Top 10 Business News Today — Thursday, 24 September 2026
1. NSE Set to Debut on BSE Today After ₹22,562-Crore IPO Draws 5.71x Subscription
Category: Markets / IPO
The National Stock Exchange of India (NSE) is scheduled to list its equity shares on BSE today, Thursday, 24 September 2026, after its initial public offering (IPO) closed with an overall subscription of 5.71 times. The issue was priced at ₹1,785 per share, the upper end of the ₹1,700–₹1,785 price band. It is the largest public offer of 2026 so far and, according to media reports, the second-largest in Indian market history after the ₹27,870-crore IPO of Hyundai Motor India in October 2024.
Issue structure. The IPO was entirely an offer for sale (OFS) of up to 12,64,36,650 equity shares of face value ₹1 each by existing shareholders. As there was no fresh issue, the proceeds go to the selling shareholders and not to the exchange. The issue size is reported as ₹22,561.57 crore, commonly rounded to ₹22,562 crore; some outlets cite ₹22,569 crore. Bidding ran from 17 to 21 September. The lot size was eight shares, making the minimum retail application ₹14,280 at the upper band. The offer allocated up to 50% to qualified institutional buyers (QIBs), 35% to retail investors and 15% to non-institutional investors, and reserved 4,33,436 shares for employees at a discount of ₹170 per share. Ahead of the public issue, NSE raised ₹6,746.18 crore from anchor investors on 16 September by allotting about 3.78 crore shares at ₹1,785 each.
Subscription. According to BSE data, bids were received for 50,58,11,384 shares against 8,86,42,911 shares on offer. The QIB portion was subscribed 12.68 times and the non-institutional portion about 6.55 times, while the retail portion was subscribed 1.39 times. Total bids were worth nearly ₹90,300 crore, and the issue drew more than 38.28 lakh applications. The basis of allotment was finalised on 22 September, with refunds and credit of shares to demat accounts on 23 September. Bloomberg, as cited by ETV Bharat, reported that Life Insurance Corporation of India (LIC) bid for shares worth about ₹4,500 crore, and that bids of about ₹2,000 crore were placed by ICICI Prudential Asset Management and Quant Mutual Fund, with Norges Bank Investment Management and Mirae Asset Mutual Fund each bidding about ₹1,000 crore.
Valuation and financials. At the upper end of the band, the issue values NSE at ₹4,41,787.50 crore, or about ₹4.42 lakh crore; the lower end corresponds to ₹4,20,750 crore. NSE’s offer disclosures show total income of ₹18,713.37 crore for the year ended 31 March 2026, 2% lower than ₹19,176.83 crore a year earlier. Profit after tax was ₹10,302.06 crore, compared with ₹12,187.69 crore, while net worth rose to ₹31,869.72 crore from ₹30,165.05 crore. Business Standard reported that, across the price band, the issue was valued at about 40.9 to 42.9 times FY26 diluted earnings per share.
Listing indicators. Grey market premium (GMP) trackers, which are unofficial, showed a premium of about ₹42 to ₹68 per share on 23 September, or roughly 2.4% to 3.8% over the issue price. Business Today reported that even a listing at the issue price would place NSE as India’s 11th-largest company by market capitalisation, ahead of Infosys, Titan Company, Kotak Mahindra Bank and Sun Pharma, and that a listing premium of 3% to 5% would take its valuation to ₹4.55–4.63 lakh crore.
Market backdrop. The Sensex closed at 74,828.25 and the Nifty 50 at 23,446.80 on Wednesday, 23 September. At 7:29 am today, GIFT Nifty traded at 23,251, down 194.50 points or 0.83%, indicating a weaker opening for Indian equities.
Background. NSE first filed draft offer papers with the Securities and Exchange Board of India (SEBI) in December 2016, Reuters reported at the time. SEBI rules do not permit a stock exchange to list on its own platform, so NSE’s shares are listed on BSE. In October 2024, NSE settled a SEBI matter concerning the misuse of a trading access point by paying ₹643 crore, Business Standard reported. Kotak Mahindra Capital, Morgan Stanley India and HSBC Securities and Capital Markets (India) are among the managers named in reports on the issue.
The listing price and the first-day close will be available once trading begins.
Sources: HDFC Sky; ETV Bharat; India TV News; The Week; Business Today; Business Standard; Chittorgarh; Outlook Money; Kotak Neo pre-market note (24 Sep 2026).
