Changes from December: There are going to be changes in many rules related to finance in the month of December. For example, there will be strict deadlines for launching an IPO and listing on the stock market. At the same time, the deadline for changing lounge access on credit cards and free update of Aadhaar card is also ending in the month of December itself.
1. New deadline for IPO
The Securities and Exchange Board of India (SEBI) has reduced the IPO listing deadline to T+3 days from the current T+6 days. The new deadline will be mandatory for all issues arising after December 1.
Foreign investors bought lakhs of shares of the company at a price of ₹155, a news that upset retail investors as well.
2. New SIM card rules
There will be many changes in the new SIM card rules introduced by the government. These include ban on wholesale sale of SIM cards, POS franchise by telecom operators, mandatory registration of agents and distributors and police verification of SIM dealers. The new rules will come into effect from December 1.
3. Changes on HDFC Bank Regalia Credit Card
Private sector HDFC Bank has changed some rules for its Regalia credit card. Beginning December 1, 2023, the lounge access program for the Regalia Credit Card will be based on cardholder spending. Cardholders who spend ₹1 lakh or more in a calendar quarter can avail lounge access vouchers on a quarterly basis.
There was a rush to buy the stock, a 20% upper circuit was imposed, the stock fell to ₹176.
4. Time limit for free update of Aadhaar
Earlier this year, UIDAI allowed citizens to update their Aadhaar card details online for free. After this the government extended this deadline twice. This deadline will end on December 14.
5. Demat Account Holder, MF Nomination
SEBI on September 26 extended the deadline for providing nomination option to existing demat account holders by three months to December 31, 2023. Apart from this, SEBI has given time till 31st December for physical filing.
6. Deactivate UPI ID
The National Payments Corporation of India (NPCI), in a circular dated November 7, has asked payment apps and banks to deactivate UPI IDs and numbers that have not been active for more than a year. Every bank and third party app will have to comply by December 31.
Tata’s share surges 180% on listing day, company sets record, experts say – will deliver higher profits in future
7. Bank Locker Agreement
According to the Reserve Bank of India (RBI), customers will have to sign a new agreement with their banks under the new rules for safe deposit lockers. Customers are allowed to use the lockers as long as they pay the rent. Its deadline is December 31, 2023.
8. File ITR
If you have not yet filed an amended return or filed a late return, do so by December 31. This is the last deadline.