Corporate & Compliance Digest July 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 & Employment Law

1.1.      Ministry of Labour and Employment reconstitutes Central Advisory Board under Code on Wages 2019

The Ministry of Labour and Employment (“MoLE”) has reconstituted the Central Advisory Board ("CAB") under Section 42 of the Code on Wages, 2019, superseding the earlier notification dated 29 January 2019. The newly constituted CAB comprises representatives from the Central and State Governments, employers and employees, with the Union Minister for MoLE serving as Chairperson. The Board includes representatives from Uttar Pradesh, Odisha, Maharashtra, Andhra Pradesh and Assam, as well as employer bodies such as the Confederation of Indian Industry (CII), the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Council of Indian Employers (CIE), alongside representatives from major trade unions. The reconstitution is intended to facilitate stakeholder consultation and advise the Central Government on matters relating to wages and labour welfare under the Code on Wages, 2019.

1.2.         EPFO deploys Samadhan Setu Portal and discontinues Issue Tracker Portal

The Employees’ Provident Fund Organisation ("EPFO") has deployed a new web-based application, Samadhan Setu Portal across its Multiprotocol Label Switching network for field offices to report technical issues relating to applications and utilities managed by the Information Systems Division (IS Division). Consequently, the existing Issue Tracker Portal has been discontinued. Under the new framework, field offices can log issues through Samadhan Setu, which automatically routes cases to the relevant technical team based on the selected category. EPFO has also issued guidelines requiring prior approval before raising issues, submission of complete supporting documents, avoidance of duplicate or non-technical queries, and closure of matters that have already been resolved through other mechanisms. The initiative aims to streamline technical issue management and improve resolution efficiency across EPFO field offices.

1.3.         ESIC directs timely completion of APARs through SPARROW Portal

The Employees’ State Insurance Corporation ("ESIC") has instructed all offices and institutions to accord priority to the timely completion of Annual Performance Assessment Reports ("APARs") for Assessment Year 2025-26 through the Smart Performance Appraisal Report Recording Online Window (SPARROW) Portal. ESIC noted significant pendency levels, including approximately 905 APARs pending at the self-appraisal stage, around 11,000 APARs pending with Reporting Officers, and nearly 8,405 APARs awaiting review. Accordingly, ESIC has directed all field units to immediately generate pending APAR workflows, ensure prompt submission of self-appraisals, expedite reporting and reviewing activities, and closely monitor progress to adhere to timelines prescribed by the Department of Personnel and Training (DoPT), thereby preventing delays in subsequent stages such as disclosure, closure and representation.

2.              Securities & Capital Markets 

2.1.          CDSL clarifies Nomination Communication Requirements for Demat Accounts

Central Depository Services (India) Limited ("CDSL") has issued a clarification on the revised nomination framework for demat accounts, requiring Depository Participants (“DPs”) to send bi-annual email and SMS communications to Beneficial Owners ("BOs") whose nomination details are not registered. The requirement extends to both existing and newly opened demat accounts, including sole or single-holder accounts where the BO has opted out of nomination, as well as accounts where neither nomination nor opt-out instructions have been provided. The clarification forms part of the broader “Ease of Doing Investments” initiative and aims to encourage investors to update nomination details. All other provisions of CDSL’s earlier circular on modified nomination norms remain unchanged, and DPs have been directed to make necessary arrangements to ensure compliance.

2.2.          NSE issues circular on freezing Promoter Holdings in Buy-back Transactions

National Stock Exchange of India Limited ("NSE") has operationalised the freezing of holdings of promoters, promoter groups and their associates (Promoter Holdings) at the International Securities Identification Number (ISIN) level during share buy-back offers. Under the amended SEBI (Buy-back of Securities) Regulations, 2018, Promoter Holdings will remain frozen from the date of approval of the buy-back by the board of directors or shareholders, as applicable, until the closure of the offer. The framework permits promoters to tender securities in buybacks conducted through the tender offer route and allows invocation of encumbrances created prior to the commencement of the buy-back period. Depositories have been directed to implement the necessary operational framework and system enhancements by 1 August 2026, while listed companies, stock exchanges, depositories, merchant bankers and registrars are required to ensure compliance with the revised requirements. 

