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Sebi bars Kore Digital promoters over alleged Rs 541 crore revenue misstatement

Capital markets regulator Sebi has passed an interim order against SME-listed Kore Digital and three of its key managerial personnel after a probe found prima facie evidence of manipulated financial statements, allegedly non-genuine subsidiaries, suspicious accounting entries and diversion of preferential issue proceeds.Sebi has restrained managing director Ravindra Doshi, chief executive officer Chaitanya Doshi and chief financial officer Kashmira Doshi from buying, selling or otherwise dealing in Kore Digital shares until further orders. The regulator has also barred the company and the three individuals from accessing the securities market to raise money from the public.Sebi also directed NSE not to allow Kore Digital to migrate from the NSE Emerge SME platform to the main board until it receives regulatory clearance. A forensic auditor will be appointed to examine the company's books from the date of its listing in June 2023 until March 31, 2026.At the centre of Sebi findings a...
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US Fed chair Kevin Warsh explains why the Federal Reserve raised interest rates

The strengthening of US economy and geopolitics pushing inflation higher were key reasons for the Federal Reserve to raise interest rates, its chair Kevin Warsh said on Wednesday. Reiterating his commitment not to give forward guidance on the rate path, he pointed to trends in the economic data to deliver the Fed's stated objective of price stability.The American economy appears to be strengthening. New hirings, private sector earnings and business capital investment have improved in recent months. Credit flows have been robust, he said at a press conference, adding, "I would be hard pressed to describe broad financial conditions as restrictive. So we removed the dose of accommodation, so that financial and credit conditions would be more consistent with our ultimate objectives.”The Federal Reserve raised the interest rate range by 0.25% to 3.75%-4%. "Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical develop...
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Taxman's JAARing move opens big new debate

Mumbai: In an unsettling decision, the Indian tax office has invoked the Judicial Anti Avoidance Rule (JAAR) to deny treaty benefits to a few Mauritius funds on sale of 'grandfathered shares'.Under the India-Mauritius amended treaty, there is no capital gains tax on profits from sale of grandfathered shares which refer to securities bought before April 1, 2017.Tax officials have typically used General Anti-Avoidance Rules (GAAR) to quash treaty benefits whenever they suspected that a foreign investor's outfit in jurisdictions like Mauritius and Singapore lacked 'commercial substance'. Such offshore investors having a paper office or shell company, with few or no employees, and alleged to have been established primarily to obtain tax benefits.However, in end-March this year, the apex body Central Board of Direct Taxes (CBDT) issued a notification to clarify that earnings from transfer of stocks acquired before April 1, 2017 would not be impacted by GAAR. This came as...
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BMS seeks doubling of EPF wage ceiling

New Delhi: The Bharatiya Mazdoor Sangh (BMS), an affiliate of the RSS, demanded that the wage ceiling for mandatory Employees' Provident Fund coverage be doubled, arguing that the existing threshold failed to keep pace with rising wages and changing employment conditions.The trade union also sought an increase in the eligibility ceilings for Employees' State Insurance (ESI) and statutory bonus.Also read: EPFO launches WhatsApp channel for PF updates"The issue has been pursued through both dialogue and mass mobilisation," BMS in charge of finance sector Girish Arya told ET. "On August 17, we organised a nationwide agitation on various labour issues and have submitted a memorandum to the Prime Minister."The BMS said it has received assurances that the issue would be considered, but a concrete policy decision was still awaited.The demand comes as minimum wages have been revised across states and the government steps up efforts to formalise employment.When a wor...
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RBI backs UPI MDR for wider acceptance

The Reserve Bank of India (RBI) has backed the introduction of Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move will help strengthen the long-term sustainability of India's digital payments ecosystem. In a post on X, the central bank said the measure would enable UPI to continue scaling, innovating and serving consumers and businesses across the country.The RBI said a fair distribution of MDR among ecosystem participants would support continued investment in technology, infrastructure and payment acceptance networks. Such investments, it added, could help expand UPI acceptance, deepen the customer base and sustain growth in transaction volumes.<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The introduction of MDR on large-value UPI transactions (i.e., above ₹2,000) is an important step towards strengthening the long-term sustainability of India’s digital payments ecosystem. It will help UPI in continui...
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Oasis announce 38-date 'Live '27' tour

Oasis, the defining rock band of the 1990s Britpop era, announced a 38-date tour for 2027 spanning Britain, Ireland, mainland Europe and the United States on Monday, Reuters reported.Billed as "Live '27," the run marks the band's first major tour since their blockbuster 2025 reunion, and comes with a reworked ticketing process designed to avoid a repeat of the chaos that marred that comeback.A new ticketing system after 2025's fiascoTo avoid a repeat of the ticketing fiasco that accompanied the Gallagher brothers' first comeback in 2025, fans will have to register for a chance to buy tickets rather than compete in an open general sale, Reuters reported.Registration closes on Thursday, September 17, and successful applicants will be sent a unique, non-transferable code granting access to a specific on-sale window, with the UK sale spread across three separate windows a day on September 25, 26 and 27.Even members of Oasis's own mailing list must register, an...
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India okays Nepal's request for electricity

New Delhi: The Centre has accepted Nepal's request for advance import approvals to offtake around 654 MW of peak electricity through power exchanges, but only in non-solar hours, people aware of the development said.Kathmandu had sought advance import approvals effective September to mitigate generation deficits caused by the recent flash floods. This advance approval for power demand from Nepal comes at a time when India is witnessing unusual domestic needs due to sultry weather, irrigation demand through a rather dry monsoon season, and less wind and hydro electricity generation amid the El Nino effect.Mail sent to the Ministry of Power remained unanswered until the publication of this report.134217956While solar hours are seeing sufficient generation to provide for the overall power demand in the country, non-solar hours have pressured coal-based and gas-based power plants. India's peak power demand has been hovering above 260 GW, which is unusually high for September. On Se...
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