2. India’s Private Sector Activity Rises to Three-Month High in September; HSBC Flash Composite PMI at 56.5
Category: Economy
India’s private sector expanded at its fastest pace since June in September, according to the flash Purchasing Managers’ Index (PMI) survey published by HSBC on Wednesday, 23 September 2026. The HSBC Flash India Composite Output Index rose to 56.5 from a final reading of 54.3 in August, a gain of 2.2 points. A reading above 50 indicates expansion from the previous month. The composite index is a seasonally adjusted measure of the month-on-month change in combined manufacturing and services output, and the September reading placed it back above its long-run average. Reuters, as cited by IndexBox, reported that the figure was higher than the median forecast in a Reuters poll.
Manufacturing. The HSBC Flash India Manufacturing PMI rose to 55.7 from 52.8 in August, its strongest reading in seven months. The Manufacturing PMI Output Index climbed to 58.2 from 54.8. Sales growth at goods producers reached a seven-month high and remained above that recorded by services companies. According to the survey release quoted by The Tribune, finished-goods inventories rose at their quickest pace in 11-and-a-half years. Reuters reported that manufacturers resumed hiring after a slight cutback in August. One summary of the data described the August manufacturing reading as a five-year low.
Services. The Services PMI Business Activity Index increased to 55.8 from 54.1 in August. The same data summary said August had been the slowest services expansion in more than four years.
Orders, employment and prices. New business expanded at a faster pace during the month, with demand strengthening in both manufacturing and services. New export orders continued to rise, but at the slowest pace in nearly three years; Reuters put the period at 33 months. Business Standard reported that job creation was recorded in both sectors, at broadly similar rates. Input cost inflation across the private sector eased to its lowest level since January. Selling-price inflation was broadly unchanged at the composite level, with a stronger rise in factory-gate charges and a slower rise in charges levied by services firms. The release also noted stronger business confidence.
Survey summary. In its summary of the data, S&P Global, which compiles the survey, said output growth ticked higher at both manufacturing and services companies, with goods producers leading the upturn. It said aggregate new orders rose at a quicker pace, which prompted a solid expansion in jobs, while inflationary pressures faded and business confidence strengthened.
Commentary. Pranjul Bhandari, chief India economist at HSBC, said that renewed tensions in the Middle East had led firms to build buffers to manage uncertainty.
Quarterly context. On the basis of the September flash figure, the composite index averaged 55.1 for July–September, compared with 58.2 for April–June, Reuters data showed. India’s real gross domestic product grew 7.8% year-on-year in the first quarter of FY 2026–27, above the Reserve Bank of India’s projection of 7%, according to reports on the PMI release.
Release schedule. The flash PMI is compiled from about 90% of monthly survey responses and provides an early indication of the final readings. The final manufacturing PMI for September is scheduled for release on 1 October and the final services PMI on 6 October.
Market timing. The data were released at around 11:30 am IST on Wednesday. The Sensex closed 299.17 points higher and the Nifty 50 117.80 points higher that day, with metal, FMCG and PSU bank stocks among the gainers, Business Standard reported.
Sources: Business Standard (23 Sep 2026, two reports and Capital Market news); The Tribune; IndexBox (Reuters-based); Sahi data summary.
3. Crude Oil Falls for Sixth Straight Session as Iran Offers Seven-Day Strait of Hormuz Reopening Proposal
Category: Energy / Global Markets
Crude oil prices fell for a sixth consecutive session on Wednesday, 23 September 2026, as reports of an Iranian proposal to reopen the Strait of Hormuz reduced part of the risk premium in the market. Brent crude declined about 1% to $98.29 a barrel and US benchmark WTI fell about 1.5% to near $89.12, according to Ashish Rajodiya, Head of Commodities at PL Capital, as quoted by Business Today.
The proposal. A senior Iranian official told Reuters on 22 September that Iran could reopen the Strait within seven days if the United States eases military pressure and lifts its blockade of Iranian ports. The official said the proposal had been delivered to Washington through mediators on 16 September, and that Iran’s delegation at the UN General Assembly in New York had full authority to pursue diplomacy. Iranian President Masoud Pezeshkian travelled to New York to address the assembly; The National reported that a meeting between him and US President Donald Trump on the sidelines was ruled out. Al Jazeera reported that the US and Iran held mediated talks at the assembly, and that Qatar said it was working with Pakistan to reduce tensions and safeguard freedom of navigation through the Strait.
