“COMPLIANCE IS NOT JUST A BOX TO CHECK, BUT A CORE ASPECT OF RESPONSIBLE BUSINESS PRACTICE. Let’s Grow together in FY 2025-2026.”
G.V. and Associates, Company Secretaries & Advisory Solutionz (P) Ltd.
In this Issue (Updates for 01.07.2025 – 31.07.2025):
Compliance Calendar • Companies Act • Securities and Exchange Board of India (SEBI) • Reserve Bank of India (RBI) & FEMA • Income Tax & GST • Stock Exchange • Other Acts
Compliance Calendar For The Month Of August 2025
| Act | Form /<br>Regulation (Reg) No. | Applicability | Due Dates |
|---|---|---|---|
| Companies Act, 2013 | UDIN for financials | UDIN for financials | UDIN for financials |
| Foreign Exchange Management Act | ECB-2 | LLP & Company having ECB | WITHIN 07.08.2025 |
| SEBI (Listing Obligation<br>and Disclosure Requirements) | Reg 33 | Companies listed in Main Board | WITHIN 14.08.2025 |
| Insolvency and Bankruptcy Board of India | CP-5<br>Regulation 40B of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 | In case of CIRP process<br>Monthly update on the status of CIRP to be filed with IBBI (for the previous month) | 10-08-2025 |
Companies Act
The Companies (Incorporation) Amendment Rules, 2025
- The Ministry of Corporate Affairs (MCA) vide its notification G.S.R 426(E) dated June 27, 2025, has notified “The Companies (Incorporation) Amendment Rules, 2025” which shall come into force with effect from the July 14, 2025. According to the amendment Form No. INC-22A (ACTIVE – Active Company Tagging Identities and Verification) shall be substituted.
SOURCE: https://egazette.gov.in/(S(b5ai0yzmrv1jc0gzh1pm5yry))/ViewPDF.aspx
- The Companies (Restriction on number of layers) Amendment Rules, 2025
- The Ministry of Corporate Affairs (MCA) vide its notification G.S.R 427(E) dated June 27, 2025, has notified “The Companies (Restriction on number of layers) Amendment Rules, 2025” which shall come into force with effect from the July 14, 2025. According to the amendment Form CRL-1 (Return regarding number of layers) shall be substituted.
SOURCE: https://egazette.gov.in/(S(s1zste5xyxmeny0ptdcmwquq))/ViewPDF.asp
Update with regards to Final set of 38 Company Forms
- Final set of 38 Company Forms [including 13 Annual filing forms, 6 Audit/Cost audit forms] is live on MCA portal. Stakeholders are advised to create user ID/upgrade existing V2 ID/Merge V2 ID in V3 system under “Business user” category and associate the DSC if not already done.
SOURCE: https://www.mca.gov.in/content/mca/global/en/home.html
ADDITIONAL DISCLOSURES TO BE MADE IN BOARD REPORT:
- The Ministry of Corporate Affairs (MCA) has initiated a significant update to corporate financial reporting and transparency through the notification of the Companies (Accounts) Second Amendment Rules, 2025. The notification, issued on May 30, 2025, introduces substantial changes to the Board’s Report disclosures and the process of filing financial statements, all of which will come into force from July 14, 2025.
- These amendments are aimed at enhancing corporate governance, ensuring greater accountability, and moving towards a more structured, data-driven reporting system.
Detailed Reporting on Sexual Harassment Complaints:
- Under the section pertaining to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, companies must now provide specific data, including:
| S.NO. | PARTICULARS | NO. OF<br>COMPLAINTS |
|---|---|---|
| 1. | The Number of sexual harassment complaints received during the year | |
| 2. | Number of such complaints disposed of during the year | |
| 3. | The number of cases pending for a period exceeding ninety days. |
Detailed Reporting on Maternity Benefits Provided under The Maternity Benefit Act, 1961
- A Statement by company with respect to the Compliance of the provision relating to the Maternity Benefit Act, 1961
Securities And Exchange Board Of India
Extension towards Adoption and Implementation of Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)
- Recognizing the need for robust cyber security measures and protection of data and IT infrastructure, Securities and Exchange Board of India (SEBI) has issued ‘Cyber security and Cyber Resilience Framework (CSCRF) for SEBI on August 20, 2024. SEBI has received multiple requests for CSCRF compliance timelines extension to ensure ease of compliance for them. Therefore, it has been decided to extend the compliance time lines by two(2) months, i.e., till August 31, 2025 to all REs, except Market Infrastructure Institutions (MIIs), KYC Registration Agencies (KRAs), and Qualified Registrars to an Issue and Share Transfer Agents(QRTAs). The Stock Exchanges/ Depositories were directed to bring the provisions of these circulars to the notice of their members/ participants and also disseminated the same on their websites.
