DayStarter

Market snapshot

Equities: Thursday close

The Nifty opened 70 points higher at 24,278. Global cues were slightly positive after Nvidia’s results, while oil prices were softer.

The early gains did not last. The Nifty gave up the opening gap during the first hour and fell towards 24,145 to 24,150 by around 11:15 am. It recovered to around 24,190 to 24,200 near 1:15 pm, but selling returned and pushed the index towards 24,125 shortly after 2 pm.

A sharp fall during the closing auction took the Nifty below 24,100. It finally closed at 24,090.85, down 0.48%, near the day’s low and almost 190 points below its opening level.

The Sensex fell 0.70% to 76,933.59. Mid-cap, small-cap and micro-cap indices also ended slightly lower.

Sector performance

Pharma was the strongest sector, rising 0.84%. Consumer Durables gained 0.72%, while Energy was almost unchanged.

PSU Bank was the weakest sector, falling 0.94%. Media declined 0.89%, while Metal fell 0.86%.

F&O winners and losers

BHEL was the strongest F&O stock, rising 4.44%. CG Power, Delhivery, Adani Power and Zydus Lifesciences also gained more than 3%.

Manappuram Finance was the biggest loser, falling 4.76%. CONCOR declined 4.63%.

Commodities

Most MCX commodities ended lower. Gold fell 0.62% to ₹1,58,669. Silver declined 0.11%, while crude oil also fell 0.11%. Natural gas rose slightly by 0.11%.

Among base metals, zinc fell 1.52%, copper declined 0.59%, and aluminium fell 0.09%.

Currency and bond yields

USDINR rose 0.09% to 95.48 from 95.39. India’s 10-year government bond yield increased to 6.88% from 6.85%. The US 10-year Treasury yield rose to 4.66% from 4.63%.

Institutional flows

Foreign institutional investors sold Indian equities worth a net ₹298 crore on 27 August. Domestic institutional investors bought a net ₹4,977 crore.

Across the five sessions from 21 to 27 August, FIIs were net buyers of ₹2,438 crore. DIIs bought a net ₹16,249 crore.

Macro view

GST on mobile phones

The GST Council may consider reducing the current 18% GST rate on mobile phones as handset demand slows.

The proposal is expected to be discussed at a Council meeting likely next month. The agenda has not yet been finalised.

Smartphone shipments in India fell 10% to 11% year-on-year during the April to June quarter. This was the steepest decline for a June quarter in six years.

Mobile-phone production reached ₹6.27 trillion in FY26. This was nearly half of India’s total electronics production of ₹13.11 trillion.

The government also notified the ₹62,500 crore Mobile Phone Manufacturing Scheme on 21 August. The programme will run for five years from FY27.

The GST Council is also likely to examine whether companies passed on the benefits of last year’s GST rate rationalisation to consumers. Complaints have been made that some companies restored prices to their pre-reform levels.

Mint; Counterpoint Research; IDC

Battery-component incentives

India is nearing the rollout of a new incentive programme for advanced battery-cell component manufacturers.

The proposed programme could be worth up to ₹13,000 crore, or around $1.37 billion.

Bloomberg via Mint

Farm value-chain lending

Public-sector banks could soon begin financing complete agricultural value chains instead of lending separately to each participant.

The proposed framework would be organised around specific products in each district. Banks would get six months to prepare cluster-based lending plans covering:

• Farmers.
• Farmer producer organisations.
• Aggregators.
• Processors.
• Storage companies.
• Logistics providers.

The system would be built around the government’s One District One Product programme with help from Nabard. As of July, 1,244 products had been identified across 773 districts under ODOP.

Sugar prices

Retail sugar prices increased from ₹49 per kg a month earlier to ₹65 per kg on 26 August. This was around 41% higher than a year earlier.

Sugar production fell from 32 million tonnes in 2023-24 to 26 million tonnes the following year. Production improved to 28 million tonnes during the current 2025-26 season. Annual consumption is more than 28 million tonnes.

Sugar diverted towards ethanol production increased from 0.8 million tonnes in the 2019-20 sugar season to more than 3 million tonnes by 2025-26.

The sugar industry has a different view on the role of ethanol diversion. It says nearly three-fourths of ethanol is now produced from grains such as maize and surplus rice, while only around 25% comes from sugar-based sources.

