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DGCA Seeks Autonomy to Cope With Rapid Aviation Expansion

India’s aviation regulator, the Directorate General of Civil Aviation (DGCA), is pressing the government for greater financial and administrative freedom to tackle serious resource constraints that threaten its ability to regulate a rapidly growing sector.

With key demands such as independent recruitment, competitive salaries, and enhanced training budgets, the DGCA argues that only autonomy can allow it to attract and retain the calibre of talent required for rigorous oversight.

At present, the DGCA has just 553 of its 1,063 technical positions filled — a vacancy rate approaching 50 percent. A parliamentary standing committee report has highlighted that this staffing shortfall is not merely a bureaucratic issue but an “existential threat” to aviation safety in India.

The committee has recommended a time-bound plan to grant the DGCA full administrative and financial autonomy.

The root of the problem lies in DGCA’s lack of control over recruitment and compensation. The report flagged the recruitment model — in which outside agencies hire on behalf of DGCA — as inefficient and slow, curbing the regulator’s ability to respond flexibly to workforce needs.

It also noted that deputation-based hiring, especially from services such as the Indian Air Force, has failed to attract qualified candidates because joining DGCA often comes with reduced benefits or allowances compared to their parent services.

Meanwhile, India’s aviation market continues to soar. Passenger traffic has more than doubled in recent years, reaching over 234 million annually, and the operational aircraft fleet has expanded over 100 percent to around 841 aircraft.

With more than 1,300 new firm aircraft orders in the pipeline, the regulatory burden is expected to intensify drastically. In this environment, the demand for more field-level inspections, certifications, safety audits, and oversight activities escalates sharply.

The parliamentary report urged that the DGCA be empowered to bypass bottlenecks in the Ministry of Civil Aviation’s oversight chain, allowing it to set salaries and hire specialists in aviation safety, airworthiness, operations, air traffic management, and related domains.

It also called for a national staffing audit, stronger enforcement mechanisms, a fatigue-risk management system for air traffic controllers (ATCs), and tighter timelines to rectify safety deficiencies.

Critics in Parliament and the civil aviation industry have warned that without reforms, the DGCA may increasingly struggle to keep pace with both growth and global standards. The committee’s recommendations arrived in the aftermath of the June 2025 crash of Air India flight AI‑171, which claimed 260 lives and revived concerns over systemic oversight inadequacies.

Supporters of the autonomy proposal argue that only by being able to recruit directly and set market‑competitive compensation can the DGCA become a modern, agile regulator. They also warn that further delay in granting autonomy may compound the backlog of inspections, safety audits, and infrastructure oversight tasks as air traffic and fleet size continue growing.

Nevertheless, the Civil Aviation Ministry has reportedly been cautious in embracing full autonomy for DGCA.

While it has indicated willingness to fill 190 vacancies by October, it has yet to agree to long-term structural reform that would vest DGCA with full recruitment powers.

In the weeks ahead, the challenge will be translating parliamentary recommendations into actionable legislation or administrative orders.

If autonomy is granted in a timely and meaningful manner, it could mark a turning point in India’s regulatory architecture — enabling more robust safety oversight and strengthening public confidence, even as aviation grows to unprecedented scale.

On the other hand, failure to act may expose the system to escalating risk, especially when regulatory demands are only going to intensify.

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Beyond

RBI Unveils Unified Markets Interface: Here’s What It Means

The Reserve Bank of India (RBI) has unveiled plans for a Unified Markets Interface (UMI), a next-generation financial market infrastructure that will allow tokenisation of financial assets and settlements using the wholesale Central Bank Digital Currency (CBDC).

Governor Sanjay Malhotra announced the initiative at the Global Fintech Fest 2025, describing it as a step toward building the digital backbone of India’s future financial ecosystem.

What is the Unified Markets Interface?

According to Malhotra, the Unified Markets Interface will serve as a digital platform that connects various segments of the financial markets — including bonds, securities, and other capital market instruments — into a single interoperable system.

The UMI will enable the conversion, or “tokenisation,” of traditional financial assets into digital tokens that can be securely traded and settled in real time.