Terms as described by each side. Iranian state television, as reported by Breitbart, said Tehran’s positions conveyed in the talks included lifting the US naval blockade, releasing frozen Iranian assets and ending the war on all fronts. The report noted these terms were broader than those described by the senior official to Reuters. Breitbart also reported that President Trump said the talks went well and that there was momentum toward a deal. CNBC reported that Washington had been intensifying economic pressure on Tehran and that Iran-backed Houthis had threatened shipping near the Bab el-Mandeb strait, another key oil chokepoint.
Supply indicators. Rajodiya pointed to several improvements in supply. Saudi Aramco has restarted its East-West pipeline, although at reduced capacity, and Red Sea crude exports have resumed from Yanbu. Crude shipments through the Strait of Hormuz averaged 2.9 million barrels per day between 13 and 18 September, against about 700,000 barrels per day in August. He also noted that only two commercial vessels transited the Strait on Monday, compared with roughly 125 vessels a day before the conflict, and described the recovery as fragile.
Outlook cited. According to Rajodiya, the direction of prices will depend on whether the seven-day proposal leads to a broader diplomatic agreement. A successful deal could extend the recent decline, while a breakdown in talks or a fresh incident at a key shipping chokepoint could quickly bring the risk premium back. He added that Brent near the $100 mark continues to keep diesel prices under pressure, and that the US Federal Reserve’s hawkish stance after last week’s rate hike is another factor for markets.
Indian markets. Business Standard reported that the Sensex and Nifty rebounded on 23 September as oil prices steadied around the $100-a-barrel mark on hopes for US-Iran diplomacy. On Thursday morning, Business Standard’s market live blog reported that Brent crude fell on progress in US-Iran talks, with GIFT Nifty signalling a tepid open. Separately, SBI Research, in a report cited by Business Today, estimated that crude could rise to $123 a barrel over the next 15 days.
Background. According to Wikipedia’s account of the 2026 Strait of Hormuz campaign, the US began an aerial campaign against Iranian targets on 19 March 2026 to reopen the Strait following its closure by Iran, and a US naval blockade of Iran has been in place since 13 April 2026. CNBC reported that the Fed’s 16 September rate increase was aimed at inflation that has been driven partly by spiralling oil prices.
Sources: Business Today (23 Sep 2026); The National (22 Sep 2026); Al Jazeera (23 Sep 2026); CNBC (22 Sep 2026); Breitbart (22 Sep 2026); Business Standard; Wikipedia.
4. Government Has No Proposal to Raise Petrol, Diesel Prices; Oil Companies Face Under-Recoveries of ₹5 and ₹23 per Litre
Category: Economy / Energy
The Government of India currently has no proposal to increase petrol and diesel prices despite a sharp rise in crude oil prices, sources told Business Today on Wednesday, 23 September 2026. Authorities are focused on ensuring energy security and stable fuel supplies, the report said.
Crude basket. The Indian crude basket rose to $115.27 per barrel on 22 September, and its average for September so far stands at about $114.83 per barrel. Sources said crude prices are expected to stay volatile in the run-up to the US midterm elections in November, adding uncertainty to India’s oil import bill and domestic fuel pricing.
Oil marketing companies. State-owned oil marketing companies (OMCs) have kept retail petrol and diesel prices unchanged. Current estimates show under-recoveries of about ₹5 per litre on petrol and ₹23 per litre on diesel. If elevated crude prices persist while retail prices remain unchanged, the government may have to consider financial support to OMCs at a later stage, according to the sources. The report described the government’s approach as balancing three priorities: keeping domestic fuel prices stable, protecting OMC finances and ensuring uninterrupted energy supplies.
Supply diversification. Diplomatic channels are working round the clock to facilitate the movement of crude and fuel ships through the Strait of Hormuz, the report said. The government is prioritising stable crude procurement from Russia while looking at ways to diversify sourcing, with Iraq and Saudi Arabia among suppliers that could gain importance.
Finance Minister’s remarks. Finance Minister Nirmala Sitharaman, speaking on Wednesday at the BusinessLine Changemaker Awards, said India cannot simply stop buying Russian crude and switch immediately to other suppliers, according to media reports. She said the global pool of available oil is limited and that a shift away from Russian supplies would require India to compete with other buyers, pushing prices higher. She also referred to India’s energy needs and to the fact that most Indian refineries are configured for particular grades of crude. Reports said the comments came days after US President Donald Trump signed legislation described as the Sanctioning Russia and Iran Act, which one report said allows tariffs of up to 100% on major buyers of Russian energy. Sitharaman also pointed to recent attacks on Gulf oil facilities that have reduced global supply, the reports said.
