Published on 21 September 2026
1. Reserve Bank of India (RBI)
Key Circulars & Regulatory Instructions
A. Master Direction on Counterfeit Notes – Detection, Reporting and Monitoring (Amendment).
- Key Requirements: Priority Training: Banks must conduct mandatory refresher programs on banknote security features for all cash-handling staff. Staff in international border branches must complete training by September 15, 2026, with remaining staff trained by October 31, 2026. Infrastructure Mandate: Bank branches in districts along international borders must be equipped with specialized Note Authentication/Sorting Machines. Reporting: Action Taken Reports (ATRs) must be submitted through the Forged Note Vigilance (FNV) Cells to the concerned RBI Issue Office by September 22, 2026 (for border branches) and November 7, 2026 (overall).
- The Bottom line : Immediate operational audit required for border branches. Ensure training records are logged and file the border branch ATR with RBI before September 22.
B. RBI CIMS Reporting Framework Amendment Directions.
- Key Requirements: Replaces monthly filings for Scheduled Commercial Banks with a unified half-yearly reporting framework via the Centralised Information Management System (CIMS) portal. The half-year report for the period ending September 30, 2026, must be submitted by October 30, 2026.
- The Bottom line: Update internal data extraction workflows from monthly to half-yearly data compilation ahead of the October 30 deadline.
2. Securities and Exchange Board of India (SEBI)
Key Regulatory Initiatives & Consultation Papers
A. SEBI Consultation Paper on Measures to Strengthen BCP & DR of MIIs (Issued Sept 15, 2026).
- Key Requirements: Proposals to extend the Cyber Security and Cyber Resilience Framework (CSCRF)—originally designed for Market Infrastructure Institutions (MIIs)—to their key technological and operational subsidiaries based on shared infrastructure or data-handling thresholds.
- The Bottom line: Public and stakeholder comments are open until October 2, 2026. Relevant MII subsidiaries should review data-sharing and business continuity dependencies to prepare compliance impact assessments.
B. Implementation of Revised ETF Trading Norms & Base Price Bands
- Citation: SEBI Circular Ref: HO/47/11/11(1)2026-MRD-POD3/I/19839/2026.
- Key Requirements: Updated framework governing ETF base price calculations, dynamic price bands, call auction mechanisms, and close-out procedures took full operational effect starting this month.
- The Bottom line: Asset Management Companies (AMCs), brokers, and depositories must ensure that pre-trade validation controls reflect the updated dynamic price band limits for ETF execution.