Fintech Brief — April 20, 2026
Today’s Top Stories
1. RBI Restricts INR Forex Derivatives to Curb Speculation
The Reserve Bank of India has issued a stringent circular (RBI/2026-27/04 A.P. (DIR Series) Circular No. 03) effective immediately, prohibiting authorised dealers from offering non-deliverable derivative contracts involving INR to both resident and non-resident users. The circular also bans rebooking of any FX derivative contract involving INR that is cancelled after the issue date, and prohibits undertaking INR-involving FX derivative contracts with related parties.
This moves comes amid heightened volatility in the INR and aims to curb speculative trading that could destabilise the currency. Banks and corporates must ensure their hedging activities do not involve offsetting non-deliverable positions.
2. SEBI Mutual Funds Regulations 2026 Come Into Force
SEBI’s new Mutual Funds Regulations, 2026 have become effective, replacing the previous MF regulations framework. The comprehensive regulations cover registration and eligibility criteria for asset management companies, governance and fiduciary duties of trustees, portfolio management and investment restrictions, disclosure requirements, and investor protection measures.
Asset management companies must review their governance structures, fee disclosures, and compliance programmes to ensure alignment with the new framework.
3. SEBI Eases Pledged Share Lock-in Process
In another ease-of-doing-business measure, SEBI has introduced a streamlined mechanism for locking in pledged shares under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The circular (dated April 8, 2026) outlines steps for initiating and releasing lock-in, documentation requirements, and roles of intermediaries including brokers, depositories, and registrars.
This aims to reduce procedural friction in capital market transactions involving pledged securities.
4. Acko Trims Workforce Ahead of IPO
Digital insurtech firm Acko has let go of approximately 60 employees, representing about 5% of its workforce, as it undergoes structural realignment with greater focus on integrating AI into its operations. The move comes as the company prepares for a potential IPO, joining a growing list of Indian startups tapping public markets.
Quick Takes
RBI Capital Market Norms: The effective date for RBI’s Amendment Directions on Capital Market Exposure has been extended by three months to July 1, 2026, providing banks more time for compliance.
SEBI MPS Relaxation: SEBI has issued a one-time relaxation for listed entities non-compliant with Minimum Public Shareholding requirements, valid until further notice.
Cross-border Payments: RBI’s final circular on faster cross-border inward payments aims to ensure timely payment information and crediting of funds to beneficiary accounts.