Pandey emphasised that while Tata Sons itself does not fall under the same regulatory framework as publicly listed companies, the latter, along with their promoters, are required to adhere to SEBI’s disclosure and compliance mandates. This statement comes in the context of ongoing discussions regarding the reappointment of N Chandrasekaran as chairman of Tata Sons and the potential for the holding company to become a listed entity.

During the launch of the Bharat Chamber Investors Forum, Pandey clarified that the governance requirements for Tata Sons differ from those applicable to the group’s listed subsidiaries. He stated, “At the holding company level, there are some issues, as that’s not really a listed company. The rest of the listed companies, follow all the LODR (Listing Obligations and Disclosure Requirements) norms.” This distinction underscores the complexities surrounding corporate governance within the Tata Group.

Compliance Obligations for Listed Companies

Pandey reiterated that all listed entities and their promoters must comply with the relevant regulatory norms. When questioned about SEBI’s oversight of developments within the Tata Group, he confirmed, “Yes… I mean in the sense of, you know, we have to keep monitoring all the developments.” However, he did not specify any particular governance violations or indicate that the regulator was contemplating specific actions against the group.

The Tata Group comprises 26 publicly listed companies, which collectively have a market capitalisation of $328 billion as of March 31, 2025, as reported in its FY25 annual report. An analysis conducted by governance advisory firm InGovern revealed that seven of these listed companies together hold approximately 11.92 per cent of Tata Sons. This analysis highlights the interconnectedness of the group’s various entities and their stakes in the holding company.

The seven companies identified in the InGovern analysis include Tata Steel, Tata Motors Passenger Vehicles, Tata Chemicals, Tata Power, Indian Hotels, Tata Consumer Products, and Tata Investment Corporation. These entities represent a significant portion of the group’s overall portfolio and are specifically noted for their stakes in Tata Sons.

Shareholding Structure of Tata Sons

Tata Trusts is the largest shareholder in Tata Sons, holding around 66 per cent of the company’s shares. The Shapoorji Pallonji Group is the second-largest stakeholder, with an approximate 18.4 per cent shareholding. The seven listed Tata companies identified by InGovern collectively account for an 11.92 per cent stake in Tata Sons, illustrating the diverse ownership structure of the holding company.

This complex shareholding arrangement raises questions about governance and transparency within the Tata Group, particularly as discussions continue regarding the future listing of Tata Sons. While SEBI’s monitoring efforts are in place, the implications of these developments remain under scrutiny.

As the situation unfolds, stakeholders within and outside the Tata Group will be attentive to SEBI’s actions and any potential changes in governance practices. The ongoing scrutiny by the regulatory body serves as a reminder of the importance of compliance in maintaining investor confidence and corporate integrity.

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Regulatory bodies in various countries, including the United States and the United Kingdom, are also intensifying their efforts to mitigate risks linked to AI technologies. The RBI’s proactive approach aims to ensure that Indian banks are not only aware of these threats but are also taking necessary steps to fortify their cybersecurity frameworks.

In a series of recent discussions, the RBI has urged banks to examine vulnerabilities in application programming interfaces (APIs). These APIs serve as essential software connections that facilitate interactions between banks and non-bank lenders, as well as fintech companies. According to insiders familiar with the regulatory perspective, hackers view smaller lenders and their third-party vendors as more accessible targets, making it imperative for banks to address these weaknesses.

Recent Cyber Incidents Highlight Vulnerabilities

India has witnessed a notable increase in cyber incidents in recent weeks, raising alarms among financial institutions. One significant case involved the State Bank of India, the largest lender in the country, which reported a data breach affecting 3,900 customers. The bank is currently investigating the incident to ascertain the underlying vulnerabilities that led to the breach.

Another alarming incident occurred with two non-bank lenders based in Mumbai, which reportedly lost approximately $2 million due to over 700 unauthorised instant transfers from accounts held with ICICI Bank on October 8 and 9. A police complaint reviewed by Reuters indicates that hackers compromised the API link used for transmitting loan disbursal instructions to ICICI Bank, highlighting the potential risks associated with API security.

