Within 07.06.2026 |
Business And Economy
India’s economy is projected to grow at 6.6% in Financial Year 2026-27:
SBI Research Report (May 11, 2026) has said that India’s economy is projected to grow at 6.6% in the Financial Year 2026-27, as against the GDP growth for the Financial Year 2025-26, which is likely to be at 7.5%. Stating that India continues to demonstrate resilience despite global uncertainties and regional conflicts, the report says that credit growth is likely to remain robust for the first half of 2026-27. It added that domestic consumption is also expected to hold GDP growth upwards. While stating that the near-term food supply prospects have been boosted by robust rabi crops, the report warns that volatility in crude oil and other commodity prices, along with possible El Niño conditions, may impart considerable volatility to inflation. The report has, however, expressed the need to put in place a comprehensive package to address the Balance of Payments amid rupee depreciation and rising crude prices. It has also called for suitable calibration of the resurgent Indian Diaspora Bond across corpus, yield, tenor and tax-friendly treatment for investors.Emphasizing that Artificial Intelligence – AI – added roughly 0.1 to 0.5% to GDP levels annually in Advanced Economies during 2024-25, the report states that it is high time for India to rededicate itself towards AI-led productivity gains, competitiveness and global value chain integration through carefully crafted policies.
Reserve Bank Of India
Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026
The Reserve Bank of India has reviewed the existing framework for authorisation of any person as an Authorised Person (AP) under the Foreign Exchange Management Act, 1999, with the objective to rationalise the framework to improve delivery of foreign exchange services as well as easing compliance requirements. Accordingly, the Foreign Exchange Management (Authorised Persons) Regulations, 2026 has been notified vide Notification No. FEMA 401/2026-RB dated April 30, 2026 (published in the Official Gazette on May 06, 2026). All authorised persons shall comply with aforementioned regulations as applicable to them. Further, upon issuance of the aforementioned regulations, instructions contained in Master Directions – Money Changing Activities and Master Direction – Other Remittance Facilities have been amended and the A.P. (DIR Series) Circulars mentioned therein have been superseded. The Regulations inter-alia provide for the Eligibility conditions for AP, Conditions for renewal of authorisation of existing APs, Permitted Activities, Forex Correspondent Scheme and Franchisees.
Source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13445&Mode=0
DEPARTMENT FOR PROMOTION OF INDUSTRY & INTERNAL TRADE
Standard Operating Procedure (SOP) for Processing Foreign Direct Investment (FDI) Proposals
Standard Operating Procedure (SOP) for Processing Foreign Direct Investment (FDI) Proposals issued by DPIIT, Ministry of Commerce & Industry on May 04, 2026. The SOP covers Online Filing of Application; Procedure for Processing of Applications Seeking Approval for Foreign Investment; Time limits for processing FDI Proposals are prescribed; Guidelines on Investments from Countries Sharing Land Border with India (LBCs) [as amended vide Press Note 2 of 2026 dated 15.03.2026 read with Foreign Exchange (Non-debt Instruments) (Amendment) Rules, 2026 dated 01.05.2026]; Monitoring & Review etc.
Source: https://www.dpiit.gov.in/static/uploads/2026/05/d7693ed0552aef6c3fa8bcdcf6a44cf3.pdf
Insolvency And Bankruptcy Code, 2016
IBBI publishes syllabus, format, frequency and other details of Valuation Examinations
In pursuance of the rule 5 (3) of the Companies (Registered Valuers and Valuation) Rules, 2017, the IBBI vide press release dated 20th May, 2026 publishes the syllabus and format of the ‘Valuation Examinations’ to be conducted from 21st August 2026 for the following asset classes:
- Land and Building
- Plant and Machinery
- Securities or Financial Assets
Format and frequency of Examination is also specified in the said press release.
Source: https://ibbi.gov.in/uploads/press/943997ca0a413c95309187fe9f948dc5.pdf
IBBI (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026
IBBI (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026 notified on 19th May, 2026 amended the provisions of Regulations 38 and 39 of the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021 governing the provisions related to appointment of registered valuers.
Source: https://ibbi.gov.in/uploads/legalframwork/1aa5e92f1d58f61e97a6875410e0acca.pdf
IBBI (Liquidation process) (Third Amendment) Regulations, 2026
IBBI (Liquidation Process) (Third Amendment) Regulations, 2026 notified on 19th May, 2026 amended the provisions of Regulation 35 of the IBBI (Liquidation Process) Regulations, 2016 governing the provisions related to appointment of registered valuer in case of corporate debtor classified as a micro, small or medium enterprise under section 7(1) of MSMEs Development Act, 2006.
Source: https://ibbi.gov.in/uploads/legalframwork/070a4d880f23417b201f464f9ee85025.pdf
Notification under sub-section (2) of section 1 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026.