LPG. Business Today reported separately that India is increasing LPG production as festive demand rises and Gulf supplies remain uncertain. India is the world’s second-largest LPG importer and has historically depended heavily on the Persian Gulf, according to the outlet. It added that India signed its first term LPG supply agreement with the United States last year as part of efforts to reduce dependence on Middle Eastern suppliers, and that the Iran war is redrawing India’s LPG import map.
Related inflation estimates. SBI Research, in a report published the same week, said that if crude remains elevated, retail inflation could approach 6.5% in October and November, and flagged higher input costs in restaurants, edible oil and LPG. Fitch Ratings expects India’s retail inflation to reach 5.5% in December, compared with 4.82% in August.
Crude market. Brent crude was trading near $98 to $100 a barrel on 23 September after falling for six straight sessions on reports of an Iranian proposal to reopen the Strait of Hormuz.
Sources: Business Today (23–24 Sep 2026); Daily Jagran (23 Sep 2026); News24; NewsBytes; Business Standard.
5. RBI Rate Outlook: S&P Sees One Hike, Fitch Two, SBI Research Recommends October and December Increases
Category: Banking / Economy
Global rating agencies and SBI Research have flagged the possibility of interest rate increases by the Reserve Bank of India (RBI), Business Today reported on Thursday, 24 September 2026. The RBI’s Monetary Policy Committee (MPC) is scheduled to meet from 5 to 7 October 2026.
Current policy settings. The repo rate stands at 5.25%, the bank rate and the marginal standing facility rate at 5.50%, and the reverse repo rate at 3.35%. The repo rate has been unchanged for four consecutive meetings, including the August policy, following a 25-basis-point reduction to 5.25% effective 5 December 2025.
S&P Global Ratings. S&P expects the RBI to raise its policy rate by 25 basis points to 5.5% during FY27. The agency said the balance of considerations was shifting toward higher rates, citing solid economic growth, persistent inflationary pressures, the unresolved conflict in West Asia and weather-related risks. S&P raised its FY27 GDP growth forecast for India to 7% from 6.6% after stronger-than-expected June-quarter growth. It expects inflation to average 5.1% in FY27, slightly above the RBI’s 5% forecast, and said growth could moderate in the second half as the benefits of GST rationalisation and income-tax cuts fade.
Fitch Ratings. Fitch expects a 25-basis-point increase in October to 5.5%, followed by another 25 basis points in early 2027 to 5.75%, with rates easing back to 5.5% in 2028. It cited strong demand, rising prices and adverse supply developments. Fitch expects retail inflation to reach 5.5% in December, against 4.82% in August, and raised its FY27 growth forecast to 6.9% from 6.4%, while expecting momentum to moderate through the remainder of the fiscal year.
SBI Research. SBI Research recommended a 25-basis-point hike in October followed by another in December, saying the case for tightening has strengthened. It pointed to crude oil above $100 a barrel and estimated that crude could rise to $123 a barrel over the next 15 days. If crude stays elevated, it warned, inflation could approach 6.5% in October and November. SBI Research said its recommendation was independent of any expected action by the US Federal Reserve.
Growth upgrades. Business Today TV reported on 23 September that S&P, Fitch and the Asian Development Bank had raised their FY27 forecasts for India, that the OECD had upgraded its 2026 view, and that Moody’s had earlier raised its forecast. India’s real GDP grew 7.8% year-on-year in the first quarter of FY 2026–27, above the RBI’s 7% projection, according to reports.
US Federal Reserve. On 16 September the Fed’s Federal Open Market Committee voted 12–0 to raise the federal funds target range by 25 basis points to 3.75%–4.00%, its first increase since 2023. Fed Chair Kevin Warsh said inflation has been too high for too long, and the median projection in the September dot plot points to one more 25-basis-point increase in 2026.
Bond operations. Separately, the RBI has announced an open market operation (OMO) sale of ₹25,000 crore of government bonds on 28 September. The securities offered include the 7.59% GS 2029, 6.45% GS 2029, 7.61% GS 2030, 5.85% GS 2030, 6.54% GS 2032 and 7.26% GS 2032, according to Business Today.
Sources: Business Today (24 Sep 2026; 23 Sep 2026 markets and video items); CNBC (16 Sep 2026); Federal Reserve Board implementation note (16 Sep 2026); Chase (16 Sep 2026); Tradingeconomics.
