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Monthly Newsletter
Regulatory
Monday, 12thOct 2026
Volume 12, Issue 7
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Position Limits And Penalty Framework For Commodity Derivatives
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Circular No. HO/47/16/13(5)2026-MRD-POD1/I/20735/2026 dated 9 September 2026 | Immediate effect
The circular revises Paragraphs 3.4.3 and 3.5.2 of the Master Circular for the Commodity Derivatives Segment dated 4 August 2023.
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Relief For Fpis Investing Only In Government Securities
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Circular No. HO/(485)2026-AFD-POD2/I/20296/2026 dated 7 September 2026 | Immediate effect
On 5 June 2026, RBI withdrew the concentration limit for FPI investment in Government Securities under the General Route. Following this, SEBI has amended Para 1 of Part A of the FPI Master Circular dated 30 May 2024. FPIs investing only in Government Securities no longer need to furnish investor group details. Depositories, custodians and DDPs must update their systems to reflect this.
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Master Circular For Debenture Trustees
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Master Circular No. HO/17/11/12(2)2026-DDHS-POD1/I/22420/2026 dated 28 September 2026 | Supersedes Master Circular dated 13 August 2025
The Master Circular consolidates the regulatory framework for Debenture Trustees (DTs). The key requirements are:
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Shorter Timeline For Realising Export Proceeds
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Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026 (Gazette: 24 September 2026) | Effective 1 October 2026
RBI has amended the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the Principal Regulations, notified on 13 January 2026).
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Valuation Of Investments In InvITs And REITs
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RBI/2026-27/264, DOR.MRG.REC.No.228/00-00-001/2026-27 dated 22 September 2026 | Effective from date of issue
The RBI (Commercial Banks – Classification, Valuation and Operation of Investment Portfolio) Third Amendment Directions, 2026 inserts Paragraph 84A (InvITs) and Paragraph 84B (REITs). Before this, the Directions had no specific valuation rules for these instruments. RBI has made similar amendments for All India Financial Institutions, Small Finance Banks, Payments Banks and Local Area Banks.
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Dividend Repatriation By Foreign-Owned Insurance Intermediaries
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IRDAI Circular dated 22 September 2026 | Repeal effective retrospectively from 30 July 2026
IRDAI has repealed its 2020 Guidelines on repatriation of dividends by insurance intermediaries with majority foreign investment. The repeal follows the IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2026, which align the framework with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 and the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025.
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This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. BK Khare & Co cannot accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication.
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