Corporate & Compliance Digest March 09, 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 & Employment Law

1.1.          Employees, Pensioners and Organisations Invited to Submit Memorandums

The 8^th (Eighth) Central Pay Commission has opened a structured online mechanism to receive representations/memorandum from associations/unions of employees, pensioners, interested individuals and institutions. Submissions must be made strictly through the designated portals (8cpc.gov.in and innovateindia.mygov.in). Stakeholders can submit their representations/Memorandum up to April 30, 2026.

1.2.          Andaman & Nicobar Notifies Draft Code on Wages Rules, 2026 

Andaman & Nicobar published Draft Code on Wages (A&N Islands) Rules, 2026 (“Rules 2026”) for inviting objections and suggestions from the stakeholders. Rules 2026 outline the procedures for implementing the Code on Wages, 2019, including wage fixation and calculation norms. It mandates adherence to the minimum rate of wages and prescribes timelines for revising dearness allowance. The rules define employer obligations on wage payments, deductions, maintenance of registers, issuance of wage slips and compliance with rest day and working hour norms.

2.              Stamp Duty & Registration

2.1.          Maharashtra to increase penalty for insufficient Stamp Duty on property purchase from INR 5,000 to INR 1 Lakh

The Government of Maharashtra has proposed increasing the penalty for execution of instruments with insufficient stamp duty from INR 5,000 (Indian Rupees Five Thousand only) to up to INR 1 Lakh (Indian Rupees One Lakh only) as part of the Maharashtra Budget for 2026–27 presented in the state assembly. The revision relates to the penal provisions under Sections 59, 60, 63A and 68A of the Maharashtra Stamp Act, 1958, which prescribe penalties where documents are executed with inadequate stamp duty. The proposed revision is intended to curb the execution of property registration documents and other instruments with underpaid stamp duty and strengthen compliance with stamp duty requirements.

3.              Securities & Capital Markets

3.1.          National Stock Exchange of India Limited Announces Launch of New Fund Offer – Dyna Specialised Investment Fund Active Asset Allocator Long-Short Fund

The National Stock Exchange of India Limited ("NSE") has announced the launch of the Dyna Specialised Investment Fund (DynaSIF) Active Asset Allocator Long-Short Fund New Fund Offer (NFO) of 360 Specialised Investment Fund Mutual Fund (360 SIF Mutual Fund). The scheme will be available for transactions on the NSE Mutual Fund Invest Platform (NSE MF Invest Platform) from March 06, 2026, to March 20, 2026. Multiple options—Regular and Direct plans with Growth and Income Distribution–Cum–Capital Withdrawal (IDCW) variants will be offered under the Debt category, with allotment scheduled for March 25, 2026. Members must ensure that clear funds reach the designated Clearing Corporation (CC) account by March 20, 2026, 11:59 PM.

3.2.          NSE Issues Revised Norms for Green Debt Security Reviewers

The NSE has issued a communication to all issuers of green debt securities regarding the updated requirements for appointing an independent third‑party reviewer or certifier. These updated guidelines stem from the Securities and Exchange Board of India ("SEBI") Circular, dated 27 February 2026, which sets out revised norms intended to strengthen oversight and assurance mechanisms for green debt security issuances. Issuers are advised to review the updated framework and ensure full compliance as per the latest SEBI directions.

3.3.          NSE Introduces Order Snapshot Recovery via Transmission Control Protocol/Internet Protocol for Market Data

The NSE has announced the introduction of Order Snapshot Recovery through Transmission Control Protocol/Internet Protocol (TCP/IP) for the Multicast Tick‑by‑Tick (MTBT) broadcast in the Futures and Options (FO) and Currency Derivatives (CD) segments. Previously available only through the Solace Application Programming Interface ("Solace API"), this enhancement aims to support improved efficiency, greater customisation, and an enhanced trading experience for members. The new functionality will be available in the live environment from 09 March 2026, following mock availability on 07 March 2026, with the existing Solace API‑based recovery scheduled for discontinuation on 06 June 2026. Members are encouraged to adopt the new recovery mechanism during the coexistence period and refer to the detailed technical specifications provided by the Exchange.

4.              Information Technology & Data Protection

4.1.          Payment Card Industry Security Standards Council opens Request for Comments on Card Production & Provisioning Security Standards v3.0.1

The Payment Card Industry Security Standards Council (PCI SSC) has opened a Request for Comments (RFC) period from 13 February to 16 March 2026, inviting eligible stakeholders to review and provide feedback on the draft PCI (Payment Card Industry) Card Production and Provisioning – Physical and Logical Security Standards v3.0.1. This exploratory RFC aims to assess whether updates are needed to the current standards, which were last revised in June 2022. The Physical Security Standard outlines requirements for organisations involved in card manufacturing and personalisation processes, including card manufacturers, personalisers, chip embedders, data‑preparation entities and fulfilment providers.

