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SEBI proposes pay disclosure norms for AMCs

The Securities and Exchange Board of India (SEBI) has proposed changes to remuneration disclosure norms for mutual fund asset management companies (AMCs). Under the proposal, AMCs would no longer need to publicly disclose the names, designations and salaries of top executives and high-earning employees. Instead, compensation details would be reported in a consolidated format.

At present, mutual fund firms are required to disclose the remuneration of key officials, including the chief executive officer (CEO), chief investment officer (CIO), chief operating officer (COO), the top 10 highest-paid employees, and staff earning above specified salary thresholds. SEBI has proposed replacing these disclosures with category-wise compensation figures and the number of employees in each category.

The regulator said the proposal follows industry feedback highlighting concerns around employee privacy, data protection and the limited value of individual salary disclosures for investors. Industry participants also argued that such requirements could put AMCs at a disadvantage in attracting and retaining talent compared with portfolio management services (PMS) firms and alternative investment funds (AIFs), which do not face similar disclosure norms.

According to SEBI, consolidated reporting would continue to provide investors with an overview of senior management compensation while ensuring disclosures remain relevant and proportionate. Its analysis found that employees covered under the current rules account for only a small portion of the workforce at most AMCs.

SEBI has also proposed that scheme-level remuneration details of fund managers should not be publicly disclosed, though they may be shared with investors holding units in the concerned scheme upon request.

Also Read: Billboard India appoints Preeti Nayyar as COO

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FSB sets AI governance rules for financial firms

The Financial Stability Board (FSB), the international body that monitors and makes recommendations about the global financial system, has released a set of guidelines to help banks, insurers and other financial institutions adopt artificial intelligence (AI) safely and responsibly.

The recommendations come as the financial sector increasingly uses AI technologies across a wide range of functions, including customer service, fraud detection, risk assessment, compliance monitoring and investment management. While AI offers significant opportunities to improve efficiency and decision-making, regulators have also raised concerns about potential risks associated with its rapid adoption.

In its report, the FSB outlined a series of sound practices designed to help financial institutions strengthen governance, oversight and risk management frameworks when deploying AI systems. The organisation emphasised that firms should ensure clear accountability for AI-related decisions and maintain adequate human supervision over critical processes.

The guidelines also call on financial institutions to improve transparency around AI models and establish controls to monitor their performance. Firms are encouraged to regularly assess risks linked to data quality, cybersecurity, model bias and operational resilience.

According to the FSB, financial institutions should ensure that AI systems are reliable, secure and aligned with existing regulatory requirements. The body warned that excessive reliance on complex AI models without proper safeguards could create vulnerabilities for individual firms and the broader financial system.

The recommendations were developed based on industry consultations and reviews of AI practices across major financial markets. The FSB noted that while AI adoption remains at varying stages globally, the technology is expected to play an increasingly important role in financial services in the coming years.

Also Read: US eyes for LNG exports to ASEAN

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US eyes for LNG exports to ASEAN

The United States is working on plans to release energy reserves and expand natural gas exports to Southeast Asian nations as part of efforts to strengthen regional energy security and stabilise global energy markets.

US Energy Secretary Chris Wright said Washington is exploring measures to make additional energy supplies available while encouraging greater exports of American liquefied natural gas (LNG) to member countries of the Association of Southeast Asian Nations (ASEAN). The initiative comes at a time when global energy markets are facing heightened uncertainty due to geopolitical tensions and concerns over potential supply disruptions.

Speaking during meetings with regional leaders and energy officials, Wright said the United States wants to play a larger role in supporting the energy needs of rapidly growing Asian economies. Increased LNG exports are expected to help ASEAN nations diversify their energy sources and reduce dependence on a limited number of suppliers.

The proposal includes the possible release of strategic energy reserves if market conditions require intervention. Such a move could help ease supply pressures and reduce volatility in global energy prices, particularly if geopolitical developments affect major oil and gas shipping routes.

Southeast Asia is among the world’s fastest-growing energy markets, with demand expected to rise sharply over the coming decades. Many countries in the region are seeking reliable and affordable fuel supplies to support industrial growth, electricity generation and economic development.

