Market Intelligence Wire

The Reserve Bank of India announced minimum capital requirements for market risk under Basel III. The new framework is scheduled to take effect from April 1, 2027. The rules define the minimum capital banks must hold against market risk exposures.

Interise Trust approved raising up to ₹2,500 crore via debt instruments. Funds to be raised through NCDs or commercial papers in multiple tranches. Decision taken by Investment and Finance Committee on September 21, 2026. Interise Investment Managers Private Limited manages the trust investments.

Shri Vasuprada Plantations paid ₹1.04 crore gross interest on its 9% NCDs. Net payout to investors was ₹93.9 lakh after tax deductions. Payment was made on time on September 21, 2026. The NCD issue size stands at ₹23 crore. No delays or frequency changes were reported.

RBI has granted perpetual validity to RNFI Money's forex licence. The licence scope has been expanded to include MSME trade remittances. The development eliminates the need for periodic licence renewals for RNFI Money. The expanded authorisation enables RNFI Money to serve MSME clients in cross-border trade.

Shriram Finance launches tender offer to buy back up to $460 million of senior secured notes. Offer covers up to $300 million of 6.625% notes due 2027 and $160 million of 6.15% notes due 2028. Purchase price is set at par ($1,000 per $1,000) plus additional interest and accrued interest. Tender offers expire on September 28, 2026, with payments expected around September 30, 2026.

IIFL Finance allotted ₹130 crore in secured NCDs via private placement. Instruments carry a 9.25% annual coupon with a maturity date of September 1, 2028. Debentures are secured by a first-ranking charge on the company's loan book. Additional interest of 2% p.a. applies in case of payment default.

Nifty 50 gained 0.35% to 23,428.25 while Sensex jumped 0.76% to 74,862.05, showing resilient bullish momentum at noon. Castings, Forgings & Fastners led the rally with a massive 3.79% surge, outperforming all other sectors. Automobile & Auto Components suffered the biggest hit, sliding 3.54% and offsetting gains from other areas. Services and Consumer Durables also contributed positively with gains near 3% and 2.25% respectively. Media and Printing sectors faced selling pressure, declining by over 1% and 0.5% respectively.

GIFT Nifty trades at 23,341.50, up 0.19%, signaling a firm opening. NASDAQ rose 0.35% while Dow Jones fell 0.18% in mixed US action. Crude Oil dropped 2.21% to $93.96; Gold fell 0.47%. FIIs bought ₹599.54 crore and DIIs bought ₹1,019.69 crore on Sept 18. Multiple companies including Alicon Castalloy and Jeena Sikho Lifecare go ex-dividend today.

Shilpa Medicare surges 6.5% on CDSCO approval for OERIS injection. Tega Industries raises ₹95.40 crore via preferential issue and wins ₹126 crore order. NIBE signs MoU with Naval Group for naval shipbuilding partnership. Tirupati Forge gets Arms Act license for 155mm artillery shell production. Puravankara secures ₹2,600 crore redevelopment project in Mumbai.

KOSPI leads regional gains with a +0.96% rise amid cautious sentiment. ASX 200 falls 0.22% as traders await key US meetings including Trump-Xi summit. Japanese market closures through Wednesday keep regional trading conditions thinner.

Marco Rubio meets Iraqi PM at 4:30 pm ET. Meetings with Japanese and South Korean counterparts set for 11:15 am ET. Agenda includes bilateral relations and regional developments.

Explosions reported at Al-Eis ammunition depots. The blasts disrupted the Aleppo-Idlib highway. Incident reported by IRNA.

Zelenskyy and Trump agreed to meet in New York following a phone call. The meeting is now expected to take place on Tuesday. Zelenskyy thanked Trump for signing the Lindsey Graham Bill into law. The legislation marks a notable development in U.S.-Ukraine relations.

Aadhar Housing Finance confirmed on-time payment of ₹90 lakh as interest on its non-convertible debentures. Full redemption of ₹10 crore principal was completed on the maturity date. Both the interest and principal obligations were met on their respective due dates.

CRISIL has maintained an AA+ Stable rating on GIC Housing Finance's long-term facilities and NCDs. The agency has also reaffirmed an A1+ rating on the company's short-term facilities and commercial paper. AA+ denotes very high safety for timely servicing of financial obligations with a stable outlook. A1+ represents the highest level of safety for short-term financial obligations.

China privately urged Iran to rein in Yemen's Houthis after a Saudi appeal regarding Red Sea security. Houthis made swift advances near Bab el-Mandeb Strait, threatening Saudi oil exports and shipping routes. China accounts for over 80% of Iran's seaborne oil exports, giving Beijing leverage over Tehran. Brent crude fell 1.26% to $103.50 while WTI rose 0.11% to $102.02 amid geopolitical tensions.

Trump says US is very close to a deal with Mexico. Sheinbaum calls Wednesday discussion very good. Some agreements reportedly reached during talks. Mexico working within sovereignty to finalize deal.

Sammaan Capital paid interest on eight NCD series for September 2026. Total interest paid amounted to ₹86.20 lakh across all tranches. Payments were made on September 18, 2026, ahead of the September 19 due date. The filing confirms compliance with SEBI Listing Regulations.

L&T Finance allotted ₹650 crore in senior secured NCDs on September 18, 2026. Instruments carry a fixed coupon rate of 7.8384% payable annually. Debentures mature on September 28, 2029, with principal repayment at par. Security created via hypothecation over fixed deposits and standard receivables. Listing proposed on NSE's Negotiated Trade Reporting Platform (NTRP).

Nifty 50 closed at 23346.40, gaining 0.33%, while Sensex dipped marginally to 74294.96. Aviation was the standout performer, surging over 4%, followed by strong gains in Jewellery and Diversified sectors. Cables sector faced heavy selling, dropping 2.35%, dragging down overall market breadth. Federal Bank approved a $500 million bond issuance programme for international listing. Reliance Industries executives are set to speak at an investor forum in Hong Kong next week.

Bank of Maharashtra paid ₹41.09 crore in annual interest on its Basel III compliant Tier II bonds. The payment was made on September 18, 2026, against an issue size of ₹515 crore.

