Corporate & Compliance Digest April 27, 2026

We are delighted to share this week's AKP Corporate & Compliance Weekly Digest. Please feel free to write to us with your feedback at info@akandpartners.in.

1. Labour Law

1.1. Odisha repeals Professional Tax Law through new Ordinance

The Government of Odisha has issued an ordinance repealing the Odisha State Tax on Professions, Trades, Callings and Employments Act, 2000, effective April 1^st, 2026. The repeal follows the Governor’s decision that immediate action was necessary while the Legislature was not in session. Although the Act is now withdrawn, the ordinance clarifies that all past actions, such as assessments, taxes already paid, pending recoveries, legal proceedings and existing rights or liabilities, remain valid and may continue as if the Act had not been repealed.  This update aims to ensure a smooth transition without disrupting ongoing compliance or enforcement processes.

1.2. Telangana Issues Safety Alert After Fatal Fire in Thermic Fluid System

The Telangana Directorate of Factories has released a safety alert following a fatal fire at a lubricant processing facility, where a sudden leak in a thermic fluid heating system ignited and caused rapid fire spread. The investigation pointed to ageing equipment, inconsistent maintenance, inadequate supervision and the absence of proper detection and suppression systems. Industries using thermic fluid heaters have been advised to strengthen preventive maintenance, carry out integrity testing, ensure operator competency and install appropriate fire detection and automatic suppression systems. The alert emphasises that workers shall prioritise immediate evacuation during a leak or fire rather than attempting manual intervention. Factories are urged to conduct immediate safety audits to prevent similar incidents.

1.3. Haryana Introduces Comprehensive Pneumoconiosis Rehabilitation Policy for Affected Workers

The Haryana Government has issued a revised Pneumoconiosis Rehabilitation Policy, replacing its earlier 2017 framework to support workers suffering from occupational lung diseases such as silicosis, asbestosis, byssinosis and bagassosis. The policy provides a structured system of free medical treatment, compensation under relevant labour laws, and multiple welfare schemes including INR 5,00,000/- (Indian Rupees Five Lakhs) rehabilitation assistance, monthly pensions, education support for children, and marriage related financial aid. Eligible workers must have their condition certified by the Pneumoconiosis Diagnosis Board and should have worked in Haryana for at least five years in high‑risk sectors such as factories and construction sites. The policy also mandates awareness programmes and a dedicated corpus fund for long‑term implementation.

1.4. Uttarakhand Announces Revised Variable Dearness Allowance Across Scheduled Employments

The Government of Uttarakhand has updated the Variable Dearness Allowance (“VDA”) for workers in all scheduled employments with effect from April 1^st, 2026, based on the rise in the All‑India Consumer Price Index. With the average index rising from 139 to 148, the revised VDA has been fixed at INR 518/- (Indian Rupees Five Hundred and Eighteen) per month for all categories of employees across more than 50 notified sectors, including shops, road construction, stone‑breaking, bakeries, cold storage units, rubber and plastic industries, textiles, hotels, clinics and more. The update ensures wage inflation adjustments are applied uniformly, offering workers compensation aligned with cost‑of‑living changes while employers are instructed to implement the revised rates accordingly. Revised VDAs are also announced for engineering and agriculture industries.

2. Stock Exchanges

2.1. NSE issues directions on submission of Initial Accessibility Audit Report for digital platforms under Rights of Persons with Disabilities Act, 2016

NSE (“National Stock Exchange Limited”) has directed all trading members to submit the Initial Accessibility Audit Report for their digital platforms in line with the Securities and Exchange Board of India (“SEBI”) circular on Rights of Persons with Disabilities Act, 2016 and related rules (“RPwD Act”), by April 30, 2026, through the ENIT portal under the module “Compliance with RPwD Act, 2016 – RPwD Submission”. The circular, referencing SEBI Circular No. SEBI/HO/ITD‑1/ITD/VI/APP/CIR/2025/131 and earlier NSE guidance, prescribes a detailed online workflow and mandatory data fields, including details of International Association of Accessibility Professionals (“IAAP”) certified accessibility professionals, scope and terms of reference of the audit, key findings, consolidated signed audit reports and time‑bound remediation plans, with step‑by‑step instructions and management information system (“MIS”) download options for members.