The government has responded by:

• Allowing duty-free imports of 1 million tonnes.
• Introducing stock limits for large buyers.
• Limiting bulk consumers from September to stocks equal to no more than 15 days of consumption.

Crisil expects sugar production of 28.8 million tonnes in 2026-27, compared with 28.1 million tonnes in the previous season. Sugarcane planting covered 5.84 million hectares as of 21 August. The five-year average is 5.42 million hectares.

Mint; Crisil Intelligence; Agriculture Ministry

Onion prices

The all-India average retail price of onions rose 36.5% year-on-year to ₹38.7 per kg on 22 August. Wholesale prices increased 40.5% to ₹31.2.

The Centre plans to sell buffer-stock onions in Delhi at ₹35 per kg. The government has also redeployed Kanda Express railway rakes from Lasalgaon in Nashik.

Consumer Affairs Secretary Nidhi Khare said the Centre has ruled out new restrictions on onion exports because domestic availability remains comfortable.

Mint; Consumer Affairs Ministry

UPI at ten years

UPI processed 241.62 billion transactions in FY26. Transaction volume increased 30% from a year earlier. Average transaction value fell to around ₹1,300 from a pandemic-era high of ₹1,836.

In June, UPI accounted for:

• Nearly 84% of retail payment transactions by volume.
• 58% by value.

By July, UPI transaction value was equal to around 70% of currency in circulation. The comparable level was around 27% to 40% in 2022.

Mint; RBI; NPCI

Service producer prices

The Service Producer Price Index showed large differences across service industries in Q1FY27. Air-passenger services prices rose 31.9% year-on-year. Banking services remained in deflation at -3.4%.

The government introduced the index in June 2026 with 2022-23 as the base year. It currently covers seven services. The Centre has cautioned that no overall weights have been assigned because the seven services do not represent the entire services sector.

Mint; Commerce Ministry

NRI deposits

NRI deposit inflows fell 23% year-on-year to $2.8 billion during the June quarter of FY27. The decline was led mainly by rupee-denominated non-resident external deposits.

FCNR(B) inflows increased 123% year-on-year during Q1FY27. Forex inflows more than doubled to $1.7 billion during the quarter. The RBI moved the closing date of its special swap facility to 31 August from 30 September after a strong response.

Mint; RBI

Emerging-market standing

India remained first in Mint’s Emerging Markets Tracker in July with a score of 77.3 out of 100. Vietnam and Malaysia both scored 73.2.

India’s exports grew 19.5% in July. Manufacturing PMI eased to 53.5. Inflation increased to 4.5%, while the rupee depreciated 0.9% against the US dollar.

Mint Emerging Markets Tracker

Bitumen costs and highway projects

The Road Transport and Highways Ministry may extend a special cost-relief mechanism for highway contractors beyond September. The measure is being considered because disruptions in West Asia have pushed up bitumen prices.

Bulk VG-40 bitumen at the Mathura refinery increased from ₹48,892 per tonne on 1 February to ₹82,122 by 16 April. The price has since eased to around ₹75,000.

Shailesh Agarwal, partner, risk consulting, infrastructure at EY India, said bitumen accounts for around 5% to 10% of the cost of a standard highway project.

Mint; EY India

Coal stocks at power plants

Forty-five Indian power plants are operating with critically low coal inventories. There were 31 such plants at the end of July. Monsoon rainfall has disrupted coal supplies while electricity demand has increased.

Reuters via Mint; Government data

Bank credit outlook

India Ratings and Research increased its banking-sector credit-growth forecast for the current financial year to 15% from 13%. The agency warned that the current pace may not continue because of:

• High loan-to-deposit ratios.
• Pressure on profitability.
• Higher credit costs.

India Ratings maintained a neutral outlook on the banking sector.

Mint; India Ratings and Research

Jan Dhan accounts

The Pradhan Mantri Jan Dhan Yojana has reached 590.9 million accounts. Total deposits stand at ₹3.17 trillion. Women account for 55.7% of account holders.

Drug-safety monitoring

India is considering a more proactive system for drug-safety monitoring. The proposed framework would ask healthcare professionals to record near misses, rather than relying mainly on retrospective reports after adverse events happen.

The Indian Pharmacopoeia Commission under the Health Ministry has taken up the initiative. Queries sent to the Health Ministry remained unanswered until press time.

