I. Reserve Bank of India (RBI) | Date | Regulation | Rationale | | January 14, 2026 | Reserve Bank of India (Commercial Banks - Internal Ombudsman) Directions, 2026: The Reserve Bank has issued directions mandating the establishment of an Internal Ombudsman mechanism in commercial banks, aimed at strengthening the internal grievance redressal framework. The directions prescribe the eligibility criteria, appointment process, tenure, and functional scope of the Internal Ombudsman, along with the categories of complaints to be examined. Key measures include ensuring that complaints partially or wholly rejected by the bank are reviewed by the Internal Ombudsman before communicating the final decision to the customer, thereby providing an additional layer of independent review within the bank prior to escalation to the RBI Ombudsman. | To strengthen the Internal Grievance Redressal mechanism within a bank and ensure a speedy and meaningful resolution of customer complaints by enabling a review before their rejection, by an apex level authority within the bank. | | January 19, 2026 | Reserve Bank of India (Priority Sector Lending – Targets and Classification) (Amendment) Directions, 2026: Amendments were carried out to the Master Directions on Priority Sector Lending, 2025, which included reduction in overall PSL target for SFBs from 75 per cent to 60 per cent and inclusion of National Cooperative Development Corporation (NCDC) as an eligible entity under the on-lending provisions of the PSL framework. | To align with certain regulatory changes that have been notified separately, notify the inclusion of the National Cooperative Development Corporation (NCDC) as an eligible entity under the on-lending provisions of the PSL framework subject to certain specified conditions, and update references relating to certain existing instructions apart from providing clarification on some existing provisions. | | February 16, 2026 | Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026: The Reserve Bank has amended the Foreign Exchange Management (Borrowing and Lending) Regulations to further liberalise and streamline the framework governing cross-border borrowing and lending transactions. The amendment introduces revisions to the existing provisions relating to eligible borrowers, recognised lenders, permissible end-uses, and applicable limits, with a view to aligning the regulatory framework with evolving business requirements and facilitating greater ease of doing business for resident entities. | To rationalise the ECB framework by expansion of eligible borrower and recognised lender base, rationalisation of borrowing limits and restrictions on average maturity period, removal of restrictions on the cost of borrowing for ECBs, review of end-use restrictions and simplification of reporting requirements. | | March 31, 2026 | Reserve Bank of India (Trade Relief Measures) Directions, 2026: The Reserve Bank has issued directions aimed at supporting exporters facing stress in their trade-related obligations. | To mitigate the disruption to trade brought about by the West Asian crisis. | | April 09, 2026 | Guidelines to facilitate faster cross-border inward payments: The Reserve Bank has issued guidelines aimed at expediting the processing of cross-border inward payments into India, with a view to enhancing efficiency and improving the experience of beneficiaries receiving funds from abroad. The guidelines address the end-to-end payment chain involving correspondent banks, authorised dealer banks, and payment system operators, with a focus on reducing turnaround time for credit to the beneficiary account. | To bring efficiency in the cross-border payments aligning with the G20 roadmap for cross-border payments that has set targets for achieving cheaper, faster, more transparent, and more accessible cross-border payments. | | May 06, 2026 | Foreign Exchange Management (Authorised Persons) Regulations, 2026: The Reserve Bank has issued revised regulations governing authorised persons under the Foreign Exchange Management Act, consolidating, and updating the existing framework for entities authorised to deal in foreign exchange. The regulations lay down the eligibility criteria, categories of authorisation, and the scope of permissible activities for various classes of authorised persons, including authorised dealers, money changers, and payment aggregators handling cross-border transactions. | To rationalise the authorisation and renewal framework for authorised persons and extend the principal-agent model for delivery of foreign exchange facility while maintaining appropriate checks and balances. | | May 08, 