2.3.          NSE launches Nifty REITs & InvITs 90:10 Index

NSE, through NSE Indices Limited, has launched the Nifty REITs & InvITs 90:10 Index to track the performance of all publicly listed Real Estate Investment Trusts ("REITs") and Infrastructure Investment Trusts ("InvITs"). The index assigns weights based on free-float market capitalisation, subject to a maximum cap of 33 Per cent (Thirty-Three Per cent) per security, with the aggregate weight of REITs maintained at a minimum of 90 Per cent (Ninety Per cent) and the top three constituents capped at 62 Per cent (Sixty-Two Per cent). The index has a base date of 1 April 2021 and a base value of 1,000 and will be reconstituted and rebalanced quarterly. The index is expected to serve as a benchmark for asset managers and investment products focused on the REIT and InvIT segment.  

2.4.          NSE Clearing introduces OTP-Based Two-Factor Authentication for NCMS

NSE Clearing Limited ("NSE Clearing") has announced the implementation of One-Time Password (OTP) based Two-Factor Authentication (2FA) for user logins on the NSE Clearing Management System - Capital Market Segment (NCMS-CM), covering both admin and sub-users. Effective from 25 July 2026, the enhanced security measure aims to strengthen access controls and safeguard user accounts. NSE Clearing has also notified the release of NCMS version 4.2.3, which will be available for download from its designated platforms from the same date. Members have been advised to upgrade their systems and ensure compliance with the revised login requirements.  

2.5.          NSE issues reminder to Trading Members to Submit FY 2025-26 VAPT Reports

NSE has issued a reminder to trading members regarding the submission of Vulnerability Assessment and Penetration Testing (“VAPT”) reports for Financial Year (“FY”) 2025-26. NSE has reiterated that VAPT audits must be conducted by a Computer Emergency Response Team-India ("CERT-In") empanelled auditor and that the approved VAPT reports must be submitted by 31 July 2026 after review by the respective Information Technology (IT) Committee.

2.6.        NSE revises applicability framework for Reversal Trade Cancellation Mechanism for August 2026

NSE has issued a circular clarifying the methodology for identifying securities covered under the Reversal Trade Cancellation Mechanism ("RTCM") for August 2026. RTCM will apply to specified series of securities which has been made available to members through the NSE extranet. However, securities forming part of the approved securities list published by NSE Clearing Limited (NCL), constituents of the Nifty 500 Index, and Exchange Traded Funds (ETFs) will be excluded from the framework. NSE reiterated that RTCM is intended to prevent reversal trades between two Permanent Account Number (PAN) holders when prescribed thresholds are breached and clarified that the mechanism does not relieve trading members of their obligations under existing surveillance and regulatory requirements.  

2.7.    BSECL notifies members about NPCI Guidelines on UPI AutoPay Mandate Executions

BSE Clearing Limited ("BSECL") has notified market participants of additional guidelines issued by the National Payments Corporation of India ("NPCI") regarding the execution of Unified Payments Interface ("UPI") AutoPay mandates. Under the revised requirements, UPI AutoPay mandate execution requests must be initiated only during NPCI-prescribed non-peak hours, with peak hours defined as 10:00 a.m. to 1:00 p.m. and 5:00 p.m. to 9:30 p.m. BSECL has advised all stakeholders to review their existing UPI AutoPay processes, ensure mandate executions are scheduled outside the specified peak periods, and undertake necessary measures to comply with NPCI directions and payment aggregator requirements.  

3.            Information Technology & Data Protection

3.1.          CERT-In flags critical vulnerabilities in Microsoft Products

CERT-In has issued a critical vulnerability note highlighting multiple security flaws affecting several Microsoft products, including Microsoft 365 Copilot, Microsoft Exchange Online, Microsoft Edge (Chromium-based), Microsoft Dynamics 365, Azure Synapse, Azure AI Bot Service, Dynamics 365 Customer Voice and Microsoft Cost Management. The vulnerabilities arise from weaknesses such as improper access controls, authentication failures, exposure of sensitive information, untrusted URL redirection and execution with unnecessary privileges. Successful exploitation could enable attackers to perform privilege escalation, spoofing, tampering and unauthorised access to sensitive information. CERT-In has assessed the risk as high and advised users and organisations to promptly apply the security updates released by Microsoft to mitigate potential system compromise.