India-Canada economic dialogue

Finance Minister Nirmala Sitharaman and Canadian Finance Minister François-Philippe Champagne concluded the first India-Canada Economic and Financial Dialogue. The discussions focused on three broad areas:

• Macroeconomic developments and domestic policy priorities.
• Financial-sector cooperation.
• International and multilateral cooperation.

India-Japan economic engagement

The India-Japan Special Strategic and Global Partnership received fresh attention during Commerce and Industry Minister Piyush Goyal’s four-day visit to Tokyo, Nagoya and Osaka. Goyal met financial institutions including:

• MUFG.
• Mizuho.
• Nomura.
• Nippon Life.
• Development Bank of Japan.
• Morgan Stanley MUFG Securities.

India’s domestic semiconductor demand is expected to reach $150 billion by 2032.

Numbers in focus

• ₹8,622 crore: Expected investment from the planned privatisation of 11 airports, including Varanasi, Amritsar and Bhubaneswar. Larger or profitable airports will be grouped with smaller or loss-making airports.
• ₹1 trillion: Planned Coal India investment in rail links and coal evacuation for its 1-billion-tonne production target by FY30. This includes ₹30,000 crore for coal gasification and ₹23,463 crore for rail links.
• 7.4%: Expected GDP growth for April to June. A Mint poll puts this at a four-quarter low, with the impact appearing less severe than earlier expected.
• $103,265: Proposed additional US fee for H-1B petitions subject to the annual cap. The proposal follows a court’s rejection of the earlier $100,000 charge.
• ₹2.62 trillion: Investment Indian Railways wants to attract through monetisation using new PPP structures for rail lines, station redevelopment, cargo terminals, power projects and budget hotels.

Mint, 28 August 2026

Corporate action and earnings

HDFC Bank

HDFC Bank shares fell to a fresh 52-week low after a securities lawsuit was filed in the US against the bank and senior executives Sashidhar Jagdishan and Srinivasan Vaidyanathan.

Subhash Chandra insolvency plan

The NCLT approved Zee Group founder Subhash Chandra’s personal insolvency repayment plan. Creditors will recover ₹6.5 crore against admitted claims of ₹22,006.57 crore. This implies a haircut of nearly 99.97%.

HDFC Bank plans to challenge the order. The bank said it expects to recover only 3.2% of its total claim under the plan and is considering an appeal before the NCLAT. The plan received 80.81% support from creditors by value.

Government sources said only around ₹2,574 crore of the admitted claims relate to loans for which Chandra gave a personal guarantee when the loans were originally taken.

Zerodha AfterMarket Report; Mint

Star Housing Finance

The National Housing Bank classified Star Housing Finance Ltd’s refinance account as fraud. Snap and forensic audits flagged alleged:

• Phantom loan accounts.
• Diversion of funds.
• Other irregularities.

The company acknowledged receiving the order and said it was working on corrective steps.

Bank of Baroda

Bank of Baroda raised $400 million through a reissuance of its 5.3180% August 2031 US dollar-denominated bonds. The issue was priced at a yield of 5.3890%. The transaction increased the total amount raised to $1.1 billion.

Reuters via Mint

Tata Power arbitration

Tata Power lost its challenge to a $490 million arbitration award in a dispute with Kleros Capital Partners over a Russian coal asset. The Singapore International Commercial Court rejected Tata Power’s challenge to both:

• The damages awarded.
• The argument that natural justice had been breached.

Bharti Airtel

Bharti Airtel shares traded lower after Singtel said it plans to gradually reduce its stake. The aim is to align Singtel’s economic ownership with that of the Bharti promoter group as part of a capital-recycling strategy.

Wipro and Google Cloud

Wipro ADRs rose nearly 5% in US pre-market trading. The company announced an expanded partnership with Google Cloud aimed at accelerating enterprise-wide AI adoption.

Larsen & Toubro returns to asset ownership

Larsen & Toubro is again putting large projects on its own balance sheet, around a decade after deciding to move away from asset ownership in conventional infrastructure. Capital is being committed to:

• Data centres.
• Green hydrogen production.
• Electronics manufacturing.

L&T Vyoma currently operates two data centres with 32 MW of capacity. It began construction of a 100 MW facility in Navi Mumbai in January. A fourth facility is being built in Whitefield, Bengaluru. Together, the new facilities represent 200 MW of planned additional capacity.