ICICI Bank has not yet responded to requests for comments regarding the incident. The rise in such attacks has prompted India’s cyber agency, CERT-In, to issue warnings about hackers stealing banks’ API credentials to facilitate unauthorised transactions, potentially leveraging AI-assisted tools. In a bid to enhance cybersecurity awareness, CERT-In conducted training for 300 officials from over 55 financial institutions earlier this week.

Regulatory Push for Stronger Cybersecurity Measures

The RBI’s ongoing efforts to bolster cybersecurity within the banking sector are underscored by its previous directives aimed at managing cybersecurity risks. However, sources indicate that the implementation of these directives has not kept pace with the evolving threat landscape. As a result, the regulator is now pressing banks to strengthen their cybersecurity measures and ensure compliance with established guidelines.

Insiders have noted that discussions surrounding these issues have not been made public, leading to a lack of transparency regarding the regulatory expectations. The RBI has yet to respond to inquiries seeking clarification on its recent actions and directives. As the threat of cyberattacks continues to escalate, the central bank’s proactive stance is crucial in safeguarding the integrity of India’s financial system.

In conclusion, the RBI’s intensified oversight reflects a growing recognition of the vulnerabilities within the banking sector, particularly in light of the increasing sophistication of cyber threats. As financial institutions navigate this challenging landscape, the emphasis on compliance and preparedness will be vital in mitigating risks associated with AI-driven cyberattacks.

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वरिष्ठ नागरिकों के लिए फिक्स्ड डिपॉजिट (FD) एक सुरक्षित और निश्चित रिटर्न पाने का पसंदीदा जरिया रहा है। अगर आप भी अपने रिटायरमेंट फंड या बचत को एफडी में निवेश करने की योजना बना रहे हैं, तो आपके पास 8.60 फीसदी तक का सालाना ब्याज पाने का शानदार मौका है। वर्तमान में स्मॉल फाइनेंस बैंक सबसे ज्यादा ब्याज दरें ऑफर कर रहे हैं, जिनमें उज्जीवन स्मॉल फाइनेंस बैंक सबसे आगे है।

स्मॉल फाइनेंस बैंक दे रहे सबसे ज्यादा ब्याज

स्मॉल फाइनेंस बैंक सीनियर सिटिजन्स को सबसे ज्यादा रिटर्न दे रहे हैं। उज्जीवन स्मॉल फाइनेंस बैंक अधिकतम 8.60% तक ब्याज दर दे रहा है। इसके अलावा, अन्य बैंक भी आकर्षक ब्याज दरें पेश कर रहे हैं। जैसे:

Suryoday Small Finance Bank: अधिकतम 8.50% तक ब्याज दर

Equitas Small Finance Bank: अधिकतम 8.50% तक ब्याज दर

ESAF Small Finance Bank: अधिकतम 8.50% तक ब्याज दर

Jana Small Finance Bank: अधिकतम 8.30% तक ब्याज दर

Shivalik Small Finance Bank: अधिकतम 8.25% तक ब्याज दर

Utkarsh Small Finance Bank: अधिकतम 8.25% तक ब्याज दर

AU Small Finance Bank: अधिकतम 7.90% तक ब्याज दर

प्राइवेट सेक्टर के बैंकों की FD दरें

निजी क्षेत्र के बैंक भी प्रतिस्पर्धी ब्याज दरें दे रहे हैं। इनमें DCB Bank अधिकतम 8.00% तक ब्याज दर, Bandhan Bank 7.95% तक, और IndusInd Bank 7.75% तक ब्याज दर दे रहे हैं। इसके अलावा, YES Bank, IDFC FIRST Bank, Axis Bank, Kotak Mahindra Bank, ICICI Bank और HDFC Bank भी आकर्षक रिटर्न देने में पीछे नहीं हैं।