2026 | Review of guidelines on inclusion of quarterly profits to Common Equity Tier 1 (CET1) capital for computation of Capital to Risk weighted Assets Ratio (CRAR) for Banks: The Reserve Bank has reviewed the guidelines governing the inclusion of quarterly profits in the Common Equity Tier 1 capital for the purpose of computing the Capital to Risk Weighted Assets Ratio (CRAR) for banks. It has been decided to remove the qualifying condition of incremental provisions for NPAs hitherto applicable for reckoning quarterly profits in computation of CRAR. Further, the quarterly financials are also now required to be audited or subjected to limited review prior to the inclusion of quarterly profits in regulatory capital. | The amendment is aimed at harmonising the guidelines across regulated entities and aligning the framework with the global standards. It ensures a verifiable and timely reflection of a bank’s capital position. | II. Securities and Exchange Board of India (SEBI) | Date | Regulation | Rationale | | January 09, 2026 | Simplification of requirements for grant of accreditation to investors. | To address investor privacy concerns and simplify the onboarding process for Accredited Investors. | | January 14, 2026 | Comprehensive review of SEBI (Mutual Funds) Regulations, 1996 and notification of SEBI (Mutual Funds) Regulations, 2026. | To keep pace with evolving market practices, technology adoption and the need to safeguard investor interests, SEBI undertook a comprehensive review of the mutual fund regulatory framework. | | January 21, 2026 | Permitting debt issuers to offer incentives in public issues to certain category of investors –Amendment to SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”): Issuers have been permitted to offer an incentive in the form of additional interest or a discount to the issue price to certain categories of investors, viz., senior citizens, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors or any other category of investors as may be specified by SEBI from time to time. Such incentives have been restricted to the original allottees and shall not apply where the debt securities are subsequently transferred after allotment. | To encourage participation of certain categories of investors in debt securities, thereby providing a fillip to the number of public issuances in the corporate debt market. | | February 06, 2026 | Reporting of value of units of Alternative Investment Funds (AIFs) to Depositories. | To leverage the depository infrastructure for enhancing transparency and operational efficiency for the benefit of investors in the AIF space. | | February 11, 2026 | Capacity Planning and Real Time Performance Monitoring Framework for Commodity Derivatives Segment of Market Infrastructure Institutions (MIIs):
Based on the representations received from Stock Exchanges with Commodity Derivatives Segment, the capacity planning framework for this segment has been reviewed by SEBI. Accordingly, SEBI has stipulated a framework for capacity planning and real time performance monitoring of the critical information technology systems and supporting components for the commodity derivatives segment of the MIIs. The said framework, inter-alia, mandates adoption of a proactive capacity planning approach based on historical utilisation, peak load handling capability and projected business growth, conduct of periodic stress testing and implementation of real time monitoring of system performance parameters such as throughput and latency, to ensure system resilience and uninterrupted market operations. | Rationalisation of Capacity Planning of the MIIs and to enable real time performance monitoring framework for Commodity Derivatives Segment. | | February 26, 2026 | Valuation of physical gold and silver held by mutual fund schemes:
With effect from April 01, 2026 and subject to the investment valuation norms specified in Seventh Schedule of SEBI (Mutual Funds) Regulations, 2026, the mutual funds shall value physical gold and silver by using the polled spot prices published by the recognised stock exchanges, which are used for settlement of physically delivered gold and silver derivatives contracts. | As per the earlier regulatory guidelines, physical gold and silver held by Gold and Silver Exchange Traded Funds (ETFs) were valued at AM fixing prices of London Bullion Market Association (LBMA). The final valuation was arrived at after adjusting the LBMA prices with necessary metric and currency conversions, addition of transportation costs, customs duty, applicable taxes and levies and factoring notional premium or discount to arrive at domestic valuations.