Paisalo Digital Limited has allotted 12,447 unsecured non-convertible debentures via private placement. The instruments carry a 12% annual coupon and mature in September 2036.

The Supreme Court has allowed all co-location cases to be settled between SEBI and NSE. The co-location dispute involves allegations of preferential server access granted to select brokers at NSE. The court's direction opens a path for resolution through a structured regulatory settlement process.

Bajaj Housing Finance Ltd allotted ₹495.53 crore secured NCDs at 7.87% coupon on private placement. The instruments mature in August 2036 and are secured by a first charge on book debts.

Nifty 50 holds firm at 23,318.00, up 0.20%, as bulls defend key support levels. Sensex gains 172.51 points to 74,487.10, driven by steady large-cap participation. Diamond, Gems and Jewellery leads gains with a 2.75% surge, outperforming most sectors. Cables sector faces heavy selling pressure, dropping 2.51%, while Trading also slides. Federal Bank expands funding options with a $500M note programme approval.

Power Grid Corporation of India Ltd approved the issuance of up to ₹5,000 crore in unsecured non-convertible debentures via private placement. The 10-year bonds will be listed on BSE and NSE.

Trump considers restarting massive attacks on Iran to end conflict. Former counterterrorism chief Joe Kent urges troop withdrawal from region. WTI crude slips 0.89% to $101.00 amid ongoing tensions. National average gas price reaches $4.4386/gallon.

IRDAI is expected to release a consultation paper on commission and distribution norms soon. The revamp may pressure bancassurance economics as insurers face potential payout changes. The regulator seeks stakeholder inputs on commission structures and distribution frameworks. Digital platforms like PB Fintech and intermediaries will be directly affected by changes.

India's 10-year benchmark government bond yield stood at 7.0686%. The yield rose from the previous close of 7.0463%. The 10-year bond yield is a key indicator of sovereign borrowing costs in India.

Sebi is examining broker concerns over UPI MDR and transaction fees. Angel One and BSE cite rising operating costs due to these charges. Review highlights cost pressures on intermediaries using digital payments. UPI remains a key payment mechanism for securities market investors.

GIFT Nifty trades flat at 23,338.50, indicating a muted open for domestic indices. US NASDAQ rallied 1.68%, but FIIs sold ₹3,208.76 crore, creating mixed sentiment. WTI Crude Oil plunged 5.17% to $96.64, impacting energy sector outlooks. Nifty Bank Index remains under pressure, closing previous session at 56,055.75. Key ex-dividend stocks include KRBL, Shervani Industrial Syndicate, and Krsnaa Diagnostics.

GPT Infraprojects rallies after winning a ₹483 crore RVNL bridge contract in Odisha. Wipro launches STO360 and CISO Command Center, focusing on AI-driven operational efficiency. Captain Polyplast surges 5% on a ₹47 crore solar pump order from MSEDCL. Responsive Industries drops share buyback plans due to global economic uncertainties. Kothari Industrial enters FMCG space with CHUSIP Coco Twist beverage launch.

Iran's IRGC Navy says it targeted a Togo-flagged oil tanker in the Strait of Hormuz. The action followed an alleged illegal transit through the strait, per the IRGC Navy's claim. The tanker caught fire following the targeting, according to Fars News Agency.

Nasdaq closed at 26,434.77, up 456.34 points in the session. The index gained 1.76% during the session. The advance reflected a strong performance for the technology-heavy benchmark.

The S&P 500 closed at 7,639.31, up 87.50 points. The index gained 1.16% during the session.

Dow Jones Industrial Average closed at 51,801.54. Index gained 339.64 points during the session. Percentage gain stood at 0.66%.

Israeli Prime Minister Netanyahu spoke at a campaign launch event. He declared that Israel must complete its mission to the very end. Netanyahu explicitly called for toppling the Iranian regime. The remarks were reported by N12 News.

Bank of Maharashtra issued USD 500 Million in Senior Unsecured Fixed Rate Notes. The notes carry a 6.112% p.a. coupon payable semi-annually over a 5-year tenor. Issuance was executed under the MTN Programme via the GIFT City IFSC Banking Unit. Securities will be listed on India INX and NSE IX following issuance.

SEBI has instructed NSE to stop the migration of KORE from NSE Emerge to the mainboard. The directive represents a regulatory intervention in KORE's planned transition from the SME platform to the mainboard. NSE Emerge is the National Stock Exchange's dedicated platform for small and medium enterprises.

PVP Ventures Limited has fixed September 23, 2026 as the record date for interest payments on two series of Non-Convertible Debentures. The payout is scheduled for October 8, 2026.

The Dow Jones Industrial Average rose 413.71 points, or 0.80%, after the market open. The index reached a level of 51,875.61 at the time of the opening print.

Ugro Capital Limited has allotted commercial papers worth ₹14.66 crore with a tenure of 96 days. The securities are proposed to be listed and will mature in December 2026.

President Donald Trump meets GCC leaders next Tuesday in New York to discuss Iran war endgame. Talks focus on postwar "day-after" plans as Trump signals conflict may be nearing end. Houthi attacks intensify pressure on Saudi Arabia; Trump offers intelligence aid but declines strikes. Iran's overland trade bypass efforts falter due to bureaucratic hurdles and costs at borders.

Nifty 50 ended slightly positive at 23,270.60 (+0.23%), while Sensex dipped marginally to 74,314.59 (-0.03%). Insurance was the standout performer with a nearly 3% gain, supported by engineering services and auto sectors. Cables sector faced significant pressure, sliding almost 5%, followed by losses in diamonds and consumer durables. Corporate activity remains active with Federal Bank, Aarti Industries, and Flair Writing Industries scheduling investor meetings.

Embassy Office Parks REIT approved ₹1,000 crore NCD issuance. Instruments are secured, rated, and have a tenor of up to 3 years. Proceeds will be used for refinancing existing debt and issue costs. The deal falls within the ₹9,000 crore borrowing limit set in April 2026.