सरकारी और विदेशी बैंकों की FD दरें

सरकारी बैंकों में सुरक्षा के साथ स्थिर रिटर्न मिल रहा है। Bank of India अधिकतम 7.45% तक ब्याज दर दे रहा है, जबकि Punjab & Sind Bank, Indian Bank, Bank of Baroda, और अन्य सरकारी बैंक भी अच्छे रिटर्न की पेशकश कर रहे हैं। विदेशी बैंकों में भी ब्याज दरें आकर्षक हैं। Standard Chartered Bank अधिकतम 7.10% तक ब्याज दर दे रहा है, जबकि Deutsche Bank और HSBC Bank भी प्रतिस्पर्धी दरें पेश कर रहे हैं।

₹10 लाख के 3 साल के कंपाउंडिंग निवेश पर अनुमानित रिटर्न

अगर आप स्मॉल फाइनेंस बैंक में निवेश करते हैं, तो आपको 3 साल में लगभग ₹2,90,300 का ब्याज मिलेगा और मैच्योरिटी अमाउंट ₹12,90,300 हो जाएगा। वहीं, प्राइवेट बैंक में औसत रिटर्न ~7.75% से 8.00% तक होगा, जिससे आपको ₹2,59,000 से ₹2,68,200 का ब्याज मिलेगा। सरकारी बैंक में सुरक्षित रिटर्न के साथ आपको ₹2,35,500 से ₹2,48,200 का ब्याज मिलेगा।

निवेश करते समय एक्सपर्ट्स की सलाह

3 से 5 साल की लंबी अवधि के निवेश पर ब्याज दरों में थोड़ा सा अंतर भी मैच्योरिटी अमाउंट में बड़ा फर्क डाल सकता है। इसलिए, केवल ज्यादा ब्याज दर देखकर ही पैसा न लगाएं। इसके अलावा, ₹5 लाख का इंश्योरेंस कवर भी ध्यान में रखें। DICGC के तहत हर बैंक में जमा 5 लाख रुपये तक की राशि बीमित होती है।

स्मॉल फाइनेंस बैंक का सीमित इस्तेमाल करें और प्री-मैच्योर विड्रॉल के नियम और टैक्स देनदारी (TDS) जरूर जांच लें।

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While Binance has not confirmed the exact amount stolen, it has acknowledged that approximately $3 billion worth of affected assets have been frozen. This incident has heightened fears regarding the safety of funds on exchanges, leading to increased caution among investors. As a result, many are reassessing their positions in the already volatile cryptocurrency market.

The uncertainty surrounding this security breach has exacerbated an already fragile market, prompting investors to reconsider their exposure to digital assets. The implications of such incidents can lead to a broader decline in market confidence, affecting not just Bitcoin but other cryptocurrencies as well.

Market Dynamics: Selling Pressure and Liquidations

Another contributing factor to Bitcoin’s recent decline is the surge in selling pressure and liquidations within the derivatives market. When cryptocurrency prices fall sharply, traders who have leveraged their positions may be compelled to close their trades, resulting in further downward pressure on prices. This creates a vicious cycle that can lead to additional sell-offs.

Avinash Shekhar, Co-Founder and CEO of Pi42, noted that the recent drop below $79,000 was intensified by significant liquidations, particularly among long positions. He emphasised that while institutional interest remains a key driver for the long-term market sentiment, the immediate environment is marked by heightened selling activity.

In addition to Bitcoin, other major cryptocurrencies such as Ethereum, XRP, and Solana are also experiencing similar selling pressures. Shekhar indicated that the ability of Bitcoin to maintain its position within the $79,000 to $80,000 range will be crucial in the near term. A sustained recovery above $80,000 could potentially restore some level of investor confidence.

Broader Economic Factors Contribute to Market Decline

Wider economic concerns are further complicating the situation for cryptocurrencies. Persistent inflation, high energy costs, and a downturn in global equity markets have led to a more cautious investment climate. This has resulted in a decreased appetite for high-risk assets such as Bitcoin and Ethereum.