6. SEBI Open to Lowering Margin Requirements for Longer-Tenure F&O Products, Says Chairman
Category: Regulation / Capital Markets
The Securities and Exchange Board of India (SEBI) is open to reviewing, and potentially lowering, margin requirements for longer-tenure derivative products, SEBI Chairman Tuhin Kanta Pandey said on Wednesday, 23 September 2026. He was speaking on the sidelines of the 13th SBI Banking & Economics Conclave in Mumbai.
Stated objective. Pandey said the step could encourage healthier, long-term participation in the futures and options (F&O) market. According to Business Today, the regulator is examining structural measures, including possible changes to margin requirements for longer-duration contracts. Asked how SEBI plans to keep inexperienced traders out without disrupting the wider market, he said the regulator is not looking to disrupt the F&O segment, that a degree of stability is needed, and that participants should be patient, as the question is asked repeatedly. He said SEBI is prepared to look into issues around margins or other frictions for longer-term contracts. Reports also quoted him as saying that F&O losses remain high.
Broader remarks. Addressing the conclave earlier in the day, Pandey said SEBI’s approach is to make markets easier to access while preserving the trust on which they rest, and that ease of doing business and investor protection are not competing objectives. He said “optimum regulation” can reduce unnecessary friction. He listed measures already taken: shorter IPO timelines, faster rights issues, rationalised listing requirements for large issuers, a fast-track mechanism to reduce time to market for alternative investment fund launches, and greater flexibility for schemes meant exclusively for accredited investors. Business Today reported that he added that easier access to capital has to be accompanied by information and accountability.
Earlier statements on tenor. In August 2025, speaking at FICCI’s Annual Capital Markets Conference, Pandey said SEBI would consult stakeholders on ways to improve the tenor and maturity profile of derivative products so that they better serve hedging and long-term investing. Business Standard reported at the time that the remarks came amid mounting losses for individual investors in derivatives and that BSE shares fell 7.7% on speculation about weekly contracts, although Pandey ruled out discontinuing them in the near term. A different report the same week recorded a senior SEBI official expressing concern about the dominance of ultra-short-term derivatives trading.
Investor loss data. According to SEBI’s own research, as reported by Business Standard in August 2025, 91% of individual F&O traders incurred net losses in FY25, collectively losing more than ₹1 lakh crore. Kotak Neo’s coverage noted that SEBI has tightened several areas of the derivatives market in recent years, including measures relating to short-dated options and expiry-day trading, and that a margin reduction for longer-tenure contracts could encourage trading to shift toward instruments with longer maturities.
Context of the remarks. PSU Watch reported that the comments came as regulators focus on the risks faced by retail investors in equity derivatives, where leveraged positions can lead to substantial losses. Kotak Neo’s coverage described the proposal as an attempt to balance curbs on speculative activity in short-dated derivatives against the aim of making India’s capital markets deeper and better suited to long-term capital formation. In the August 2025 speech, Pandey also said the aim was to deepen the cash equity market, adding that daily trading volumes in the cash segment had doubled over the previous three years and that more needed to be done. On the day of that speech, Business Standard reported that the Nifty Capital Markets index fell as much as 1.52% intraday, with BSE Ltd shares down 6% at ₹2,381 on the NSE.
Status. The remarks were made as an indication of what SEBI may examine. No consultation paper, circular or board decision on margin changes for longer-tenure derivatives was reported as of 23 September 2026.
Sources: Business Today (23 Sep 2026); PSU Watch; Kotak Neo; webindia123 (IANS/ANI-based); Business Standard (Aug 2025 reports).
7. IPO Market: 30 Mainboard Issues Raise ₹38,785 Crore in September; Three Companies Debut on 23 September
Category: Markets / IPO
India’s primary market is recording its busiest period for public issues since 1996, Business Today reported on Wednesday, 23 September 2026. Thirty mainboard issues have raised ₹38,785 crore this September, led by the ₹22,561-crore NSE IPO, the outlet said, describing activity as at its highest since December 1996. It reported that over 70% of recent issues have delivered solid listing gains.
Six on one day. Six IPOs opened for subscription on 9 September 2026: RentoMojo, Karamtara Engineering, Manipal Payment & Identity Solutions, Asset Reconstruction Company (India), Steamhouse India and LCC Projects, together seeking about ₹4,386 crore. An Insights.market blog noted this was the first such instance since 14 October 1996, when six IPOs opened on the same day and raised about ₹22 crore combined. Whalesbook reported that six more mainboard issues, including Elevate Campuses and Varmora Granito, are scheduled between 22 and 28 September and aim to raise ₹3,825 crore, and that 87 IPOs have come to market so far in 2026.
