GST, income tax, SEBI, RBI, MCA and accounting standard developments — curated and summarised by APRA partners from a CA and compliance perspective.
Indian Railways has entered into a formal partnership with the Quality Council of India (QCI) to conduct systematic food safety and hygiene audits across train catering operations. This initiative aims to establish standardised compliance frameworks and improve passenger safety through third-party quality assurance mechanisms.
SEBI has proposed revised eligibility criteria for SME Initial Public Offerings effective 2026, introducing a Rs 3 crore average profit requirement and mandating a minimum of 500 allottees. The proposal aims to strengthen quality controls and investor protection in the SME IPO segment.
The Supreme Court has upheld a lower court ruling supporting the Reserve Bank of India's decision to write down Yes Bank's Additional Tier-1 (AT-1) bonds during the bank's 2020 crisis resolution. The decision leaves Yes Bank assessing its remaining remedies as bondholders face permanent loss of capital.
The Securities and Exchange Board of India (SEBI) has implemented targeted amendments to Cost Accounting Standards (CAS) and introduced revised settlement rules for F&O derivatives trading. These changes aim to strengthen financial reporting consistency and clarify settlement mechanisms for market participants.
Indian Railways Catering and Tourism Corporation (IRCTC) has partnered with Quality Council of India (QCI) to implement digital food safety audit mechanisms across railway catering operations. This initiative aims to modernise food safety compliance, enhance transparency, and strengthen adherence to food safety standards across IRCTC's extensive catering network.
The Securities and Exchange Board of India (SEBI) has proposed significant reforms to the SME IPO framework aimed at broadening capital market access for small and medium enterprises while strengthening disclosure norms and investor safeguards. The overhaul addresses existing structural gaps and establishes clearer listing pathways for growth-stage companies.
Fairfax Financial Holdings has been selected as the strategic buyer in an auction process to acquire a significant interest in IDBI Bank. The Canadian conglomerate plans to inject its subsidiary Digit Insurance and IIFL Capital into the bank, representing a major consolidation in India's banking and insurance sectors.
The central government has introduced a new standardised audit framework governing multi-state cooperative societies (MSCS), streamlining audit requirements and regulatory oversight. This framework aims to bring consistency, enhance transparency, and reduce compliance fragmentation across state boundaries.
The Central Government has introduced a Principal Purpose Test (PPT) clause in the India-Mauritius income tax treaty to prevent taxpayers from artificially claiming treaty benefits solely to reduce tax liability. This amendment aligns India with OECD BEPS Action 6 recommendations and will require taxpayers to demonstrate genuine business rationale for structuring arrangements.