Lloyds Metals

Lloyds Metals and Energy is considering increasing the capacity of its proposed Konsari steel plant in Maharashtra to as much as 8 million tonnes per year. The original plan was for 3 million tonnes per year. The company has environmental clearance for a 4.5 million tonne plant. Board approval for the larger plan is still pending.

Indian Hotels and Oriental Hotels

Indian Hotels Co. announced an all-stock merger with associate company Oriental Hotels. Oriental Hotels shareholders will receive 25 IHCL shares for every 117 OHL shares. The transaction will increase the number of hotel keys in the region from 1,279 to 2,104.

IHCL currently owns 37% of OHL. The merger is expected to be completed by the second half of FY28. The transaction will dilute IHCL’s existing equity base by around 1.6%.

Vodafone Idea

Vodafone Idea’s Q1FY27 net loss narrowed to ₹3,754 crore from ₹6,608 crore a year earlier. Revenue from operations increased 6% year-on-year to ₹11,689 crore. EBITDA increased 9.1% to ₹5,034 crore.

Airport non-aeronautical revenue

Adani Airport’s non-aeronautical revenue rose 53% year-on-year to ₹2,136 crore during the June quarter. Passenger traffic increased 3% to 24.2 million. Adani Enterprises wants non-aeronautical activities to contribute 70% of airport revenue by 2030, compared with 56% now.

GMR Airports handled 30.5 million passengers during the June quarter. Traffic increased just 1%. Non-aeronautical revenue across its three Indian airports increased 11%.

Trent winds down Utsa

Trent is winding down its Utsa ethnicwear format after the affordable brand failed to generate enough sales and profitability. Utsa now has four stores, down from more than 20 around two years ago. Trent did not respond to emailed queries before publication.

Google data centre in Visakhapatnam

Google announced a $15 billion, 1 GW data-centre project in Visakhapatnam on 14 October 2025. The project is being developed with Adani Enterprises and Bharti Airtel.

Alexander Smith, Google’s principal for global infrastructure in Asia-Pacific, said a single-window mechanism operated by Indian government bodies helped speed up the setup. On 24 August, the Andhra Pradesh High Court refused to stop construction but asked the state government to produce all required paperwork.

Siguler Guff continuation fund

Siguler Guff is preparing an India-focused continuation fund of around $350 million to $400 million. The fund would allow it to remain invested in four portfolio companies:

• Baazar Kolkata.
• Sterling Hospitals.
• Luker Electric Technologies.
• Relisys.

The portfolio companies did not respond to requests for comment. Siguler Guff declined to comment.

Lenskart block deal

Alpha Wave Global plans to sell Lenskart shares worth up to ₹1,313 crore, or $137 million, on Friday, 28 August. The offer covers up to 20.8 million shares. This represents around 1.2% of outstanding equity. The floor price is ₹630 per share. This is a 1.7% discount to Lenskart’s Thursday NSE close of ₹640.60.

Sembcorp Green Infra IPO

Temasek-backed Sembcorp Green Infra filed a draft red herring prospectus with SEBI for a ₹3,750 crore IPO. The IPO consists entirely of a fresh issue of shares. Outstanding borrowings stood at ₹12,522.68 crore at the end of June.

NSE IPO

SEBI Chairman Tuhin Kanta Pandey said the regulator is close to approving the National Stock Exchange’s IPO. NSE filed draft papers for an IPO of approximately ₹30,000 crore in June.

PhysicsWallah block deal

Lightspeed Venture Partners sold its entire 1.61% stake in PhysicsWallah through a block deal on the NSE. The transaction was worth nearly ₹550 crore. Shares were sold at an average ₹117.72 each. The total value was ₹549.73 crore. ICICI Prudential Mutual Fund was the largest buyer. It purchased 22 million shares worth ₹258.98 crore.

Dream11 changes business model

Tiger Global-backed Dream11 completed its move from fantasy sports to a global sports-engagement platform. The company has ended all prize-based offerings.

Vedanta bond issue

Vedanta plans to raise at least ₹1,000 crore through local-currency bonds over the next few weeks. A company representative did not immediately respond to a request for comment.

Bloomberg via Mint

Sugar prices ease

Sugar prices have started falling after government intervention. Mill-gate prices fell around 25% in one week after earlier crossing ₹6,700 per quintal. Retail sugar prices fell to ₹64.33 per kg from ₹65.07 a day earlier.