2.2. NSE notifies SEBI Intermediaries Amendment Regulations, 2026

NSE has informed its trading members that the Securities and Exchange Board of India Intermediaries Amendment Regulations, 2026, as notified in the Gazette of India on April 15, 2026, have come into force from the date of publication and members are required to ensure compliance. The amendments, inter alia, define “days” to mean calendar days by default, refine the “fit and proper person” criteria (including treatment of economic and securities law offences), introduce explicit timelines for intermediaries to inform SEBI of specified adverse events and to replace or neutralise persons declared not fit and proper, thereby tightening governance expectations for intermediaries and their key persons.

2.3. NSDL amends business rules on margin pledge and auto pledge for unpaid client securities

National Securities Depository Limited (“NSDL”) has amended Rules 12.16 and 12.19 of its Business Rules, along with Form 43 (Margin pledge) and Form 44 (Release of pledge or Invocation/Release of pledge‑cum‑transfer), to align the margin pledge and auto pledge framework for unpaid client securities with the evolving regulatory regime applicable to trading members and clearing members. The circular advises participants to review the revised rule text and forms contained in the annexures, and to operationalise the updated procedures for recording, releasing and invoking margin pledges and auto pledges in respect of unpaid securities of clients, while also reminding them of periodic reporting obligations under NSDL’s master circulars (for example, investor grievance, cyber resilience, risk‑based supervision and alerts reporting through the e‑PASS platform).

2.4.  NSDL amends business rules on closure and shifting of demat accounts and opening of demat accounts in name of Association of Persons

NSDL has revised its Business Rules to explicitly provide for opening of demat accounts in the name of Association of Persons (“AOP”) in Form 11, and to update the framework for closure and shifting of demat accounts through changes to Rule 12.8.3, Annexure K (Rights and Obligations of the Beneficial Owner and Depository Participant) and Form 34 (Application for closing a demat account). Participants are required to adopt the revised forms and rights‑and‑obligations annexure (shared in track‑change mode) for new AOP accounts and for account closure or shifting requests, and to continue meeting recurring compliance and reporting timelines to NSDL and SEBI, such as investor grievance reporting, cyber security and cyber resilience disclosures, risk‑based supervision returns and multiple‑contact‑details monitoring.

3. Information Technology

3.1. CERT-In Flags Multiple Vulnerabilities in Quantum Networks Router

CERT-In has issued Vulnerability Note CIVN-2026-0200 highlighting multiple vulnerabilities in Quantum Networks Router QN-I-470 (Firmware version 6.1.1.B1). The note identifies vulnerabilities including command injection, missing rate limiting, weak password policy, and information disclosure, which could allow attackers to execute arbitrary code with root privileges, conduct brute-force attacks, gain unauthorised administrative access, or access sensitive information. The vulnerabilities arise due to inadequate input sanitisation, absence of login protection mechanisms, weak password enforcement, and improper access control in the web management interface. CERT-In has advised users and administrators to upgrade affected devices to firmware version 7.5.4.B9 to mitigate risks, with the advisory aimed at preventing device compromise and safeguarding network security.

3.2. CERT-In Flags Multiple Vulnerabilities in Oracle Products

CERT-In has issued Advisory CIAD-2026-0019 highlighting multiple vulnerabilities in Oracle products including Oracle MySQL, Java SE, Oracle Database Server, WebLogic Server, and VirtualBox. The advisory notes that these vulnerabilities arise due to improper input validation, insecure deserialization, access control weaknesses, and memory handling issues, which could be exploited by remote attackers to execute arbitrary code, gain elevated privileges, cause denial-of-service conditions, access sensitive information, manipulate data, or bypass security controls. The advisory is directed at organisations and IT administrators using Oracle products and emphasises risks such as system compromise, data exfiltration, and instability. CERT-In has advised applying appropriate security updates as specified in the Oracle security advisory to mitigate these risks and ensure system security.