This means that instruments such as government securities or corporate bonds could eventually exist in a tokenised form on distributed digital ledgers, allowing instantaneous transfer of ownership and settlement.

The RBI envisions this infrastructure as the foundation for more transparent, efficient, and programmable market operations in India.

How tokenisation and CBDC will transform settlements

A key feature of the proposed UMI is its integration with the RBI’s wholesale CBDC. By leveraging the digital rupee for settlement, the system will eliminate delays and reduce settlement risk in large-value transactions.

Tokenised assets, combined with programmable smart contracts, can automate compliance checks, margin requirements, and payment triggers—functions traditionally performed by multiple intermediaries.

In simple terms, the use of CBDC within UMI will allow “instant finality” in settlements, replacing current multi-step clearing systems.

The move also aligns India with emerging global trends, where central banks are exploring digital currency frameworks to enhance the security and resilience of financial infrastructure.

A step toward a unified digital financial architecture

The RBI’s new initiative reflects a broader vision to unify India’s digital finance infrastructure. Alongside UMI, Malhotra said the central bank is working on a Unified Lending Interface (ULI), which aims to do for credit markets what the Unified Payments Interface (UPI) did for retail payments.

The ULI will help lenders use richer datasets to improve credit risk assessment and lending efficiency.

Malhotra also emphasised the importance of inclusivity, urging India’s fintech industry — which now includes over 10,000 firms — to build products that are accessible to all, including the elderly, people with disabilities, and those with limited digital literacy. “Innovation must walk hand in hand with inclusion,” he said.

Why this matters for India’s financial markets

The introduction of the UMI marks a potential turning point in how India’s financial system is structured and operated.

If implemented successfully, it could reduce transaction costs, enhance market transparency, and open doors for programmable financial products.

Moreover, it signals the RBI’s strategic move to position India at the forefront of global financial innovation. While the central bank continues to proceed cautiously with a nationwide CBDC rollout, the UMI underscores its intent to gradually modernise market infrastructure without disrupting stability.

Deputy Governor T. Rabi Shankar recently reiterated that the RBI is “not in a hurry” to expand CBDC use across sectors, preferring to build the ecosystem carefully.

Still, the conceptualisation of the Unified Markets Interface reveals how the RBI is reimagining the architecture of financial markets — one that could ultimately make India a leader in digital-era finance.

Also Read: Why Did OpenAI Ban China-Linked Accounts?

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Corporate

Rubicon Research launches ₹1,377.5 crore IPO

Pharmaceutical formulation company Rubicon Research Ltd opened its ₹1,377.5 crore initial public offering (IPO) on Wednesday, with shares priced in a range of ₹461–₹485 apiece. The three-day public issue will close on October 13.

The IPO consists of a fresh issue worth ₹500 crore and an Offer for Sale (OFS) of ₹877.5 crore by its promoter, General Atlantic Singapore RR Pte Ltd.

Following the share sale, General Atlantic’s holding in the Mumbai-based drug maker will fall to just over 35 per cent.

Allotment and structure

As per the offer structure, up to 75 per cent of the issue is reserved for Qualified Institutional Buyers (QIBs), while Non-Institutional Investors (NIIs) can bid for up to 15 per cent.

Retail investors have access to not more than 10 per cent of the offer. Applications can be made in lots of 30 shares each.

The IPO also includes a reservation of shares with a face value of ₹1 each, aggregating up to ₹1.75 crore, for eligible shareholders who will receive a discount of ₹46 per share on the issue price. JM Financial, Axis Capital, IIFL Capital, SBI Capital Markets, and MUFG Intime India Pvt. Ltd. are managing the issue.

Strong anchor book response

Ahead of the opening, Rubicon Research raised ₹619 crore from a clutch of marquee anchor investors. According to a circular filed with the BSE, 32 institutional investors subscribed to over 1.27 crore equity shares at the upper price band of ₹485.

The anchor list includes major domestic and global funds such as Goldman Sachs, HDFC Mutual Fund, Fidelity Funds, ICICI Prudential MF, Kotak Mahindra MF, Amansa Holdings, and Aranda Investments Pte.

