From SEBI to CBDT: Your One-Stop Briefing on May’s Legal & Regulatory Shifts

If you’re a CA juggling deadlines or a corporate lawyer eyeing that 9 a.m. negotiation with one eye on your inbox, you know one thing: missing an update isn’t just inconvenient—it’s risky. That’s why we’ve stitched together the most critical regulatory, corporate, and tax changes from May 2025 so you can stay sharp, stay compliant, and stay ahead.

Here’s your one-scroll summary of everything that moved last month:

Corporate & Regulatory Updates

MCA (Ministry of Corporate Affairs)

• Indian Accounting Standards Update: The Companies (Indian Accounting Standards) Amendment Rules, 2025, were released, refining compliance requirements.
  

Accounts Compliance: The Companies (Accounts) Amendment Rules, 2025, introduced updated disclosure mandates.

SEBI (Securities and Exchange Board of India)

This May, SEBI was on overdrive—here’s the blitz breakdown:

1. Major regulatory changes across Infrastructure Investment Trusts, Depositories and Participants, Issue and Listing of Securitised Debt Instruments and Security Receipts, and Alternative Investment Funds.
   
2. Securities Contracts Rules also amended—stay alert if you deal in listed securities.
   
3. Regulation 16(1)(b)(iv) of the LODR got informal clarification—could influence how “materiality” is interpreted.
   
4. Three consultation papers released:
   
   • Simplifying IPO norms via SEBI (ICDR) Regulations
     
   • Alternative Investment Funds Co-investment flexibility within the fund structure
     
   • Relaxation for FPIs investing in Indian Govt Bonds
     
5. Draft circular out: Chapter VII listing obligations for non-convertible securities—open for comments.
   
6. Gensol v. SEBI: SAT allows company to respond to interim order—a procedural win.
   
7. SEBI also clarified:
   
   • ESG Rating Providers procedures
     
   • Cybersecurity Resilience for Regulated Entities
     
   • T+0 Settlement Cycle timeline extended for QSBs
     
   • Certification deadline for AIF managers now July 31, 2025
     
   • Investor Charter guidelines for RTAs
     
   • Internal Audit team structure for CRAs defined
     
   • Digital KYC guidelines made inclusive for PwDs
     
   • Cooling-off periods and process clarity for KMPs of MIIs introduced
     

P.S. Want to know what a legal update actually means for your work? Ask Vidur in plain English—get expert-backed, citation-ready answers in seconds.

Taxation Updates

Direct Tax

Biggest change? New ITR Forms across the board:

• ITR-1 to ITR-7 — all revised via amendments 12 through 19.
  
• Plus, ITR-U form updated too.
  
• Deadline extension: Income tax return  filing due date for AY 2025–26 now September 15, 2025.
  

Indirect Tax

• HSN Code Reporting in GSTR-1/1A (Table 12) clarified by GSTN.
  
• GST Registration Grievance Redressal process reinforced via CBIC instruction.
  
• Import Restrictions imposed by CBIC for select goods from Bangladesh—logistics teams, take note.
  

P.S. Unsure how a new update affects your client or deal? Just ask Vidur. You’ll get a precise, cited answer—instantly.

Insolvency & Bankruptcy Board of India (IBBI)

The IBBI made four key moves this month:

1. Corporate Insolvency: Third & Fourth Amendment Regulations released.
   
2. Personal Guarantors: Dedicated Amendment Regulations published.
   
3. New CIRP Forms rolled out—ensure your filing systems are updated.
   

Competition Commission of India (CCI)

• The Cost of Production Regulations, 2025 launched—crucial for M&A teams handling antitrust compliance.
  

IFSCA (GIFT City)

May saw a slew of framework upgrades:

1. TechFin & Ancillary Services Regulations released for consultation.
   
2. Draft process rules for making regulations also under review.
   
3. Bullion Ecosystem streamlined—net-worth criteria relaxed for customers.
   
4. Co-investment frameworks for VCFs and restricted schemes refined.
   
5. Custodian Appointment timeline extended under Fund Management Regulations.
   

P.S. Every update has consequences. Ask Vidur how it impacts your case, client, or clause—get answers with citations you can trust.

Banking & Finance

• RBI released its Digital Lending Directions, 2025—vital for fintech firms and NBFC legal teams.
  

Bar Council of India

• The long-anticipated Rules for Registration and Regulation of Foreign Lawyers or Foreign Law Firms in India (2022) are now enforced. Cross-border practices—gear up.
  

P.S. Don’t just read updates—understand what they mean for your work. Vidur breaks it down with citations, instantly.

Why These Updates Actually Matter (Especially If You’re in the Middle of a Deal, Filing, or Client Review)

If you’re navigating corporate closings, reviewing tax positions, or finalizing compliance reports, missing even one regulatory tweak could mean more than just an oversight; it could risk client trust, delay deal flow, or trigger penalties.

And let’s be honest: most of these updates don’t arrive with a flashing red banner. They’re hidden in amendment notifications, circulars, and multi-page PDFs. Which is why keeping up manually is no longer sustainable.

What professionals want today isn’t just what changed, but what it means for their clause banks, advisory notes, or ongoing filings. Whether it’s a revised ITR form, a fresh SEBI clarification on AIFs, or a new ESG rating protocol, the real value lies in understanding how these changes ripple into your daily deliverables.

That’s where tools like Vidur come in. Imagine having a system that not only alerts you to regulatory changes but also informs you where they impact your drafts, clients, or workflows, without requiring hours of manual research.

In high-stakes environments, accuracy isn’t a bonus; it’s a baseline. And staying ahead isn’t just about speed, it’s about context.

TL;DR Summary

Final Thought

Stay ahead of regulatory changes effortlessly. 

Try Vidur today to get instant, detailed insights tailored to your practice, complete with clickable statutes, client-ready notes, and real-time update alerts. 

Start your free trial now!