PNB Housing Finance allotted 50,000 NCDs aggregating ₹500 crore on September 17, 2026. Coupon rate fixed at 8.135% p.a. with annual interest payments and full principal repayment at maturity on September 17, 2031. NCDs are secured by an exclusive charge on specific book debts with minimum security coverage of 1 time. Allotment made via private placement on NSE's EBP platform; NCDs to be listed on NSE's Wholesale Debt Market segment. Default clause stipulates an additional 2% p.a. interest over the coupon rate for any defaulting period.

Nifty 50 rose 0.42% to 23314.05 while Sensex gained 0.24% to 74514.59, showing cautious bullish sentiment. Insurance led the rally with a 2.58% average gain, supported by strong performance in Engineering Services (+2.26%) and Auto Components (+1.85%). Cables sector faced heavy selling pressure, dropping 2.30%, while Consumer Durables and Jewellery also declined amid mixed breadth. Federal Bank and Flair Writing Industries scheduled upcoming investor meetings, signaling active corporate engagement. Surya Roshni secured shareholder approval for dividends and director reappointments at its AGM.

A CBIC official confirmed to NDTV Profit that MDR on certain UPI merchant transactions will attract 18% GST. The clarification pertains to the Merchant Discount Rate charged on specific categories of UPI merchant transactions. The statement establishes the GST applicability on MDR within the UPI payments ecosystem.

India's 10-year benchmark government bond yield stood at 7.0714%. The yield rose from the previous close of 7.0524%. The 10-year gilt is a key benchmark for sovereign borrowing costs in India.

IEEFA says India's ₹2,000 crore EV charging scheme may cover under 2% of the chargers needed by 2030. India requires 1.32 mn EV chargers by 2030, according to the IEEFA assessment. The findings highlight a significant gap between current scheme funding and EV infrastructure requirements.

GIFT Nifty is trading at 23,222.50, up 82.50 points (0.36%), pointing to a modestly positive open near the 23,200 level on NSE and BSE. The Dow Jones fell sharply by 631.21 points (-1.21%) overnight, though Dow Futures have since recovered 0.68%, limiting the negative overhang. DIIs net bought ₹3,908.23 crore on September 16, more than offsetting FII net selling of ₹2,032.61 crore and providing strong domestic support. Crude oil remains elevated at $102.16 (down 0.26%), while gold slipped 1.30% to $4,330.30 — key commodities to watch for sector-specific moves. The Sensex closed at 74,336.45 and Nifty 50 at 23,217.60 in the prior session; banking stocks showed relative strength with Nifty Bank up 0.89% to 56,292.45.

Tahmar Enterprises surges 20% on Maharashtra IMFL manufacturing approval. Mazagon Dock signs MoU for Dighi Greenfield Shipbuilding Cluster. Fortis Healthcare secures 29-year deal for 400-bed Delhi hospital. Tempsens Instruments reports 14% net profit growth in Q1FY27. GR Infraprojects terminates NTPC BESS contracts amid dispute.

Trump stated Iran is not ready for a deal. Trump also claimed the war with Iran will end "very soon". No specific timeline, terms, or conditions were disclosed.

US House passes Ratepayer Protection Act under suspension rules. Bill requires data centers to cover portion of grid upgrade costs. Measure aims to curb rising household electricity bills linked to AI. 70% of Americans oppose local data center construction per Gallup poll.

Trump stated the US is 'hopefully toward the end of the war in Iran'. The remark signals a characterisation of the conflict as potentially nearing resolution. No specific timeline or conditions were detailed in the statement.

The U.S. House voted 262 to 159 to pass a bill imposing sanctions and tariffs over Russia's invasion of Ukraine. The bill targets Russia through sanctions and tariffs as a direct response to the invasion. Trump is expected to sign the legislation into law.

Trump posted on Truth Social that ending trade with countries the U.S. runs deficits with could generate at least $1.5 trillion a year. Trump also stated that lower interest rates are needed for the United States. Both positions were communicated via Truth Social.

Trump officials consider AI executive meeting with China. Talks would occur during President Xi's visit next week. Follows Treasury Secretary Bessent's weekend risk talks. Signals potential escalation in bilateral AI engagement.

US diplomats met with Houthi representatives in Oman over the weekend. Talks address escalating tensions following Houthi seizure of Red Sea coast. Oman serves as neutral facilitator for sensitive regional negotiations. No details on agenda or outcome of the discussions were disclosed.

Capital India Finance Ltd approved a ₹100 crore NCD issuance via private placement on September 16, 2026. The secured debt carries a 10% fixed coupon and a 27-month tenure.

Nasdaq rose 119.80 points, or 0.46%, after the market opened. The index stood at 26,101.37 following the early-session move. The gain reflects positive momentum at the start of the trading session.

The Federal Reserve is widely expected to **raise the federal funds target range by 25 basis points to 3.75%-4.00%** on **September 16, 2026**, marking the **first rate hike since 2023**. According to *Investing.com*, the rate decision itself is largely priced in, with market direction now depending on the voting split, the Fed's updated dot plot, and how Chair Kevin Warsh characterizes the move at his press conference. A **broadly unified vote, a higher 2027 policy-rate projection, or language suggesting the start of a sustained tightening cycle** would be considered hawkish surprises. The market is focused on three key issues: whether the voting split narrows, what the dot plot signals about the future path of interest rates, and how Warsh defines this rate increase at the press conference. Last week's economic data materially changed market pricing, with **US core CPI rising 0.3% month-on-month in August**, above the **0.2% consensus forecast** and faster than July's **0.2% increase**. As reported by *Investing.com*, producer price inflation also surprised to the upside, with several components feeding directly into the calculation of the Personal Consumption Expenditures (PCE) price index. More importantly, the **escalation in the Middle East pushed oil prices above US$100 a barrel**, reviving the risk that higher energy costs spill over into broader inflation. Following Friday's CPI release, *Goldman Sachs* abandoned its call for the Fed to hold rates steady, while *JPMorgan* shifted to expect **one rate hike in September and another in December**. *Citi* expects Warsh and Governor Christopher Waller to ultimately join the regional Federal Reserve presidents who backed a rate increase in July, keeping dissent to a minimum. Chairman Warsh's press conference will be closely watched for three critical questions that could determine market direction. According to recent analysis, traders should monitor whether Warsh acknowledges the **December FOMC meeting as potentially "live" for another rate hike**, as he'll inevitably face questions about future policy. The way he characterizes the rate hike will be crucial - if Warsh attributes the move primarily to **oil prices as the primary catalyst**, the move may be seen as more benign and dovish. Conversely, focusing on **underlying inflation and second-round effects** would hint at potential for more rate hikes. Additionally, some tension between Warsh's anti-forward guidance ethos and the existence of the **dot plot** appears inevitable, particularly if the median FOMC official projects another rate hike while Warsh demurs on providing guidance. The Fed's **dot plot** remains a crucial tool for understanding policymakers' interest rate expectations, representing individual Federal Open Market Committee (FOMC) participants' projections for federal funds rates. According to reports from *CNBC TV18*, each participant submits their estimate of the appropriate federal funds rate level at the end of the current year, the next few years, and over the longer run. The meeting will update the Summary of Economic Projections, making the median policy-rate projection in the dot plot more important than the decision to raise rates itself. Markets will scrutinize the **2027 Core PCE forecast** particularly closely, with the renewal of Middle East conflict and accompanying energy price spike making inflation in 2026 all but certain to increase. A **median projection for rates to rise and hold above 4% through the end of next year** would be seen as a "hawkish hike" and the possible start of a sustained interest rate hiking cycle.