3.3. CERT-In Flags Critical Certificate Validation Vulnerability in Cisco Webex Services

CERT-In has issued Vulnerability Note CIVN-2026-0199 highlighting a certificate validation vulnerability in Cisco Webex Services configured with Single Sign-On (SSO) integration via Control Hub. The vulnerability arises due to improper certificate validation within the SSO implementation, which could allow an unauthenticated remote attacker to bypass identity verification by supplying forged or untrusted certificates and impersonate legitimate users. Successful exploitation could result in unauthorised access to Webex services and compromise of enterprise communication systems, affecting confidentiality, integrity, and availability. CERT-In has advised IT administrators and users to apply appropriate updates as specified in the Cisco advisory to mitigate the risk.

4.  MCA

4.1. Central Government notifies and publishes Companies (Registration Offices and Fees) Amendment Rules, 2026 for Filing DIR‑3 KYC Web

The Ministry of Corporate Affairs (“MCA”) has issued notification on April 21, 2026, amending the Companies (Registration Offices and Fees) Rules, 2014, specifically updating the fee structure for Form DIR‑3 KYC Web filings. The amendment replaces the earlier fee table and introduces a clearer three‑tier structure. Key changes suggested include, a nil fee when the form is filed within the original deadline, a INR 5,000 fee if filed late or for reactivation of a Director Identification Number and a INR 500 fee for any subsequent filing made to update details as permitted under the rules. These changes take effect immediately upon publication in the Official Gazette.

4.2. MCA Launches One‑Time Scheme to Help Companies Clear Long‑Pending Filings

The MCA has introduced the Companies Compliance Facilitation Scheme, 2026 (“CCFS‑2026”), a limited period window from April 15, 2026, to July 15, 2026, to help companies file overdue annual returns, financial statements and certain legacy e‑forms at concessional additional fees. The CCFS-2026 allows most companies to regularise multiple pending filings, opt for dormant status at half the usual fee or apply for strike‑off at 25 per cent [twenty-five per cent] of the normal fee. A key benefit is that companies filing overdue MGT‑7/7A and AOC‑4 forms within the allowed time may receive immunity from penalties in specified situations and filing only 10 per cent (ten per cent) of the usual additional fee for delayed forms. Companies are encouraged to identify their defaults early, ensure audits are completed where required and file before the deadline to avoid future enforcement, including potential strike‑off.

5. Tax

5.1. Odisha notifies repeal of Profession Tax law effective April 1, 2026

The Government of Odisha, through a notification issued by the Law Department, has formalised the repeal of the Odisha State Tax on Professions, Trades, Callings and Employments Act, 2000, with effect from April 1, 2026, pursuant to the Odisha Ordinance, 2026. The repeal eliminates the levy of professional tax across the state, requiring discontinuation of tax deductions from salaries and shifting the compliance framework for employers and employees, while preserving liabilities and proceedings relating to prior periods.

6. Regulatory Enforcement and Compliance Action

Authority	Name of Company / Individual	Amount of Penalty Imposed	Contravention
Securities and Exchange Board of India (SEBI)	11 entities for engaging in fraudulent and manipulative trading in the scrip of Veer Global Infraconstruction Limited	Consolidated Penalty of INR 30 Lakhs (Rupees Thirty Lakhs only)	Entities engaged in fraudulent and manipulative trading in the scrip of Veer Global Infraconstruction Limited, in violation of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
Registrar of Companies (ROC), Hyderabad	Digilogic Systems Limited	INR 3,67,20,000 (Rupees Three Crores Sixty Seven Lakhs and Twenty Thousand only)	Violation of Section 42(6) of the Companies Act, 2013. The company, while carrying out a private placement, failed to open a separate bank account in a scheduled bank for the receipt of share application money as mandated, circulated PAS-4 before filing of Form MGT-14, all of which were held as non-compliances under Section 42(6). The penalty was levied under Section 42(10) on the company as well as its promoters and directors with a direction to rectify the default within 90 days of receipt of the order.

Disclaimer

The note is prepared for knowledge dissemination and does not constitute legal, financial or commercial advice. AK & Partners or its associates are not responsible for any action taken based on its contents.

For further queries or details, you may contact:

Mr Anuroop Omkar

Founding Partner, AK & Partners

info@akandpartners.in