Corporate & Compliance Digest November 02, 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. Central Government constitutes NSSB for unorganised, gig and platform workers
The Ministry of Labour and Employment has notified the constitution of the National Social Security Board (“NSSB”) under Section 6 of the Code on Social Security, 2020, for a period of three years from the date of publication of the notification in the Official Gazette. The Board will comprise representatives of the Central Government, State Governments, employers, employees and other stakeholders, with the Union Minister for Labour and Employment serving as its Chairperson and the Secretary, Ministry of Labour and Employment, as its Vice-Chairperson. The notification further provides that the Board will also function as the National Social Security Board for gig workers and platform workers under Section 114(6) of the Code, with a separate composition comprising representatives of platform-based businesses, gig and platform workers, trade unions, relevant government departments and other stakeholders.
1.2. Government of Maharashtra approves Basic Item Kit Assistance Scheme for children of registered construction workers
The Labour Department, Government of Maharashtra, vide a Government Resolution dated 30 October 2026, has granted administrative and financial approval to the “Basic Item Kit Assistance Scheme” under the revised Educational Assistance Scheme of the Maharashtra Building and Other Construction Workers Welfare Board, Mumbai. The Scheme applies to the first 2 children of registered active construction workers who are studying in Standard I to Standard VIII. The Scheme follows the Code on Social Security, 2020, which provides for educational schemes for the benefit of children of beneficiaries. The kit comprises 22 items totalling 49 pieces, including a school bag, a water bottle, a tiffin box, a raincoat, a calculator, a solar lamp, a folding study table and stationery. The kit was finalised by a Government-constituted selection committee after reviewing the item lists under the Nipun Maharashtra Abhiyan and the Brihanmumbai Municipal Corporation and was approved by the Board on 11 August 2026. The expenditure shall be met from the cess fund held by the Board, and the Secretary and Chief Executive Officer of the Board has been authorised to implement the Scheme.
1.3. Tripura Government fixes minimum daily base wage rate at INR 450, effective 1 April 2027
The Government of Tripura, through the Labour Department, has fixed the minimum daily base wage rate in the State at INR 450 (Indian Rupees Four Hundred and Fifty only), pursuant to the recommendations of the State Advisory Board on Minimum Wages and with the approval of the State Government. The base rate will serve as a reference for examining and determining minimum wage rates, subject to applicable statutory provisions. Minimum wage rates for different employments and skill categories will be determined, wherever required, in accordance with the prescribed statutory provisions and procedures. The notification, dated 29 October 2026, will come into effect from 1 April 2027 and will be subject to the provisions of the Code on Wages, 2019 and the rules made thereunder. Employment in tea plantations has been excluded from its scope, without prejudice to the applicability of the Code on Wages, 2019 or any separate minimum wage notification applicable to such employment.
2. Securities & Capital Markets
2.1. NSE Issues Common Standard Operating Procedure for Approvals for Further Issues
BSE Clearing Limited issued Notice No. 20261023-7, informing its members about SEBI’s circular dated 22 October 2026 concerning the waiver of margins on subsequent buy or sell transactions following an Early Pay-In (“EPI”) in the cash segment. The notice communicates the revised margin treatment to clearing members and refers to the underlying SEBI circular for the applicable requirements. Clearing members are required to take note of the revised framework and assess its implications for their settlement and margin-management processes.
2.2. BSE Prescribes Half-Yearly Internal Audit Reporting Requirements for Clearing Members
BSE Clearing Limited issued Notice No. 20261027-4 prescribing requirements for the submission of half-yearly internal audit reports by clearing members for the half-year ended 30 September 2026. Clearing members undertaking clearing activities for other stockbrokers or custodial participants during the period from 1 April 2026 to 30 September 2026 are required to conduct an internal audit and submit the report through BSE Clearing’s Electronic Filing System (“IEFS”). The deadline for submission is 30 November 2026. The notice also prescribes requirements concerning audit documentation, digitally signed certificates, reporting of non-compliances and submission of management comments. Clearing members are required to address reported non-compliances within the prescribed timeline.
2.3. NSE Announces Additional Surveillance Measures for Identified Securities (Long-Term ASM)
NSE issued Circular on 23rd October 2026 announcing the inclusion of certain securities under the Long-Term Additional Surveillance Measure (ASM) framework. The identified securities will attract a 100% margin requirement with effect from 28 October 2026. Securities meeting the specified Stage IV criteria will also be shifted from the Rolling Settlement segment (EQ) to the Trade-for-Trade segment (BE) from the same date. The measure is intended to strengthen market surveillance and should not be construed as an adverse action against the concerned companies.