Regency Fincorp Limited has received approval from BSE for listing its privately placed Non-Convertible Debentures on the Debt Market Segment, as per SEBI Regulation 30 disclosure.

Sen. Chris Murphy warns AI risks are unmanageable without government regulation. Sen. Bernie Sanders calls for mandatory safety rules over voluntary guidelines. Rep. Ro Khanna urges creation of federal AI agency with strict liability rules. Former Anthropic researcher Jacob Coxon cited existential threat from self-improving AI.

The Enforcement Directorate has announced a systematic review of **Insolvency and Bankruptcy Code (IBC) cases linked to disproportionately large haircuts** where promoters re-acquire assets. **ED Director Rahul Navin directed officials to re-examine collusive resolution cases involving large haircuts through which promoters re-acquire assets** at the agency's **three-day high-level meeting of special directors in Bengaluru**. According to *The Times of India*, the ED has flagged **possible circumvention of Section 29A, CoC manipulation, inflation of related-party claims, asset stripping and artificially large haircuts through which promoters regain control of assets** as areas of concern. The agency plans to intervene before Tribunals in relevant cases and initiate independent probes linked to the **Prevention of Money Laundering Act**. The directions were issued during a **three-day meeting of the agency's special directors in Bengaluru**, with the issue identified as one of the agency's **core operational thrust areas**. As per *The Economic Times*, an ED official acknowledged that **"it is a serious problem and often clashes with our investigations. Companies often take shelter under IBC to escape prosecution. There are instances where related parties have bought back the company through resolution process, effectively handing over the company to people who sunk it."** The ED has instructed officials to **identify red flags and obtain details of preferential, undervalued, fraudulent and extortionate transactions**. As reported by the agency, this comprehensive approach aims to address potential misuse of the insolvency resolution process. **Zonal offices have been asked to identify red flags, obtain copies of applications concerning preferential, undervalued, fraudulent and extortionate transactions from resolution professionals, file intervention applications before tribunals and initiate independent investigations under the Prevention of Money Laundering Act against alleged masterminds**. The agency has also directed its units to **coordinate with state police and other law enforcement agencies, fast-track trials and aggressively pursue the restitution of attached and confiscated assets to legitimate victims**. Each region has been asked to **identify at least 10 high-profile cases for completion of trial and conviction within six to eight months**, with cases pending for more than 10 years to be placed on a dedicated monitoring register for monthly review. According to *The Economic Times*, the agency has also flagged **mandatory valuation of all confirmed attached properties by government-approved valuers** and highlighted cases where **companies sometimes take shelter under the IBC to escape prosecution**. The **Insolvency and Bankruptcy Board of India (IBBI) had flagged the misuse of IBC for purposes apart from insolvency resolution or liquidation** in its September 9 circular. According to the regulator, **creditors recovered ₹2.47 lakh crore from 1,077 cases resolved under the IBC between FY2021-22 and FY2025-26, against approved claims of about ₹9 lakh crore**. The recovery rate was **20% in FY26, compared with 37% in FY25, 28% in FY24, 39% in FY23 and 24% in FY22**. One notable case involves **Essel Group founder Subhash Chandra, where an NCLT order on August 25 allowed him to settle his personal insolvency proceedings by paying ₹6.25 crore against admitted claims of ₹22,006.57 crore**. On September 1, a five-member special bench of the NCLT stayed the settlement order. The **Central Bureau of Investigation (CBI) has booked Chandra over a mismatch in stated income while standing guarantee for a loan from LIC Housing Finance and during insolvency proceeding after the loan went into default**. The ED is set to soon file a case in the matter, according to officials. The **Subhash Chandra settlement highlights a larger concern over deep haircuts under the IBC, where creditors often recover only a fraction of what they are owed**. The central debate around the IBC is whether it should prioritise reviving distressed companies or maximising recovery for creditors, with the government maintaining that the Code's primary objective is **"resolution, not recovery"**. IBBI highlighted specific patterns that indicate potential misuse of the insolvency process. As reported by the regulator, these include **clusters of connected companies entering CIRP within a similar timeframe** with common promoters, directors or addresses, as well as inter-lending arrangements. The board noted that **monetising or ring-fencing assets could also indicate potential misuse**, emphasizing the need for enhanced vigilance by insolvency professionals. The ED is examining **alleged fraudulent re-acquisition of assets through the NCLT process and possible manipulation of voting through front entities forming a majority in a Committee of Creditors**. The agency has also directed **mandatory valuation of all confirmed attached properties by government-approved valuers** and highlighted cases where **companies sometimes take shelter under the IBC to escape prosecution**. According to *The Economic Times*, the ED has identified **recurring malpractices including circumvention of Section 29A, inflation of related-party claims, manipulation of the Committee of Creditors, asset stripping and artificially large haircuts through which promoters regain control of assets**. Recent cases show **ownerships of some linked bankrupt companies were allegedly transferred to front entities after creditor banks took haircuts for up to 97-99% of the admitted claims**. The ED director addressed significant legal challenges in IBC-PMLA cases during the conference. **A special session on the subject examined the "interplay between the IBC and the PMLA"** and analyzed the **legal tension between the moratorium under Section 14 and the immunity under Section 32A of the IBC on the one hand and attachment powers under the PMLA on the other**. The session identified **recurring malpractices including circumvention of Section 29A, inflation of related-party claims, manipulation of the Committee of Creditors, asset stripping and artificially large haircuts through which promoters regain control of assets**. **Navin also ordered a review of ED's requests related to international cooperation, extradition and fugitive management**. The ED chief also spoke about the agency's references to state police forces seeking to register predicate offences being ignored sometimes, as has been seen in Kerala and Tamil Nadu in the past. **Navin recommended the creation of joint teams with state police as well as using the police's powers under the Bharatiya Nagarik Suraksha Sanhita (BNSS) to attach properties**. The decision to crack down on alleged cases of fraudulent re-acquisition of assets through NCLT has come at a time when ED is looking into prominent cases, with the agency now **initiating money laundering investigations against chief protagonists of resolutions which are prima facie dubious but were cleared by National Company Law Tribunal (NCLT)**.