The US administration believes expanded LNG trade can strengthen economic ties with ASEAN countries while providing an alternative source of energy amid shifting global market dynamics. Several Southeast Asian nations have already increased imports of American LNG in recent years as part of their efforts to enhance energy security.

Energy analysts said the initiative reflects Washington’s broader strategy of positioning itself as a key global energy supplier. The United States has emerged as one of the world’s largest LNG exporters, supported by growing production and export infrastructure.

Also Read: Centre waives excise duty on higher ethanol-petrol

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Centre waives excise duty on higher ethanol-petrol

The Centre has exempted higher ethanol-blended petrol from excise duty, a move aimed at encouraging the use of cleaner fuels and reducing India’s dependence on crude oil imports.

Union Road Transport and Highways Minister Nitin Gadkari announced that petrol blended with higher levels of ethanol, including E20 and future blends such as E30, will receive excise duty relief. The decision is expected to lower the cost of such fuels and encourage consumers to shift towards greener alternatives.

The government has been actively promoting ethanol blending as part of its strategy to reduce fossil fuel consumption, cut carbon emissions and support the domestic agricultural sector. India has already achieved significant progress in ethanol blending, with the average blending rate crossing targets set for previous years.

Officials believe the excise duty exemption will help fuel retailers expand the availability of ethanol-blended petrol across the country while making it more attractive for vehicle owners. Lower taxation is expected to narrow the price gap between conventional petrol and higher ethanol blends.

Speaking on the initiative, Gadkari said the policy is intended to accelerate the adoption of alternative fuels and strengthen India’s energy security. Increased use of ethanol can reduce the country’s reliance on imported crude oil, helping save foreign exchange and insulating the economy from fluctuations in global oil prices.

The move is also expected to benefit sugar mills and farmers, as ethanol is primarily produced from sugarcane and other agricultural feedstocks. Industry stakeholders have long argued that greater ethanol demand can provide an additional revenue stream for farmers while supporting rural economic growth.

Automobile manufacturers have already begun introducing vehicles compatible with E20 fuel, in line with the government’s roadmap for higher ethanol blending. Industry experts believe the latest tax relief could further boost investment in ethanol production infrastructure and fuel distribution networks.

While the transition to higher ethanol blends will require continued expansion of supply chains and vehicle compatibility, policymakers see the measure as a key step towards cleaner transportation.

Also Read: Airtel renames ‘Priority Postpaid’ as ‘Fast Lane’

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Gold price dips to ₹1,48,850, Silver down at ₹2,49,900

Gold and silver prices edged lower in domestic markets on Thursday as investors booked profits after the recent rally, although continued geopolitical uncertainty and expectations of steady safe-haven demand kept the broader outlook supportive for precious metals.

According to market data, 24-carat gold declined by ₹10 to ₹1,48,850 per 10 grams, while silver slipped ₹100 to ₹2,49,900 per kilogram. The decline comes after both metals touched elevated levels in recent sessions amid heightened global uncertainty.

Bullion markets remained cautious as traders assessed developments in international markets, including geopolitical tensions in the Middle East, movements in the US dollar and expectations regarding interest-rate decisions by major central banks.

The precious metal has witnessed strong buying support in recent months as investors sought protection against market volatility. Analysts noted that any further escalation of geopolitical tensions could trigger fresh demand for gold and push prices higher.

Silver also witnessed a modest correction during the session. However, experts believe the metal remains supported by robust industrial demand from sectors such as renewable energy, solar equipment, electronics and electric vehicle manufacturing. Its dual role as both an industrial and investment metal continues to support long-term price prospects.

Market participants are now closely watching upcoming economic indicators from major economies and signals from global central banks for cues on future bullion price movements. Changes in interest-rate expectations and currency trends are expected to remain key drivers for gold and silver in the near term.

The marginal decline was largely driven by profit booking rather than any major shift in fundamentals. Gold continues to attract investor interest as a safe-haven asset amid concerns over global economic growth, inflationary pressures and geopolitical risks.