Nischal Shetty, Founder of WazirX, highlighted that Bitcoin and Ethereum are currently testing significant long-term levels. The combination of inflationary pressures and weak global equities is impacting market participation. Despite some positive trends in institutional investment, such as $137.3 million inflows into US spot Bitcoin exchange-traded funds (ETFs), Ethereum ETFs have reportedly seen outflows of $21.4 million.

Shetty pointed out that while institutional buying can influence market dynamics, other factors, such as derivatives liquidations and macroeconomic pressures, may temporarily overshadow these inflows. This indicates that even with continued institutional investment in Bitcoin, external factors can lead to price declines in the short term.

Future Outlook for Bitcoin Investors

As Bitcoin trades below $79,000, the upcoming sessions will be critical in determining whether the cryptocurrency can stabilise or face further declines. Shekhar reiterated the importance of Bitcoin maintaining its position within the $79,000 to $80,000 range for market sentiment to improve.

Investors are advised to avoid making impulsive decisions during periods of sharp price fluctuations. Maintaining disciplined position sizing and closely monitoring institutional flows, macroeconomic developments, and broader market trends will be essential for making informed investment choices.

Currently, the interplay of exchange-related concerns, derivatives liquidations, and economic uncertainty continues to keep cryptocurrency investors on alert. The ability of Bitcoin to recover from its recent decline will depend on how these factors evolve in the coming days.

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बैंक में बढ़ी पूछताछ, खाताधारक बैलेंस चेक कर रहे हैं

बैंक मैनेजरों के अनुसार, फर्जीवाड़े की खबर के बाद से ग्राहकों की संख्या में काफी बढ़ोतरी हुई है। लोग अब मोबाइल पर बैलेंस चेक करने के बजाय बैंक जाकर अपने खातों की जानकारी ले रहे हैं। एक खाताधारक ने बताया कि उनकी बेटी की शादी है और शादी के लिए जमा रकम FD में थी। लेकिन फर्जीवाड़े की खबर सुनकर उन्होंने FD तुड़वाकर पैसे घर रख लिए।

मोबाइल नंबर और ई-मेल आईडी में बदलाव का आरोप, लॉकर में जेवरात गायब, शिकायतें बढ़ी

खाताधारकों का आरोप है कि बैंक प्रबंधक और कर्मचारी उनके खातों से रकम ट्रांसफर करते समय मोबाइल नंबर और ई-मेल आईडी बदल रहे थे। ऐसा करने का मकसद लेनदेन की जानकारी खाताधारकों तक पहुंचने से रोकना था। इस मामले में कई लोग बैंक के खिलाफ शिकायतें भी दर्ज करवा रहे हैं। इसी बीच, लॉकर में रखे सोने-चांदी के जेवरात गायब होने की भी शिकायतें सामने आ रही हैं। बिरौड़ी गांव के निवासी अजीपाल ने बताया कि उनकी 35 लाख 34 हजार रुपये की FD के बारे में बैंक से कोई स्पष्ट जानकारी नहीं मिल रही है। इसके अलावा, उनके लॉकर में रखे करीब 15 तोले सोने और एक किलो चांदी के जेवरात भी गायब हो गए हैं।

पुलिस जांच में जुटी, महिला कर्मचारी की तलाश

बताया जा रहा है कि जिन महिला कर्मचारियों ने कई खाताधारकों को प्रभावित कर FD कराई थी, वे अपने परिवार के साथ गायब हो गई हैं। पुलिस इस पहलू की भी जांच कर रही है। इसके अलावा, दूसरे राज्यों के बैंकों में भी रकम ट्रांसफर होने की जानकारी मिली है, जिसके बाद साइबर सेल को जांच में लगाया गया है। बैंक की ओर से खाताधारकों को आश्वासन दिया गया है कि 48 घंटे के भीतर उनकी FD की रकम लौटाई जाएगी। हालांकि, खाताधारकों की चिंता कम होने का नाम नहीं ले रही है।