Reliance Industries has allotted ₹12,000 crore of unsecured, non-convertible debentures (PPD Series Q) with a 7.47% coupon rate. The five-year instruments carry a AAA rating from CRISIL and CARE.

Markets closed higher with Nifty 50 gaining 99 points to 23,217.60 and Sensex adding 332 points to 74,336.45. Consumer Durables led the rally with a 3.29% average gain, followed by Cables up 1.78%. Printing & Stationery suffered the biggest hit, dropping 4.57%, while Auto components fell 2.36%. Tilaknagar Industries made headlines by acquiring a 12.5% stake in Black Tiger Distilleries. Lloyds Metals & Energy announced an upcoming investor meet for September 22.

The government has exempted export consignments with a **Free-on-Board (FOB) value of up to ₹3 lakh** from the requirement of Registration-cum-Membership Certificate (RCMC) or Certificate of Registration to ease compliance for small and first-time exporters. According to reports from *Business Standard*, the Directorate General of Foreign Trade (DGFT) has amended Para 2.57 of the Foreign Trade Policy, 2023 to provide this exemption where an RCMC or Certificate of Registration would otherwise be required under the policy. **Export consignments exceeding ₹3 lakh will continue to require a valid RCMC or Certificate of Registration**, wherever applicable. The exemption is specifically aimed at **cutting paperwork for MSMEs, artisans and first-time exporters, particularly those using e-commerce, postal and courier channels**, as stated by the government. As per the Ministry of Commerce & Industry, the measure provides MSMEs, artisans, small businesses and first-time exporters with a simpler entry point into international markets by removing the requirement for an RCMC upfront for eligible small-value consignments. The notification has been issued vide **Notification No. 36/2026-27 dated September 15, 2026**, providing a targeted *de minimis* exemption rather than general relaxation from RCMC requirements. According to the Ministry of Commerce & Industry, data for the five years from **2021-22 to 2025-26** shows that low-value shipments constitute a large share of shipping bills but a small share of the overall value of merchandise exports. As reported by *Business Standard*, **consignments valued at up to ₹3 lakh accounted for 43% of shipping bills** during the period but represented only **0.86% of India's total merchandise export value**. The government stated that the de minimis exemption would therefore cover a substantial number of small-value export transactions while having a marginal impact on the overall value of exports. Such channels have lowered the barriers for small businesses, artisans and individual entrepreneurs seeking customers abroad, allowing them to start with smaller shipments and lower compliance costs. The exemption will also facilitate outbound shipments through postal, courier and other emerging channels that are increasingly enabling businesses to reach international customers. The exemption is expected to particularly benefit **micro, small and medium enterprises (MSMEs), artisans, small businesses and occasional exporters**, who can now undertake eligible low-value shipments without obtaining an RCMC upfront. According to *Business Standard*, RCMCs are generally obtained from the relevant Export Promotion Council or Commodity Board, and for new or occasional exporters, the process involves identifying the appropriate registering body, submitting documents and completing registration before undertaking exports. The move is also expected to facilitate exports through postal and courier channels as well as other emerging channels, including e-commerce platforms. Under the new rules, eligible businesses can send small-value consignments without first obtaining the certificate, making it easier for smaller businesses to test overseas markets and build an export track record before taking on larger shipments. As per the commerce ministry, this will enable emerging exporters to test overseas markets and establish an export track record with lower initial compliance requirements. The exemption allows emerging exporters to test overseas markets and build an export track record without taking on the RCMC requirement at the initial stage. As reported by *Business Standard*, businesses that expand beyond the **₹3 lakh threshold can subsequently obtain membership of the relevant Export Promotion Council or Commodity Board** and access export-promotion schemes, market-access assistance and other institutional support. The government stated that as exporters scale up and undertake higher-value consignments, they can obtain RCMC membership and access the wider range of export promotion and institutional support provided through Export Promotion Councils and other prescribed bodies. The measure is also expected to encourage greater participation of MSMEs in exports and broaden the base of Export Promotion Councils and Commodity Boards, with the exemption specifically intended to promote and facilitate small-value exports through postal, courier and other emerging channels. The centre stated that this step reflects its broader commitment to reducing compliance burdens, widening participation and exports, and making international trade more accessible to MSMEs and emerging businesses.