Listings on 23 September. Three companies listed on Wednesday, all of whose IPOs were open from 16 to 18 September and together raised nearly ₹1,625 crore.
SS Retail, a multi-brand retailer of mobile phones and accessories, listed at ₹624 on the NSE, 47.17% above its issue price of ₹424, and at ₹639.10 on BSE, a 50.73% premium. Its ₹500-crore IPO comprised a fresh issue of up to ₹360 crore and an offer for sale of up to ₹140 crore, with a price band of ₹403–₹424, and was subscribed 103.30 times.
Jindal Supreme (India), a maker of plastic piping products, listed at ₹120 on the NSE, 29.03% above its issue price of ₹93, and at ₹121.90 on BSE, a 31.08% premium. Its IPO of about ₹125 crore, priced in a band of ₹88–₹93, was subscribed 181.07 times. Whalesbook reported that the stock closed at ₹126, a gain of 35.5% over the issue price.
Hero Motors, an auto components maker, listed at ₹82 on the NSE, 2.38% below its issue price of ₹84, and at ₹82.10 on BSE, 2.26% below. Its ₹1,000-crore IPO, priced in a band of ₹79–₹84, comprised a fresh issue of up to ₹600 crore and an offer for sale of up to ₹400 crore, and was subscribed 6.66 times; bids were received for 58.97 crore shares against 8.86 crore on offer. Business Today reported that DAM Capital Advisors, ICICI Securities and JM Financial were the lead managers. The stock recovered during the session to a high of ₹89.49 according to Whalesbook, and Business Standard reported it later locked in a 20% upper circuit, with another report giving the closing price as ₹98.40. The company plans to use proceeds to expand facilities in Uttar Pradesh and pursue acquisitions, according to one report.
Upcoming. Runwal Enterprises has set an IPO price band of ₹290–₹305 per share. The anchor book opens on 24 September and the issue closes on 29 September, Economic Times reported. Separately, Bloomberg reported that Airtel Money has filed for a potential IPO in London, according to Business Today.
Market view cited. Business Today TV quoted market veteran Deven Choksey, MD of DR Choksey FinServ, saying that some specialised players operate to capture rapid listing gains of 10% to 40%, and that existing listed stocks are seeing retail attention shift toward IPOs.
Anchor of the month. The NSE listing, scheduled for 24 September, is the largest of the month’s issues.
Sources: Business Today (23 Sep 2026, including BT TV items); 5paisa; India TV News; Daijiworld; Whalesbook; Business Standard; Insights.market; Economic Times via Zerodha Pulse.
8. NCLT Issues Notice to CBI in Subhash Chandra Personal Guarantor Insolvency Case; Hearing Deferred to 19 November
Category: Legal / Insolvency
The Delhi bench of the National Company Law Tribunal (NCLT) on Wednesday, 23 September 2026, issued notice to the Central Bureau of Investigation (CBI) in proceedings concerning a repayment plan proposed by Essel Group Chairman Emeritus Dr Subhash Chandra in his capacity as personal guarantor for group companies. The five-member bench allowed the agency four weeks to file its response and listed the matter, along with connected applications, for arguments on 19 November.
Why notice was issued. Solicitor General Tushar Mehta informed the bench that the CBI was investigating a matter having a bearing on the case. The bench said it deemed it appropriate to issue notice. Chandra’s counsel opposed treating the CBI as a necessary party to the proceedings; the bench did not decide that issue at this stage. The bench also directed parties, except Union Bank of India, to file convenience compilations within four weeks.
Interim directions continue. The bench directed that interim directions issued on 1 September 2026 would continue until final disposal of the case. That order had stayed the 25 August approval of the repayment plan.
Bench strength. LiveLawBiz reported the bench remarked that the tribunal’s functioning could come to a standstill if it heard the matter during regular hours given the shortage of members, and the hearing was deferred. Business Today reported that the tribunal said continuing with the matter before a special five-member bench could affect NCLT’s functioning. Outlook Business reported that the National Company Law Appellate Tribunal (NCLAT) will hear Chandra’s plea against the constitution of the five-member bench.
The repayment plan. The proceedings arise under the personal insolvency provisions of the Insolvency and Bankruptcy Code, in a case filed by Indiabulls Housing Finance Ltd relating to Chandra’s liability as personal guarantor. The plan proposes payment of ₹6.25 crore against admitted claims of ₹22,006.57 crore, in addition to ₹25 lakh towards insolvency process costs; media reports describe the offer as ₹6.5 crore. NewsBytes reported that 80.81% of creditors by value voted in favour of the plan, while lenders including LIC Housing Finance and Axis Bank did not support it. Business Today reported that lenders disputed whether the plan could bind creditors who voted against it, and the case also raises questions about the voting process.
