“FOCUS ON GOOD GOVERNANCE RATHER THAN BOARD POSITIONS”
G.V. and Associates, Company Secretaries & Advisory Solutionz (P) Ltd.
In this Issue (Updates for 01.08.2026 – 31.08.2026):
Compliance Calendar – Section 96 AGM Notice – Companies Act – Securities and Exchange Board of India (SEBI) – Reserve Bank of India (RBI) – Income Tax – Stock Exchanges – Other Acts
Compliance Calendar For The Month Of September 2026
| Act | Form / Regulation (Reg) No. | Applicability | Due Dates |
|---|---|---|---|
| !!! Your Kind attention Please!!! Please note that as per Section 96 of Companies Act, 2013, companies, other than those exempted from holding an AGM must conduct Annual General Meeting (AGM) on or before 30.09.2026. A Board Meeting should be Convened for the Quarter July to September 2026 | |||
| Companies Act, 2013 | AOC 4 | All the One Person Company | WITHIN 27.09.2026 |
| Companies Act, 2013 | FC -3 | Every foreign company having a place of business in India | WITHIN 30.09.2026 |
| Foreign Exchange Management Act | ECB-2 | LLP & Company having ECB | WITHIN 07.09.2026 |
| Securities Exchange Board of India | PaRRVA Enrolment | Investment Advisers (IAs) / Research Analysts (RAs) intending to communicate certified past performance data | WITHIN 03.09.2026 |
| Income Tax Act | Advance Tax – 2nd Installment | Assessees liable to pay advance tax – Payment of cumulative 45% of tax liability,) | WITHIN 15.09.2026 |
| Insolvency and Bankruptcy Board of India | Form VL | As may be Applicable | WITHIN 10.09.2026 |
| Insolvency and Bankruptcy Board of India | Form CP | As may be Applicable | WITHIN 10.09.2026 |
| Insolvency and Bankruptcy Board of India | Form LIQ | As may be Applicable | WITHIN 10.09.2026 |
Companies Act
IEPFA Organized Stakeholder Engagement with Nodal Officers of Companies on Integrated IEPFA Portal 2.0
The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs, Government of India, in collaboration with the National e-Governance Division (NeGD), organised a Stakeholder Engagement with Companies’ Nodal Officers on the Integrated IEPFA Portal 2.0. Key features includes digital KYC integration, pre-filled Form IEPF-5, an entitlement search facility, a simplified three-step workflow for filing e-Verification Reports (EVRs), and provisions relating to Rule 7(3) for additional (delay) fees. The implementation roadmap was also discussed with stakeholders, outlining User Acceptance Testing (UAT) in August 2026, stakeholder training in September, pilot implementation in October, and the planned launch of the Integrated IEPFA Portal 2.0 in November 2026.The suggestions and recommendations received have been shared with the NeGD team for consideration while finalising the portal
Source: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2296238®=48&lang=1
The Companies (Indian Accounting Standards) Amendment Rules, 2026
The Ministry of Corporate Affairs (MCA) vide its notification G.S.R 725(E) dated August 12, 2026, has notified the Companies (Indian Accounting Standards) Amendment Rules, 2026. These amendments inter-alia impacts Ind AS 101 (First-time Adoption of Indian Accounting Standards) and Ind AS 107 (Financial Instruments: Disclosures). Ind AS 101 has been revised to incorporate Annual Improvements 2024, clarifying hedge accounting transitions and restricting retrospective designation of hedges that do not qualify under Ind AS 109. Ind AS 107 has been expanded to introduce new disclosure requirements relating to contracts dependent on electricity purchases. Entities must disclose risks, commitments, and performance impacts of such contracts, including unused electricity purchases, sales of unused electricity, and related costs.