3.2.          CERT-In issues high-severity vulnerability alert on Google Chrome

CERT-In has issued a high-severity advisory regarding multiple vulnerabilities in Google Chrome for Desktop affecting versions prior to 150.0.7871.181/.182 for Windows and Mac, and versions prior to 150.0.7871.181 for Linux. The vulnerabilities stem from flaws in components such as WebAudio, ANGLE, Chromecast, Skia, V8 and the user interface (UI), which could be exploited by persuading users to visit a specially crafted web page. Successful exploitation may enable remote code execution and bypass security restrictions, potentially resulting in unauthorised access to affected systems. CERT-In has advised users and organisations to promptly apply the security updates released by Google to mitigate the identified risks.

3.3.        CERT-In issues high-severity alert on vulnerabilities in Citrix Products

CERT-In has issued a high-severity advisory regarding multiple vulnerabilities in Citrix Secure Access Client for Windows and Citrix Endpoint Analysis Client for Windows. The vulnerabilities, arising from improper privilege management and an out-of-bounds memory read flaw, may allow a local low-privileged attacker to escalate privileges to SYSTEM level or disclose sensitive information from process memory. Successful exploitation could lead to full system compromise and unauthorised access to sensitive data. CERT-In has advised users and organisations to update affected Citrix products to the latest versions released by Citrix to mitigate the associated risks.

4.              Taxation (Direct & Indirect)

4.1.          CBDT enables display of Foreign Asset Information in AIS

The Central Board of Direct Taxes ("CBDT") has enabled taxpayers to view information relating to foreign assets and income received under the Automatic Exchange of Information framework in their Annual Information Statement on the Income-tax e-Filing Portal. The facility displays foreign financial information received from over 100 partner jurisdictions, including details of foreign bank accounts, custodial accounts, investments, interest and dividend income for Calendar Years 2022, 2023 and 2024. CBDT has clarified that the information available in AIS is intended to facilitate accurate tax compliance and does not constitute a complete record of a taxpayer’s foreign assets or income. 

5.              Corporate Law & MCA

5.1.          MCA invites stakeholder suggestions on Integrated Insolvency Platform (iPIE)

The Ministry of Corporate Affairs ("MCA") has invited comments and suggestions on the proposed Integrated Platform for Insolvency Ecosystem (“iPIE”), a unified digital platform aimed at streamlining processes under the Insolvency and Bankruptcy Code, 2016 (IBC). The proposed platform will integrate key stakeholders, including the National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), Insolvency and Bankruptcy Board of India (IBBI), insolvency professionals and information utilities, into a single technology-driven ecosystem. iPIE is envisaged to facilitate end-to-end digital workflows, real-time information sharing, claims management, compliance tracking, litigation management, electronic voting and secure document storage, thereby enhancing transparency, efficiency and ease of doing business in insolvency proceedings. MCA has sought stakeholder feedback on the platform’s design and functionality, with comments invited until 3 August 2026.

6.               Regulatory Enforcement MCA

Authority	Name of the Entity	Amount	Contravention
ROC, Cuttack	Shakti Chrome Limited	INR 1,08,000/- (Indian Rupees One Lakh Eight Thousand only)	Failure to file financial statements for FY 2022-23 within the prescribed timeline under Section 137(1) of the Companies Act, 2013.
ROC, Delhi	Synergy Advanced Metals Limited	INR 2,00,000/- (Indian Rupees Two Lakh only)	Violation of Section 29 of the Companies Act, 2013 read with Rule 9A of the Companies (Prospectus and Allotment of Securities) Rules, 2014 for allotting securities without ensuring that the existing shareholding of promoters/directors was held in dematerialised form prior to the allotment.
ROC, Kolkata	Artistery House Private Limited	INR 10,000 (Indian Rupees Ten Thousand only)	Violation of Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 read with Section 450 of the Companies Act, 2013 for filing Form AOC-4 XBRL with incorrect particulars.
ROC, Kolkata	Apeejay House Private Limited	INR 10,000/- (Indian Rupees Ten Thousand only)	Violation of Rule 8(3) of the Companies (Registration Offices and Fees) Rules, 2014 read with Section 450 of the Companies Act, 2013 for filing Form ADT-1 with incorrect particulars.
ROC, Kolkata	Polar Elektric Limited	INR 63,900 (Indian Rupees Sixty-Three Thousand Nine Hundred	Violation of Section 117(1) read with Section 117(3) and Section 117(2) of the Companies Act, 2013 for delayed filing of e-Form MGT-14 in respect of a special resolution.

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