IBS SPOM Set A Law amendments CA Final Nov 26

CA Final · Paper 6 IBS · SPOM Set A

Corporate & Economic Laws Amendments for Nov 2026

Every ICAI-notified amendment (till 30 April 2026) for SPOM Set A, explained in plain language with old vs new wording, study material page references and the MCQ traps examiners love.

📘 Study Material: Sept 2025 edition
📅 Amendments up to 30 April 2026
🧩 4 amendment groups

At a Glance · All Amendments

#	Amendment	What Changed (1 line)	SM Page	Priority
1	SEBI LODR (Sixth Amendment) Regs, 2025	Reg 7: “Share Transfer Agent” renamed “Registrar to an Issue and Share Transfer Agent”	M2 · 1.56	B
2	SEBI ICDR (Amendment) Regs, 2026	“Non-transferable” lock-in marking; draft abridged prospectus filed & hosted with DRHP; QR code on application forms	M2 · 1.84–1.114	A
3	FEMA – Guarantees by AD Banks (A.P. DIR Circular 19)	Import-related guarantees now governed by FEM (Guarantees) Regulations, 2026	EL M2 · 1.24	B
4	FEM (Export and Import of Goods and Services) Regs, 2026	New combined export + import regulations, in force from 1 October 2026	EL M2 · 1.20–1.25, 1.69–1.78	A

A Must do — high MCQ probability
B Quick read — one-liner MCQ possible

📈 Section B · Securities Laws (SEBI LODR + ICDR) ▾

1. SEBI (LODR) Sixth Amendment Regulations, 2025 — Regulation 7 B ▾

Notification No. SEBI/LAD-NRO/GN/2025/289 dated 15 December 2025. Only the name of the intermediary in Reg 7 has changed.

Point	Before	After
Heading of Reg 7	Share Transfer Agent	Registrar to an Issue and Share Transfer Agent
Reg 7(1)	Listed entity shall appoint a share transfer agent or manage transfer in-house	Listed entity shall appoint a registrar to an issue and share transfer agent or manage the share transfer facility in-house

🎯 MCQ hook
The in-house option is still available. An option saying “appointment of an RTA is now mandatory” is wrong.

Study Material Module 2 · Page 1.56

2. SEBI (ICDR) Amendment Regulations, 2026 — Regs 17, 25, 26, 123, 124, 131 A ▾

Notification No. SEBI/LAD-NRO/GN/2026/299 dated 16 March 2026, effective from the date of publication in the Official Gazette. Three themes: lock-in enforcement, abridged prospectus filed and hosted alongside the offer document, and digital access via QR code.

Theme 1 · Lock-in (Reg 17)

Provision	Change
Reg 17 (1)	Existing regulation renumbered as sub-regulation (1). Rule unchanged: entire pre-issue capital held by non-promoters is locked in for 6 months from date of allotment in the IPO (with existing ESOP / ESOP trust / VCF / AIF Cat I & II / FVCI exceptions).
Reg 17 (2) — NEW	Where lock-in of specified securities cannot be created, the depositories, on instructions from the issuer, shall record such securities as “non-transferable” for the applicable lock-in period.

Module 2 · Pages 1.84–1.85

Theme 2 · Abridged Prospectus with Offer Documents

Identical changes made for IPO (Regs 25 & 26) and FPO (Regs 123 & 124).

Stage	IPO Reg	FPO Reg	New Requirement
Filing DRHP with SEBI	25(2)(d)	123(2)(e)	Lead manager(s) must also submit a draft abridged prospectus as per Part E of Schedule VI
Filing offer documents after RoC	25(7)	123(7)	Copy of offer documents to be filed with SEBI & stock exchanges along with the abridged prospectus
Soft copies to SEBI	25(8)	123(8)	Soft copy of 4 documents: draft offer document, offer document, draft abridged prospectus and abridged prospectus
Public comments (min. 21 days)	26(1)	124(1)	DRHP hosted along with the draft abridged prospectus on websites of issuer, SEBI, stock exchanges and lead manager(s)
Hosting final documents	26(4)	124(4)	Issuer & LM to ensure offer documents and the abridged prospectus are hosted and match versions filed with RoC, SEBI and exchanges

Module 2 · Pages 1.87–1.89 (IPO) and 1.108–1.110 (FPO)

Theme 3 · Application Form (Reg 131(2))

Before	After
Every application form had to be accompanied by a copy of the abridged prospectus	Every application form shall include a QR code and link to access the RHP, abridged prospectus and price band advertisement

Module 2 · Page 1.114. Reg 131(1) unchanged: abridged prospectus contains Part E of Schedule VI disclosures only.