3. Information Technology & Data Protection
3.1. Maharashtra operationalises governance framework under AI Policy, 2026
The Government of Maharashtra, through a Government Resolution dated October 28, 2026, has constituted a three-tier governance structure for the implementation of the Maharashtra Artificial Intelligence (“AI”) Policy, 2026. The framework comprises a State Level Steering Committee (SLSC), State Level Executive Committee (SLEC) and State Level Technical Committee (SLTC) to oversee policy implementation, facilitate inter-departmental coordination, approve eligible incentives and undertake technical evaluation and monitoring of AI initiatives across the State. The committees will be responsible for providing strategic oversight, reviewing policy progress, evaluating incentive and subsidy proposals, supporting partnerships with AI companies and research institutions, and monitoring the implementation of approved AI projects. The resolution operationalises the governance framework envisaged under the Maharashtra AI Policy, 2026 to promote the coordinated and responsible adoption of AI across government departments.
3.2. CERT-In issues critical advisory on multiple vulnerabilities in Mozilla products
The Indian Computer Emergency Response Team ("CERT-In") has issued a critical vulnerability note (CIVN-2026-0533) dated 30 October 2026, regarding multiple vulnerabilities affecting Mozilla Firefox versions prior to 159, Mozilla Firefox Extended Support Release (“ESR”) versions prior to 115.44 and 153.6, and Mozilla Thunderbird versions prior to 153.6 and 159. The vulnerabilities, arising from use-after-free, memory safety issues, incorrect boundary conditions, uninitialized memory and race conditions, could allow remote attackers to gain elevated privileges, bypass security restrictions, disclose sensitive information, manipulate data and conduct spoofing attacks. CERT-In has advised users and organisations using the affected products to apply the appropriate security fixes and updates to mitigate the identified risks.
3.3. CERT-In issues critical advisory on multiple vulnerabilities in Apache Tomcat
CERT-In has issued a critical vulnerability note (CIVN-2026-0532) dated 29 October 2026, regarding multiple vulnerabilities affecting Apache Tomcat versions 11.0.26 and prior, 10.1.60 and prior, and 9.0.122 and prior. The vulnerabilities, arising from improper object recycling and missing critical steps in authentication, could allow remote attackers to bypass authentication or cause requests and responses to be incorrectly associated with different users, potentially resulting in unauthorised access, disclosure of sensitive information and system compromise. CERT-In has advised users and organisations using the affected versions to apply the appropriate security fixes specified in the Apache Tomcat Security Updates.
3.4. CERT-In issues critical advisory on multiple vulnerabilities in GoAhead Web Server
CERT-In has issued a critical advisory (CIAD-2026-0057) dated 28 October 2026, regarding multiple vulnerabilities affecting GoAhead Web Server versions 3.4.5 to 6.1.0 with OpenSSL TLS build, versions 4.0.2 to 6.1.0 with Mbed TLS build, and versions 6.1.0 and prior with LibreSSL Legacy TLS build. The vulnerabilities, arising from improper certificate validation, could allow remote attackers to bypass security restrictions, obtain sensitive information, decrypt certain TLS-encrypted communications and gain unauthorised access to affected services. CERT-In has advised users and organisations using the affected versions to apply the appropriate updates specified by the vendor, EmbedThis.
3.5. CERT-In issues critical advisory on multiple vulnerabilities in Apple Inc
CERT-In has issued a high-severity advisory dated October 27, 2026, regarding multiple vulnerabilities affecting various Apple Inc. products, including Safari, macOS, iOS, iPadOS, watchOS, tvOS and visionOS. The vulnerabilities could allow an attacker to execute arbitrary code, escalate privileges, disclose sensitive information, bypass security restrictions or cause denial-of-service conditions on affected systems. CERT-In has advised users and organisations using the affected Apple products to apply the appropriate security updates and patches released by Apple Inc. to address the identified vulnerabilities.
3.6. CERT-In issues critical advisory on multiple vulnerabilities in Google Brotli
CERT-In has issued a critical advisory dated October 27, 2026, regarding an out-of-bounds write vulnerability affecting Google Brotli versions 1.0.3 to 1.2.0 and software utilising the Brotli decoder, including Node.js, Bun, .NET, Envoy, Istio, Python Brotli, Python brotlicffi, Cdxgen and PHP. The vulnerability could allow an unauthenticated attacker to execute arbitrary code, disclose sensitive information, corrupt memory, bypass security restrictions or cause denial-of-service conditions through a crafted Brotli-compressed stream. CERT-In has advised individuals and organisations using the affected products to apply the appropriate security updates released by the respective vendors to address the identified vulnerability.
4. Ministry of Corporate Affairs (MCA)
4.1. MCA waives additional fees for filing financial statements and annual returns for FY 2025-26
The Ministry of Corporate Affairs (“MCA”) vide General Circular No. 05/2026 dated 24 October 2026, has permitted companies to file financial statements in e-Forms AOC-4, AOC-4 (CFS), AOC-4 (XBRL), AOC-4 NBFC (Ind AS) and AOC-4 CFS NBFC (Ind AS) for the financial year 2025-26 up to 31 December 2026, and annual returns in e-Forms MGT-7 and MGT-7A up to 31 January 2027, without payment of additional fees. The MCA has clarified that the circular does not extend the statutory timelines for holding Annual General Meetings (AGMs), and companies that have not complied with the prescribed timelines will remain liable under the relevant provisions of the Companies Act, 2013. Filings made after the respective extended dates will attract applicable fees, including additional fees, calculated from the original statutory due dates.