Pursuant to the discussions in SEBI’s Advisory Committee on Mutual Funds, public consultation, and discussion with all stakeholders, it was decided that polled spot prices published by recognised stock exchanges may be used for valuation of physical gold and silver held by mutual fund schemes. As stock exchanges are subject to transparency and compliance requirements under the regulatory framework, using the spot prices published by such regulated entities shall lead to valuation reflective of domestic market conditions and ensure uniformity in the valuation practices. | | February 26, 2026 | Categorisation and Rationalisation of Mutual Fund Schemes. | The revised categorisation reflects important regulatory developments as well as an investor-centric approach aimed at simplifying product architecture, improving scheme comparability and enhancing transparency. | | March 04, 2026 | Regulatory Reporting by AIFs. | To rationalise the compliance burden on fund managers while simultaneously improving the quality of data collected for regulatory oversight. | | March 04, 2026 | Guidelines for Custodians. | To simplify compliance while also strengthening the risk management and governance amongst custodians. | | March 13, 2026 | Amendments to Securities Contracts (Regulation) Rules, 1957 relating to Minimum Public Offer and timelines for issuers to comply with Minimum Public Shareholding with the objective to enhance ease of doing business based on the recommendations of SEBI. | The SEBI Board recommended scale-based relaxations in the Minimum Public Offer requirements and relaxation in the timelines for issuers to achieve MPS requirements. | | March 16, 2026 | Review of Coverage of Settlement Guarantee Fund (SGF) for Commodity Derivatives Segment: SEBI reviewed the coverage requirement of SGF for commodity derivatives segment, wherein following amendments were made:
1) The requirement of 50 per cent credit exposure due to default of all clearing members was dropped.
2) Clearing Corporations shall calculate the credit exposure due to simultaneous default of at least 3 clearing members (and their associates) causing highest credit exposure. | To enhance ease of doing business through a risk-based approach and optimum regulation. | | April 07, 2026 | One-time relaxation with respect to validity of SEBI Observations.
Considering the uncertain market conditions due to ongoing geopolitical tensions and subdued investor participation, SEBI decided to grant one time relaxation to extend validity of the SEBI Observations Letters, expiring between April 01, 2026 – September 30, 2026, till September 30, 2026. | To provide a one-time relaxation by extending the validity of SEBI Observation Letters for issuers affected by geopolitical tensions, uncertain market conditions and weak investor participation, thereby, helping companies avoid duplication of regulatory processes and enabling access to capital markets. | | April 15, 2026 | Review of requirement relating to registration for a Not-for-Profit Organization on Social Stock Exchange (SSE) and minimum subscription requirement for issuance of Zero Coupon Zero Principal Instruments. | This measure intends to extend the registration validity for NPOs on SSE from two to three years, subject to approval from SSE, to cater to the challenges faced by NPOs, such as delay in renewal of registration under the Income Tax Act or any other statutory approvals which consequently lead to delay in fund raising by NPOs. | | April 16, 2026 | Permission for InvITs to hold SPVs as “permissible investments” post-concession. | To facilitate InvITs to fulfil their closing obligations without being in regulatory breach, ensuring ease of doing business w.r.t. winding down of SPVs for completed projects. | | April 16, 2026 | Expanding permitted liquid mutual fund investments for REITs and InvITs: Investment criteria have been broadened to include liquid mutual fund schemes with a credit risk value of at least 10 and a Potential Risk Class of at least B-1. | To mitigate concentration risk by providing additional investment options for REITs and InvITs in the form of debt securities rated AA and above, while still maintaining low to moderate credit risk. | | April 16, 2026 | Alignment of investment conditions for Privately Listed InvITs with Publicly Listed InvITs in relation to investment in Greenfield Projects.
Privately listed InvITs have been permitted to invest up to 10 per cent of their asset value in greenfield projects, matching the limit for publicly listed InvITs. | To promote a level playing field, enabling private InvITs to participate in early-stage growth and development of infrastructure assets, potentially enhancing long term returns and facilitating ease of doing business. | | April 16, 2026 | Expanding the scope of permitted use of fresh borrowings for InvITs where leverage exceeds 49 per cent of the value of InvIT assets. | To facilitate ease of doing business for InvITs by expanding the purposes for which additional debt can be utilized by an InvIT with leverage exceeding 49 per cent. | | April 18, 2026 | Amendment to SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). | The amendments, inter alia, sought to harmonise the requirement of minimum value of investment by individual investors in Social Impact Fund (SIF) prescribed in SEBI (AIF) Regulations with the requirement of minimum application size prescribed in SEBI (ICDR) Regulations for ZCZP issued on SSE.
