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    IFSCA Grants Nexent Capital GIFT City Investment Banking License
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August 13, 2026
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Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
August 13, 2026
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Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
August 13, 2026
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EXIM operations at international seaport to commence after customs clearance, bonded-area establishment, and temporary highway connectivity.
Vizhinjam International Seaport is scheduled to commence EXIM operations after Customs clearance, issuance of Customs notifications, establishment of a Customs-bonded area, and temporary connectivity to NH-66. The port had previously handled transshipment operations. A proposed transfer of a stake in the port concessionaire to a foreign shipping company remains under committee examination and requires Central Government consideration of strategic and security aspects.
August 13, 2026
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Renewable energy reliability requires storage, grid readiness and ancillary service markets alongside competitive clean-power procurement.
Renewable energy procurement is shifting beyond lowest tariffs towards dependable, dispatchable and affordable clean power, assessed through capacity value, balancing capability and system economics. Storage-backed renewable and hybrid projects can improve renewable utilisation, reduce variability and curtailment, and support peak demand. Higher renewable penetration also requires supportive storage policies, timely approvals, aligned intrastate transmission planning, stronger distribution infrastructure, and market mechanisms for ramping reserves, frequency response and fast-response balancing services.
August 13, 2026
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Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
SEBI's Accredited Investor framework enables eligible investors and entities to obtain certification that may allow lower minimum investment thresholds for Portfolio Management Services, Alternative Investment Funds and other alternative investment products, along with applicable regulatory flexibilities. PMS Bazaar and NSDL Database Management Limited's Accreditation Agency facilitate end-to-end applications, subject to required documentation and prescribed payment. Assistance is available to individual investors and eligible clients of investment providers without additional platform, service or processing charges, while prescribed certification fees remain payable.
August 13, 2026
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Manufacturing GVA growth under the revised national accounts series highlights stable sectoral contribution and resilience-focused industrial measures.
Manufacturing performance is assessed under the revised National Accounts Statistics series using 2022-23 as the base year. Manufacturing's share of total Gross Value Added at current prices remained broadly stable through 2025-26, and Manufacturing GVA at constant prices achieved a compounded annual growth rate of 10.88% from 2022-23 to 2025-26. Production Linked Incentive schemes, logistics and industrial-corridor measures, semiconductor initiatives, and MSME support seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence, and improve resilience.
August 13, 2026
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Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
August 13, 2026
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CBDC-based food subsidy transfers enable eligible beneficiaries to use Digital Rupee wallet credits for traceable foodgrain purchases.
CBDC-based Direct Benefit Transfer under the Pradhan Mantri Garib Kalyan Anna Yojana will credit eligible beneficiaries' food subsidies as programmable Digital Rupee tokens directly into CBDC wallets. Beneficiaries may use these credits to purchase foodgrains from empanelled merchants through secure, real-time and traceable payments, replacing conventional bank-account transfers. The model is intended to improve traceability, reduce leakages and cash handling, enable real-time monitoring of subsidy use, and provide a scalable framework for CBDC integration with welfare schemes.
August 13, 2026
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Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
India and the Southern African Customs Union have signed Terms of Reference to commence negotiations for a Preferential Trade Agreement. Negotiations are envisaged on trade in goods and market access, rules of origin, customs procedures and trade facilitation, trade remedies including bilateral safeguards, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, and legal and horizontal provisions. The Terms of Reference establish the negotiating framework only; preferential tariff treatment and other operative commitments depend on conclusion of a final agreement.
August 12, 2026
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Prepaid plan restructuring eliminates mid-tier daily-data options and channels subscribers toward higher-priced plans with expanded data access.
Bharti Airtel has discontinued prepaid plans combining 1.5 GB daily data allowances with unlimited calling, directing subscribers towards higher-priced plans with expanded data access, including unlimited 5G data. The restructuring reduces low-priced unlimited-data offerings and changes the pricing architecture for customers using discontinued mid-tier plans. Management links tariff repair to differentiated mobile-plan categories and sustained average revenue per user growth.
August 12, 2026
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Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.
August 12, 2026
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Identity document forgery allegations prompt investigation into fraudulent Aadhaar updates and falsified government and educational certificates.
Alleged forgery and misuse of identity-related records are under investigation following operations at Aadhaar centres. Seized materials reportedly include forged birth, educational, residence, caste and citizenship certificates, records bearing forged signatures and seals, and equipment used for Aadhaar updates. Four persons were arrested in two operations for allegedly preparing forged records and using them to update Aadhaar cards. Cases have been registered under relevant provisions of the Bharatiya Nyay Sanhita, with investigation continuing into the extent of the alleged network.