In exercise of the powers conferred by sub-section (2) of Section 1 of the Insolvency and Bankruptcy Code (Amendment) Act, 2026, the Central Government appoints the 26th day of May, 2026, as the date on which the following provisions of the said Act shall come into force, namely: –
- 1. sections 2 to 6 (both inclusive);
- 2. sections 8 to 33 (both inclusive);
- 3. sub-clause (iii) of clause (a) and clause (b) of section 34;
- 4. sections 35 to 39 (both inclusive);
- 5. section 41;
- 6. sections 43 to 44 (both inclusive);
- 7. section 46;
- 8. sections 48 to 59 (both inclusive);
- 9. sections 61 to 66 (both inclusive);
10. section 68;
11. clause (a) of section 69;
12. clause (a) of section 70;
13. sub-clause (i) to sub-clause (xxvi) of clause (b) of section 70 [Except subclause (xx) of clause (b) of section 70]; and
14. section 72.
Source: https://ibbi.gov.in/uploads/legalframwork/d31669ba7f826ee9ebefe58e85d652ec.pdf
Insolvency and Bankruptcy Code (IBC) completes 10 years
The Insolvency and Bankruptcy Code (IBC) which came into force in 2016 has completed 10 years of its existence. A decade since its enactment, the Code has emerged not merely as a legislative reform, but as an institutional transformation with far-reaching implications for
credit markets, corporate behaviour, investor confidence, and economic efficiency.
This is evident from the fact that, as of March 2026, 1,419 cases had yielded resolution plans. The resolution process has facilitated realisation of over ₹4 lakh crore for creditors. This realisation to the creditors is 95% and 167% as against their fair and liquidation value, respectively.
The jurisprudence evolving around the Code has contributed to the development of a robust and dynamic insolvency ecosystem that continues to adapt to emerging economic realities and stakeholder expectations. The Code has also played a significant role in fostering credit discipline and strengthening repayment culture among borrowers. Average recovery rates have increased from nearly 15–20% in the pre-IBC period to around 30% post-IBC, while resolution timelines have reduced from nearly 6–8 years to about 2 years under the Code.
The continued effectiveness of the Code is also reflected in the Reserve Bank of India Report on Trends and Progress of Banking in India 2024–25, which identifies the Code as the most effective mechanism for recovery of stressed assets. A study undertaken by Indian Institute of Management Ahmedabad (2025) on resolved firms under IBC highlights the significant post-resolution revival of businesses with substantial improvements across key operational and financial indicators during the five-year period following resolution. The ten-year milestone of the IBC offers an important occasion for reflection, assessment, and renewed imagination. It invites a deeper consideration of the transformative impact of the insolvency framework on India’s financial and institutional landscape, while also encouraging constructive engagement with the challenges that accompany a maturing insolvency regime.
Source: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2266350®=3&lang=1
MINISTRY OF LABOUR AND EMPLOYMENT
Ministry of Labour and Employment Notifications under the Occupational Safety, Health and Working Conditions Code, 2020
The Ministry of Labour and Employment, has issued various notifications dated May 19, 2026, inter-alia covering below mentioned information:
o The Central Government appointed the officers to be the Inspector-cum-facilitator for the purpose of the Code within the local limits of their jurisdiction in a tabulated format.
o Central Government notified for general information that the Directorate General of Factory Advice Service and Labour Institutes shall be known as the Directorate General Occupational Safety and Health.
o Central Government notified the officers who shall be the officer for composition of offences in case of mines within the limits of their respective jurisdiction in a tabulated format.
o Further various other notifications are issued pertaining to viz. appointment of Chief Inspector cum Facilitator in case of CLC; appointment of Inspector cum Facilitator of mines; Appellate Authority in case of major ports; officer to impose penalty in case of CLC etc.
Source: https://egazette.gov.in/(S(f3jlemckiadlh52vza2m5ty5))/RecentUploads.aspx?Category=6
OTHER ACTS – MSME
FM launches initiatives to strengthen MSMEs
Union Finance Minister Nirmala Sitharaman called for increased focus on the three Fs – fuel, fertiliser and forex – amid the ongoing West Asia crisis, while asserting that the Indian economy remains resilient. The initiatives launched include the SIDBI MachFin Mart, a digital platform to help MSMEs access machinery through a structured marketplace supporting price discovery, standardisation and technology adoption. The finance minister also launched the RRB Co-Lending Portal to operationalise partnerships between SIDBI and Regional Rural Banks for improving credit flow in rural and underserved regions. Another major initiative launched was Modernisation of Rural Enterprises (MoRE), a programme aimed at providing transformational support to 10 thousand rural micro and artisanal units over the next three years through cluster-based interventions.
Disclaimer: This newsletter is prepared by G.V. and Associates, Company Secretaries & Advisory Solutionz (P) Ltd. for knowledge sharing and compliance awareness. It does not constitute legal opinion or formal advisory.