Source: https://egazette.gov.in/(S(h4atr0ujh2cideveyv4mz3sd))/Default.aspx
NCLT launched e-Inspection and e-Certified Copy Services
The National Company Law Tribunal (NCLT) has launched its e-Inspection and e-Certified Copy Services. Hon’ble President, NCLT inaugurated the services through video conferencing, marking another step towards making the Tribunal’s Registry more accessible and technology-enabled. The services form part of the Tribunal’s broader digital transformation, including the revamped NCLT website and the ongoing e-Courts 2.0 initiative. The launch of two services is part of the NCLT’s continuing endeavour to provide a more transparent, efficient and stakeholder oriented system of justice delivery. In addition, the NCLT has adopted a data-driven mechanism to monitor pendency across Benches, based on that workload was reviewed and redistributed, and Special Benches were formed to maximise the available Court time. The NCLT has also issued detailed guidelines on registration and listing of cases, in consultation with the Bar, to ensure optimum utilisation of limited judicial resources.
Source: https://www.pib.gov.in/PressReleaseDetail.aspx?PRID=2298542®=48&lang=1
Securities And Exchange Board Of India
Extension of timelines with respect to compliance of Digital Accessibility Circulars
SEBI, through this circular, has extended the timelines with respect to compliance of Digital Accessibility Audit and remediation of audit findings. SEBI received representations from Regulated Entities (REs) requesting an extension of timeline to submit their compliance with the provisions of the circulars on 'Rights of Persons with Disabilities Act, 2016 and rules made thereunder relating to mandatory compliance by all REs. Based on the representations received and examination of the status of compliance of REs, the extension is granted for "Conduct of Accessibility Audit for the digital platforms and remediation of findings from the audit" by October 31, 2026. All other provisions of the aforementioned circulars shall remain unchanged and shall be complied by REs.
‘Green-Channel: AIF Rollout upon Document Acknowledgement’ (GARUDA) Mechanism for Processing of Placement Memorandum of Alternative Investment Funds (AIFs) filed with SEBI
SEBI has Introduced GARUDA mechanism for Alternative Investment Funds (“AIFs”) Placement Memorandum Filing, with an objective to ease and expedite the process of launch of scheme or funds by AIFs. The following operational modalities, under the captioned GARUDA mechanism, have been specified: o Modalities for filing of Private Placement Memorandum (PPM) and launch of Regular schemes; o Modalities for filing of PPM and launch of schemes of Accredited Investor Only Fund (‘AI only fund’) only Funds, Large Value Fund for Accredited Investors (LVF) and Angel Funds. Further, the provisions for the changes in PPM have also been specified through this circular. It is provided that AI only funds, LVFs and Angel Funds are exempt from the requirement of intimating any changes in the terms of PPM through a merchant banker. AI only funds, LVFs and Angel Funds shall directly file any changes in the terms of PPM with SEBI, along with a duly signed and stamped undertaking by CEO of the Manager of the AIF and Compliance Officer of Manager of the AIF in the specified format. This circular has come into force with immediate effect and would apply to PPMs of all schemes/ funds filed with SEBI from the date of notification of SEBI (AIF) (Second Amendment) Regulations, 2026.
SEBI has streamlined inspection of market intermediaries
SEBI has streamlined Stock Broker and Depository Participant inspections by mandating joint inspection by stock Exchanges and Depositories. Based on deliberations with Market Infrastructure Institutions (MIIs) and the Supervisory Body for Investment Advisers/Research Analysts regarding the planning and conduct of joint inspections of market intermediaries by SEBI, an enhanced approach has been adopted for the inspection of intermediaries by SEBI commencing from the Financial Year 2026-27. The regulatory oversight of market intermediaries has been strengthened by employing a dynamic approach to encompass new risk parameters for identifying and shortlisting of entities for inspections.