Zerodha AfterMarket Report

Bankex options and the closing auction

The 65,000 Bankex put option rose from ₹28.45 per share at the end of continuous trading to as much as ₹911 by 3:25 pm during the BSE closing auction. It settled at ₹686.5 at 3:40 pm. The Bankex index itself closed 1.67% lower at 64,313.15. The session also coincided with the monthly settlement of BSE derivatives.

Mint; BSE data

Closing-auction participation

Retail participation in the new closing auction session is estimated by brokers at below 10% of total participation. The value of trades in NSE’s closing auction was ₹1,085.13 crore on 26 August. This was around 15% below the ₹1,276.38 crore traded on 3 August. The closing auction replaced the earlier last-30-minute volume-weighted average price method for 213 stocks on 3 August.

Upcoming events

Economic calendar

Global pulse

Global markets

Global markets were mixed. The Nasdaq 100 rose 1.01%, while the Shanghai Composite gained 1.13%. The S&P 500, Dow Jones, Nikkei 225, Hang Seng and FTSE 100 ended lower.

Nvidia

Nvidia beat Q2 expectations. Data-centre revenue increased 117% year-on-year to $89 billion. The company guided for Q3 revenue of around $108 billion.

Nvidia shares initially struggled after the results but later rose more than 4% after CEO Jensen Huang said AI had reached an inflection point. Nvidia expects FY28 revenue growth of around 70%.

Alphabet

Alphabet shares are down 15% from their 13 May peak. The decline has erased around $692 billion in market value. Alphabet has been the second-largest point drag on the S&P 500 during this period.

The decline comes amid concerns about talent leaving Google’s parent company and heavy spending on AI infrastructure.

Bloomberg via Mint

Crude oil and the Strait of Hormuz

WTI crude traded around $82 per barrel after three consecutive sessions of losses. Hopes that shipping disruption through the Strait of Hormuz could ease have reduced oil prices.

However, uncertainty about reopening the strait and increasing disruption to Russian energy exports continues to create supply risks. Around 6 million to 8 million barrels of crude per day are now moving through the Strait of Hormuz. This is roughly half the level before the war.

Brent traded at around $88 per barrel on Thursday and was heading for its largest weekly fall since late June.

Zerodha AfterMarket Report; Bloomberg via Mint

Gold

Gold traded around $4,590 per ounce. Investors were waiting for Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for information on the interest-rate outlook. Concerns about global debt continue to help demand for gold even as US inflation came in slightly higher.

Meta settlement

Meta will pay up to $18 billion over 10 years to settle claims from nearly all US states that Facebook and Instagram harmed and addicted younger users. The agreement introduces nationwide restrictions for teenagers. These include:

• A default daily limit of two hours.
• Restrictions on overnight use.

Meta says the features will be introduced during the next six months. As part of the settlement, Meta is asking TikTok, YouTube and Snap to introduce the same daily and nighttime restrictions. Meta will remove its own limits if the competitors do not introduce similar rules within five years.

Zerodha AfterMarket Report; The Wall Street Journal via Mint

ECB policy

European Central Bank policymakers unanimously agreed in July to leave interest rates unchanged. The ECB had raised rates in June for the first time since 2023. Policymakers cited uncertainty over the full inflation impact of the energy shock. Some members remained open to further rate increases.

Nepal flash flood

At least 359 people have died in Nepal after a wall of ice, mud and rock collapsed into a mountain river. More than 1,000 people remain missing across Nepal and neighbouring China. Nepal’s disaster-management authority warned of another possible flood along the Bhotekoshi river. Satellite images and initial analysis indicate that the river may have become blocked and a lake has formed.

Reuters via Mint

Missing Indian nationals

India’s Ministry of External Affairs said 288 Indians remain missing. This includes 73 Indian nationals working on the Trishuli One Power Project. Twenty-one Indians from Tamil Nadu were rescued. Around 200 Indians in Tibet have also asked India for help.

PTI via Mint

Situation in Tibet

The number of missing people in Tibet’s Gyirong County was 558. This included 260 foreign nationals. China said the death toll remained at three. Chinese government geologist Guo Zhaocheng said the ice-avalanche debris flow travelled at around 50 metres per second and extended for more than 20 km.

CCTV and Reuters via Mint

Management commentary

On India’s automobile ambitions

Gadkari said the goal is difficult but not impossible.