Finance Minister **Nirmala Sitharaman** announced on Wednesday that India has renegotiated its tax treaties with **Mauritius, Singapore and Cyprus** to restore the country's right to tax capital gains arising from investments in India at the source. According to reports from *The Times of India*, these changes are part of wider efforts to strengthen India's tax base and prevent the misuse of treaty provisions. Speaking at the **Eighth International Tax Conference** on 'New Age Taxation', organised by the International Tax Research and Analysis Foundation, Sitharaman emphasized that tax treaties play an important role in determining how income and gains involving residents and entities across different countries are taxed. The finance minister also called for independent research on tax policy to become part of public discourse, saying tax professionals must look beyond sectoral interests and put the national interest first. As reported by *The Hindu*, Sitharaman noted that India faced its own set of challenges on the path to growth and development, but was better placed despite the difficult global environment. Under the earlier arrangements, investors based in some jurisdictions, particularly **Mauritius**, could claim that capital gains from the sale of shares in Indian companies were taxable only in their country of residence. As reported by *The Times of India*, this effectively limited India's ability to tax such gains, creating a significant revenue gap for the country. Sitharaman highlighted that these changes are aimed at making compliance requirements more proportionate while easing some of the burdens associated with India's tax framework. The finance minister emphasized that "a mature tax policy debate must go beyond sectoral considerations" and urged tax professionals to "rise above sectoral consideration and put nation first." The **India-Mauritius tax treaty** was amended through a protocol signed in **2016**, shifting the taxation of capital gains on shares acquired on or after **April 1, 2017**, towards the source country, India. According to the report, investments made before that date were grandfathered under the earlier provisions. Similar changes were made in India's tax treaties with **Singapore and Cyprus**. The Finance Minister noted that the government has deliberately rationalised provisions relating to **Tax Deducted at Source (TDS)** and **Tax Collected at Source (TCS)**, including raising thresholds and reducing unnecessary criminal consequences. These changes aim to make compliance requirements more proportionate while easing some of the burdens associated with India's tax framework. Sitharaman called for reducing tax litigation rather than merely managing dispute backlogs, while urging industry representatives and policy researchers to elevate public discourse by proposing workable, quantified statutory alternatives. As reported by *The Times of India*, the Finance Minister emphasized the philosophy of "make voluntary compliance easier and reserve enforcement capacity for cases that genuinely require it." She highlighted that **Vivad se Vishwas schemes** provided taxpayers and the government an opportunity to close old disputes rather than litigate them indefinitely. In 2024, the monetary threshold for departmental appeals was raised to **₹60 lakh** before the appellate tribunal, **₹2 crore** before the high courts, and **₹5 crore** before the Supreme Court. Sitharaman stressed that "the continuing negative commentary saying nothing is happening in this country itself is something I worry about," calling for better understanding of global challenges and India's position.

Unifinz Capital India Ltd approved a ₹50 crore private placement of secured, rated NCDs. The 15-month instruments carry an 11% coupon and are backed by book debts.

The board of *Equitas Small Finance Bank* has approved the issuance of **50,000 rated, listed, unsecured, subordinated, transferable, redeemable, fully paid-up, lower tier II non-convertible debentures** at its meeting held on **September 16, 2026**. These debentures will have a **face value of ₹1 lakh each** and an **aggregate nominal value of up to ₹500 crore** in a single series. The securities will be issued in **dematerialized form** and offered on a **private placement basis** to **one or more prospective eligible investors**. As per the latest regulatory filing, the **NCDs are proposed to be listed on the BSE** (formerly Bombay Stock Exchange), providing additional liquidity for investors. This capital raising initiative is strategically designed to **bolster Tier II capital adequacy** while protecting the bank's Tier I equity base, with the **₹500 crore debt placement** categorized as **Lower Tier-II Capital** and targeted at providing leverage needed to sustain the bank's projected **credit growth of around 20%** under its long-term roadmap. The board approval comes on the back of robust Q1FY27 financial performance, with **Quarterly Net Interest Income surging 30.9% YoY to ₹1,029 crore** compared to ₹786 crore in Q1FY26. The bank reported a **net profit of ₹184 crore for Q1 FY27**, compared with a **loss of ₹224 crore in the same period last year** and a profit of ₹213 crore in the quarter-ago period. As reported by *The Economic Times*, **disbursements increased 93% YoY to ₹6,780 crore** in Q1FY27, demonstrating strong business momentum. The bank's **credit book recorded Q1FY27 disbursements growth of ~93% YoY to ₹6,780 crore**, providing a solid foundation for the planned capital raising. This performance supports the bank's ongoing pivot toward high-yielding secured assets, which constitute the core of its loan book, while managing a calibrated reduction in its volatile microfinance portfolio. According to the company's quarterly earnings announcement, **operating profit increased to ₹405 crore from ₹315 crore**, aided by healthy core income growth and a sharp decline in provisioning. The bank's asset quality showed improvement quarter-on-quarter, with **gross non-performing assets (GNPA) declining to 2.36% in Q1 FY27**, as against 2.49% in the preceding quarter. However, **net NPA stood at 0.70%**, compared with 0.68% in Q4 FY26. Following the board approval, *Equitas Small Finance Bank* shares **advanced nearly 2% to hit an intraday high of ₹72.69** on the National Stock Exchange (NSE) on Wednesday, September 16, compared to Wednesday's closing price of ₹71.35. As per *The Hindu BusinessLine*, shares were trading at **₹72.19 per equity share**, indicating continued investor confidence in the bank's strategic capital enhancement plans. The stock has **fallen nearly 1% in the past week and 3% over the month**, but on a year-to-date basis, it has **soared 13%**. While the shares hit a **52-week high of ₹83.90 per unit on July 15, 2026**, they touched a year's low of ₹51.25 apiece on March 30, 2026. The bank's **credit cost fell sharply to 1.37% from 6.48% a year earlier**, while the provision coverage ratio remained stable at **71.02%**. Shareholders reappointed **Mr. Vasudevan P N** as Managing Director and Chief Executive Officer for a **three-year term effective from July 23, 2026**, with his remuneration also fixed by shareholders receiving **99.966%** approval. His reappointment passed with **99.995%** of votes in favor. **Ms. Geeta Dutta Goel** was reappointed as an Independent Director for a second consecutive term until **December 26, 2029**, with this special resolution securing **99.726%** of votes. **M/s. Sundaram & Srinivasan, Chartered Accountants**, were appointed as one of the Joint Statutory Auditors until the conclusion of the 13th AGM in 2029, with their appointment and remuneration for FY27 both passing with **99.999%** approval. **Mr. Balaji Nuthalapadi** was reappointed as Executive Director by rotation, with his remuneration also approved by shareholders. Following the board approval announcement, *Equitas Small Finance Bank* shares **traded over 1% higher at ₹72.20 apiece on Wednesday**, compared to a **0.48% advance in the Nifty index**, as per latest market data. The stock has demonstrated strong long-term performance, **rising 14.48% year-to-date and 28.52% in the last 12 months**, indicating sustained investor confidence in the bank's strategic initiatives and financial turnaround. The shares have shown resilience despite short-term volatility, maintaining their upward trajectory from the **52-week low of ₹51.25** reached on March 30, 2026, to current levels near the **52-week high of ₹83.90** achieved on July 15, 2026.

