Coming up from April 1, 2025: New rules for mutual funds allotment, UPI and GST invoicing

Key changes in financial year 2025-26 include SEBI guidelines, UPI updates, MFA for taxpayers, and SBI Cards revisions.

The upcoming financial year 2025-26 is set to play host to several changes relating to tax administration, managing daily transactions, invoicing for businesses and revision in benefits accruing from credit cards. We list down some of the more important ones for easier reference:  

In March this year, with an endeavour to impart greater transparency and induce more accountability, the Securities and Exchange Board of India (SEBI) issued guidelines that seek Asset Management Companies (AMCs) deploy funds raised from New Fund offers (NFOs) within thirty days from the date of allotment. This is primarily to ensure that funds are utilised in the same fashion as mentioned in the Scheme Information Document (SID).  

In case the AMC is unable to adhere to the sunset clause, it would be required to furbish a written explanation to the regulator, detailing reasons for the delay and the measures being taken thereafter. A blog written by stockbroker platform AngelOne earlier this year underlined that investors can look forward to a “more efficient and reliable investment experience”. 

UPI-linked phone numbers that have been inactive for an extended period would have to be updated with the bank before April 1 to avail uninterrupted services. NPCI mandated in March this year that banks and platform service providers (as Google Pay, PhonePe) make use of Mobile Number Revocation List (MNRL) and/or Digital Intelligence Platform (DIP) to do away with recycled and churned mobile numbers. The idea is to “reduce chances of errors due to churned mobile numbers” and financial frauds.  

NPCI had also mandated, among other things, that the interface obtain explicit user consent with clear opt-out option for seeding and porting UPI numbers.  

Platform service providers and banks are expected to comply with the provisions latest by Monday. 

Multifactor Authentication (MFA) would become mandatory for all taxpayers, irrespective of their annual aggregate turnover (AATO) for using the updated version of e-way bill and e-invoice systems. Announced in December last year, the regulations was rolled in phases with this being mandatory for those with AATO of ₹20 crore at the start of January and ₹5 crore starting February. The measures endeavour to enhance the security of the portals in line with best practices and government guidelines.