NABKISAN Finance Limited, a NABARD subsidiary, listed a social bond dedicated exclusively to the Water, Sanitation and Hygiene (WASH) sector on the National Stock Exchange on 1 October 2026. The issue was oversubscribed 1.8 times and raised ₹180 crore. The five-year bond carries a coupon of 8.10 per cent, matures in September 2031 and is rated CRISIL AAA (Stable) and CARE AAA (Stable).
The Insecticides Third Amendment Rules, 2026 wrote the import-permit requirement into the Insecticides Rules, 1971. CBIC has asked customs officers to enforce it, and it names acrylonitrile.
CBIC has told Customs field formations that an import permit from the Registration Committee is a statutory requirement for importing any substance in the Schedule to the Insecticides Act, 1968 for non-insecticidal use. The requirement comes from the Insecticides Third (Amendment) Rules, 2026 (G.S.R. 597(E) of 8 July 2026): application in Form IA with a fee of ₹5,000.
SEBI has issued a new Master Circular for Debenture Trustees dated 28 September 2026, compiling the circulars in force on that date in 17 chapters. The Master Circular of 13 August 2025 stands rescinded, with actions taken under it saved. Annexure 1 lists five superseded circulars, including those on issuer reporting timelines, the Recovery Expenses Fund and activities outside SEBI’s purview.
RBI has inserted paragraphs 84A and 84B in the Commercial Banks investment portfolio Directions, 2025 to bring uniformity in how banks value units of Infrastructure Investment Trusts and Real Estate Investment Trusts. Quoted units follow the rules for quoted securities; unquoted units are valued at the NAV disclosed by the trust, failing which at ₹1. In force from 22 September 2026.
RBI has finalised its instructions on novation of OTC derivative contracts, first released as a draft on 9 July 2025. Instead of a separate direction, the instructions are inserted in the four Directions governing OTC foreign exchange, rupee interest rate, government securities and credit derivatives. They apply to any novation undertaken on or after 22 September 2026.
DPIIT has notified the Gas Cylinder (Third Amendment) Rules, 2026 (G.S.R. 831(E) dated 21 September 2026). A new Condition 22 in Form G lays down additional conditions for CNG/CBG Mobile Refuelling Units — ownership, the vehicles they may refuel, safety distances and records. Public retail dispensing is barred.
DGFT has inserted sub-paragraph (c) in paragraph 2.57 of the Foreign Trade Policy 2023: the requirement of a Registration-cum-Membership Certificate or a Certificate of Registration does not apply to an export consignment whose FOB value does not exceed ₹3,00,000. The change has immediate effect from 15 September 2026.
By A.P. (DIR Series) Circular No. 20 dated 2 September 2026, RBI has dispensed with two reporting requirements on Rupee accounts of non-resident banks that dated from April 2003: the annual list of branches maintaining such accounts, and the report of temporary overdrawals not adjusted within five days. The change applies with immediate effect.
RBI has inserted paragraph 39A in its concentration risk Directions for NBFCs. The large exposure limits that apply to Infrastructure Finance Companies (NBFC-IFC) now also apply to Infrastructure Debt Fund-NBFCs (IDF-NBFC) that are subject to Upper Layer regulations. The amendment is dated 25 August 2026 and is in force with immediate effect.
By notification S.O. 4831(E) dated 24 August 2026, the Ministry of Labour and Employment has notified Aadhaar authentication for verifying user details for modules on the Shram Suvidha Portal. It is voluntary, uses only Yes/No and/or e-KYC authentication, needs the Aadhaar holder’s consent, and no service can be denied for refusing it. The notification supersedes S.O. 2523(E) of 15 May 2026.
A SEBI consultation paper issued on 21 August 2026 proposes a new class of Fixed Income Channel Partners (FICPs), enlisted with stock exchanges and appointed by Online Bond Platform Providers, to distribute fixed income securities on the lines of mutual fund distributors. FICPs could not handle client funds or charge clients, and AT1-type unsecured perpetual bonds would be out of bounds. Comments were due by 11 September 2026; the window has closed.
SEBI has changed the framework for computing Net Distributable Cash Flows of InvITs. Payments towards major maintenance expense of road projects, to the extent funded by external borrowing, can be added back at the HoldCo/SPV level and at the Trust level. The add-back needs unitholder approval with at least 60% of votes cast, a statutory auditor’s certificate and specified disclosures.
Rule change
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