Corporate & Compliance Digest September 07, 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. EPFO invites applications under PF Trust Amnesty Scheme for regularisation of exempt status
The Employees’ Provident Fund Organisation ("EPFO") has invited applications from eligible Provident Fund ("PF") Trusts to avail the amnesty provisions introduced under the Employees’ Provident Fund Scheme, 2026. The one-time amnesty framework enables retrospective regularisation of the exempt status of PF Trusts recognised under the Income-tax Act, 1961 but lacking a formal exemption order under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or the Code on Social Security, 2020 ("CoSS"). The amnesty window remains open until 28 December 2026 and offers additional benefits, including waiver of certain eligibility conditions relating to minimum employee strength, corpus size and the three-year compliance requirement prescribed under the CoSS. EPFO has also undertaken awareness and outreach initiatives through field offices and professional bodies, including the Institute of Chartered Accountants of India (ICAI), to encourage eligible PF Trusts to avail the scheme.
1.2. PFRDA operationalises standardised framework for classification and presentation of NPS Schemes
The Pension Fund Regulatory and Development Authority ("PFRDA") has operationalised a standardised framework for the classification and presentation of schemes under the National Pension System ("NPS") to improve transparency, comparability and informed decision-making by subscribers. Under the revised framework, NPS schemes will be uniformly categorised into Lifecycle-based Schemes, Active Choice, NPS Sanchay, Multiple Scheme Framework (“MSF”) Schemes and Regulation 4A Schemes. Pension Funds have been directed to align existing MSF schemes with the prescribed categories, adopt standardised naming conventions within 30 days and rationalise schemes exceeding the permissible limit of two schemes per category within 45 days. The framework also prescribes uniform disclosure requirements, subscriber selection journeys and scheme presentation standards across all NPS platforms to facilitate easier comparison of investment options.
1.3. PFRDA revises PoP charge structure for NPS and NPS Lite Schemes
PFRDA has revised the charge structure applicable to Points of Presence ("PoPs") for all schemes under the NPS and NPS Lite, with effect from 1 October 2026. Under the revised framework, a one-time onboarding charge of INR 200 (Indian Rupees Two Hundred only) per Permanent Retirement Account Number (PRAN) will apply, while subscribers onboarded through a fully digital and non-face-to-face process may be eligible for a reduced charge of INR 100 (Indian Rupees One Hundred only). PoPs will also be entitled to annual charges of 0.20 percent (zero point two zero percent) of Assets Under Management (“AUM”), payable quarterly, except in respect of dormant accounts. The circular further clarifies that subscribers onboarded directly through e-NPS and making contributions through e-NPS or D-Remit will not be liable to pay PoP charges. The revised framework aligns with PFRDA’s standardised classification of NPS schemes and removes the distinction between Common Schemes and MSF schemes.
1.4. PFRDA issues standardised framework for classification and presentation of NPS Schemes
PFRDA has issued a standardised framework for the classification, presentation and disclosure of schemes under NPS to enhance transparency, comparability and informed decision-making by subscribers. Under the revised framework, NPS schemes will be categorised into five broad types, namely Lifecycle-based Schemes, Active Choice, NPS Sanchay, MSF Schemes and Regulation 4A Schemes, such as NPS Vatsalya, NPS Swasthya and NPS MSME. The framework also introduces uniform scheme naming conventions, standardised risk-based categorisation of MSF schemes based on equity exposure, and consistent disclosure requirements across subscriber-facing platforms. Further, Pension Funds will be required to present schemes in a standardised manner, including information on returns, benchmark performance, risk profile, AUM and charges, to facilitate easier comparison of investment options across funds.
2. Securities & Capital Markets
2.1. CDSL reiterates Non-Charging of AMC for Certain Demat Accounts
Central Depository Services (India) Limited ("CDSL") has reiterated that Depository Participants (“DPs”) should not levy Annual Maintenance Charges (“AMC”) on demat accounts marked as “To be Closed” that hold only illiquid, suspended-for-trading or delisted securities. CDSL has shared DP-wise lists of eligible Beneficial Owners (BOs) for review and compliance, basd on information received from stock exchanges. DPs have been advised to ensure that AMC is not charged to such accounts in accordance with CDSL’s earlier guidance dated 30 September 2025 and to take the necessary steps to ensure continued compliance with the requirement.
2.2. NSDL issues additional guidelines on SEBI’s revised nomination framework for Demat Accounts and MF Folios
National Securities Depository Limited ("NSDL") has issued additional operational guidelines for implementation of the Securities and Exchange Board of India ("SEBI") framework on modified nomination norms for demat accounts and mutual fund folios. The guidelines facilitate the implementation of the revised nomination regime, under which nomination becomes mandatory for new single-holder accounts unless the investor opts out, while remaining optional for jointly held accounts. Investors may appoint up to three nominees and submit, modify or cancel nominations through online or offline channels using simplified authentication processes. The additional guidelines provide operational clarity to DPs for seamless implementation of the revised framework, which comes into effect from 1 September 2026 and aims to reduce unclaimed assets while enhancing ease of doing investments.