Also Read: Sensex slides over 350 points, Nifty falls below 23,150

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Meta, Reliance partner for AI data centre in Jamnagar

Meta has partnered with Reliance Industries to develop its first artificial intelligence-enabled data centre in India, marking a significant step in the country’s growing ambitions to become a global hub for AI and digital infrastructure.

The proposed facility will be located in Jamnagar, Gujarat, and is expected to support Meta’s expanding AI operations while catering to the increasing demand for computing power, data processing and cloud-based services. The collaboration brings together Meta’s expertise in artificial intelligence and digital platforms with Reliance’s infrastructure capabilities and large-scale project execution experience.

According to the companies, the data centre will be designed to support next-generation AI applications, including large language models, machine learning systems and advanced computing workloads. The project is expected to provide the high-performance infrastructure required for developing and deploying AI technologies at scale.

The partnership aligns with India’s broader push to strengthen its digital ecosystem and attract investments in emerging technologies. Demand for AI-ready data centres has risen sharply worldwide as technology companies invest heavily in artificial intelligence, cloud computing and data analytics.

The collaboration is a major endorsement of India’s growing importance in the global technology landscape.  Jamnagar has emerged as a key location for large-scale infrastructure projects because of its industrial ecosystem, energy resources and connectivity advantages. The proposed facility is expected to contribute to the development of a robust AI infrastructure network in the country.

The project is also likely to generate employment opportunities during both the construction and operational phases while encouraging further investment in technology and digital services.

For Meta, the initiative represents a strategic expansion of its AI infrastructure footprint in one of the world’s fastest-growing digital markets. For Reliance, the partnership strengthens its presence in the digital and technology sectors, complementing its broader ambitions in telecommunications, cloud services and artificial intelligence.

Also Read: India puts Starlink approval on hold for security reasons

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India puts Starlink approval on hold for security reasons

The Indian government has reportedly put on hold the final approval process for Starlink, the satellite internet service operated by Elon Musk’s SpaceX, amid growing security concerns linked to its reported use during the ongoing conflict involving Iran.

According to reports, authorities are reassessing Starlink’s proposed operations in India after concerns emerged about how satellite-based internet services can be used in conflict zones and sensitive security situations. The review is focused on ensuring that India’s national security interests are adequately protected before commercial operations are allowed to begin.

Starlink has been seeking regulatory clearances to launch its satellite broadband services in India and has already secured several key approvals in recent months. The company aims to provide high-speed internet connectivity, particularly in remote and underserved regions where conventional broadband infrastructure remains limited.

However, recent reports highlighting the use of satellite communication networks in conflict-affected areas have prompted Indian authorities to take a closer look at the technology’s security implications. Officials are understood to be examining issues related to user verification, lawful interception capabilities, data access, emergency controls and the ability of government agencies to monitor communications when required under Indian law.

The review comes at a time when governments worldwide are debating the regulatory challenges posed by satellite internet services. Unlike traditional telecom networks that operate through ground-based infrastructure, satellite broadband systems function through constellations of satellites orbiting the Earth, creating new questions around jurisdiction, oversight and security compliance.

Industry experts note that while satellite internet services have the potential to transform connectivity in rural and remote areas, regulators are increasingly focused on balancing technological innovation with national security requirements.

The reported pause does not necessarily indicate a rejection of Starlink’s India plans. Instead, it appears to be part of a broader review process aimed at ensuring that all operational, legal and security safeguards are in place before commercial deployment.

For now, Starlink’s entry into the Indian market remains under regulatory examination.

Also Read: Adani Energy buys IntelliSmart in ₹3,050 cr smart meter deal

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Gold rises to ₹1,53,170, silver falls to ₹2,59,900

Gold prices remained firm on June 10 as investors continued to seek safe-haven assets amid rising geopolitical tensions in the Middle East. While domestic gold rates edged higher, silver prices witnessed a decline as traders booked profits and monitored global market developments.

According to market data, gold prices in the national capital rose by ₹10 to ₹1,53,170 per 10 grams. In contrast, silver prices fell by ₹100 to ₹2,59,900 per kilogram, reflecting mixed sentiment in the precious metals market.