Market observers said the robust participation underscored confidence in Rubicon’s growth trajectory and fundamentals.

In a pre-IPO round, Kotak MF and Motilal Oswal MF jointly invested approximately ₹169 crore in the company.

Use of proceeds and promoter stake moves

Rubicon plans to utilise ₹310 crore from the fresh issue proceeds to pare down existing debt. The remainder will be directed toward strategic acquisitions, business expansion, and general corporate purposes.

Meanwhile, General Atlantic, the private equity firm that has backed Rubicon since 2019, has been gradually paring its stake in the company over recent months.

In August, it sold 51.6 lakh shares (3.3 per cent) to Amansa Investments for ₹250 crore, followed by a September transaction transferring 28.89 lakh shares (1.86 per cent) to TIMF Holdings and 360 ONE for about ₹140 crore.

Most recently, General Atlantic offloaded 34.86 lakh shares (2.25 per cent) at ₹484.47 each, amounting to roughly ₹169 crore.

Also Read: Why Did OpenAI Ban China-Linked Accounts?

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Corporate

Why Did OpenAI Ban China-Linked Accounts?

OpenAI has banned several ChatGPT accounts suspected of links to Chinese government entities after users sought proposals for social media surveillance tools, violating the company’s national security policy.

The move underscores growing concerns about the misuse of generative AI amid increasing U.S.-China technological rivalry.

In its latest public threat report, OpenAI revealed that some individuals had used ChatGPT to outline social media “listening” tools and other monitoring mechanisms.

Additionally, Chinese-language accounts were found to be assisting in phishing and malware campaigns and exploring further automation through China’s DeepSeek platform.

The company emphasized that its models did not provide new offensive capabilities to threat actors. The Chinese embassy in the U.S. has not commented on the situation.

OpenAI’s actions are part of a broader effort to prevent the misuse of its AI models by foreign adversaries.

The company has also banned accounts tied to suspected Russian-speaking criminal groups using ChatGPT to develop malware. Since initiating public threat reporting in February 2024, OpenAI has disrupted over 40 malicious networks.

The company emphasized that its models did not provide new offensive capabilities to threat actors.

The Chinese embassy in the U.S. has not commented on the situation. OpenAI, which now boasts over 800 million weekly ChatGPT users, recently reached a $500 billion valuation after a secondary share sale.

This development highlights the challenges tech companies face in balancing the advancement of AI technologies with national security concerns and the potential for misuse by state-linked actors.

Also Read: BioInvent Begins New Trial Testing Cancer Drug

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Corporate

SoftBank to Acquire ABB Robotics for $5.4 Billion

SoftBank Group has announced its agreement to acquire the robotics division of Swiss engineering firm ABB for approximately $5.4 billion.

This strategic move underscores SoftBank founder Masayoshi Son’s commitment to expanding the company’s footprint in artificial intelligence (AI) and automation technologies.

The acquisition will be executed through a newly established holding company, Robo Holdings, which will consolidate SoftBank’s existing robotics investments, including SoftBank Robotics Group, Berkshire Grey, and AutoStore.

The deal is subject to regulatory approvals in the European Union, the United States, and China, with an expected closing date between mid- and late-2026.

ABB’s robotics division, employing approximately 7,000 individuals, generated $2.3 billion in revenue in 2024, accounting for about 7% of ABB’s total revenue.

The division produces industrial robots utilized in sectors such as automotive and electronics manufacturing. ABB had previously considered spinning off this unit but decided to sell it to SoftBank to focus on its core businesses of electrification and automation.

Morten Wierod, CEO of ABB, stated that the merger would combine ABB’s leading technology and industry expertise with SoftBank’s advanced capabilities in AI and robotics, positioning both companies to shape the future of AI-based robotics.

For SoftBank, this acquisition aligns with its vision of “physical AI,” referring to AI-powered machines capable of perceiving, interpreting, and interacting with the physical world.

Masayoshi Son emphasized that the integration of ABB’s robotics division would unite world-class technology and talent under a shared vision to drive a groundbreaking evolution in AI and robotics.

The transaction also reflects a strategic shift for ABB, which plans to utilize the proceeds from the sale to invest in organic growth, pursue acquisitions, and return capital to shareholders through dividends and share buybacks.