Extension of timeline for enrolment with PaRRVA as specified in SEBI Circular No. HO/38/14/(4)2026-MIRSDPOD/I/10557/2026 dated April 29, 2026
SEBI, through this circular, has extended the timeline for Investment Advisers (“IAs”)/ Research Analysts (“RAs”) to enrol with Past Risk and Return Verification Agency (“PaRRVA”). SEBI vide its circulars dated October 30, 2025 and April 29, 2026 had specified that IAs/RAs who wish to communicate certified past performance data to clients (including prospective clients) must enrol with PaRRVA, else such IAs/RAs will not be able to communicate certified past performance data to clients. SEBI received representations from industry participants and PaRRVA requesting for an extension of timeline for enrolment. After due consideration, SEBI has decided to extend the timeline from August 3, 2026, to September 3, 2026, with the objective of facilitating a smooth and seamless implementation of the framework
Modification in the regulatory framework for Online Bond Platform Providers (OBPPs) including measures for promoting ease of doing business
SEBI has addressed modification of provisions of SEBI Master Circular for issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated October 15, 2025 on the following areas:
OBPPs may be permitted to offer products or securities or services regulated by International Financial Services Centres Authority (IFSCA).
OBPPs may be permitted to offer Bonds issued under section 54EC of the Income Tax Act, 1961 or Section 85 of Income-tax Act, 2025.
Compliance officer requirements for OBPPs.
Framework for Calculation of Net Distributable Cash Flows for InvITs
SEBI has modified Section F (Para 3.19) titled “Framework for calculation of Net Distributable Cash Flows (NDCFs)” of Chapter 3 of Master Circular for Infrastructure Investment Trusts (InvITs) dated July 11, 2025. In Table S. No. (I.) titled ‘Computation of Net Distributable Cash Flow at HoldCo/SPV Level’, a new line item to be added to allow add back of payments made towards major maintenance expense for road projects to the extent funded by external debt. Accordingly, the framework for computation of NDCF at HoldCo/SPV level as provided in the Master circular has been changed.
Amendment to SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (“ILMDS Regulations”)
SEBI has specified changes to the extant framework for municipal debt securities in respect of certain operational aspects, as specified below:
Face value of municipal debt securities;
Two-step escrow account mechanism in case issuer is a pooled finance vehicle;
Timelines for submission of financial results to the stock exchanges.
Acceptance of digitally signed Power of Attorney from FPIs
Towards SEBI’s continued digitalisation efforts, Foreign Portfolio Investors (FPIs) are now permitted to execute a Power of Attorney (PoA) through digital signatures in accordance with the Information Technology Act, 2000. This eliminates the need for notarisation, apostillisation or consularisation of Power of Attorney, thereby reducing the overall time taken for FPI onboarding and improving ease of doing business for FPI applicants. The provisions of the circular came into effect on August 20, 2026.
Reserve Bank Of India
RBI has released Handbook of Statistics on the Indian Economy 2025-26
The Reserve Bank of India has released 28th edition of its annual publication ‘Handbook of Statistics on the Indian Economy, 2025–26 (HBS)’. Through this publication, the Reserve Bank disseminated detailed time-series data on the Indian economy. The Handbook provides statistical tables on macroeconomic and financial data, including national income, prices, money, banking, markets, public finances, foreign trade, the balance of payments, and select socio-economic indicators. The time series data on the Handbook and several other RBI publications are available on the Reserve Bank’s data portal, Database on Indian Economy (DBIE) (https://data.rbi.org.in).
Source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63268
Income Tax and Goods and Services Act
Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026
The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS) Rules, 2026. The last date for filing a declaration under this scheme is 31st December this year. No declaration can be filed after this date. The Foreign Assets of Small Taxpayers-Disclosure Scheme 2026 is a one-time voluntary disclosure scheme contained in Chapter IV of the Finance Act, 2026. It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee. The Income Tax Department has issued a comprehensive FAQ document on the scheme and rules as part of its continued efforts to enhance taxpayer awareness and facilitate a better understanding of the scheme. The FAQs provide clear and concise explanations for the benefit of taxpayers and other stakeholders.