Globally, gold prices remained supported after renewed hostilities between the United States and Iran increased uncertainty across financial markets. The geopolitical developments also pushed crude oil prices higher, raising concerns over inflation and global economic stability. Such conditions typically encourage investors to move funds into gold, which is widely regarded as a safe-haven asset during periods of uncertainty.

However, gains in gold were limited by expectations surrounding US monetary policy. Investors are closely tracking economic data and signals from the US Federal Reserve for clues on the future path of interest rates. Higher interest rates generally reduce the appeal of non-yielding assets such as gold, leading to cautious trading activity.

In India, gold demand remained steady despite elevated prices. Jewellers reported continued interest from buyers, although some consumers preferred to postpone purchases in anticipation of price corrections. Market participants are also keeping an eye on upcoming economic indicators and geopolitical developments that could influence the direction of precious metal prices.

Silver, which often tracks both industrial demand and investment sentiment, traded lower during the session. Analysts attributed the decline to profit-booking and a cautious outlook on global manufacturing demand.

Also Read: Sensex surges over 500 points, Nifty below 23,400

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Q4 current account surplus stands at 0.7% of GDP

India recorded a current account surplus of $7.1 billion, or 0.7% of GDP, in the fourth quarter of FY26, reflecting the strength of the country’s services exports and remittance inflows despite a wider merchandise trade deficit.

According to data released by the Reserve Bank of India (RBI), the surplus marked an improvement in India’s external sector performance during the January-March quarter. The positive balance was primarily driven by robust earnings from services exports and steady inflows of money sent home by Indians working abroad.

Services exports, particularly in information technology, business services, consulting and financial services, continued to remain a key contributor to foreign exchange earnings. India’s globally competitive services sector helped cushion the impact of a growing trade gap in goods.

Remittances also remained a major source of support. Inflows from overseas Indians contributed significantly to the current account balance, highlighting the continued importance of the Indian diaspora to the country’s external finances.

The merchandise trade deficit widened during the quarter as imports outpaced exports. Higher imports of crude oil, electronics, machinery and other goods contributed to the increase. However, the strong performance of the services sector and remittances more than compensated for the trade imbalance.

Economists said the surplus demonstrates the resilience of India’s external sector despite global economic uncertainties. The country’s diversified sources of foreign exchange earnings have helped maintain stability even as international trade conditions remain challenging.

A current account surplus occurs when the value of exports of goods and services, along with income and transfer receipts, exceeds the value of imports and outgoing payments. Such a surplus generally supports the domestic currency and strengthens foreign exchange reserves.

Also Read: Bombay HC quashes 12% retrospective spectrum charge

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Bombay HC quashes 12% retrospective spectrum charge

The Bombay High Court has struck down the Centre’s decision to impose a 12% retrospective spectrum usage charge on telecom operators, providing significant relief to the industry in a long-running dispute over regulatory levies.

The court ruled that the government’s attempt to retrospectively apply the additional charge was legally unsustainable. The decision came in response to petitions filed by telecom companies challenging the demand, which they argued was arbitrary and imposed years after the spectrum had already been allocated and used.

The dispute centred on the government’s move to levy a 12% spectrum usage charge on certain operators for past periods. Telecom firms contended that the charge altered the financial terms of spectrum allocation after the fact, creating uncertainty and imposing substantial additional liabilities.

In its judgment, the High Court held that authorities could not retrospectively modify financial obligations in a manner that adversely affected companies without a clear legal basis. The ruling effectively cancels the disputed demand and removes a significant financial burden from affected telecom operators.

The verdict is expected to benefit major telecom companies that had challenged the levy. Legal experts said the judgment reinforces the principle that government policies and financial obligations must be applied transparently and within the framework of existing laws. The ruling could also influence future disputes involving retrospective demands across regulated sectors.

The Centre may consider legal options, including an appeal against the judgment. However, unless overturned by a higher court, the ruling is likely to provide immediate relief to telecom operators affected by the disputed charge.

The telecom industry welcomed the decision, viewing it as a positive step towards regulatory certainty.

Also Read: RBI offers 1.5% FX swaps to boost dollar inflows