June was a whirlwind month across corporate, tax, banking, and consumer regulations. From Ministry of Corporate Affairs updates shaking up financial filings, to fresh SEBI circulars and amendments affecting your day-to-day advisory.
Grab your coffee (or chai), and let’s break it down so you don’t miss a beat.
MCA: Big Changes Coming to Company Filings
Just when you thought your forms were sorted, the Ministry of Corporate Affairs dropped a host of amendments, effective July 14, 2025:
- AOC-4 XBRL Gets an Upgrade: You’ll now need to attach signed financial statements in PDF with your filings.
- Board’s Report Overhaul: The Board’s Report and financial statement filing process are set for a major shake-up.
- Updated Forms Galore: CRA-2 (Cost Records), GNL-1 (Registration Offices), MGT-7, MGT-7A, MGT-15 (Management and Administration), and the ADT series (Audit and Auditors) are all getting new versions.
And don’t miss these MCA circulars:
- Separate filing of e-form CSR-2 after transitioning to MCA21 V3.
- A breather on late fees for 13 e-forms during the MCA21 V2 to V3 transition.
➡️ P.S. Wondering how these MCA changes will impact your clients’ filings? Drop your question into Vidur—get instant, plain-English explanations with citations you can trust.
SEBI: Strengthening Rules, Investor Protection & More
SEBI kept the updates rolling with its June 18 board meeting and a host of circulars and consultation papers:
- Clarifications: Informal guidance on SEBI (Substantial Acquisition of Shares and Takeovers) and SEBI (Prohibition of Insider Trading) Regulations.
- Consultation Papers: Covering everything from governance of Market Infrastructure Institutions to periodic disclosure for Securitised Debt Instruments and new FAQs for Research Analysts.
- New Circulars: On ESG Debt Securities, related-party transaction disclosures, timelines for mutual fund rebalancing, limited compliance relaxations under SEBI (Listing Obligations and Disclosure Requirements), investor charters for Research Analysts and Advisors, extended liquidation timelines for Venture Capital Funds, Product Advisory Committee reviews, and investor charters on REITs and InvITs.
And yes, there’s a new notification under SEBI (Certification of Associated Persons in the Securities Market) Regulations, 2007. Stay sharp!
💡 Need a deeper dive on what SEBI’s latest frameworks mean for your advisory? Vidur’s AI Agents can break it down for you—fast, accurate, and citation-ready.
Direct Tax: India-Oman Treaty Gets an Update
Important news for anyone managing cross-border clients: the agreement between India and the Sultanate of Oman to avoid double taxation and prevent fiscal evasion has been amended. That’s one you’ll want to bookmark.
Indirect Tax: GST & Customs Guidance You Can’t Ignore
CBIC Circular:
- DIN must be generated and quoted on every communication that the officers send to taxpayers.
GSTN Advisories:
- Enhanced services for e-way bill portals.
- Reminder to file pending returns within three years.
- Heads-up: auto-populated liabilities in GSTR-3B can’t be edited.
- Returns will be barred if you miss the three-year deadline.
- Amnesty applications under section 128A of the Central Goods and Services Tax Act.
- Details for filing SPL-01/SPL-02 when payment is made through GSTR-3B.
- System validations for refund applications by QRMP taxpayers.
Instructions:
- Compliance with Indian Standards for steel imports (don’t forget SIMS registration).
- Updates on SCOMET – Consolidated Repository.
- Port restrictions and testing requirements lifted for certain leather exports.
👉 Overwhelmed by GSTN advisories? Let Vidur summarize the key implications for your practice so you can advise more quickly and with confidence.
Audit & Accounting: Frameworks & Exemptions
- Exemption from withholding tax for payments made to units in the International Financial Services Centre, as notified under section 197A(1F) of the Income Tax Act, 1961.
- Updates to IFSCA directions on Foreign Currency Accounts under the Liberalised Remittance Scheme.
- A fresh framework for Finance Companies or Units operating as Global or Regional Corporate Treasury Centres.
- IFSCA circulars on everything from tweaks to the Global Treasury Centre framework to new anti-money laundering guidelines, participation of Payment Service Providers in international payments, and amendments on importing Gold and Silver through the International Bullion Exchange.
- Revised consultation paper on revamped regulatory frameworks for Global Access in the International Financial Services Centre.
Banking & Finance: RBI Keeps You on Your Toes
- FEM (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025.
- RBI Directions on Electronic Trading Platforms, 2025.
- Draft Master Direction on Rupee Interest Rate Derivatives.
- Revised guidelines for the Depositor Education and Awareness Fund Scheme, 2014.
Consumer Protection: Dark Patterns & Measurement Matters
- FAQs from the Department of Consumer Affairs on Legal Metrology—essential reading if you sell or audit consumer products.
- The Central Consumer Protection Authority has issued an advisory urging e-commerce platforms to conduct self-audits for “dark patterns,” ensuring that online shopping remains fair, ethical, and consumer-friendly.
Stay Ahead with Vidur
That wraps up June, but remember, knowing about these updates is only half the battle. Understanding what they mean for your work is where the real edge lies.
✨ Ask Vidur to turn dense legalese into plain, practical insights—so you can go from overwhelmed to on top of it, every single time.