30 शिकायतें, 18 पर केस दर्ज

बीटा-2 कोतवाली पुलिस को अब तक 30 शिकायतें मिल चुकी हैं, जिनमें से 18 पर मुकदमा दर्ज किया गया है। गुरुवार को 12 नई शिकायतें भी आई हैं। कोतवाली प्रभारी ने बताया कि बैंक से रकम गायब होने की शिकायत करने वालों की तहरीर को मुकदमे में शामिल किया जा रहा है।

लोग दूसरे बैंकों में कर रहे हैं ट्रांसफर

खाताधारक अब दूसरे बैंकों में अपने खाते खोलने और रकम ट्रांसफर करने लगे हैं। एक खाताधारक विपिन भाटी ने बताया कि उन्होंने अपनी रकम दूसरे बैंक के खाते में ट्रांसफर कर दी है। इस घटना ने लोगों में बैंकिंग प्रणाली पर सवाल खड़े कर दिए हैं।

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The recent downturn in prices may be attributed to several economic factors, including rising crude oil prices and renewed inflation concerns. These elements have raised questions about the future trajectory of gold and silver, leading to speculation on whether buyers should take advantage of the current dip or await further declines.

Market analysts suggest that the correction in precious metal prices may not be complete. The combination of geopolitical tensions and economic indicators has created an environment of uncertainty, impacting the attractiveness of gold and silver as investment options.

Factors Influencing Price Declines

Gold and silver have faced downward pressure primarily due to escalating crude oil prices, which have heightened fears of inflation. Recent data from the United States has shown an uptick in consumer prices, particularly in September, driven by increased gasoline and other goods prices. This has led to speculation that the US Federal Reserve may consider another interest rate hike in December to combat persistent inflation.

Higher interest rates typically diminish the appeal of gold, as it does not provide regular interest income. Consequently, investors may shift their focus to interest-bearing assets, thereby exerting additional pressure on gold prices. Furthermore, geopolitical developments, particularly concerns about potential military actions involving the US and Iran, have exacerbated the situation by pushing crude oil prices higher.

Dr Renisha Chainani, Chief Research Officer at Augmont, noted that the Federal Reserve has not ruled out the possibility of further rate hikes as it seeks to manage stubborn inflation. The recent rise in the US personal consumption expenditures price index has reinforced this perspective, with traders estimating a 75 per cent likelihood of a rate increase in December, according to CME’s FedWatch Tool.

Future Outlook for Gold and Silver

The short-term outlook for both gold and silver appears weak, with experts cautioning that prices may continue to decline before stabilising. Chainani indicated that gold has fallen below the critical support level of $4,000 (approximately Rs 1,42,000), which could lead to further declines towards $3,950 (around Rs 1,40,000) and $3,900 (around Rs 1,38,000) within the next 10 to 15 days.

Silver has also breached its support level of $52.5 (around Rs 1,92,000) and may trend towards $50 (around Rs 1,80,000). Despite the current bearish sentiment, Chainani expressed a more optimistic medium-term outlook, suggesting that both metals could establish strong support zones that may facilitate a rebound of 10 to 15 per cent in the coming weeks.

For a sustained upward trend, gold must maintain levels above $4,100, while silver should surpass $58, as indicated by Chainani’s analysis.

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साइबर धोखाधड़ी में बैंकों की भूमिका

29 अक्टूबर 2026 को मुख्य न्यायाधीश न्यायमूर्ति सूर्यकांत की अध्यक्षता में हुई सुनवाई में स्पष्ट किया गया कि यदि किसी साइबर धोखाधड़ी में वित्तीय संस्थान ने उचित सावधानी नहीं बरती, तो पीड़ित को हुए नुकसान की भरपाई उसी से कराई जानी चाहिए। अदालत ने भारतीय रिजर्व बैंक (RBI) के प्रस्तावित नियामकीय ढांचे में मुआवजे और संदिग्ध लेनदेन रोकने के प्रावधानों को शामिल करने पर जोर दिया।