How the matter reached five members. After members of the original bench differed on the plan, the matter was referred to Nilesh Sharma, Member (Judicial), NCLT Mumbai Bench, as third member. Sharma approved the plan by an order dated 25 August 2026 and held that it would also bind creditors who voted against it, Outlook Business reported. When the matter subsequently came up before the five-member special bench, the tribunal held there was no clear majority view capable of being given effect and stayed that order.
CBI case. According to Outlook Business, the CBI has registered an FIR against Chandra and others on a complaint by LIC Housing Finance Ltd relating to an alleged ₹1,322-crore loss. The case involves two loan facilities totalling ₹980 crore, for which Chandra gave personal guarantees. Business Today reported the allegation that the loans were obtained using inflated net worth certificates and later turned into defaults. These are allegations in the CBI’s case and no finding has been recorded on them.
Sources: LiveLawBiz (23 Sep 2026, two reports); Business Today (23 Sep 2026); Outlook Business (23 Sep 2026); NewsBytes; Wikipedia (background).
9. Delhi High Court Rejects CBI Plea Against Bail Granted to Former NSE Chief Chitra Ramkrishna in Phone-Tapping Case
Category: Legal / Securities
The Delhi High Court on Wednesday, 23 September 2026, rejected a plea by the Central Bureau of Investigation (CBI) challenging the bail granted to Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange of India (NSE), in the alleged illegal phone-tapping case. Justice Madhu Jain passed the order, upholding the trial court’s order of 22 December 2022 granting bail. PTI reported that a detailed copy of the order was awaited.
The case. The matter relates to alleged interception of phone calls of NSE employees between 2009 and 2017. According to the CBI, Ramkrishna, along with former chief executive officer Ravi Narain, executive vice-president Ravi Varanasi and Head (Premises) Mahesh Haldipur, engaged iSEC Services to intercept employees’ calls under the guise of a periodic study of cyber vulnerabilities at the exchange. The CBI’s FIR alleges a conspiracy with iSEC Services Pvt Ltd to cheat NSE and its employees. These are allegations made by the investigating agency.
Procedural history. The trial court granted Ramkrishna bail in December 2022, and the CBI then moved the High Court. The High Court’s decision means the bail order remains in place, subject to the detailed order, as reported by inkl. Reports of the ruling described it variously as the dismissal of the CBI’s plea, petition or appeal.
Separate proceedings. The phone-tapping case is separate from the NSE co-location matter, in which Ramkrishna faces proceedings under the Prevention of Corruption Act, inkl reported. The News Mill reported that on 9 July 2026 the Delhi High Court dismissed a petition filed by Ramkrishna challenging the constitutional validity of the terms “public duty” and “public servant” under that Act. The same inkl report stated that on 16 September the Supreme Court rejected her appeal challenging her categorisation as a public servant under the anti-corruption law.
Tenure at NSE. Ramkrishna was appointed Joint Managing Director of NSE in 2009 and held that position until 31 March 2013. She became Managing Director and CEO on 1 April 2013, and her tenure at NSE ended in December 2016, according to PTI.
Related regulatory background. In the co-location matter, SEBI dropped charges against former NSE executives Chitra Ramkrishna, Ravi Narain and Anand Subramanian in September 2024, citing lack of evidence to support the allegations, Business Standard reported in 2025. The regulator noted that while there were lapses in the facility, no evidence established collusion with the stockbroker OPG Securities. In October 2024, NSE settled a SEBI matter related to misuse of a trading access point for ₹643 crore, according to the same report.
Status of other NSE legacy matters. Business Standard reported in March 2025 that most of the legacy cases involving NSE and its former management had been settled or closed, while a few matters remained pending for final hearing. Among them, it said, was SEBI’s appeal before the Supreme Court against a Securities Appellate Tribunal order in the dark fibre case, which was awaiting a final hearing at that time. The report did not cover developments after that date, and the current status of that appeal was not reviewed for this item.
Where the report appeared. LiveLaw carried the ruling among its High Courts Daily Highlights for 23 September 2026, Bar & Bench reported it the same day, and Business Standard and ANI carried it on the afternoon and evening of 23 September.
Timing. The order came a day before NSE’s shares are scheduled to list on BSE following its ₹22,562-crore IPO.