- Registered Intermediaries are allowed to use ‘e-KYC Setu System’ of National Payments Corporation of India to perform Aadhaar based e-KYC authentication for ease of doing business
- Under the present framework, registered intermediaries use e-KYC services of Unique Identification Authority of India (UIDAI) in the securities market. This service has been accepted as a valid process for digital Know Your Client (KYC)verification using KYC User Agency (KUA /Sub-KUA) mechanism and /or the Digilocker. To further facilitate ease of doing KYC, it is stated that registered intermediaries can also use ‘e-KYC Setu System’ of National Payments Corporation of India(NPCI) to perform digital KYC.NPCI along with UIDAI has developed and implemented a system known as ‘e-KYC Setu System’ to enable digitization of the customer on boarding. Registered intermediaries may use the facility of ‘e-KYC Setu System’ to perform digital KYC, as an additional alternate mechanism available to the them to carry out Aadhaar based e-KYC of their clients.
Shri Sunil Jayawant Kadam takes charge as Executive Director, SEBI in Mumbai on July 01, 2025.
- Shri Sunil Jayawant Kadam will be handling Information Technology Department (ITD), Office of Investor Assistance and Education (OIAE), Department of Economic and Policy Analysis (DEPA), General Services Department (GSD), Board Cell, RTI & PQ Cell and matters relating to National Institute of Securities Markets (NISM).
Ease of Doing Investment – Special Window for Relodgement of Transfer Requests of Physical Shares
- In order to facilitate ease of investing for investors and to secure the rights of investors in the securities which were purchased by them, SEBI has decided to open a special window only for re-lodgment of transfer deeds, which were lodged prior to the deadline of April 01, 2019 and rejected/returned/not attended to due to deficiency in the documents/process/or otherwise, for a period of six months from July 07, 2025 till January 06, 2026. During this period, the securities that are relodged for transfer (including those requests that are pending with the listed company / RTA, as on date) shall be issued only in DEMAT mode. Due process shall be followed for such TRANSFER-cum-DEMAT requests.
- It was further prescribed that the Listed companies, RTAs and Stock Exchanges shall publicize the opening of this special window through various media which includes print and social media, on a bimonthly basis during the six-month period.
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/or Commercial Paper
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has prescribed the continuous disclosure requirements for issuers of listed Non-convertible Securities, Securitized Debt Instruments and Commercial Paper. In this regard, SEBI has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable circulars/ directions at one place, the provisions of the circulars issued till June 30, 2025 are incorporated in this Master Circular.
Master Circular for ESG Rating Providers (“ERPs”) and Credit Rating Agencies (CRAs)
- ESG Rating Providers and Credit Rating Agencies are regulated under the provisions of SEBI (Credit Rating Agencies) Regulations, 1999. In order to enable the industry and other users to have access to all the applicable circulars/ directions at one place, Master Circular for CRAs and ERPs have been prepared. These Master Circulars are the compilation of the existing circulars as on date, with consequent changes.
SOURCE: https://www.sebi.gov.in/index.html
Master Circular for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)
- For effective regulation of Real Estate Investment Trusts and Infrastructure Investment Trusts, SEBI has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable circulars at one place, the provisions of the circulars issued till July 11, 2025 are incorporated in this Master Circular for Real Estate Investment Trusts and Infrastructure Investment Trusts.
SOURCE: https://www.sebi.gov.in/index.html
Master Circular for Portfolio Managers
- For effective regulation of Portfolio Managers, the SEBI has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable requirements at one place, the provisions of the said circulars issued till March 31, 2024 were incorporated in the Master Circular for Portfolio Managers dated June 07, 2024.
- Subsequently, various guidelines/directions were issued to Portfolio Managers by way of circulars/letters. In view of the same, the Master Circular dated June 07, 2024 has been updated to include all relevant circulars that were issued on/before March 31, 2025. The instant Master Circular supersedes the Master Circular for Portfolio Managers dated June 07, 2024.