This amendment intends to attract wider participation of retail investors/ donors seeking to invest in the securities of NPOs through the SIFs. | | April 30, 2026 | Fast-Track Mechanism for Processing of Placement Memorandum of AIFs Filed with SEBI. | To enable efficient deployment of capital by Angel Funds and AIF schemes other than ‘Large Value Fund for Accredited Investors (i.e., non-LVF schemes). | III. Insurance Regulatory and Development Authority of India (IRDAI) | Date | Regulation | Rationale | | January 06, 2026 | Implementation of TRAI Direction on Mandatory adoption of 1600 Series: Vide the Circular all Insurers and Insurance Intermediaries are mandated adoption of 1600 series for all service and transactional voice calls. | To curb Unsolicited Commercial Communication (UCC), prevent impersonation-based frauds and enhance consumer trust. | | January 28, 2026 | Reconstitution of Reinsurance Advisory Committee (RAC): As per provisions under Section 101 B of the Insurance Act, 1938, IRDAI reconstituted the Reinsurance Advisory Committee (RAC) with the Chairman and Members for a period of three years. | To recommend to the Authority on the percentage of obligatory cessions of the sum insured on each General Insurance Policy to be reinsured with the Indian Re-insurer(s). | | February 11, 2026 | Guidelines on Establishment and Closure of Liaison Office in India by an Insurance Company registered outside India: IRDAI has issued revised guidelines for Liaison Offices of overseas insurers, replacing the 2022 framework. | To prescribe eligibility criteria, permitted activities for a LO, conditions for approval, maintenance of Books and Records, submission of Annual Activity Certificate, procedure for closure, action in case of default or non-compliance. | | February 12, 2026 | Clarifications on provisions with respect to investment in Alternative Investment Funds (AIFs): IRDAI issued clarification on norms for insurers’ investments in Alternative Investment Funds (AIFs), enabling participation with safeguards and to integrate with SEBI Excusal Circular with the compliance requirements of Section 27E of the Act. | To clarify the provisions in respect of investing in AIFs with “Excuse rights” and investee limits for direct and indirect exposure through Fund of Funds (FoF) and to broaden the avenues for insurers’ investments in AIFs. | | March 12, 2026 | Reconstitution of Insurance Advisory Committee (IAC): The Authority reconstituted the Insurance Advisory Committee drawing the Members from industry stakeholders. | In exercise of the powers conferred by sub-section (1) of Section 25 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), and in terms of Regulation 3A of the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000, IRDAI issued notification reconstituting the Insurance Advisory Committee. | | March 30, 2026 | IRDAI (Actuarial, Finance and Investment Functions of Insurers), (Amendment) Regulations, 2026: The amendment mandates the preparation and presentation of financial statements by insurers in accordance with applicable Indian Accounting Standards (Ind AS). | The amendment sets out the regulatory framework governing the recognition, measurement, presentation, and disclosure of financial statements under Ind AS. The Ind AS aims to enhance consistency, transparency, and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards. | | April 01, 2026 | Constitution of Joint Expert Group (JEG) on Ind AS: Vide the Order, the IRDAI constituted the JEG under clause 6 (Part I) of Schedule IIA of the IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026. | To examine and address issues arising during implementation of the Indian Accounting Standards by insurers. | | April 02, 2026 | Constitution of Insurance Advisory Committee - Sub-committee on Health Insurance: A Sub-Committee on Health Insurance has been constituted to review the current landscape of private health insurance in India. | To review the coverage, penetration, claims experience, product design, grievance redressal, consumer experience and to recommend regulatory, policy, and operational measures to promote innovation, wider coverage, better risk pooling, and improved financial protection through health insurance. | | April 08, 2026 | IRDAI Information and Cybersecurity Guidelines, 2026: These Guidelines set out the minimum standards and governance mechanisms to be