As we wrap up May 2025, it’s essential to highlight the significant legislative developments that have emerged this month. This Legislation Roundup for May 2025 covers crucial updates, including the extension of the Income Tax Return (ITR) filing date, the establishment of the prosecution team for the long-awaited 26/11 trial, and the streamlining of foreign contributions to enhance transparency and compliance. Read on for a comprehensive overview of these important legislative updates and their implications for individuals and organizations alike.
HIGHLIGHT OF THE MONTH
ITR Filing Deadline extended! CBDT pushes due date to 15th September 2025
On 27-5-2025, the Central Board of Direct Taxes issued extended the due date of filing of Income Tax Returns for the AY 2025-26 by 15-9-2025. This extension is expected to mitigate the concerns raised by stakeholders and provide adequate time for compliance, which will ensure the integrity and accuracy of the return filing process.
STATUTES/ BILLS/ ORDINANCES
President questions SC on setting timelines on Governor and President’s powers under Articles 200 & 201 for Bill Assent
In reference to the Supreme Court’s verdict in State of T.N. v. Governor of T.N., 2025 SCC OnLine SC 770, wherein, the Court prescribed a time-limit for the exercise of power under Article 200, the President of India in exercise of the powers conferred under Article 143(1) of the Constitution of India, referred questions to the Supreme Court of India.
MINISTRY OF LAW
Centre appoints SG Tushar Mehta led Prosecution team in 26/11 Trial
The Centre Government appointed Special Public Prosecutors team led by Tushar Mehta, Solicitor General of India with S.V. Raju, Additional Solicitor General, Dayan Krishnan, Senior Advocate and Narender Mann, Advocate for conducting trial and other matters related to NIA case in 26/11 Mumbai Terror Attack case.
MINISTRY OF FINANCE
New Broker Investment Regulations notified vide Securities Contracts (Regulation) Amendment Rules, 2025
On 19-5-2025, the Ministry of Finance notified the Securities Contracts (Regulation) Amendment Rules, 2025 to amend the Securities Contracts (Regulation) Rules, 1957 making a regulatory clarity on ease of doing business for broker’s and their investment schemes.
MINISTRY OF HOME AFFAIRS
Govt streamlines framework for receiving foreign contributions vide FCR Amendment Rules, 2025
On 26-5-2025, the Ministry of Home Affairs notified Foreign Contribution (Regulation) Amendment Rules, 2025 to introduce significant refinements in provisions and a stronger regulatory framework for receiving foreign contribution.
MINISTRY OF COAL
Mineral Concession (Amendment) Rules, 2025 notified: Key Takeaways
On 20-5-2025, the Ministry of Coal notified the Mineral Concession (Amendment) Rules, 2025 to streamline the mining operations in mining plan allowing boundary extensions, increased productions and adaptation to technology. The provisions came into force on 20-5-2025.
DEPARTMENT OF TELECOMMUNICATIONS
DoT notifies new telecom standards & certification rules
On 16-4-2025, The Ministry of Communications notified the Telecommunications (Framework to Notify Standards, Conformity Assessment and Certification) Rules, 2025, to establish a regulatory framework ensuring that telecom equipment used in India meet safety, security, and performance standards.
BAR COUNCIL OF INDIA (BCI)
Key Takeaways from BCI’s revised Rules for registration and regulation of foreign lawyers or foreign law firms in India
On 13-5-2025, the Bar Council of India notified the Bar Council of India Rules for registration and regulation of foreign lawyers or foreign law firms in India, 2022 enabling foreign lawyers and foreign law firms to practice foreign law, diverse international law, and international arbitration matters in India on the principle of reciprocity, in a well-defined, regulated, and controlled manner.
INSOLVENCY & BANKRUPTCY BOARD OF INDIA (IBBI)
IBBI introduces Non-submissions of Repayment Plan strengthening Insolvency Resolution Process
On 19-5-2025, the Insolvency and Bankruptcy Board of India (‘IBBI’) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2025 revising the provisions of insolvency resolution process.
IBBI Tightens Insolvency Rules: Key Changes to Strengthen Creditor Rights and Transparency
On 26-5-2025, the Insolvency and Bankruptcy Board of India (‘IBBI’) notified Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (4th Amendment) Regulations, 2025 to enhance transparency, improve creditor protections, and streamline insolvency resolution.
SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI Extends Compliance Timeline—ODI & FPI
On 16-5-2025, the Securities and Exchange Board of India (‘SEBI’), issued a circular on extension of timeline for implementation of provisions regarding Offshore Derivate Instrumanets’ (ODI) and Foreign Portfolio Investors’ (FPI) with segregated portfolios to 17-11-2025.
SEBI paves way for inclusive and accessible Digital KYC for persons with Disabilities following Supreme Court directives
On 23-5-2025, the Securities and Exchange Board of India (‘SEBI’) notified legal directive aimed at mandating Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities, aligning with the Supreme Court’s rulings on equal access to financial services.
RESERVE BANK OF INDIA (RBI)
RBI relaxes requirement for investment by FPIs in Corporate Debt Securities
On 8-5-2025, the Reserve Bank of India issued a notification regarding relaxations in corporate debt securities through General Route withdrawing the requirements for investment by Foreign Portfolio Investors in Corporate Debt Securities.
RBI Shapes the Future of Digital Lending, 2025
On 8-5-2025, the Reserve Bank of India issued the Reserve Bank of India (Digital Lending) Directions, 2025 to establish a transparent, fair, and borrower-centric framework for digital lending, ensuring stricter oversight of digital lending platforms.
RBI’s visionary step towards future of Payments Systems: Key Takeaways
On 20-5-2025, the Reserve Bank of India (‘RBI’) notified the ‘Payments Regulatory Board Regulations, 2025’ to establish a structured framework for overseeing India’s payment and settlement system by formally creating a Payments Regulatory Board.
FOREIGN LEGISLATION
Monetary Authority of Singapore introduces new Regulations under Securities and Futures Act for Corporate Governance of approved entities
The Regulations will commence from 15-07-2024 and after commencement, will revoke the former Securities and Futures (Corporate Governance of Approved Exchanges, Approved Clearing Houses and Approved Holding Companies) Regulations 2005.
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