This acquisition marks a significant step in SoftBank’s ongoing efforts to lead in the AI and robotics sectors, reinforcing its position as a major player in the global technology landscape.

Also Read: Why Did Tata Group Leaders Meet Amit Shah And Nirmala Sitharaman?

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Corporate

MG Commercial Unveils All-Electric iEV12 City Bus at Busworld 2025

MG, the renowned British automotive brand, has officially entered the commercial vehicle sector with the launch of MG Commercial. At the Busworld Brussels 2025 event, the company introduced its first all-electric city bus, the iEV12, alongside the B12E electric chassis, signaling a significant move into sustainable public transportation.

MG Commercial: A New Chapter

MG Commercial is a new division dedicated to developing medium- and large-sized electric buses. This strategic move aligns with MG’s commitment to sustainable mobility and innovation in the evolving commercial vehicle market.

Introducing the iEV12

The iEV12 is a 12-meter Class I all-electric city bus designed to meet the growing demand for eco-friendly urban transportation solutions. Developed in collaboration with the Shanghai Sunwin Bus Company, a subsidiary of the SAIC Motor Group, the iEV12 combines European design aesthetics with Chinese manufacturing expertise.

While specific technical details about the iEV12’s performance and features are yet to be disclosed, the unveiling marks a significant step in MG’s expansion into the electric commercial vehicle market.

The B12E Chassis

Accompanying the iEV12, MG also introduced the B12E electric chassis. This versatile platform is designed to support various body configurations, offering flexibility for different public transport needs. The B12E chassis is expected to play a crucial role in MG’s strategy to provide tailored electric mobility solutions for urban environments.

Future Outlook

Although the iEV12 and B12E are currently in the concept stage, MG’s entry into the electric bus market underscores its commitment to sustainable urban mobility. The company aims to integrate personal and public transportation into a seamless, green ecosystem, aligning with global trends towards electrification and environmental responsibility.

As MG Commercial continues to develop its electric vehicle offerings, the iEV12 and B12E represent the brand’s dedication to innovation and sustainability in the commercial transport sector. By focusing on eco-friendly solutions, MG hopes to contribute significantly to reducing urban pollution and promoting the adoption of zero-emission vehicles in cities worldwide.

The launch of MG Commercial and the iEV12 also reflects a broader trend in the automotive industry, where established car manufacturers are expanding into electric commercial vehicles. Urban authorities and transport operators are increasingly seeking sustainable alternatives to conventional diesel buses, creating opportunities for new players like MG Commercial to shape the future of city mobility.

With plans to further expand its electric bus lineup and invest in research and development, MG Commercial is positioning itself as a key contributor to the global shift toward clean and efficient public transportation. The company is expected to continue refining the iEV12 and the B12E chassis, incorporating feedback from pilot programs and industry stakeholders to ensure the vehicles meet the operational needs of modern urban environments.

By entering the electric commercial vehicle market, MG is not only broadening its product portfolio but also reinforcing its commitment to sustainable innovation. The iEV12 and B12E are poised to set new benchmarks for design, efficiency, and adaptability in electric city buses, providing a glimpse of the future of urban mobility.

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Corporate

Why Did Tata Group Leaders Meet Amit Shah And Nirmala Sitharaman?

In a significant development, top executives of the Tata Group, including Tata Trusts Chairman Noel Tata and Tata Sons Chairman N. Chandrasekaran, met with Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman on Tuesday evening.

The meeting, held at Shah’s residence in New Delhi, comes amid growing concerns over internal governance issues within Tata Trusts, which holds a controlling stake in Tata Sons, the holding company of the $180 billion conglomerate.

Joining Noel Tata and Chandrasekaran at the meeting were Tata Trusts Vice-Chairman Venu Srinivasan and trustee Darius Khambata.

The discussions reportedly focused on the ongoing infighting among trustees over board appointments and governance policies, which have raised alarms about the potential impact on the broader Tata Group.