adopted by all Regulated Entities. | To enable the insurance industry to further strengthen their defences as well as related governance mechanism to deal with emerging cyber threats. | | April 17, 2026 | Obligatory Cession for the financial year 2026-27: The Notification issued in exercise of the powers conferred by Sub-section (2) and (4) of the Section 101A of the Insurance Act, 1938, and after consultation with the Advisory Committee. | To specify the percentage of cession of the sum insured on each general insurance policy to be reinsured with the Indian Re-insurer. Viz. General Insurance Corporation of India (GIC Re). | | April 21, 2026 | Gazette Notification on Delegation of powers: Notification issued in exercise of the powers conferred by sub section (1) of section 23 of the IRDA Act, 1999 (41 of 1999), on delegation of powers under Section 34 of Insurance Act 1938. | To delegate powers to Panel of two (2) Whole Time Members, constituted by the Chairperson for issuance of directions to any insurer or insurance intermediary, in an enforcement proceeding for identified violations and delegation of powers to Chairperson for issuance of direction on any other matter under Section 34 of the Insurance Act, 1938. | | May 25, 2026 | Amendments to Master Circular on Corporate Governance for Insurers, 2024: The Circular specifies the revisions in the performance parameters applicable to Key Manegerial Personnels (KMPs) of insurance companies. | To strengthen customer trust, improving transparency, and reinforcing accountability across the insurance sector.
These parameters include financial soundness, products’ performance, claim responsiveness, timely grievance redressal, removal of dark patterns from websites of insurers and their distributors. | IV. Pension Fund Regulatory and Development Authority (PFRDA) | Date | Regulation | Rationale | | October 29, 2025 | Inclusion of Platform Service Partner under the National Pension System (NPS) - “NPS e-shramik (Platform Service Partner) Model”. | To onboard Platform workers into the NPS architecture via the app aggregators. | | December 12, 2025 | PFRDA (Exits and Withdrawals under the National Pension System) (Amendment) Regulations, 2025. | To raise the permissible limit for lump sum withdrawal on normal exit for non-government subscribers from 60 per cent to 80 per cent of accumulated pension wealth, with mandatory annuitization reduced to 20 per cent while retaining the 60:40 norm for the government sector. | | March 06, 2026 | Investment Management Fee (IMF) and Annual Fee for Pension Funds. | To differentiate between Government and Non-Government subscribers. | | March 10, 2026 | Charge structure of Point of Presence (PoP) for Common Schemes under NPS (All Citizen) including NPS Vatsalya and NPS Lite. | To rationalised and create a level playing field for the PoPs. | | March 10, 2026 | Reclassification of existing Corporates under NPS into Government Entities and Legal Entities (other than Government). | To reclassify existing corporate participants into Government Entities and Legal Entities (other than Government), requiring bodies that function as extensions of government to migrate to the government-sector model and to transfer any legacy superannuation fund assets into the regulated NPS architecture within one year. | | March 24, 2026 | Implementation of the Multiple NAVs framework. | To operationalise the differentiated IMF and PoP charges for Government and Non-Government sector subscribers, multiple NAVs within the same scheme was introduced from 1 April 2026. | V. Insolvency and Bankruptcy Board of India (IBBI) | Date | Regulation | Rationale | | January 02, 2026 | Amendment to Liquidation Process Regulations: The amendment requires liquidators to file Liquidation Process Forms electronically within prescribed timelines. The revised forms have been designed to eliminate duplication and rationalise information requirements. | To significantly reduce compliance burden, while continuing to ensure that the Board receives all essential information in a timely manner. | | February 25, 2026 | Amendment to CIRP Regulations: The amendments enhance disclosure requirements in the Information Memorandum (IM) by mandating (i) details of receivables of CD, (b) details of joint development arrangements & other similar collaboration, and (c) details of assets attached by enforcement agencies etc.