⚠️ IPO vs FPO traps (case-scenario MCQs)
• Timing after RoC filing: IPO 25(7) says promptly after filing with RoC; FPO 123(7) says simultaneously while filing with RoC.
• Promoters’ contribution certificate: IPO 25(9)(d) needs a statutory auditor; FPO 123(9)(d) needs a Chartered Accountant.
• FPO 123(2) already had clause (d) (Part C of Schedule VI compliance), so the abridged prospectus is clause (e) in FPO but clause (d) in IPO.

🎯 Remember
Who records “non-transferable”? Depositories. On whose instruction? Issuer. Physical abridged prospectus with forms? No longer required — QR code and link instead.

🌐 Section C · Economic Laws (FEMA, 1999) ▾

3. Guarantees by AD Banks for Imports — A.P. (DIR Series) Circular No. 19 B ▾

Circular dated 12 January 2026 modifies the guidelines on import of goods and services regarding guarantees issued by authorised dealers. AD Banks are now to be guided by the Foreign Exchange Management (Guarantees) Regulations, 2026.

Old paras B.8.1 – B.8.4 (now replaced)

Para	Earlier Position
B.8.1	Guarantee for imports on deferred payment terms, as approved by RBI
B.8.2	Guarantee / Letter of Undertaking / Letter of Comfort for import of goods permitted under FTP
B.8.3	Guarantee for service importers — cap USD 5,00,000 (non-PSU); PSU / Govt above USD 1,00,000 needed MoF approval
B.8.4	Corporate guarantee to overseas lessor for import through operating lease

⚡ Exam takeaway
For any question on guarantees by an AD for imports, the answer now points to the FEM (Guarantees) Regulations, 2026, not the old B.8 paragraphs.

Economic Laws Module 2 · Page 1.24

4. FEM (Export and Import of Goods and Services) Regulations, 2026 A ▾

Notification No. FEMA 23(R)/2026-R dated 13 January 2026, in force from 1 October 2026. Supersedes the FEM (Export of Goods & Services) Regulations, 2015. One set of rules now covers both exports and imports.

Key Definitions (Reg 2)

Export of	Specified Authority (DTA)	Specified Authority (SEZ)
Goods	Commissioner of Customs	Development Commissioner, SEZ
Services (other than software)	Authorised Dealer	Development Commissioner, SEZ
Software	Authorised Dealer or STPI	Development Commissioner, SEZ

“Services” includes software. “Software” covers any programme, database, design, audio/video signal etc. on a non-physical medium. EDF = Export Declaration Form.

Numbers You Must Know

Reg	Requirement	Time / Limit
3(1)	EDF for export of goods (deemed part of shipping bill at EDI ports)	At the time of export
3(2)	EDF for export of services (single EDF allowed for a month; non-software services may file on/before receipt of payment; AD may extend)	30 days from end of month of invoice
4(2)	EDPMS / IDPMS entry closure on exporter’s / importer’s declaration (or quarterly bulk declaration)	Up to ₹10 lakh per SB / BoE / invoice
5(1)(a)	Realisation & repatriation — goods (from shipment) / services (from invoice)	15 months
5(1)(b)	Goods exported to a warehouse outside India (from date of sale from warehouse)	15 months
5(1)(c)	Project exports	As per contract terms
5(1) proviso	Exports invoiced and/or settled in Indian Rupees	18 months
6	Reduction / non-realisation of export value allowed on exporter’s declaration	Up to ₹10 lakh per SB / invoice
13	Proceeds unrealised beyond due / extended date → further exports only against full advance or irrevocable LC	More than 1 year
15(2)	Project exporter may park temporary cash surplus abroad in short-term instruments (T-bills, bank deposits)	Maturity ≤ 1 year
16(1)(a)	Merchanting Trade — gap between outward and inward remittance (AD may extend)	Max 6 months
18(1)	AD to enter EDF / import details from non-EDI ports and service exports/imports in EDPMS / IDPMS	Within 5 working days

Other Key Provisions

Reg	Provision
4(1)	Receipts and payments as per FEM (Manner of Receipt and Payment) Regulations, 2023
7	Set-off of export receivables against import payables with the same overseas buyer/supplier or its group/associate companies, within realisation period
8	Third-party receipts/payments permitted if AD is satisfied about bona fides
9	Import payment within the period in the underlying contract; AD may extend
10	Advance receipts/payments routed through the same AD (change allowed after intimating both ADs); AD may require SBLC/guarantee above its threshold; interest not to exceed all-in-cost ceiling for trade credit (Borrowing and Lending Regs, 2018)
11	No advance remittance for import of gold or silver
12	Import not materialised → repatriate advance. If not repatriated, future advances need an unconditional, irrevocable SBLC or guarantee from an international bank of repute (or AD guarantee backed by its counter-guarantee)
16	MTT: outward remittance only to overseas seller, inward only from overseas buyer (AD may allow third party); documents to AD; AD closes both EDPMS and IDPMS legs
18(2)	All foreign trade transactions reported in FETERS
19	AD to have a documented internal policy & SOP (documents, timelines, charges, extensions, factoring, delegation), a grievance escalation and appeal mechanism, reasonable charges, no penalty on customers for regulatory delay, and disclose the policy on its website

