Effective date: 14 August 2026 (Circular No. HO/17/11/17(5)2026-DDHS-POD2/I/18791/2026)
SEBI has revised the NDCF framework for Infrastructure Investment Trusts (InvITs) to provide relief where road projects incur significant major maintenance expenditure. Under the revised framework, such expenditure may be added back while computing NDCF, provided it is funded through external borrowings and the prescribed conditions are met — helping InvITs avoid a sharp reduction in distributable cash flows in the year the expenditure is incurred.

Effective date: Circular dated 11 August 2026
Based on the recommendations of a SEBI Working Group, the amendments aim to facilitate greater participation in the municipal bond market, enhance investor protection, and address operational challenges faced by municipal issuers. Key changes are summarised below:

Effective date: 7 August 2026 (immediate)
RBI has excluded specified advances against fresh FCNR(B) and NRE term deposits from Adjusted Net Bank Credit (ANBC) used to compute Priority Sector Lending (PSL) obligations. The amendment aligns the PSL framework with RBI's June 2026 measures encouraging longer-tenor non-resident deposits — the USD–INR swap facility and the CRR/SLR exemption for specified fresh FCNR(B)/NRE deposits — by ensuring that advances against such deposits do not inflate the PSL base.

Effective date: 25 August 2026 (immediate)
This amendment shortens the CRR/SLR exemption window for the same fresh FCNR(B) and NRE deposits covered by the PSL amendment above. The cut-off date for fresh mobilisation under paragraphs 21(5) and 21(6) of the RBI (Commercial Banks Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 has been advanced from 30 September 2026 to 31 August 2026, for both FCNR(B) and NRE deposit categories. All other conditions tenor, eligible deposit types, and continuation of the exemption on the original deposit amount for as long as it remains on the bank's books are unchanged. Corresponding amendments have been issued for Rural Co-operative Banks, Urban Co-operative Banks, Regional Rural Banks and Small Finance Banks.

Effective date: 25 August 2026 (immediate)
RBI has revised the large exposure framework applicable to Infrastructure Debt Fund–NBFCs (IDF-NBFCs) forming part of the Upper Layer, by extending the large exposure limits applicable to NBFC-Infrastructure Finance Companies (NBFC-IFCs) to such IDF-NBFCs. The change is effected through a new paragraph 39A inserted under Chapter IV of the RBI (NBFC – Concentration Risk Management) Directions, 2025, and is intended to harmonise concentration-risk requirements across infrastructure-focused NBFCs.

Effective date: 1 January 2027 (notified 6 August 2026)
Applicability: All NBFCs with a customer interface, except Mortgage Guarantee Companies, Core Investment Companies, NBFC-Account Aggregators, Standalone Primary Dealers and Non-Operating Financial Holding Companies

Effective date: 1 January 2027 (notification RBI/2026-2027/231 dated 6 August 2026)
RBI has withdrawn the HFC-specific recovery-agent code under sub-section A.15 (Chapter X, Fair Practices Code) of the RBI (Housing Finance Companies) Directions, 2025, and instead requires HFCs to follow the comprehensive recovery-conduct framework described above for NBFCs. A new sub-section A.15A and paragraph 170A now require HFCs to comply with paragraphs 100A–100AB of the RBI (NBFC – Responsible Business Conduct) Directions, 2025. No other provisions of the HFC Directions, 2025 are affected.

Effective date: Annual reporting periods beginning on or after 1 April 2026 (FY 2026-27); notified 12 August 2026, G.S.R. 725(E)
MCA has amended the Companies (Indian Accounting Standards) Rules, 2015 on the following areas:

Effective date: 27 August 2026
IRDAI now permits insurers to invest in Maharajah INR Bonds (onshore rupee bonds) issued directly by the New Development Bank (NDB), the multilateral lender established by the BRICS nations. NDB aims to mobilise ₹25,000 crore over a rolling five-year horizon, to be deployed towards sustainable development, sustainable infrastructure, green energy, and critical social infrastructure assets in India. The circular is issued under clause 12(6) of Schedule III of the IRDAI (Actuarial, Finance & Investment Functions of Insurers) Regulations, 2024.