It has been mandated that the Information Memorandum (IM) shall include details of all allottees, including their names, amounts due, and units allotted, whose claims are reflected in the books of accounts of the corporate debtor or in the records of the Real Estate Regulatory Authority, but who have not submitted claims to the resolution professional. Further, where such details are included in the IM, the resolution plan shall also provide for treatment of such allottees. | To reduce information asymmetry through enhanced disclosures and ensure fair and equitable treatment of all allottees. | | March 30, 2026 / April 01, 2026 | Passing of The Insolvency and Bankruptcy Code (Amendment) Act, 2026: The Insolvency and Bankruptcy Code (Amendment) Bill, 2026, was passed by the Lok Sabha and Rajya Sabha on March 30, 2026 and April 01, 2026 respectively. The Insolvency and Bankruptcy Code (Amendment) Act, 2026 received the President’s assent on April 06, 2026.
The Ministry of Corporate Affairs(MCA) vide its notification dated May 22, 2026 has brought into force all the provisions of IBC (Amendment) Act, 2026 with effect from May 26, 2026 except the provisions relating to group insolvency, cross border insolvency, CIIRP and Insolvency and Bankruptcy Fund. | To strengthen the insolvency framework through legislative reforms under the Code. | | May 13, 2026 | Amendment to IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations: The amendments, inter alia, strengthen the governance framework of Insolvency Professional Agencies (IPAs) by (i) enabling IBBI to nominate a nominee director on the Governing Board of an IPA with the same rights, powers, duties and responsibilities as other directors, (ii) requiring prior approval of IBBI for the re-appointment of independent directors, (iii) providing that an independent director shall not be a member of a statutory regulator that has sponsored or promoted the IPA or that directly or indirectly holds shareholding in, or exercises control over, such IPA, not holding office as an independent director in any other IPA (iv) making re-appointment of an independent director for a second term subject to a satisfactory performance review by the Governing Board, and (v) requiring IPAs to submit at least two names to IBBI for prior approval for appointment of the Managing Director before completion of the existing MD’s tenure. | To strengthen governance standards, enhance regulatory oversight, in the functioning of Insolvency Professional Agencies. | | June 02, 2026 | Amendment to Information Utilities Regulations: The Amendment Act clarifies that where a record of default (RoD) with an Information Utility (IU) is submitted by a financial institution, it would be sufficient for the Adjudicating Authority to establish the existence of default. Accordingly, the terminology used in the IU Regulations has been aligned with the Code, by replacing references to “financial creditor, which is a bank included in the second schedule of the Reserve Bank of India Act, 1934 with the broader term “financial institution” as defined under section 3(14) the Code.
Further, the regulations have been amended to provide for issuance of a RoD in cases where:
(i) the debtor confirms the information of default; or
(ii) the debtor does not respond even after the prescribed reminders.
The regulations have been amended to introduce a distinct informational output, namely “Information of Dispute” (IoD), as a standardised output to capture cases where the debtor disputes the information of default. | To enhance the reliability and evidentiary value of Information Utility records and reduce delays in the insolvency process. | VI. International Financial Services Centres Authority (IFSCA) | Date | Regulation | Rationale | | January 05, 2026 | Notification on enabling ‘Oilfield Equipment’ as a financial product in IFSC: The Authority (i.e. IFSCA) in exercise of its power under Section 12 of the IFSCA Act, has specified operating lease, including any hybrid of operating and financial lease, in respect of “oilfield equipment” as a financial product. The definition of “oilfield” and “oilfield equipments” shall be the same as defined under Oilfields (Regulation and Development) Act, 1948 and Notification No. 3/2017- Central Tax (Rate), dated June 28, 2017 (Part II, Section 3, Sub-section (i), under G.S.R. 675(E)) respectively. | To facilitate the leasing of oilfield equipment from IFSC, enabling both Indian and global entities to lease such equipment for onshore and offshore oil extraction activities among others. | | January 27, 2026 | Circular on a one-time window to extend the validity of the placement memorandum for Venture Capital schemes and Restricted schemes: As a one-time measure, IFSCA issued a circular on providing a window of 03 (three) months to the FMEs to obtain extension of validity of PPMs of such Venture Capital Schemes and Restricted Schemes where the Private Placement Memorandum (PPM) has expired. | To accord flexibility to the FMEs to obtain multiple extensions of the validity of the PPM for Venture capital schemes and Restricted schemes. | |