4.2.          International Organisation for Standardisation releases Cybersecurity — Guidance on using ISO and IEC standards in a cybersecurity framework

International Organisation for Standardisation (“ISO”)/ International Electrotechnical Commission (“IEC”) TS 27103:2026 provides organisations with practical guidance on how to use existing ISO and IEC standards within a unified cybersecurity framework. Published in February 2026 as the first edition, it replaces ISO/IEC TR 27103:2018 and helps organisations integrate standards such as ISO/IEC 27001, ISO/IEC 27002 and other related documents into a coherent, risk‑based cybersecurity programme. The specification acts as a bridge between high‑level cybersecurity functions and detailed implementation standards, offering clearer traceability for audits, improved governance alignment, and a common language for security, risk, and compliance teams. It structures cybersecurity activities around core functions (e.g., Identify, Protect, Detect, Respond, Recover), simplifying programme design and supporting more efficient, consistent, and scalable security management.

4.3.          High‑Risk Vulnerabilities Detected in Google ChromeOS and ChromeOS Flex

Multiple high‑severity vulnerabilities have been identified in Google ChromeOS and ChromeOS Flex (versions prior to 16552.47.0). These flaws stem from issues such as improper input validation, memory corruption, and inadequate security checks within system components and the Chromium engine. A remote attacker could exploit these weaknesses- often by luring users to a malicious web page—to execute arbitrary code, escalate privileges, access sensitive data, or disrupt system operations. As a result, both organisations and individual users face a heightened risk of system compromise, data theft, and service disruption.

4.4.          High‑Severity Security Flaws Found in Google Chrome for Desktop

Multiple high‑risk vulnerabilities have been identified in Google Chrome for Desktop on Windows, macOS, and Linux systems (versions prior to 145.0.7632.116/117). These flaws arise from out‑of‑bounds read/write issues in Media and Tint components, as well as improper implementation in DevTools. A remote attacker could exploit these weaknesses typically by tricking users into visiting a malicious web page- to execute arbitrary code, bypass security restrictions, or access sensitive information. Users and organisations are advised to update Chrome immediately to mitigate the risk of system compromise and data exposure.

5.              Taxation (Direct & Indirect)

5.1.       Government Amends Union Territory GST Notification to Update Designated Authority

The Ministry of Finance has issued a new notification amending the earlier Union Territory Goods and Services Tax (“UTGST”) notification of 2018. The update substitutes the existing entry for Sl. Nos. 3 and 4 in the notification’s table and designates Ms Krati Nigam, Joint Commissioner, Central GST Daman, as the new authorised officer. The amendment has been issued under the powers granted by the UTGST Act, CGST Act, and GST Rules, and takes effect immediately upon its publication in the Official Gazette. The notification also references previous amendments made between 2019 and 2023 to the original 2018 notification.

6.              Banking & Financial Regulation

6.1.       RBI alerts Regulated Entities to UNSC 1267/1989 Delisting and Sanctions-Screening Actions

Reserve Bank of India (“RBI”) issued a communication to banks, non-banking financial companies and other Regulated Entities (“REs”) on implementing the Unlawful Activities (Prevention) Act, 1967, noting that the United Nations Security Council (“UNSC”) Committee under the 1267 (1999) / 1989 (2011) / 2253 (2015) sanctions regime has, delisted 1 (one) entity: AL NUSRAH FRONT FOR THE PEOPLE OF THE LEVANT (including multiple aliases, such as Hay’at Tahrir al-Sham), and consequently the related asset-freeze, travel-ban and arms-embargo measures no longer apply to that entry. RBI has directed all REs to take action as per the Reserve Bank of India – Know Your Customer Directions, 2025, including updating screening against UNSC sanctions lists and following the procedure in the Unlawful Activities (Prevention) Act, 1967.

7.              Regulatory Enforcement / Compliance Actions

Authority	Name of Company	Amount of Penalty Imposed	Contravention
SEBI	Coffee Day Enterprises Ltd. (CDEL) and nine executives	INR 38 Lakh (Indian Rupees Thirty-Eight Lakh only)	Failure to recognise interest expenses of approx. INR 489.49 Crore (Indian Rupees (Indian Rupees Four Hundred Eighty-Nine Crore and Forty-Nine Lakh only) over 22 quarters; violations of Section 129 of Companies Act, 2013; non-compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations); violation of Indian Accounting Standards (Ind AS) 1, 23, 32, 109; failure to present a “true and fair view” of financials.
SEBI	Zuari Agro Chemicals Ltd. (ZACL) and four former executives	INR 2.91 Crore (Indian Rupees Two Crore Ninety-One Lakh only)	Financial misstatements and compliance failures; under-reporting losses; incorrect recording of INR 117.79 Crore (Indian Rupees One Hundred Seventeen Crore and Seventy-Nine Lakh only) impairment; violations of Regulation 4(1) of LODR and PFUTP Regulations, 2003; failure to provide “true and fair view”; related-party transactions without mandatory prior approvals under LODR 23(2) and 23(4); breach of fiduciary duties under Regulation 33 and Section 27 of the SEBI Act.
Registrar of Companies (ROC), Gwalior	Xtranet Technologies Limited and directors	INR 3 Lakh (Indian Rupees Three Lakh only)	Failure to file consolidated financial statements for FY 2017–18; violation of Section 137(1) of the Companies Act, 2013 read with Rule 12 of Companies (Accounts) Rules, 2014; incorrect declaration in AOC-4; penalty under Section 137(3) for continuing default.

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