4.2. MCA announces upcoming changes to additional fee waiver for filing financial statements and annual returns for FY 2025-26
The MCA on 26 October 2026, announced that changes relating to the waiver of additional fees for filing financial statements and annual returns for the financial year 2025-26, pursuant to General Circular No. 05/2026, were under development and were expected to be completed by 29 October 2026. Companies whose filing due dates had already passed or fell during this period were advised to take note of the forthcoming changes and plan their filings accordingly.
4.3. MCA extends deadline for filing CRA-4 for FY 2025-26 without additional fees until 31 December 2026
The MCA, vide General Circular No. 06/2026 dated 27 October 2026, has extended the timeline for filing Form CRA-4 (Cost Audit Report in XBRL format) for the financial year 2025-26. Accordingly, filings made up to 31 December 2026 will not attract any additional fees. Filings made after this date will attract applicable fees, including additional fees, calculated from the original due date prescribed under Rule 6(6) of the Companies (Cost Records and Audit) Rules, 2014.
5. Taxation (Indirect & Direct)
5.1. CBIC clarifies GST classification and tax treatment of specified goods
CBIC issued Circular No. 265/11/2026-GST dated 28 October 2026, clarifying: (i) Sublimation paper: HSN heading 4809, taxable at 18 per cent GST, (ii) Toys: GST entries under heading 9503 cover all categories of toys, (iii) Used motor vehicles, (iv) Clarification regarding ITC eligibility on eligible inputs and input services and (v) Seaweed-extract-based bio-stimulants registered under Schedule VI to the Fertiliser (Control) Order, 1985: Classification under heading 3101. The circular also provides for regularisation of past disputes on an "as is where is" basis in specified cases.
5.2. GST exemption amendments for specified services
Notification No. 07/2026-Central Tax (Rate), dated 27 October 2026, amends Notification No. 12/2017-Central Tax (Rate). The amendments concern exemptions relating to helicopter passenger transport on a seat-share basis to specified North-Eastern States and Bagdogra, storage or warehousing of specified agricultural produce, certain Seamen's Provident Fund Organisation services, toll rights and coffee curing. The notification also revises definitions relevant to goods transport agencies and seeds.
5.3. Anti-dumping duty imposed on titanium dioxide imports from China
Notification No. 26/2026-Customs (ADD), dated 24 October 2026, imposes anti-dumping duty on specified titanium dioxide imports originating in or exported from China PR, under tariff items 2823 00 10, 3206 11 10 and 3206 11 90. The duty reportedly ranges from USD 460 to USD 681 per metric tonne and applies for five years from publication in the Official Gazette.
5.4. GST TDS provisions extended to specified waste and scrap transactions
Notification No. 07/2026-Central Tax, dated 27 October 2026, amends Notification No. 50/2018-Central Tax to expand the goods covered by the TDS mechanism under Section 51 of the CGST Act, 2017. The specified goods reportedly include used cooking oil, plastic waste and scrap, tyre waste and scrap, metal scrap, and electrical and electronic waste and scrap. The amendment is stated to take effect from 1 November 2026. CBIC
5.5. Customs duty exemption entries amended for specified goods and defence-related equipment
Notification No. 34/2026-Customs, dated 27 October 2026, amends Notification No. 45/2025-Customs. The amendments reportedly omit Serial No. 198 and Lists 13, 14 and 15 from Table I, revise Serial No. 36 in Table II to heading 8906, and substitute the description under Serial No. 60 relating to specified defence equipment and associated parts, spares, accessories and tools. The amendments reportedly take effect on 1 November 2026, with a sunset date of 1 July 2029 for the relevant defence-related entry.
6. Regulatory Enforcement (Securities Exchange Board of India)
Authority | Name of the Entity | Amount | Contravention |
SEBI | Integra Switchgear Limited
| INR 5,00,000 (Indian Rupees Five Lakh only)
| Violation of Regulation 31(1)(b) read with Regulation 4(1)(e), 31A(2), 4(1)(g), 4(1)(h), 31A(8)(c), 31A(6)(a), 31A(7)(c) and 4(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including incorrect shareholding disclosures, reclassification of shareholders without stock exchange approval, failure to classify inheritors as promoters, non-disclosure of material events and misrepresentation to the stock exchange. |
SEBI | Swaraj Shares & Securities Private Limited
| INR 10,00,000 (Indian Rupees Ten Lakh only)
| Failure to exercise due diligence, in relation to open offers and Initial Public Offers ("IPOs"); in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. Violations of Regulation 27(2), (3) and (5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Regulation 245(3) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, Point (e) of Part A of Schedule VI of the ICDR Regulations, Regulation 3(4) and (5) and Schedule C read with Regulation 9A of the PIT Regulations, and Regulation 13 read with Schedule III of the SEBI (Merchant Bankers) Regulations, 1992. |
SEBI | Taurian MPS Limited
| INR 500,000 (Indian Rupees Five Lakh only),
| Violation of Regulations 2(1)(pp)(iv) and 245(1) read with Part A of Schedule VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
|
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
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