August 12, 2026
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Holding-company governance succession follows leadership departure, requiring transition planning amid unresolved strategy, capital allocation, board representation and listing questions.
Tata Sons' leadership succession and governance framework have become central following the chairman's decision not to seek reappointment when his term ends in February 2027. The board has been asked to decide on a successor promptly. Unresolved matters include the strategic roadmap, losses and capital requirements in newer businesses, board representation, capital allocation, an exit route for the Shapoorji Pallonji Group, and the possible listing of Tata Sons. Future leadership must manage these issues while improving returns from investment-intensive businesses and maintaining established operations.
August 12, 2026
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Interest-rate regulation for loans and advances proposes harmonised fixed and floating loan-pricing principles across regulated entities.
Interest-rate regulation for loans and advances is proposed to be harmonised across all regulated entities through a principles-based framework for fixed-rate and floating-rate loans. The framework would be calibrated to each entity's nature, complexity and scale, while supporting monetary policy transmission, credit-risk-based pricing, and fair, non-discriminatory borrower treatment. It addresses divergent commercial-bank practices in determining the marginal cost of funds-based lending rate and its components, alongside limited regulatory coverage of fixed-rate loans. Separate final directions are intended for each category of regulated entity after consideration of feedback.
August 12, 2026
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Elevated crude oil prices and Tata leadership transition drove broad equity market selling amid inflation concerns.
Indian equity markets declined amid elevated crude oil prices, inflation concerns and broad risk-off selling. Tata Group shares, particularly TCS, came under pressure after N. Chandrasekaran announced that he would not seek reappointment as Tata Sons Chairman when his current term ends. Crude oil prices approaching the USD 90-per-barrel level affected investor confidence because of potential inflationary effects, while uncertainty over United States-Iran negotiations and Strait of Hormuz shipping disruptions added to global energy market concerns.
August 12, 2026
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Trade sovereignty and energy security underpin calls to resist tariff pressure and protect sensitive sectors in bilateral negotiations.
Trade sovereignty and energy security are advanced as grounds for resisting tariff pressure linked to Indian purchases of Russian crude. Bilateral trade negotiations should proceed through equality, reciprocity and mutual respect without compromising agriculture, dairy, energy security or strategic autonomy. Concerns are also raised over removal of e-commerce inventory restrictions for foreign direct investment and over proposed Merchant Discount Rate charges on UPI transactions. Withdrawal of the inventory measure and opposition to payment-provider charges are urged, alongside possible restrictions on United States technology and social-media companies and consumer boycotts of American goods and services.
August 12, 2026
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Fair trading practices and circular production are promoted to strengthen Make in India and expand global market participation.
Trade and industrial policy messaging encourages businesses to digitise operations, adopt good manufacturing practices, follow fair trading practices, and promote recycling, reuse and a circular economy. Nine free trade agreements are identified as creating preferential market-access opportunities for Indian industry and businesses. MSMEs, entrepreneurs, farmers, fishermen, workers and the services sector are encouraged to expand Indian products and services globally, improve competitiveness through scale, and strengthen the quality, design and brand value associated with Make in India.
August 12, 2026
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Private capital mobilisation requires credible long-term frameworks, risk-sharing mechanisms, and multilateral partnerships to strengthen infrastructure investment.
Private capital mobilisation in infrastructure and development finance depends on credible long-term frameworks, investor confidence, project bankability, and balanced risk allocation. Public capital is intended to catalyse rather than replace private investment. Key financing mechanisms include Viability Gap Funding, the Hybrid Annuity Model, credit enhancement, and Infrastructure Investment Trusts. Long-term investment visibility and coordinated connectivity are supported through the National Infrastructure Pipeline and PM Gati Shakti framework, alongside investment measures for freight, rail, waterways, and coastal cargo.
August 12, 2026
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Judicial allowance exemptions under the new tax regime remain disputed, with return processing and resulting demands kept in abeyance.
Tax treatment of specified judicial allowances under the new income-tax regime is disputed. Statutory service-condition provisions are asserted to exclude allowances, including official residence, conveyance, sumptuary allowance and leave travel concession, from income computation and to override the Income-tax Act. Pending consideration, affected judges may show these amounts as receipts not in the nature of income, and their returns are not to be processed further. Any resulting demand remains in abeyance, while refundable amounts are withheld subject to the pending proceedings.
August 12, 2026
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Corporate closure data highlights worker-claim treatment through insolvency adjudication and liquidation priority, while affected-worker information remains unmaintained.
Corporate closure data recorded 36,211 private companies in Maharashtra as liquidated, dissolved or struck off during the preceding five financial years. Central information is not maintained on workers affected by closures or special rehabilitation packages. In corporate insolvency resolution, employee and worker claims are adjudicated under orders of the adjudicating authority. In winding-up or liquidation, the liquidator deals with pending wages and other admissible statutory dues, subject to available funds and the statutory order of priority.

