F-1 students may request employment authorization, work an increased number of hours while school is in session, and reduce their course load while continuing to maintain their F-1 student status.
https://www.federalregister.gov/articles/2015/11/09/2015-28360/employment-authorization-for-nepali-f-1-students-experiencing-severe-economic-hardship-as-a-direct?utm_campaign=subscription+mailing+list&utm_medium=email&utm_source=federalregister.gov

I already have TPS and EAD what is the benefit now ? too much confusion. can any body explain

@Mr p
According to this notice, this is just an added benefit/flexibility for F1 students in terms of minimum credits required, maximum hours for on-campus job, minimum 1 year of school for off-campus job etc. If you have TPS with EAD no further application is required, however, you have to mention this added 'benefit' to your DSO so that s/he can update your SEVIS accordingly.

I think all theses benefits were included on previous 'TPS with EAD' option for student but this notice makes it more clear and student can get this benefit without TPS.

Financial hardship EAD is not something new. its available for all F1 students (regardless of country ), you only have to convince your DOS. Seems now DOS's will be forced to provide EAD to Nepali F1 students without any coaxing. what this basically means for nepali F1 students without TPS is now you are allowed to work outside the campus legally (with your new EAD they will provide) as long as you maintain required course load for fulltime students. thats the only difference.
TPS with EAD on the other hand has its own benefits and drawbacks. on benefit side, if you drop out of college tomorrow, and your sevis is terminated, you will still be in legal status and can still change to other visa statuses or green card sponsors though job or marry to GC later on. when you leave the country you wont be automatically barred unlike if you terminated your sevis without TPS. on the drawback side, while on TPS, if you want to travel outside the country you have to apply for AP.
So best option is apply for TPS with EAD, maintain F1 status (while traveling with AP, if you have valid status, its easy at POE) and work outside campus with TPS EAD if you need to.

1) F1-EAD requirement No. 2 states that "Was lawfully present in the United States in F-1 nonimmigrant status on April 25, 2015, under section 101(a)(15)(F)(i) of the Immigration and Nationality Act (INA), 8 U.S.C. 1101(a)(15)(F)(i);". 

Does this mean F1 student whose status was changed from H4 visa on September 2015, is not eligible to apply for this F1-EAD??

2) If F1 Student applys for TPS and TPS-EAD and gets approved. Does he/she need to inform college DSO about the TPS-EAD and ask DSO to update SEVIS form?? If yes, what does college DSO needs to write in SEVIS form??

Thanks.

@ketonepali
1. No idea.
2. Let your DSO know only if you are planning on using your EAD. Also if you are considering taking less credits, or working more than 20 hours (under new relief benefits released on 11/09/2015), you should have your SEVIS updated accordingly.

Thanks BioMed.
I spoke to my DSO. He has no idea regarding TPS/EAD. I would be really thankful if you could tell me what update does DSO have to make in my SEVIS that allows me to work more than 20 hrs.

Thanks