Status. The detailed judgment had not been made available in the reports reviewed. The CBI has not been reported to have announced whether it will challenge the order further.
Sources: Telangana Today (PTI, 23 Sep 2026); Bar & Bench (23 Sep 2026); ANI (23 Sep 2026); Business Standard (23 Sep 2026); inkl (23 Sep 2026); The News Mill (23 Sep 2026); LiveLaw High Courts Daily Highlights (23 Sep 2026); Business Standard (Mar 2025).
10. Supreme Court Refers to Larger Bench Whether Civil Judges Notified as Commercial Courts Can Hear Trademark Infringement Suits
Category: Legal / Intellectual Property
The Supreme Court on Monday, 21 September 2026, referred to a larger bench the question whether a Civil Judge (Senior Division) notified as a Commercial Court under the Commercial Courts Act, 2015 can entertain a trademark infringement suit, despite Section 134 of the Trade Marks Act, 1999. The bench of Justice J. B. Pardiwala and Justice K. Vinod Chandran directed that the matter be placed before the Chief Justice of India for constitution of an appropriate larger bench. The case is I.S.D.S. Private Limited & Anr. v. Khemka Food Products Pvt. Ltd. & Anr.
The question. Section 134 of the Trade Marks Act provides that a suit for infringement of a registered trademark, and certain other specified reliefs, cannot be instituted before a court inferior to a District Court having jurisdiction to try the suit. The issue arose because the Jharkhand High Court, exercising powers under the Commercial Courts Act, notified a Civil Judge (Senior Division) as a Commercial Court, enabling it to hear commercial disputes including a trademark infringement suit. A commercial suit was pending before that court, and the appellants challenged its jurisdiction, relying on Section 134.
Appellants’ submissions. The appellants argued that Section 134 specifically requires trademark infringement, passing off and related suits to go to a District Court, and that merely notifying a Civil Judge (Senior Division) as a Commercial Court cannot override that requirement. They also pointed to the appeal structure: an appeal from such a commercial court lies to the District Court, so a litigant would not have a regular appellate remedy before the High Court and would largely be confined to revisional or supervisory jurisdiction under Article 227. They were represented by advocates Singh Nishant Sajay Kumar and Vishal Arun Mishra.
Respondents’ submissions. The respondents argued that intellectual property disputes are expressly recognised as commercial disputes under the Commercial Courts Act, and that the Act is later special legislation meant for speedy adjudication of commercial disputes. They relied on Section 21 of the Commercial Courts Act, which gives it overriding effect over inconsistent provisions in other laws. Since the Commercial Courts Act came after the Trade Marks Act, they said its provisions should prevail in case of conflict.
Precedents examined. The bench examined Kandla Export Corporation v. OCI Corporation (2018), which treated the Arbitration and Conciliation Act, 1996 as special legislation in relation to the Commercial Courts Act, and Jaycee Housing Private Limited v. Registrar (General), Orissa High Court (decided 19 October 2022). It noted that intellectual property rights, including trademarks, are one category within the wider group of “commercial disputes” defined in Section 2(1)(c)(xvii) of the Commercial Courts Act, and that Section 3 empowers High Courts to notify Commercial Courts at the district level. It also noted that the Trade Marks Act specifically confers jurisdiction on District Courts and bars institution of specified suits before inferior courts.
Reasons for the reference. According to the reports, the bench observed that a legislative command in a Parliamentary enactment cannot ordinarily be diluted by notifications issued by different High Courts, but noted apparently conflicting precedents. It said the conflict arises where a High Court notification designates civil judges as commercial courts, and that a larger bench should resolve it and settle the law uniformly across States, so that jurisdiction does not depend on differing State notifications.
Practical position. Until the larger bench decides, the question remains open. A legal commentary published on 22 September noted that where a notified Commercial Court is below District Judge level, a plaint should plead the basis of that court’s jurisdiction under the Commercial Courts Act and, in the alternative, the jurisdiction of the District Court under Section 134.
Sources: LiveLaw (21 Sep 2026); LiveLawBiz (21–22 Sep 2026); Bar & Bench; Verdictum; Law Trend; TaxGuru; KNN (23 Sep 2026); The Jharkhand Story; Sansa Legal.
Stay Informed & Compliant
For daily market updates and breaking legal analysis, subscribe to our newsletter and follow us on Instagram @dailybusinessnews.in.
Need professional support for your venture? Seamlessly handle your business registration, GST filing, and Corporate Compliance with the experts at validraft.in.