The Appointments Committee of the Cabinet (ACC) has approved the reappointment of **Kamlesh Chandra Varshney as a whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) beyond September 19, 2026**. According to an order issued by the Department of Personnel and Training (DoPT) dated September 15, Varshney will continue as Sebi WTM until he attains the age of **65 on August 4, 2029, or until further orders, whichever is earlier**. The market regulator currently has **three whole-time members** after the three-year tenure of Amarjeet Singh ended earlier this month. As reported by *The Hindu BusinessLine*, the reappointment was considered important for continuity as Sebi works through issues around the newly introduced closing auction session. **Varshney took charge as a WTM in September 2023** and prior to that, he was joint secretary (tax policy and legislation) in the Department of Revenue, Government of India. As reported by Business Standard, he is a **1990-batch Indian Revenue Service officer** who has worked in various capacities in the Income-tax Department and the Finance Ministry. At present, he handles departments including **corporate finance, corporation finance investigation, integrated surveillance and legal affairs, among others**. Varshney has been closely involved in Sebi's enforcement actions around the **Closing Auction Session (CAS)** implementation. In **August, he passed an interim order against Copthall Mauritius Investment, a JPMorgan entity, and Mansi Share and Stock Broking** over alleged manipulation during the closing auction session. According to *The Hindu BusinessLine*, this demonstrates his active role in market surveillance and enforcement activities related to the newly implemented closing auction session. The government had in **June invited applications for two WTM positions at SEBI** as the terms of Varshney and fellow WTM Amarjeet Singh approached completion. Varshney's reappointment ensures continuity in Sebi's senior leadership as the capital markets regulator works on a range of regulatory and market-development initiatives. At Sebi, he handles key departments, including the **Corporate Finance Department and the Surveillance Department**. His extensive experience in tax policy and legislation, combined with his current responsibilities in corporate finance and surveillance, positions him well for continued leadership in India's capital markets regulatory framework. The reappointment comes at a critical time as Sebi navigates the implementation of new trading mechanisms and addresses market integrity concerns.

Poonawalla Fincorp allotted ₹100 crore in Series E1 NCDs at 8.09% coupon. The company also allotted ₹750 crore in Series F1 NCDs at 8.31% coupon. Total allotment value stands at ₹850 crore across both series. Debentures are secured by first-ranking charge on hypothecated properties. Maturity dates range from February 2029 to September 2029.

Nifty 50 climbed 0.43% to 23,218.50, showing resilience despite mixed sectoral signals. Sensex gained 280.67 points to 74,284.49, supported by steady buying in key indices. Capital Goods - Electrical Equipment led gains with a 1.83% rise, offsetting losses elsewhere. Diamond, Gems and Jewellery sector crashed nearly 7%, becoming the day's biggest drag on performance. Solar Industries announced ambitious FY28 revenue targets post-Omnia acquisition, drawing trader interest.

**CRISIL Ratings Limited** has upgraded the credit rating for **Beta Wind Farm Private Limited (BETA)**, a material subsidiary of *Orient Green Power Company Limited (OGPCL)*, from **CRISIL BBB- / Positive to CRISIL BBB / Stable**. The one-notch upgrade applies to **long-term bank facilities totaling ₹617.79 crores** availed from the Indian Renewable Energy Development Agency Limited. According to reports from *Business Standard*, this upgrade reflects the healthy operational performance resulting from improved generation and cash accruals while strengthening the debt servicing capacity of BETA. The upgrade applies to **roughly ₹617.79 crore of debt**, including term loans from the Indian Renewable Energy Development Agency, and reflects a **moderate degree of safety regarding timely servicing of financial obligations**. As per *Energetica India*, the rating upgrade was assigned after CRISIL considered the subsidiary's healthy operational performance, driven by improved generation and cash accruals, which strengthened its debt-servicing capacity. The rating upgrade demonstrates **Beta Wind Farm's** enhanced financial position through **improved machine availability, higher plant load factor at the Andhra Pradesh wind farm, and stronger cash accruals** that enhance debt service coverage. For the period ended **March 31, 2026**, the company reported **operating income of ₹197 crores and a profit after tax of ₹37 crores**. The upgrade reflects the subsidiary's **healthy operational performance** and improved financial metrics, with **stable revenue visibility through PPAs, timely collections, and a ₹15 crore liquidity buffer** from the parent company providing additional support. According to *Energetica India*, **Beta Wind Farm operates 241.6 MW of wind energy projects across Tamil Nadu, Andhra Pradesh, Gujarat and Karnataka**, making it a key subsidiary of OGPCL. The ratings are supported by **stable revenue visibility through long-term power purchase agreements, recovery of long-pending dues from AP discom, and maintenance of a debt service reserve account**. The outstanding amount with IREDA has shown significant improvement, **decreasing from ₹478.74 crore as of March 31, 2026, to ₹456.68 crore as of September 16, 2026**. The revised rating also reaffirms the rating ICRA assigned to Beta Wind Farm on September 8, 2026, indicating consistent creditworthiness assessments across multiple rating agencies. CRISIL BBB ratings indicate a **moderate degree of safety regarding the timely servicing of financial obligations**, providing stakeholders with confidence in the subsidiary's debt management capabilities. The facility breakdown shows **₹187.00 crore term loan and ₹430.79 crore term loan** from IREDA, with the parent company providing an **undertaking to maintain a liquidity buffer of ₹15 crores at the group level and support funding shortfalls via unsecured loans**, further strengthening the subsidiary's financial position. The **one notch upgrade** from **CRISIL BBB- / Positive to CRISIL BBB / Stable** represents a **positive development** for *Orient Green Power Company's* financial profile. This upgrade indicates that the company's material subsidiary is now rated at a higher level, suggesting improved creditworthiness and reduced risk profile for the group's debt facilities. The upgrade **bolsters Orient Green Power's financial credibility in the renewable sector** and may support future project financing and refinancing of existing borrowings, though **continued monitoring of performance metrics, PPA execution for new capacity, and debt burden remains crucial** for stakeholders. As per *Energetica India*, the upgrade demonstrates the subsidiary's **improved financial position and strengthened debt servicing capacity** through enhanced operational performance.