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Convocation Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the 58th Convocation, Indian Institute of Technology, Kanpur, June 23, 2025

June 24, 2025

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1. Chairman of the Board of Governors, Director of the Institute, Prof and Padma Shree Manindra Agrawal, winner of numerous awards, who was my senior here and who I hold in very high esteem, faculty members, staff, proud parents, family and friends of the graduating students, distinguished guests, and my dear graduating students, alumni, ladies and gentlemen.

2. Today marks the culmination of an exciting chapter for the graduating students, where you have not only learnt new things – academic and extra-curricular – but have also had an enjoyable and memorable experience. I extend a very warm congratulations to all the graduating students. Please give yourselves a huge round of applause.

3. To the parents and guardians, this moment belongs as much to you as it does to your children and wards. Your innumerable sacrifices, continuous support, unconditional love and unwavering encouragement have laid the foundation upon which these young achievers now stand. I know this is an emotional and proud moment for you. I have myself experienced these emotions when my sons graduated – one from IIT Bombay and the other from IIT Guwahati. My warmest congratulations to you as your ward steps into a new chapter in life.

4. Dear graduates, it is a special day for you as you enter a new and exciting phase of life. It is an equally special day for me and doubly so. First, this institute has had a transformational impact on me, my life and my thoughts. I remember with nostalgia my years at IIT. I still vividly remember my first day at IIT when my mother came to drop me with another batchmate. I recollect my days at Hall III and then Hall I, the healthy rivalry between Hall II and Hall III, phatta cricket, bulla, the various celebrations at Red Rose Restaurant on the campus and Chung Fa restaurant in the city, movies at L7, DEC 10 of which we were so proud, the iconic library, Culfest and the many friends that I made and treasure till date. The steel trunk which carried my belongings to IIT and which my loving wife has preserved till date is still with me. I still have my Wilson tennis racket, with which I religiously played every evening at the clay courts on campus. IITK has a special place in my heart. This convocation ceremony is even more special as I did not attend our convocation ceremony; in fact, we did not have a proper convocation ceremony, perhaps the only batch not to have it. So, it’s an honour to be back here after thirty-six long years in a new and privileged role and be a part of the convocation ceremony today. Thank you, IIT, for this honour.

5. Times have changed a lot since I graduated. But there are certainly lessons which endure time. As a fellow-alumnus, roll number 85213, who has experienced life after campus, I will speak about four learnings from my journey.

Learning for Life

6. Many of you would have got your dream jobs. Others, who plan to pursue further studies, would get them soon. With a degree from a prestigious institute and a good job in hand, please don’t think that you have arrived. The moment you think you have arrived, you will stagnate. The moment you believe you know everything, you will stop growing.

7. This is just the beginning, only the first step. The degree has only laid a solid foundation and will take you thus far. You will need to build from here. You will need to learn when you change sectors, move across organisations within a sector, take up different roles within an organization and even within the same role in an organisation. Technology is advancing at a lightning speed. What you learnt yesterday would be outdated tomorrow as new ideas and tools emerge daily.

8. I can assure you that the institute has prepared you well for your life ahead. It has not only imparted you with knowledge which will be of immense use but, more importantly, equipped you with the most important tool – the tool of self-learning.

9. Like other IAS officers, I worked in diverse fields like urban management, land resources, industries, power, health, taxation, banking, finance, etc. Many of them were general management but many were highly technical and specialized, which had a steep learning curve. The IITK emphasis on basic sciences and core engineering subjects, its importance to the fundamentals of a subject, its priority to deriving the formulae rather than merely memorizing and applying them, its attention to problem-solving from first principles, and various other methods of problem solving have held me in good stead. IIT gave me the necessary tools for self-learning. I am sure it has given you too the same tools.

10. So, continue your quest for knowledge. Remember that learning is for life. The moment one is not learning, it is a signal that one is not growing; one is not advancing. It is knowledge which will keep you ahead of others. Its importance cannot be over-emphasized. I urge you all, as Stephen Covey said, to continuously sharpen your saw and cut the grass under your feet.

Question the status quo

11. My second learning pertains to the period between 2003 and 2006, when I was working in the United Nations. I was managing a project to improve productivity in the hand tools clusters in India. We hired a Total Quality Management expert for some of our interventions. He had long and diverse experience across organisations.

12. He challenged the forging units there to reduce the time taken in changing a die from about eight hours to less than an hour. All of them including the most advanced, productive and efficient forging units vehemently denied the possibility of reducing the time. When he failed after many days of trying to convince them to improve, he suggested some changes including installation of a video camera. This was tried in a unit. These small changes reduced the time to five hours. When asked, the supervisor, apart from other things, explained that the work started on time, as scheduled; no one was late; no one took an unscheduled tea break; all required equipment were pre-arranged and kept ready for use; there was no wastage of time. The small changes and videography did the trick as everyone was being watched. What followed was a series of improvements or what are called kaizens, not only in the exchange of dies, but also various other processes – forging, grinding, electroplating, packaging, etc, as every process was questioned. We ended up reducing costs by about 10%.