Source: https://www.incometaxindia.gov.in/documents/d/guest/notification-no-114-2026-pdf
Stock Exchanges
SEBI and NSE along with other securities market participants promote financial literacy and investor awareness at the Nehru Trophy Boat Race 2026
Under the aegis of SEBI, the National Stock Exchange of India (NSE) continued its efforts to promote financial literacy, investor education and investor protection by setting up an Investor Awareness Pavilion at the iconic Nehru Trophy Boat Race 2026, held on August 22, 2026, at Punnamada Lake, Alappuzha, Kerala.
The pavilion, organised in collaboration with SEBI and other securities market participants, was inaugurated by Shri Shaji V. Nair, District Collector, Alappuzha; Shri Yathish Chandra G.H., IPS, DIG, Ernakulam Range; and Shri Vishnu Pratheep T.K., IPS, SP, DPC Alappuzha, in the presence of senior representatives from SEBI, NSE and other market participants.
Connecting the Spirit of Boat Racing with Investing
Drawing inspiration from the traditional Vallam Kali, the initiative highlighted how teamwork, discipline, synchronisation, patience, balance and navigating changing currents—essential to a successful boat race—also reflect the principles of informed and responsible investing.
The pavilion engaged spectators, tourists, boating enthusiasts, families and young adults through interactive activities such as Spin the Wheel, “Scam No” Game, Awareness Darts, Protection Baskets and Invest Safe Ludo.
Promoting Safe and Informed Investing
Key investor awareness messages included:
- Understanding investor rights and responsibilities
- Making informed investment decisions
- Identifying and avoiding investment frauds and scams
- Safe and responsible participation in the securities market
- Basics of financial planning and investing
- Awareness of SEBI-verified apps
- Grievance redressal mechanisms available to investors
The initiative also brought Market Infrastructure Institutions and securities market associations under one roof to facilitate investor queries and complaint resolution.
By taking investor awareness to a vibrant cultural and sporting festival, NSE reinforced its commitment to making financial literacy accessible, engaging and relevant, while encouraging citizens to participate in the securities market in a safe, informed and responsible manner.
Source: https://www.nseindia.com/resources/exchange-communication-press-releases
Closing Auction Session (CAS) Introduced to Strengthen Price Discovery
Under the guidance of SEBI, the Closing Auction Session (CAS) was implemented from August 3, 2026, as a step towards enhancing transparency, fairness and robust price discovery in the securities market.
CAS is conducted as a separate 20-minute session from 3:15 p.m. to 3:35 p.m. on trading days. For stocks in the cash segment with available derivative contracts, the closing price is determined through the equilibrium price mechanism, where the price at which the maximum volume can be executed is identified.
Key Features of CAS
- The reference price is based on the VWAP of trades executed between 3:00 p.m. and 3:15 p.m.
- A ±3% price band applies during the CAS.
- Both limit and market orders are permitted, with market orders receiving priority.
- Eligible unexecuted limit orders from the Continuous Trading Session are carried forward, subject to applicable conditions.
- The order entry period includes a random closure mechanism during the final two minutes to promote fairness and prevent manipulation.
- Certain orders, including Stop Loss and Iceberg orders, are not permitted during CAS.
- The existing cash-market risk management and margin requirements continue to apply during the session.
- Equity derivatives continue to trade until 3:40 p.m.
Understanding the Index During CAS
During the CAS order collection period, there is no continuous order matching. Consequently, the displayed traded index value may remain constant, while indicative index values may change based on continuously calculated equilibrium prices. These indicative values should therefore be interpreted appropriately and not as sudden movements in the index.
Strong Participation on Day One
The first day of CAS witnessed encouraging participation, with 515 trading members placing orders for 56,773 unique PANs. This was higher than the participation in the day's pre-open call auction, which saw 403 trading members and 42,822 unique PANs.
The strong initial participation reflects positive market acceptance of the new mechanism, which is expected to mature further as market participants become increasingly familiar with the CAS process.
Overall, the introduction of CAS marks an important step towards transparent, orderly and efficient closing price discovery, strengthening the integrity and resilience of the securities market.