Launch of Securities Market Hackathon at Global Fintech Fest 2025
- SEBI, in collaboration with BSE, CDSL, NSDL and KFintech, has launched a Securities Market Hackathon at Global Fintech Fest 2025 (GFF ’25). The theme for the Hackathon is “Driving Innovation and tech-oriented solutions in securities market”. The hackathon intends to bring together India’s brightest minds to develop digital-first solutions for tackling real-world challenges in the securities market. Participants will be required to build tools that empower retail investors and enhance transparency, efficiency, compliance, and accessibility across capital markets. They will have to develop solutions using technology and innovative approaches specifically targeting any of the following problem statement(s):
- Fraud Prevention
- Enhancing Retail Investor Education & Engagement
- Improving Liquidity in Bond Markets
- Member Compliance Monitoring
Samuhik Prativedan Manch for Stock Brokers
SEBI has formulated a regulatory framework that is simple, transparent and cost-effective resulting in ease of doing business for the intermediaries and in turn ease of doing investments for investors. Streamlining and rationalizing the compliance reporting is a key measure for achieving ease of doing business. Going forward, SEBI and Stock exchanges have now introduced a technology based common reporting mechanism (Samuhik Prativedan Manch) offered by NSE for stock brokers to submit their compliance reports. Stock brokers who are registered with multiple stock exchanges are currently required to submit compliance reports at all the Exchanges with which they are registered. They will now be able to submit compliance reports to the Samuhik Prativedan Manch at one exchange instead of multiple exchanges. The mechanism would be implemented in a phased manner with submission of 40 compliance reports in the first phase being implemented under Samuhik Prativedan Manch with effect from August 01, 2025. As a result, close to a thousand stock brokers (approximately 990) who have multiple memberships with NSE and other stock exchanges would benefit from this initiative.
Reserve Bank Of India And FEMA
Reserve Bank of India notified the average Cash Reserve Ratio (CRR) required to be maintained by every bank
- In exercise of the powers conferred under the sub-section (1) of Section 42 of the Reserve Bank of India Act, 1934 and sub-section (1) of Section 18 of the Banking Regulation Act, 1949, read with Section 56 thereof, and in partial modification of the earlier notification DoR.RET.REC.53/12.01.001/2024-25 dated December 06, 2024, the Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every bank shall be 3.75 per cent, 3.5 per cent, 3.25 per cent and 3.0 per cent of its net demand and time liabilities effective from the reporting fortnight beginning September 6, October 4, November 1 and November 29, 2025, respectively.
SOURCE : https://egazette.gov.in/(S(gyz25zhvmglvbr00hyytahj5))/ViewPDF.aspx
Government and RBI have taken key monetary and fiscal measures to control inflation and mitigate its impact on common citizen
- Under the provisions of the RBI Act, 1934, the Union Minister of State for Finance Shri Pankaj Chaudhary stated, the Reserve Bank of India (RBI) follows a policy of flexible inflation targeting as its primary monetary policy framework, whereby RBI targets Consumer Price Index (CPI) inflation (headline inflation) to be maintained at 4% with a tolerance band of ±2 percentage points (i.e., the target range is 2% to 6%). Over the past three quarters, the CPI inflation rate has been within the RBI’s tolerance band of 4% ±2%. WPI is not a specifically targeted inflation rate for RBI. The Minister stated that the Government of India has undertaken a series of administrative measures, including fiscal and trade policy, to control inflation and mitigate its impact on the common citizen.
SOURCE: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2146815\
Clarification regarding applicability of Para 2.12 of the Foreign Trade Policy, 2023
- The Directorate General of Foreign Trade has received several representations regarding problems faced by importers being asked to mandatorily warehouse the goods before clearance, if they were shipped (date of shipment as per date of Bill of Lading) prior to issuance of Authorization, even though importer now has an Authorization in hand for the landed goods while approaching customs for clearance of such goods. The matter has been examined in the Directorate and it is clarified that Goods already imported / shipped / arrived, in advance, but not cleared from Customs may also be cleared for home consumption against an Authorisation issued subsequent to the date of shipment (date of Bill of lading) but before their clearance from Customs, without any mandatory requirement for warehousing. This facility will however be not available to ‘Restricted’ items or items traded through STEs, unless specifically allowed by DGFT.