बैंक अपनी जिम्मेदारी से नहीं बच सकते

सुप्रीम कोर्ट ने कहा कि बैंक अपनी जिम्मेदारी से केवल इस बहाने नहीं बच सकते कि ग्राहक ने स्वयं लेनदेन किया। यदि जांच में यह साबित होता है कि वित्तीय संस्थान ने आवश्यक सावधानी नहीं बरती और इसके कारण धोखाधड़ी हुई, तो पीड़ित को मुआवजा दिया जाना चाहिए। अदालत ने यह भी कहा कि आरबीआई के नियमों में वित्तीय संस्थानों को ग्राहक के नुकसान की भरपाई के लिए बाध्य होना चाहिए।

बैंकों की तकनीकी क्षमता पर सवाल, संदिग्ध लेनदेन की जांच की आवश्यकता

सुप्रीम कोर्ट ने बैंकों की तकनीकी क्षमता और ग्राहक के पुराने लेनदेन रिकॉर्ड के उपयोग पर भी सवाल उठाए। अदालत ने सुझाव दिया कि यदि बैंक सचेत रहें और आधुनिक तकनीक का उपयोग करें, तो धोखाधड़ी की रकम को खाते से निकलने के बाद रोकने के बजाय पहले ही अपराध को रोका जा सकता है। अदालत ने कहा कि यदि किसी सामान्य बचत खाते से अचानक बड़ी रकम ट्रांसफर की जाती है, तो बैंक को उसकी जांच करनी चाहिए। ग्राहक की सामान्य ट्रांजेक्शन हिस्ट्री से अलग दिखाई देने वाले लेनदेन को अस्थायी रूप से रोका जा सकता है। इसके बाद ग्राहक से संपर्क कर भुगतान की वास्तविक मंशा की पुष्टि की जा सकती है।

डिजिटल अरेस्ट और म्यूल अकाउंट पर ध्यान

सुप्रीम कोर्ट की सुनवाई में डिजिटल अरेस्ट और म्यूल अकाउंट के जरिए होने वाली वित्तीय धोखाधड़ी पर भी चर्चा हुई। अदालत ने डिजिटल प्लेटफॉर्म और वित्तीय संस्थानों की भूमिका को व्यापक साइबर सुरक्षा व्यवस्था से जोड़ा। इस प्रकार, अदालत का दृष्टिकोण केवल पीड़ित को मुआवजा दिलाने तक सीमित नहीं, बल्कि अपराध की पूरी व्यवस्था पर संस्थागत जवाबदेही तय करने का है।

साइबर फ्रॉड का शिकार होने पर क्या करें?

साइबर फ्रॉड का शिकार होने पर ग्राहकों को तुरंत बैंक को सूचना देनी चाहिए और राष्ट्रीय साइबर अपराध पोर्टल पर शिकायत दर्ज करनी चाहिए। इसके अलावा, 1930 हेल्पलाइन पर संपर्क करना भी जरूरी है। सुप्रीम कोर्ट की यह पहल भारतीय बैंकिंग व्यवस्था में जवाबदेही का नया मानक स्थापित कर सकती है।

ग्राहकों की सुरक्षा सुनिश्चित करना है जरूरी

डिजिटल भुगतान की सुविधा के साथ ग्राहकों की सुरक्षा सुनिश्चित करना भी वित्तीय संस्थानों का दायित्व है। अदालत का यह फैसला बैंकों को अपनी जिम्मेदारी और जवाबदेही को समझने में मदद करेगा, जिससे साइबर अपराधों के खिलाफ एक मजबूत ढांचा तैयार किया जा सके।

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The festive season has traditionally spurred increased purchases of jewellery and coins, prompting speculation about whether this minor increase indicates the start of a more significant upward trend or if it is merely a temporary fluctuation.

Factors Influencing Gold Price Stability

Gold prices have been influenced by various global factors, with investors closely monitoring the US Federal Reserve’s stance on interest rates, fluctuations in the dollar, and ongoing geopolitical tensions. On Thursday, Indian equities opened relatively unchanged as investors evaluated the Federal Reserve’s recent decision to maintain current interest rates. The absence of clear guidance regarding potential rate hikes in December has contributed to a cautious market environment.