13. I learnt to question the status quo. I learnt that there is always scope for improvement. This helped me improve efficiency in various organisations and departments that I worked in. It helped in reducing processing time of files. I reduced turnaround times for applications. It helped me make changes in laws, rules and procedures for the benefit of citizens and government alike, as I questioned the status quo.

14. As Albert Einstein famously said, "The important thing is not to stop questioning." When you question the status quo and ask questions, you open the door to new ideas and fresh perspectives. It is fuel for innovation; it drives you to explore, experiment, and create something better. So, no matter where you are in life or your career, never stop questioning the status quo and improving.

Pursue virtuous Karma

15. The third learning pertains to my tenure as Secretary, Department of Personnel in the Government of Rajasthan in 2007-08. Promotions from the state civil service to the IAS were plagued with disputes and court cases. For almost about 20 years, no one was promoted to the IAS. My predecessors did not take up this issue as they thought it would be an exercise in futility as some aggrieved officer will approach the doors of the judiciary. When I was given responsibility for this department, I took up the gauntlet. I studied all the disputes and judicial pronouncements meticulously; decided on claims of seniority and promotion, without fear or favour; finalized and published the seniority lists; and after spending months on this mammoth exercise, sent the proposals to UPSC for promotion. Just when we were about to convene the meeting for promotion, one officer again approached the court and got a stay. Months of my hard work was brought to nought. Even though many officers commended me for the hard work and getting the matter so close to finalization, I was disappointed.

16. I had to leave for Princeton for my masters within a few days and could not pursue the case in the courts. After I returned, I was put in a different department. In a few years, the court lifted the stay. I was asked if I would be interested in giving finishing touches to the work I had initiated. Once bitten, twice shy, I did not take up the challenge this time. The work was completed by another officer. In recognition of his efforts, he was conferred with the state award for civil service.

17. I realized I did not follow my karma as I feared failure. I realized I needed to follow my karma boldly and decisively without bothering about the results.

18. Without going in to details of my journey thereafter, today, as I look back, I can confidently say that it is karma that largely determines outcomes and results. It is the path that one chooses that broadly determines the destination. Today, I appreciate how true Steve Jobs was when he said, "You can't connect the dots looking forward; you can only connect them looking backward." Right now, you may not fully grasp how your karma - each late-night lab session, each frustrating bug, and each decision that you take - will impact your journey. You may not appreciate, how delayed gratification, the hallmark of all great leaders, will deliver bigger success over the longer term for the instant rewards foregone. But trust me, over time, the dots will connect and it will be in large measure due to your karma.

Trust

19. My last learning is from the student days in IIT, when we were always short of money and under debt. Food at the mess was as good as it can be. We relied heavily on the hostel canteen. A samosa at that time costed 35 paise and a bottle of Thums Up 2 rupees and 25 paise. The canteen was managed by a person called Lala. Lala was loved by everyone. He would serve us till late in night and very generously gave us credit. Even outside hostel, we got credit from the juice vendor, the shops in Shopping Centre, etc. This may not be surprising. Lala knew us, recognizing us as hostelers. Other vendors too recognized us as students from the campus. What was surprising though was that we got credit even from some shopkeepers in Kanpur, who did not know us at all. Why did these shopkeepers give credit to us? It is because of their trust in the IIT students.

20. It is because people do business with people they trust. Trust is the foundation on which any relationship is built, whether it is marriage, friendship, or at workplace - between the CEO and the employees, or between a company and its consumers.

21. It is trust in a person that makes him a leader; it is trust which makes people follow a leader. Integrity and ethics are paramount to develop trust. It is not easy to gain trust. To earn trust, a leader must have the courage to take difficult decisions. He must act in the interest of the employees and other stakeholders. He must be willing to accept responsibility. He must lead by example. He must possess the humility to learn from his mistakes. He must be just, transparent and respectful. Trust takes time to build. But it is easy to lose trust. To be a successful person, a successful leader, graduating students, try to gain trust and having gained it, preserve trust.

Your time to shine

22. To conclude, dear graduating students, as you leave this campus today, have confidence in yourself. Dream big, but more importantly, act on those dreams. Make IIT Kanpur proud. Make your parents proud. Make India proud. But most importantly, make yourselves proud - proud by living lives of character, ethics and humility; lives filled with purpose, service and impact. As you step into tomorrow, carry with you the spirit of this institution, carry with you the love of your families, and carry with you the dreams of a billion Indians who believe in your potential.

23. Your journey of transformation began here at IIT Kanpur. Now, transform the world as leaders who are trustworthy; who continue learning for life; who question the status quo and who pursue virtuous karma.

24. May God bless you with all the very best in your journey ahead.

25. Thank you.

26. Jai Hind.

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