2.3. BSE revises trading parameters and Close-Out Framework for ETFs
BSE Limited ("BSE") has revised the trading framework for Exchange Traded Funds ("ETFs"), effective from 7 September 2026. Under the revised norms, the base price for determining price bands will be the previous day's last 30-minute Volume Weighted Average Price (VWAP), with alternative methodologies prescribed where trading data is unavailable. Equity ETFs and Debt ETFs (other than Overnight ETFs and Liquid ETFs) will have an initial price band of ±10 per cent (ten per cent), extendable up to ±20 per cent (twenty per cent) after a cooling-off period, without any cap on the number of expansions. Commodity ETFs, including Gold and Silver ETFs, will be subject to dynamic price bands with an initial ±6 per cent (six per cent) limit, expandable by 3 per cent (three per cent) increments, while Overnight ETFs and Liquid ETFs will continue to operate within a fixed ±5 per cent (five per cent) band. BSE has also introduced a pre-open call auction session for Gold and Silver ETFs and revised the close-out procedure for Overnight ETFs and Liquid ETFs, with the close-out price being determined as the higher of the prescribed benchmark prices. These changes will be available for testing during the mock trading session scheduled for 5 September 2026.
3. Information Technology & Data Protection
3.1. CERT-In issues critical advisory on multiple vulnerabilities in Apache Tomcat
The Indian Computer Emergency Response Team ("CERT-In") has issued a critical severity vulnerability note highlighting multiple vulnerabilities in Apache Tomcat versions 9.0.120 and earlier, and 10.1.57 and earlier. The vulnerabilities could enable attackers to bypass authentication controls, gain unauthorised access to sensitive information, conduct limited replay attacks and trigger denial-of-service conditions, potentially compromising affected systems. Organisations using affected versions have been advised to immediately apply the vendor-recommended security updates and remediation measures.
3.2. CERT-In issues high-severity advisory on multiple vulnerabilities in Mozilla Products
CERT-In has issued a high-severity vulnerability note concerning multiple vulnerabilities in Mozilla Firefox, Mozilla Firefox ESR and Mozilla Thunderbird. The vulnerabilities could allow remote code execution, privilege escalation, security restriction bypass, disclosure of sensitive information, spoofing attacks and denial-of-service conditions. Affected users and organisations have been advised to upgrade to the latest patched versions released by Mozilla to mitigate cybersecurity risks.
3.3. CERT-In issues high-severity advisory on multiple vulnerabilities in Zimbra Collaboration Suite
CERT-In has issued a high-severity vulnerability note regarding multiple vulnerabilities in Zimbra Collaboration Suite (“ZCS”) versions prior to 10.1.20. The vulnerabilities could enable attackers to bypass mail forwarding restrictions, circumvent access controls, exfiltrate emails and execute arbitrary operating system commands on affected systems. CERT-In has also noted that vulnerability CVE-2026-73570 is being actively exploited in the wild. Organisations using affected ZCS versions have been advised to urgently implement the vendor-recommended security updates and mitigations.
4. Corporate Law & MCA
4.1. MCA extends Companies Compliance Facilitation Scheme, 2026 till 15 September 2026
The Ministry of Corporate Affairs ("MCA") has extended the validity of the Companies Compliance Facilitation Scheme, 2026 ("CCFS-2026") from 31 August 2026 to 15 September 2026 in response to representations received from various stakeholders. The Scheme, originally introduced on 24 February 2026 to provide companies with an opportunity to complete pending statutory filings, was initially valid until 15 July 2026 and was subsequently extended to 31 August 2026. MCA has clarified that all other terms and conditions of CCFS-2026 will remain unchanged.
5. Regulatory Enforcement SEBI
Authority | Name of the Entity | Amount | Contravention |
SEBI | DMI Income Fund Pte. Ltd.
| INR 2,762,500 (Indian Rupees Twenty-Seven Lakh Sixty-Two Thousand Five Hundred only)
| Delay of approximately three years in intimating SEBI/Designated Depository Participant DDP") regarding the addition of a new share class, namely Class K Series 3, and making investments aggregating INR 2,049,800,000 (Indian Rupees Two Hundred Four Crore Ninety-Eight Lakh only) through the new share class without providing Beneficial Owner (BO) details prior to investment, allegedly violating Regulation 22(1)(c) of the SEBI (Foreign Portfolio Investors) Regulations, 2019 and applicable SEBI circulars. The matter was settled without admission or denial of findings. |
SEBI | Jainam Broking Limited
| INR 700,000 (Indian Rupees Seven Lakh only),
| Multiple regulatory violations identified during SEBI inspections, including incorrect reporting of margin utilised for credit balance clients, funding clients beyond the permitted T+2+5 period, delays in Know Your Client (KYC) Registration Agency (KRA) updates, mismatches in client email and mobile records, incorrect submission of enhanced supervision data, incorrect reporting of terminal user details, wrong reporting of brokerage income under Risk Based Supervision (RBS), deficiencies in cyber security compliance, and improper transfers between client and proprietary bank accounts resulting in violation of client fund segregation requirements.
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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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