Source: https://www.nseindia.com/resources/exchange-communication-press-releases
Other Acts
Government Strengthened RRBs through Regular Performance Reviews, Technology Upgradation and Financial Inclusion Initiatives
The Government of India regularly reviews the performance and financial health of Regional Rural Banks (RRBs) at national and regional levels. Further, as a follow-up, Department of Financial Services (DFS) conducted periodic and regular meetings with RRBs and sponsor banks at various levels.
The agenda items for the review meetings, inter-alia, include: o Review of the performance of RRBs on financial parameters.
o Focus on technology upgradation.
o Thrust on Micro Small and Medium Enterprise (MSME) portfolio.
o Importance on loan diversification towards Agri-allied, MSME and Retail Sectors.
o Expansion of Financial inclusion in rural and remote areas. The financial health of RRBs has improved in the recent years.
RRBs posted the highest ever consolidated net profit of Rs. 10,177 crores during FY 2025-26. RRBs have also shown consistent improvement in key financial parameters like Capital to Risk Weighted Asset Ratio (CRAR), deposits, advances, Non-Performing Asset (NPA), Credit-Deposit Ratio (CD ratio) etc. Government regularly reviews the progress made by RRBs in deepening financial inclusion in rural and remote areas.
Source: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2290397®=48&lang=1
Government Notified Inventory-based Cross-border E-Commerce Export Framework
The Government of India has operationalised the Inventory-based Cross-border E-Commerce Export Framework under the Foreign Trade Policy (FTP), 2023. The rapid growth of cross-border e-commerce presents a significant opportunity for Indian manufacturers, artisans and MSMEs to access global markets. Following the amendment to the FDI Policy through Press Note No. 3 (2026 Series), which permits inventory-based e-commerce operations exclusively for exports, the Government has now operationalised the corresponding regulatory framework under the Foreign Trade Policy. Under the framework, eligible e-commerce entities may undertake export-only inventory operations through a registered Exporter-on-Record (EOR)
The framework is expected to facilitate greater participation of Indian manufacturers, traders and MSMEs in global e-commerce supply chains by providing access to organised fulfilment networks while ensuring transparency, timely payments, effective pass-through of export benefits and robust regulatory oversight
Source: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2294775®=48&lang=1
The Micro, Small and Medium Enterprises Development (Amendment) Act, 2026
The Micro, Small and Medium Enterprises Development (Amendment) Act, 2026 has received the assent of the President on the 13th August, 2026. The Amendment Act inter-alia consists following:
- Updated classification of the enterprises as micro, small and medium enterprises;
- Mandatory settlement of receivables through Trade Receivables Discounting System for specified entities;
- Revised Micro and Small Enterprises Facilitation Councils (MSEFCs) Framework;
- Strengthened dispute resolution;
- Decriminalisation of offences.
Source: https://egazette.gov.in/(S(rztjjpocnvl50cs1nkrdwtzv))/Default.aspx0
Introduction of Automated Facility for Grant of Export Obligation Extension through PRC/EPCG Committee – Ease of Doing Business
DGFT has introduced an automated facility for grant of Export Obligation (EO) extension in respect of Advance Authorisation (AA) and EPCG Authorisation cases considered by the PRC/EPCG Committee. With the introduction of the new automated facility, the process has now been simplified. Where an exporter applies for EO extension in respect of an Advance Authorisation/EPCG Authorisation through the PRC/EPCG Committee and the Committee decides to grant the EO extension, the approved EO extension will be processed through the system without requiring the exporter to file a separate EO extension application at concerned RA. The process will operate as follows:
- The exporter applies for consideration of EO extension request in PRC/EPCG Committee for concerned Advance Authorisation/EPCG Authorisation.
- Based on the Committee's decision, if extension is approved, the said EO Extension shall be processed directly through the system.
A letter will be issued for payment of the prescribed EO Extension fee on the submitted PRC/EPCG Committee file.
Source: https://www.dgft.gov.in/CP/
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.