Additionally, while oil prices have seen a slight decline, US West Texas Intermediate (WTI) crude remains around $101 per barrel. Elevated oil prices pose a challenge for India, as they can escalate the import bill and exacerbate inflationary pressures. The rupee, trading at approximately 95.25 against the dollar, combined with robust US bond yields and a strong dollar, has further complicated the financial landscape.

These elements are crucial for gold, as shifts in interest rate expectations and currency values can significantly impact demand for the precious metal. For Indian consumers, variations in international gold prices and the rupee’s performance directly affect domestic rates.

Technical Indicators for Gold Prices

Despite the slight increase in gold prices on Thursday, the short-term outlook for the metal remains unclear. Experts noted that MCX gold opened near Rs 1,43,670 and was trading around Rs 1,43,550, reflecting a decrease of 0.11 per cent at the time of his analysis. He indicated that gold is currently fluctuating within a support range of Rs 1,43,000 to Rs 1,43,700.

Experts highlighted that the next support levels are between Rs 1,40,000 to Rs 1,41,000, followed by Rs 1,37,500 to Rs 1,38,300. Immediate resistance is identified in the range of Rs 1,45,300 to Rs 1,46,000, with further resistance at Rs 1,48,000 to Rs 1,48,600. In essence, support levels suggest where buying interest may emerge, while resistance levels indicate potential selling pressure that could hinder price increases.

Additionally, experts pointed out a relative strength index (RSI) near 38 and a negative MACD histogram, suggesting weak buying momentum rather than indicating a robust upward trajectory at this time.

Investment Decisions for Gold Purchases

The modest gain in gold prices may provide some optimism for buyers; however, it is premature to assert that gold has entered a sustained upward trend. The metal has largely exhibited sideways movement in recent trading sessions, and a single day’s marginal increase does not necessarily signify a new rally. Investors should monitor whether prices can surpass the immediate resistance levels of Rs 1,45,300 to Rs 1,46,000 and maintain those gains.

Moreover, uncertainty surrounding global interest rates, the dollar, and geopolitical developments may continue to exert influence on gold prices. While festive demand could bolster physical gold purchases, particularly for jewellery and coins, this seasonal uptick does not guarantee a sustained increase in market prices.

For individuals intending to purchase gold for personal use during Karva Chauth or upcoming festivities, the decision may hinge on personal budgets and making charges rather than short-term price predictions. Investors should approach Thursday’s slight gain with caution, and consider spreading purchases over time to mitigate risks associated with price fluctuations.

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Direct and regular mutual fund plans invest in identical schemes and maintain the same portfolio. The primary distinction lies in distribution costs, with direct plans being purchased without a distributor, resulting in lower expense ratios. This reduction in costs could significantly influence investors’ returns over time.

Although investors will still have the option to select regular plans, they will need to be informed of the higher expense ratios associated with these choices. Pandey emphasised the importance of making investment decisions with full awareness of the costs involved and the risks associated with various options.

Focus on Compliance and Foreign Investment

Pandey addressed the ongoing concerns regarding foreign portfolio investors (FPIs) and their investment decisions in Indian markets. He noted that factors such as taxes, currency fluctuations, market liquidity, and compliance costs play a crucial role in their investment choices. Investors often evaluate their potential returns after accounting for these variables before comparing them with other markets.

The SEBI Chairman indicated that the regulator would assess whether Indian market participants face higher compliance costs compared to their counterparts in other emerging and developed markets. He stated that the aim is to ensure that regulatory requirements do not impose unnecessary financial burdens on investors.

In line with this, SEBI plans to issue a consultation paper to gather feedback on existing compliance requirements. Pandey highlighted the need for regulations to evolve alongside technological advancements and market practices, suggesting that outdated rules may inadvertently increase costs without enhancing oversight.

