December 2023: New SIM card rules to IPO listing

As the year drew to a close, December 2023 brought a flurry of financial changes, prompting individuals to reevaluate their economic landscapes before stepping into the new year. The month unfolded with a series of impactful alterations that rippled through various sectors.

The Securities and Exchange Board of India (SEBI) set the tone for the month by ushering in a significant adjustment to the IPO listing process. In a bid to streamline and expedite the system, the timeline for listing IPOs was curtailed from the existing T+6 days to a more dynamic T+3 days. This mandate, effective from December 1, affected all issues in the pipeline.

Simultaneously, the government introduced comprehensive reforms to SIM card regulations, slated to take effect on the same date. Among these changes, the ban on bulk SIM card sales stood out, accompanied by the mandatory registration of Point of Sale (PoS) franchisees, agents, and distributors by telecom operators. The month marked a crucial juncture in telecom operations, with heightened scrutiny through police verification of SIM dealers.

For pensioners relying on Central and state government support, a critical deadline loomed large. The annual ritual of submitting life certificates, or Jeewan Praman Patra, became a make-or-break affair, with the cutoff set for November 30. Failure to comply with this requirement risked the suspension of pension payments, adding a sense of urgency to the financial calendar.

HDFC Bank, a prominent player in the financial landscape, tweaked the rules for its Regalia Credit Card, introducing changes to the lounge access program. Effective from the first day of December, access to airport lounges would be tied to the cardholder's spending habits. Those who spent ₹1 lakh or more in a calendar quarter were entitled to up to two complimentary lounge access vouchers as part of a quarterly milestone benefit.

On a national scale, the deadline for free Aadhaar card updates, previously extended twice by the government, reached its final countdown. Citizens had until December 14 to avail themselves of the opportunity to update their Aadhaar details online at no cost.

As the financial year-end approached, SEBI granted extensions in two critical areas. Existing demat account holders had an additional three months until December 31, 2023, to nominate beneficiaries. Simultaneously, physical security holders were granted the same timeframe to submit PAN details, nominations, contact information, bank account details, and specimen signatures for their corresponding folio numbers.

The National Payments Corporation of India (NPCI) issued a circular dated November 7, directing banks and payment apps to deactivate inactive UPI IDs and numbers older than one year. This directive applied universally, requiring adherence from all banks and third-party apps until December 31.

The Reserve Bank of India (RBI) also weighed in with its mandate, instituting new rules for safe deposit lockers. Customers were now required to sign a fresh agreement with their banks, stipulating that locker usage was contingent upon regular rental payments. The deadline for this agreement was set for December 31, 2023.

As the curtains closed on the year, December 31, 2023, emerged as the final date for filing revised or belated tax returns. Individuals were urged to ensure compliance to avoid penalties and usher in the new year on a financially sound note.