SOURCE: https://www.dgft.gov.in/CP/
Income Tax And Goods And Services Tax
Cost inflation index notified for Financial Year 2025-26
- The Income Tax Department has notified the Cost Inflation Index (CII) for the current financial year 2025-26 (for assessment year 2026-27). The CII for the financial year 2025-26 has been notified at 376 and will be used to compute the indexed cost of acquisition for capital assets sold in FY 2025-26.
SOURCE:https://incometaxindia.gov.in/communications/notification/notification-70-2025.pdf
IREDA Bonds Notified as LongTerm Specified Assets Under Section 54EC for Renewable Projects
- The CBDT notifies that bonds issued by IREDA after July 9, 2025, and redeemable after five years, qualify as ‘long-term specified assets’ under section 54EC of the Income-tax Act. IREDA must use proceeds solely for renewable projects that can repay debt independently of State Government support.
SOURCE:https://incometaxindia.gov.in/communications/notification/notification-73-2025.pdf
Income Tax Department Cracks Down On Bogus Claims Of Deductions & Exemptions
- The Income Tax Department initiated a large-scale verification operation across multiple locations in the country, targeting individuals and entities facilitating fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). This action follows a detailed analysis of the misuse of tax benefits under the Income-tax Act, 1961, often in collusion with professional intermediaries.
SOURCE: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2144602
GST Portal is now enabled to file appeal against waiver order (SPL 07)
- Taxpayers who have filed waiver applications in Forms SPL 01/SPL 02 are receiving orders from the jurisdictional authorities will Acceptance Order in SPL 05 or Rejection Order in SPL-07. The GST Portal has now been enabled to allow taxpayers to file Appeal applications (APL 01) against SPL 07 (Rejection) Order. It may be noted that the option to withdraw appeal applications filed under the waiver scheme is not available on the GST portal. Also, if any taxpayer does not want to file appeal against “waiver application rejection order” but want to restore the appeal application (filed against original demand order) which was withdrawn for filing waiver application can do so by filing undertaking and the option is available under “Orders” section in “Waiver Application” case folder.
SOURCE: https://services.gst.gov.in/services/advisoryandreleases/read/615
Insolvency And Bankruptcy Code
Insolvency proceedings cannot sidestep PMLA process:
NCLT Proceedings under the Insolvency & Bankruptcy Code cannot be used as a mechanism to “frustrate or sidestep” the process going under the Prevention of Money Laundering Act, the National Company Law Tribunal (NCLT) said. Rejecting the plea for dissolution of Shakti Bhog Snacks, which is under the lens of the Enforcement Directorate (ED) with a special PMLA Court taking cognizance of the complaint filed by the probe agency, NCLT said it “would amount to judicial overreach”. This will also “impair the ED’s ability to complete its investigation, pursue trial, and recover proceeds of crime,” said NCLT while dismissing the plea of the Resolution Professional of Shakti Bhog Snacks. A two-member NCLT bench further said the Supreme Court has already held that NCLT and the appellate tribunal NCLAT do not have jurisdiction to interfere with proceedings or orders passed under the PMLA, including attachment orders or criminal prosecution.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025
According to the Fifth Amendment Regulations, 2025, in Regulation 38, following sub-regulation shall be inserted, namely: –
“(2A) A resolution plan shall not provide for assignment of any avoidance transactions under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code that were not: (a) disclosed in the information memorandum; and (b) intimated to all prospective resolution applicants under sub-regulation (3A) of regulation 35A before the last date for submission of resolution plans:
Provided that this sub-regulation shall not apply to any resolution plan that has been submitted to the Adjudicating Authority under sub-section (6) of section 30 on or before the date of commencement of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025.”