Regulatory Changes and Investor Protection Initiatives

SEBI is collaborating with the Reserve Bank of India (RBI) to simplify the onboarding process for foreign investors in Indian markets. Pandey mentioned that the regulator is exploring ways to digitise compliance processes, thereby reducing barriers for investors. This initiative includes reviewing disclosure requirements and concentration norms that may hinder investment.

Additionally, SEBI is reassessing the framework for initial public offerings (IPOs) and small and medium enterprise (SME) listings. Pandey pointed out that India led the world in the number of IPOs in 2025, indicating a robust primary market. However, he believes there is potential for more companies to raise capital through stock exchange listings.

To facilitate this, he suggested that industry associations could play a role in identifying promising businesses and assisting them in the listing process. SEBI is also working on improving IPO disclosures to ensure they are comprehensible for the average investor, aiming to enhance transparency in the market.

Pandey also addressed the issue of fraudulent investment schemes circulating on messaging platforms like WhatsApp and Telegram. He warned that these scams lure investors with unrealistic promises of returns. In response, SEBI has introduced a verification tool called SEBI Check, allowing investors to confirm the legitimacy of bank accounts and payment methods linked to regulated entities.

Moreover, SEBI is collaborating with Google to display verified labels for trading applications on the Google Play Store, aiming to protect investors from misleading financial influencers and fraudulent schemes.

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Details of the Unauthorised Transactions

The case revolves around Arun Kumar, a resident of Shiv Vihar in West Delhi, who maintained an account at the Vikas Puri branch of Bank of Baroda. Kumar reported that on July 15, 2019, his account experienced unauthorised transactions without his consent. He noted that he did not receive any one-time password (OTP) or SMS alerts on his registered mobile number for these transactions.

The transactions in question, processed through Paytm, included amounts of Rs 9,999, Rs 10,690, Rs 11,680, and Rs 6,280, culminating in a total loss of Rs 38,649. Following the discovery of these withdrawals, Kumar filed a police complaint on July 16, 2019. He stated that Paytm had frozen the relevant wallet upon his request, but he was dissatisfied with the assistance provided by both Paytm and the bank in tracing the funds and addressing the issue.

After several unsuccessful attempts to resolve the matter, Kumar escalated the issue to the consumer commission in September 2020, seeking a refund of Rs 38,649 and Rs 1 lakh in compensation for the distress caused.

Responses from Bank of Baroda and Paytm

Bank of Baroda did not attend the commission hearing despite receiving a notice, leading to the proceedings continuing in its absence in October 2023. Paytm, in its defence, contended that it was not liable for the disputed withdrawals, asserting that the funds had been directly debited from Kumar’s bank account. The company stated that the transactions had been authorised through the bank’s system and argued that the bank held ultimate responsibility for the approval of the transactions.

Paytm also claimed to have blocked the relevant wallets and reported the transactions as fraudulent to the beneficiary bank. It maintained that no specific relief had been sought against it and requested the dismissal of the complaint. During the final hearing, Paytm reiterated that it had no significant role in the dispute, which Kumar acknowledged was primarily against the bank.

The commission, comprising president Sonica Mehrotra and members Richa Jindal and Anil Kumar Koushal, reviewed the evidence and submissions presented. It concluded that the bank had failed to provide any investigation records or clarify the accounts into which the funds had been transferred.

Commission’s Conclusion and Final Order

The commission observed that Bank of Baroda did not present any documentary evidence of an inquiry into the withdrawals, nor did it disclose the details of the accounts involved. It noted that Kumar had reported the transactions within three working days of becoming aware of them. The commission referenced the Reserve Bank of India’s circular from July 6, 2017, regarding customer liability in unauthorised electronic banking transactions, which stipulates that the burden of proof lies with the bank.

Ultimately, the commission determined that the bank had not established any liability on Kumar’s part for the transactions and reaffirmed that banks are responsible for the security of their customers’ accounts. The commission ordered Bank of Baroda to refund the Rs 38,649 and pay Rs 15,000 in compensation, mandating compliance within 30 days of receiving the order.

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