On the outlook for passive funds

Passive funds currently represent around 17% to 18% of the Indian mutual fund industry. The comparable share in the US is above 50%. Ghelani does not expect India to reach the US level soon. He said long-term opportunities lie in:

• Investor education.
• Innovative indices.
• Building distribution across retail, institutional and wealth channels.

On Chinese dumping

Sharma said the issue had also been highlighted in the previous quarter and continues despite rupee depreciation and higher freight costs. The anti-dumping investigation is still underway.

On Vodafone Idea’s turnaround

Birla made the comment at Vodafone Idea’s 31st annual general meeting. He said the company is hopeful and optimistic that the momentum will continue. Generating free cash flow remains important as Vodafone Idea targets three-year goals for:

• Subscriber growth.
• Higher revenue.
• Increased cash EBITDA.

On bitumen cost relief

Jain said the government’s relief measures were welcome but only partial. Highway contractors are also dealing with sharp increases in fuel and other input costs because of the Iran-US crisis.

Feature: The bond rush in India’s new-age fixed-income platforms

Stable Money raised capital twice during 2026, while Wint Wealth completed a ₹250 crore funding round in January. At the same time, India’s corporate bond market continues to expand.

SEBI said in two consultation papers dated 21 August 2026 that outstanding corporate bonds have crossed ₹60 trillion. Trades on the debt-market request-for-quote platform increased 546% during FY26. SEBI has now proposed both a new distribution model and tighter advertising rules for online bond platforms.

Corporate bond market size

Outstanding corporate bonds increased from around ₹17.5 trillion at the end of FY15 to more than ₹60 trillion as of 31 July 2026. This represents compound annual growth of around 12%.

Listed corporate bonds account for around ₹46 trillion. This is approximately 76.6% of the overall market. Corporate bond issuance reached ₹9.1 lakh crore in FY26. This was almost twice the amount of capital raised through equity. Access to the corporate bond market still remains heavily concentrated among institutional investors.

Retail activity increases

The number of trades on the request-for-quote debt platform increased from 2.76 lakh in FY25 to 17.84 lakh in FY26. This was an increase of around 546%.

SEBI said much of the increase came from greater retail participation through online bond platform providers, or OBPPs.

Stable Money: February 2026 funding

Stable Money raised $25 million in a pre-Series C round in February. Peak XV Partners led the round. Existing investors also participated:

• Z47.
• RTP Global.
• Fundamentum Partnership.

The funding took Stable Money’s total capital raised since its founding in 2022 to $65 million. The company was founded by Saurabh Jain and Harish Reddy. The round valued Stable Money at $175 million.

YourStory; Entrackr

Stable Money: August 2026 funding

Stable Money began its Series C round in August. It raised ₹136.2 crore, or $14.3 million, from existing investors. The investments included:

The company allotted:

• 1,318 equity shares.
• 20,591 Series C preference shares.

The issue price was ₹62,167.9 per share. The information was disclosed in the company’s Registrar of Companies filing.

Stable Money financials

For the financial year ending March 2025, Stable Money recorded:

• Operating revenue of ₹4.3 crore.
• Gross revenue of ₹104 crore.
• Losses of ₹44.8 crore.

Entrackr

Wint Wealth

Wint Wealth raised ₹250 crore, or $27 million, in a Series B round in January. Vertex Ventures SEA and India led the round. Existing investors also participated:

• 3one4 Capital.
• Eight Roads Ventures.
• Arkam Ventures.
• Rainmatter.

The money will primarily be used to grow the business and strengthen its credit offerings. Wint Wealth was founded in 2020 by:

• Ajinkya Kulkarni.
• Abhik Patel.
• Shashank Chimaladari.
• Anshul Gupta.

The company received SEBI approval in 2023 to operate as an online bond platform provider. This allows it to distribute:

• Listed corporate bonds.
• Securitised debt instruments.
• Non-convertible debentures.

Wint Wealth also plans to provide more capital to its NBFC arm. The NBFC has assets under management of ₹200 crore.

FinTech Global; Vertex Ventures

Grip Invest

Grip Invest raised $10 million in a Series B funding round. Stride Ventures led the round. Venture Highway, Anicut Capital and AdvantEdge participated as third-time investors.