India's 10-year benchmark government bond yield stood at 7.0764%. The yield rose from the previous close of 7.0727%. The 10-year gilt is a primary benchmark for sovereign borrowing costs in India.

GIFT Nifty trades at 23220.00, up 0.07%, suggesting a flat to slightly higher opening. US markets closed lower: Dow Jones down 0.63%, NASDAQ down 0.78%. FIIs were net sellers of ₹2,977.86 crore on Sept 15, while DIIs bought ₹2,686.05 crore. Crude Oil fell 0.95% to $104.82; Cotton dropped sharply by 4.17%. Multiple stocks including Jash Engineering and Vijaya Diagnostic Centre are on ex-dividend.

According to reports from *The Economic Times*, *Reliance Industries*, India's biggest company by market value, is raising **₹12,500 crore** in a five-year bond issue with Axis Bank, HDFC Bank, ICICI Bank and Yes Bank among the lenders arranging the transaction. The bonds are expected to be priced at around **7.47%** and are scheduled to close on **September 18**. The issue comprises a **₹10,000 crore base size** and a **₹2,500 crore greenshoe option**, with about **₹3,000 crore** placed with anchor investors. **Axis Bank is expected to have the largest allocation** of these bonds, followed by ICICI Bank, HDFC Bank and Yes Bank, according to people familiar with the transaction. As reported by *The Economic Times*, the remaining portion of the issue has also been fully subscribed, indicating strong investor demand. The transaction represents Reliance Industries' first major foray into the domestic bond market since 2023, with its previous retail bond issue in 2023 being for a longer 10-year maturity and seeing significant participation from Life Insurance Corporation of India. However, LIC is not a significant investor in the current issue, partly because of the shorter five-year maturity and the strong liquidity available with banks. According to *The Economic Times*, the transaction comes after Indian banks mobilised a record amount through FCNR(B) deposits under the Reserve Bank of India's special swap facility. Banks raised **$127.2 billion** through the scheme by August 31, taking total inflows under the special schemes to **$136.4 billion**. ICICI Bank alone mobilised **$17.88 billion** through FCNR(B) deposits, while the bank also issued **$3.55 billion** of dollar-denominated bonds during July-August. However, banks have been cautious about aggressively deploying the funds, as visible at the short end of the interest-rate curve. "The short end, the rates have come off, so that is very visible. But whether it will percolate into the long end remains to be seen," said a person familiar with the strategy of banks, pointing to uncertainties around geopolitics, crude oil prices and global bond yields. As reported by *The Economic Times*, BofA estimates that the additional FCNR liquidity could ultimately result in **'unencumbered credit creation of ₹25-40 lakh crore'**, equivalent to 7-11% of India's GDP or 11.5-18% of existing non-food credit extended by banks over a two-to-three-year period. For banks, the key avenues for deployment of this liquidity are corporate loans, project finance, corporate bonds, working capital or other assets. However, some experts say the additional FCNR liquidity may also translate into faster corporate credit growth in the coming quarters, or could put pressure on lending spreads as banks compete for deployment opportunities. "The biggest impact of the FCNR (B) deposits will be for banks in India, which in the last three years have been deposit constrained, and have relied incrementally on wholesale funding through the CD market, to see a greater availability of funds," BofA said in a recent research report.

Vikram Solar secures ₹1,250 crore solar cell supply deal with Avaada Electro. Saatvik Green Energy wins ₹1,041 crore solar PV module order from SECI. Cupid promoters increase stake significantly through open-market purchases. NBCC expands globally with a new branch office in Australia. Capital goods firms like RR Kabel and BHEL focus on capacity expansion and strategic JVs.

Markets closed sharply lower with Nifty 50 dropping 1.19% to 23,118.60 and Sensex falling 1.04% to 74,003.82. The Diamond, Gems and Jewellery sector led the rout with a massive 6.31% average decline, dragging down sentiment. Capital Goods and Aviation also faced heavy selling pressure, losing over 5% and 4.7% respectively. In a rare bright spot, the Cables sector surged nearly 5%, defying the broader bearish trend. Traders should note the heavy rotation out of consumer and industrial stocks as volatility remains high.

Nifty 50 dipped 0.27% to 23,335.10 and Sensex fell 0.16% to 74,665.48, indicating mild bearish sentiment at midday. The Cables sector surged nearly 5%, leading the gainers list, while Diamond and Jewellery stocks crashed over 4%. Hyundai Motor India buzzed in the news after announcing its new intelligent SUV, the BAYON, signaling expansion plans. Engineering Services and Capital Goods also faced significant selling pressure, dragging down industrial indices. Trading stocks managed a modest gain of under 1%, showing limited breadth in the upside movement.

GIFT Nifty opens slightly higher at 23,525.00, indicating a flat start. Crude Oil jumps 1.45% to $102.86, impacting energy and transport sectors. US markets close lower with NASDAQ down 0.55%, while Nikkei rises 0.80%. USD/INR remains stable at 95.54, easing import cost pressures. Key dividends declared by Blue Dart (₹25) and Hi-Tech Gears (₹4).

Solar Industries signs ₹12,951 crore deal for Omnia Holdings. Blackbuck surges 7.2% after Accel sells 1.48% stake. Raghav Productivity gains on new patents and strong growth track record. Allied Blenders approves ₹125 crore capex for new distillery.