According to sources, the government emphasized the importance of restoring stability within Tata Trusts and ensuring that internal disputes do not affect the operations of Tata Sons. The ministers reportedly conveyed a firm message to the Tata leadership, urging them to take necessary actions to resolve the issues and maintain the integrity of the group.

The internal rift within Tata Trusts has reportedly been exacerbated by a faction of trustees acting as a “super board,” undermining Noel Tata’s authority.

This power struggle has led to tensions regarding board seats at Tata Sons, which oversees a vast portfolio of companies, including Tata Steel, Tata Motors, and TCS.

The government’s intervention underscores the strategic importance of the Tata Group to India’s economy and the need for effective governance to ensure its continued success. Observers note that the involvement of the Home and Finance Ministries signals the seriousness of the situation and the potential economic implications if the internal disputes are not resolved.

All eyes are now on the upcoming board meeting scheduled for October 10, which is expected to address key governance issues and determine the future course of action for Tata Trusts and Tata Sons.

The outcome of this meeting will be closely watched by investors, employees, and regulators, given the central role of Tata companies in India’s corporate and industrial landscape.

The Tata Group has yet to issue an official statement regarding the meeting or the ongoing governance issues. However, sources indicate that the discussions with the government were intended to provide clarity, reinforce leadership authority, and ensure that decision-making processes within Tata Trusts and Tata Sons remain stable and transparent.

The situation highlights the delicate balance required in managing large, diversified conglomerates in India, particularly those with significant influence over the economy.

With the government urging swift action, Tata Group leadership faces pressure to resolve internal differences while maintaining operational continuity across its global businesses.

The meeting represents a crucial step in reaffirming governance standards within one of India’s most influential corporate entities and signals the government’s interest in safeguarding the stability of the country’s major industrial groups.

Also Read: BioInvent Begins New Trial Testing Cancer Drug

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Corporate

Infibeam Avenues Launches PayCentral: India’s First AI-Driven Payment Platform

Infibeam Avenues Ltd, through its AI subsidiary Phronetic AI, has introduced PayCentral, India’s first agentic payment platform.

This innovative system enables autonomous, AI-driven transactions between merchants and customers, eliminating the need for human intervention in payment processes.

Infibeam Avenues Ltd is an Indian multinational financial technology company that offers integrated and scalable digital platforms.

The company is a home-grown, listed fintech conglomerate with a comprehensive and profitable portfolio.

It provides digital payment solutions under the brand name CCAvenue and enterprise software solutions under the brand name BuildaBazaar.

Key Features of PayCentral

PayCentral operates on Google’s Agent Payment Protocol (AP2) and integrates seamlessly with multiple Merchant Control Panels (MCPs) of payment aggregators such as CCAvenue, Stripe, and PhonePe.

This integration allows AI agents to autonomously create dynamic payment links, process refunds, manage subscriptions, and reconcile accounts in real time.

The platform is designed for sectors with verified digital customer identities, including travel, over-the-top (OTT) streaming, insurance, and finance.

By leveraging these verified identities, PayCentral facilitates instant payment completions, leading to higher sales conversions and improved transaction success rates.

Implications for Indian Commerce

The launch of PayCentral marks a significant advancement in India’s digital payment landscape. By enabling AI agents to handle payment transactions autonomously, the platform addresses the need for faster and more efficient payment processes in various industries.

Real-time processing by AI agents is expected to boost transaction success rates, reduce delays, and improve the overall customer experience.

CCAvenue is set to use PayCentral to enable agent-to-agent payments for thousands of merchants, making seamless AI-to-AI transactions possible for the first time in Indian commerce.

The platform has the potential to enhance operational efficiency for businesses while providing consumers with a more streamlined and reliable payment experience.

With the launch of PayCentral, Infibeam Avenues aims to revolutionize the digital payment ecosystem in India.

The platform represents a major step toward intelligent, AI-driven automation in financial transactions, enabling businesses to handle payments with minimal customer intervention while increasing reliability and efficiency.

Also Read: MakeMyTrip Partners with Google Cloud to Enhance AI Travel Assistant ‘Myra’

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Corporate

Tata Capital’s ₹15,512 Crore IPO Fully Subscribed on Final Day

Tata Capital’s ₹15,512 crore initial public offering (IPO) was fully subscribed on its final day, October 8, 2025, reflecting strong investor interest despite some concerns about valuation and market volatility.