⚠️ Classic MCQ traps
• 15 months (foreign currency) vs 18 months (INR invoicing/settlement).
• ₹10 lakh threshold works for both EDPMS closure and reduction in export value on mere declaration.
• A traveller carrying personal effects is not an exporter.
• Services EDF: 30 days from end of the month of invoice, not from invoice date.

Economic Laws Module 2 · Pages 1.20–1.25 and 1.69–1.78

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⚡ Test pattern
All questions are case-scenario based MCQs of 2 marks each, all compulsory, no negative marking. Pass standard 50%. Chapter tests: 25 MCQs (50 marks, 1 hr 30 min). Full tests: 50 MCQs (100 marks, 3 hrs).

⚖️ SET A · Corporate and Economic Laws (100 Marks) ▾

Test	Part / Section	Chapters (ICAI Study Material)	Duration / Marks
Test 1	Part I – Section A: Company Law (50 Marks) · Module 1	Ch 1: Appointment and Qualifications of Directors Ch 2: Appointment and Remuneration of Managerial Personnel Ch 3: Meetings of Board and its Powers Ch 4: Inspection, Inquiry and Investigation Ch 5: Compromises, Arrangements and Amalgamations	1 hr 30 min / 50
Test 2	Part I – Section A: Company Law (50 Marks) · Module 1	Ch 6: Prevention of Oppression and Mismanagement Ch 7: Winding Up Ch 8: Miscellaneous Provisions Ch 9: Adjudication, Special Courts, NCLT and NCLAT Ch 10: e-Filing	1 hr 30 min / 50
Test 3	Part I – Section B: Securities Laws (20 Marks) · Module 2	Ch 1: SEBI Act, 1992; SEBI (LODR) Regs, 2015; SEBI (ICDR) Regs, 2018; SEBI (SAST) Regs, 2011; SEBI (PIT) Regs, 2015 Amendments 1 & 2	1 hr 30 min / 50
Test 4	Part II: Economic Laws (30 Marks) · Module 2	Ch 1: FEMA, 1999 Amendments 3 & 4 Ch 2: FCRA, 2010 Ch 3: Insolvency and Bankruptcy Code, 2016	1 hr 30 min / 50
Test 5	Full Syllabus (ICAI MTP pattern)	All chapters: Section A Company Law 50, Section B Securities Laws 20, Section C Economic Laws 30	3 hrs / 100

📊 SET B · Strategic Cost & Performance Management (100 Marks) ▾

Test	Part / Section	Chapters (ICAI Study Material)	Duration / Marks
Test 1	Part A: Strategic Cost Management · Module 1	Ch 1: Introduction to Strategic Cost Management Ch 2: Modern Business Environment Ch 3: Lean System and Innovation Ch 4: Specialist Cost Management Techniques	1 hr 30 min / 50
Test 2	Part A: Strategic Cost Management · Module 1	Ch 5: Management of Cost Strategically for Emerging Business Models Ch 6: Strategic Revenue Management Ch 7: Strategic Profit Management	1 hr 30 min / 50
Test 3	Part B: Strategic Performance Management · Module 2	Ch 8: An Introduction to Strategic Performance Management Ch 9: Strategic Performance Measures in Private Sector Ch 10: Strategic Performance Measures in Not-for-Profit Organisations Ch 11: Preparation of Performance Reports	1 hr 30 min / 50
Test 4	Part B: Strategic Performance Management & Part C: Case Study	Ch 12: Divisional Transfer Pricing Ch 13: Standard Costing Ch 14: Case Study	1 hr 30 min / 50
Test 5	Full Syllabus (ICAI MTP pattern)	All chapters: Section A (4 cases × 6 MCQs), Section B (4 × 4), Section C (3, 3, 2, 2)	3 hrs / 100

✅ How to clear SPOM in one go
1. Read the module, then attempt that chapter test the same week.
2. Revise every wrong MCQ from the evaluated sheet before moving on.
3. Do Set A Tests 3 & 4 only after reading the amendments on this page.
4. Finish with Test 5 under a strict 3-hour timer — treat it as your dress rehearsal.

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