TechNode Global

Grip Invest bond issuance

Grip Invest launched India’s first privately placed investment-grade bond with a face value of ₹10,000. Akara Capital Advisors planned to raise ₹20 crore through 18-month bonds offering a return of 14%. One part of the issue worth ₹6.5 crore was launched on Grip’s platform and was fully subscribed. Grip Invest:

• Holds a SEBI OBPP licence.
• Executes transactions through an integration with the NSE.
• Co-founded the OBPP Association of India in May 2024.

Business Standard; Grip Invest

Platform usage

Stable Money has more than 50 lakh users. The platform has facilitated more than ₹5,000 crore of investments. It allows users to invest in fixed deposits, bonds and other low-risk instruments.

Wint Wealth has more than ₹8,000 crore raised and around 3 lakh investors. Its OBPP business has increased new sign-ups tenfold. Co-founder Ajinkya Kulkarni said clearer SEBI rules have helped the market and that both new-investor numbers and capital have grown steadily during the previous nine months. Wint Wealth allows investors to start with as little as ₹1,000. Its curated corporate bond products offer fixed returns ranging from 9% to 12%.

YourStory; Vertex Ventures; FinTech Global

SEBI proposes Fixed Income Channel Partners

SEBI proposed a framework for Fixed Income Channel Partners, or FICPs. The aim is to expand retail access to corporate bonds through OBPPs, especially in:

• Tier-II cities.
• Tier-III cities.
• Rural areas.

The structure is based partly on the mutual fund distributor model. An applicant must:

• Be at least 18 years old.
• Have completed at least Class 12.
• Hold a valid NISM Fixed Income Securities certification.

Enlistment with a stock exchange would remain valid for three years. Registered mutual fund distributors would also be allowed to apply without paying an enlistment fee.

FICP restrictions

FICPs would receive payment only from the OBPP that appoints them through commission sharing. They could not charge investors directly. Total fees, brokerage or commissions charged to a client would be capped at 2.5% of the investment value. FICPs would not be allowed to:

• Handle client funds.
• Handle client securities.
• Issue contract notes.
• Sell unsecured perpetual debt instruments such as AT1 bonds.

The appointing OBPP would remain responsible for the actions of its channel partners.

SEBI; Business Standard; Business Today

Proposed advertising rules for online bond platforms

SEBI issued a separate consultation paper on 21 August proposing a new advertising code for OBPPs. The proposal follows rapid growth in:

• Digital advertising.
• Influencer marketing.
• Urgency-based promotional tactics.

SEBI said online bond platforms have increasingly used social media, banner advertising and financial influencers to market high-yield and structured bond products. The regulator has also received investor complaints about deceptive marketing.

Advertising practices that would be banned

The proposed rules would ban vague terms such as:

• “high yield”
• “high rated”
• “high returns”

Ungrounded synonyms would also be restricted. Celebrity endorsements would be prohibited. OBPPs would also be prohibited from advertising their own holdings or inventory in debt securities. Every advertisement would have to display:

• Issuer name.
• Tenor.
• Nature of the security.
• Clean price.
• Dirty price.
• Yield to maturity.
• Credit risk-o-meter.
• Credit-rating details.

Standard warning

SEBI has drafted a standard warning that would have to appear across promotional material in a legible font of at least 10 points. The warning begins with the statement that fixed returns are not guaranteed returns. SEBI would not allow any addition, deletion or substitution of words in the prescribed warning.

Public comments

SEBI is accepting public feedback on both proposed frameworks until 11 September.

Access outside Tier-I cities

Despite the 546% rise in RFQ trades, SEBI says there is still a major gap in reaching investors outside Tier-I cities. Retail participation in corporate bonds remains limited. Debt securities continue to be used mainly by institutional investors.

How platforms may describe returns

SEBI recognises that debt securities are fixed-income instruments. Online bond platforms may therefore use expressions such as:

• “fixed returns”
• “returns are predictable”
• “passive income”

However, these terms can be used only in a generic, non-promissory way. They must be backed by clear calculation methods and risk disclosures and cannot suggest that returns are guaranteed.

SEBI consultation papers dated 21 August 2026 on Fixed Income Channel Partners and revision of the OBPP advertisement code; Business Standard; Business Today; Entrackr; YourStory; FinTech Global; Vertex Ventures; TechNode Global; Grip Invest

Closing note

Market data: Zerodha AfterMarket Report, 27 August 2026 close. Editorial: Mint Mumbai print edition, 28 August 2026. Feature: named public sources. For information only; not investment advice.