The IPO, priced between ₹310 and ₹326 per share, attracted bids for 33.48 crore shares, surpassing the 33.34 crore shares on offer. Qualified Institutional Buyers (QIBs) led the demand, with their portion subscribed 1.18 times, followed by Non-Institutional Investors (NIIs) at 1.10 times.

Retail investors subscribed 0.84 times their reserved portion, while employees oversubscribed their segment by over 2 times,

The IPO comprises a fresh issue of up to 210 million shares and an offer-for-sale by existing shareholders Tata Sons and the International Finance Corporation amounting to 265.8 million shares. Proceeds from the fresh issue will be used to augment Tata Capital’s capital base and for general corporate purposes

Despite the full subscription, the Grey Market Premium (GMP) remained subdued, indicating cautious investor sentiment. The GMP, a gauge of expected listing gains, was around ₹6 per share, suggesting a modest premium listing. Analysts attribute this muted response to factors such as concerns over asset quality following Tata Capital’s merger with Tata MotorFinance Ltd., which led to an increase in non-performing assets and a dip in return on equity.

Leading brokerages, including Anand Rathi and Canara Bank Securities, have maintained a ‘Subscribe for long-term’ rating on the IPO, citing Tata Capital’s diversified lending portfolio and strong risk management practices. However, some analysts have expressed caution due to the company’s recent financial performance and integration challenges post-merger.

The IPO is expected to list on the Bombay Stock Exchange and the National Stock Exchange on October 13, 2025. This marks a significant milestone for Tata Capital, a leading non-banking financial company in India, as it enters the public market.

Also Read: Adani Defence Unit Under Probe for $9 Million Import Tax Evasion?

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Corporate

Adani Defence Unit Under Probe for $9 Million Import Tax Evasion?

Indian authorities are investigating Adani Enterprises’ defence arm for allegedly evading import duties on missile parts, according to an exclusive report by Reuters.

The probe marks the latest regulatory scrutiny of billionaire Gautam Adani’s business empire.

India’s Directorate of Revenue Intelligence (DRI) began investigating Adani Defence Systems and Technologies in March over suspicions that the company misclassified imported missile components to avoid paying tariffs, two government sources told Reuters. The alleged evasion amounts to 770 million rupees ($9 million).

Adani Defence, a relatively smaller unit of the group, manufactures drones, small arms and missile systems for Indian security forces.

The case centres on imports used to produce short-range surface-to-air missiles. Such parts normally attract a 10% import duty and an 18% local tax.

Investigators allege the company wrongly declared them as components for long-range missiles, which were exempt from tariffs under earlier rules.

One government source told Reuters that Adani executives admitted to the misclassification during the probe but gave no further details.

The company, however, has not responded to that claim. In a statement to Reuters, Adani Group said the DRI had only sought “clarifications” on the imports and that it had provided supporting documents.

“The issue stands closed from our end,” a spokesperson said, without confirming whether any payments were made to settle the matter.

The alleged evasion is notable, as $9 million represents more than 10% of Adani Defence’s 2024–25 revenue of $76 million and more than half its profit.

Under Indian rules, companies found guilty of misclassification can be asked to pay the unpaid duty along with a 100% penalty. If applied, this could raise Adani Defence’s liability to $18 million, Reuters reported.

The investigation, not previously disclosed, comes as Adani Group faces multiple regulatory challenges. India’s markets regulator recently cleared it in two stock manipulation cases but continues to examine over a dozen other alleged breaches of securities law.

The revenue department has also been investigating Adani since 2014 for alleged over-invoicing of coal imports, which the group denies.

Reuters also reported that the DRI has recently raised similar tariff misclassification issues with Samsung and Volkswagen, both of which are contesting the demands.

Customs data reviewed by Reuters show Adani Defence imported non-explosive missile parts worth $32 million from Russia since last year.

In total, the group has imported $70 million worth of defence components from Russia, Israel and Canada since January 2024.

Also Read: LTIMindtree Secures Mammoth $580 Million Deal