SOURCE: https://egazette.gov.in/(S(gyz25zhvmglvbr00hyytahj5))/ViewPDF.aspx
Stock Exchange
Advisory to Investors on dealing with Online Bond Platform Providers (OBPPs)and the factors affecting the yield of the bonds
- With the rise of online bond platforms, investors now have easier access to various fixed-income instruments. However, it’s essential to understand key concepts like Yield to Maturity (YTM)—an estimate of total annualized returns if the bond is held till maturity. YTM considers the bond’s price, coupon payments, and remaining term but isn’t guaranteed, especially if the bond is sold early. Coupon rate refers to the fixed annual interest paid by the issuer, offering regular income, but is subject to the issuer’s creditworthiness. Bond prices and yields move inversely—when market interest rates rise, bond prices fall, increasing yields, and vice versa. Brokerage charges also affect returns; lower or zero brokerage can improve effective YTM slightly. Investors must also consider credit ratings, issuer reliability, liquidity, settlement timelines, tax implications, and ensure the platform is SEBI-registered. Since risks and returns vary with credit ratings, a risk scale (like mutual funds’ risk-o-meter) may help assess risk. Overall, lack of knowledge can lead to poor decisions and losses. Due diligence is essential before investing in bonds online.
SOURCE:https://nsearchives.nseindia.com//web/press release/2025- 07/PR_cc_11072025_20250711164310.pdf
NSE successfully launched Monthly Electricity Futures – Crosses 4,000 contracts representing 200 million units of electricity traded
- The National Stock Exchange of India (NSE) is pleased to announce the successful launch of the Monthly Electricity Futures (ELECMBL) contracts today, marking a significant step forward in the development of India’s electricity derivatives market. As of 02:00 PM, the contracts recorded more than 4,000 lots, representing more than 200 million units of electricity. The total turnover of trade has crossed 87.36 crore, with the volume-weighted average price recorded at ₹4,368/MWh. The first trade opened at ₹4,430/MWh, and as of the reporting time, the price is trending around ₹4,364/MWh, reflecting healthy participation across participants including power generators, discoms, large industrial consumers, and market intermediaries. This launch provides a transparent, risk-managed platform for participants to hedge electricity price volatility, support long-term power planning, and contribute to India’s broader energy transition goals.
SOURCE:https://nsearchives.nseindia.com//web/press release/2025- 07/PR_cc_11072025_20250711164310.pdf
SEBIvsSCAM: SEBI and NSE Join Forces to Protect Investors from Financial Frauds
- SEBI has launched a nationwide investor awareness campaign titled #SEBIvsSCAM, aimed at educating the public about financial scams and promoting safe investing practices. In collaboration with the National Stock Exchange (NSE), this initiative addresses the rising threat of digital frauds such as fake trading apps, deepfake videos, unregistered advisors, misleading stock tips, and schemes promising guaranteed returns. The campaign seeks to empower investors to identify and avoid scams, make informed decisions, verify investment sources, and report suspicious activities. To maximize outreach, NSE will disseminate these messages through TV, radio, print, digital platforms, and social media, as well as through Investor Awareness Programs conducted in physical, digital, and hybrid formats across urban and rural areas in various languages.
SOURCE:https://nsearchives.nseindia.com//web/pressrelease/2025-07/PR_cc_28072025_1_20250728174633.pdf
Other Acts
NITI Aaayog Vertical Report on “Chemical Industry: Powering India’s Participation in Global Value Chains”
India’s chemicals industry is a cornerstone of the country’s manufacturing ecosystem, contributing approximately 7 percent to the national gross domestic product (GDP) and supplying essential raw materials to critical industries such as agriculture, pharmaceuticals, textiles, automotive, and construction. Ranked as the sixth-largest chemicals producer globally and third in Asia, India holds immense potential for expansion—provided it receives the right strategic support from the Government. This report explores the current landscape, identifies critical imbalances, and outlines actionable pathways to foster a more diversified and globally aligned petrochemical value chain in India.
Ministry of Micro, Small & Medium Enterprises Export Competitiveness of MSMEs
The Trade Enablement and marketing Initiative (TEAM) Scheme supports onboarding Micro and Small Enterprises (MSEs) onto the Open Network for Digital Commerce (ONDC) network. The initiative aims to empower 5 lakh MSEs with a special focus on ensuring at least 50% of the beneficiaries are women owned enterprises. The TEAM scheme provides assistance in digital catalogue creation; account management etc. and also facilitates linkages with Seller Network Participants (SNPs) to promote market access and help MSEs thrive in digital economy.
Disclaimer: This Newsletter is designed to provide information of corporate and legal updates during the particular period and is not intended as a substitute for professional consultation and advice in a particular matter. We request to read or refer to the relevant law, rule or notification before concluding or taking any decision of the contents. In no event we are not be liable for any damages whatsoever arising out of the use of or reliance on the contents of this newsletter. This Newsletter is for private circulation purpose only.
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.