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The central government is considering expanding the definition of a start-up to encourage innovation beyond app-based models, with discussions underway to include emerging areas such as artificial intelligence (AI), deep technology and advanced manufacturing.

The revised definition could also bring cooperatives within the start-up ambit, enabling them to work on new technologies and innovation-led business models. There is also a proposal to allow existing start-ups to pivot towards deep-tech, helping strengthen their long-term growth trajectory. The objective is to push more companies towards research-led innovation and high-impact technologies, while ensuring that India’s start-up ecosystem is not limited to digital platforms and service-based models.

<h2>PM Modi bats for manufacturing, deep-tech focus</h2>

The government’s thinking was echoed by Prime Minister Narendra Modi on Friday, as he called on Indian startups to focus on manufacturing, deep technology and global leadership.

Addressing an event marking National Startup Day and ten years of the flagship Startup India initiative at Bharat Mandapam, PM Modi said the next decade must position India at the forefront of global innovation. “What began as a government initiative has now become a nationwide movement. In just ten years, Startup India has turned into a revolution,” he said, adding that India is now the world’s third-largest start-up ecosystem.

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<h2>India’s start-up ecosystem at a glance</h2>

The prime minister said the number of start-ups in India has grown from fewer than 500 in 2014 to over two lakh today, including nearly 125 active unicorns. In 2025 alone, around 44,000 new start-ups were registered — the highest annual addition since the launch of Startup India.

“Today’s start-ups are becoming unicorns. Unicorns are launching IPOs and creating jobs. Last year alone saw the biggest jump in registrations,” PM Modi said.

Commerce and industry minister Piyush Goyal said Indian start-ups are now active across more than 50 sectors, including AI, machine learning, quantum computing and deep tech. DPIIT-registered start-ups have generated an estimated 21 lakh jobs, with over 50 start-ups being recognised every day.

<h2>AI Mission, GPUs and emerging tech push</h2>

Acknowledging challenges such as high computing costs, PM Modi said the India AI Mission is helping democratise access to technology, with over 38,000 GPUs onboarded to support smaller start-ups. “We are ensuring that indigenous AI is developed by Indian talent on Indian servers,” he said, adding that similar efforts are underway in semiconductors, data centres, green hydrogen and other strategic sectors. India will also host the AI Impact Summit in February 2026.

Highlighting the cultural shift driven by Startup India, PM Modi said risk-taking, once discouraged, has now become mainstream. “Earlier, entrepreneurship was limited to children from wealthy families. Today, youth from Tier-2 and Tier-3 cities, and even villages, are launching start-ups and solving real problems,” he said.

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He also noted growing participation by women, with over 45 per cent of recognised start-ups having at least one woman director or partner, making India the world’s second-largest ecosystem for women-led start-up funding. The prime minister said access to capital has improved through initiatives such as the Fund of Funds for Startups, which has supported investments worth over Rs 25,000 crore, along with the Startup India Seed Fund and credit guarantee schemes.

Regulatory reforms, including the decriminalisation of over 180 provisions under the Jan Vishwas Act, have also reduced compliance burdens and encouraged innovation, he said.

Calling on entrepreneurs to move beyond services and digital platforms, PM Modi urged start-ups to focus on building world-class products. “India’s ambition should not be limited to participation. It must aim for global leadership,” he said, assuring continued government support. Startup India was launched on January 16, 2016, with the aim of promoting innovation, entrepreneurship and investment-led growth, and transforming India into a nation of job creators.

The objective is to push more companies towards research-led innovation and high-impact technologies, while ensuring that India’s start-up ecosystem is not limited to digital platforms and service-based models.


Centre mulls broader start-up definition to push AI, deep-tech innovation

India has made its biggest-ever presence at the World Economic Forum (WEF) annual meeting in Davos this year, with the India Pavilion built on the largest scale compared to previous editions.

Spanning nearly 10,000 square feet, the pavilion has been designed in a heritage style and features dedicated spaces for individual states within the larger India showcase, highlighting the country’s strengths across sectors ranging from manufacturing and technology to sustainability and innovation.

As many as 10 Indian states are participating in Davos this week to court global investors, taking India’s competitive federalism to the global stage at the 56th edition of the WEF annual meeting, being held from January 19 to 23 under the theme ‘A Spirit of Dialogue’.

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<h2>States take centre stage at Davos</h2>

The Indian states present at Davos this year include Maharashtra, Karnataka, Gujarat, Andhra Pradesh, Assam, Jharkhand, Madhya Pradesh, Telangana, Uttar Pradesh and Kerala. However, states such as Tamil Nadu have opted out of the 2026 summit.

Maharashtra is being represented by a state-level delegation led by Chief Minister Devendra Fadnavis. Karnataka, meanwhile, is being represented by Minister for Large and Medium Industries MB Patil, as Chief Minister Siddaramaiah and Deputy Chief Minister DK Shivakumar have stayed back due to budget preparations and official commitments.

The delegation from Andhra Pradesh is being led by Chief Minister N Chandrababu Naidu and includes HRD and IT Minister Nara Lokesh and Industries Minister T G Bharath Telangana Chief Minister A Revanth Reddy is leading a high-level delegation, presenting the state’s long-term growth vision and its investor-friendly ecosystem

Madhya Pradesh Chief Minister Mohan Yadav is likely to present the state as a new investment destination with numerous opportunities in various sectors. Assam Chief Minister Himanta Biswa Sarma is going to the WEF annual meeting for the first time with a plan to enhance the state’s global presence and to bring in international investment.

Jharkhand is also making its presence felt at Davos for the first time with, Hemant Soren, the Chief Minister, leading an eleven-member delegation that coincides with the state’s 25 years of being formed.

At the same time, Kerala is set to position itself as a worldwide centre for eco-friendly and advanced technology industries, headed by a powerful ministerial delegation headed by P Rajeev, Minister of Industries. The six-member delegation also comprises Chief Secretary A Jayathilak and Additional Chief Secretary APM Mohammed Haneesh.

The state has been given an exclusive space within the India Pavilion to showcase its transition towards a knowledge-based, Industry 4.0-compliant ecosystem. “At Davos, we will highlight how Kerala is fusing technology, talent and collaborative ecosystems while balancing development with ecological sensitivity,” Rajeev said.

<h2>Centre, CII coordinate India’s presence</h2>

At the national level, the Department for Promotion of Industry and Internal Trade (DPIIT) is participating to promote India as an investment destination, while the Confederation of Indian Industry (CII) is acting as the nodal agency coordinating activities at the India Pavilion.

Uttar Pradesh is likely to be represented by Finance Minister Suresh Khanna and Industries Minister Nand Gopal Gupta ‘Nandi’, along with officials from Invest UP. A high-level delegation from Gujarat International Finance Tec-City (GIFT City) is also engaging with global investors and policymakers.

<h2>Davos 2026: global leaders converge</h2>

The WEF said nearly 3,000 leaders from over 130 countries are expected to attend Davos 2026 amid heightened geopolitical tensions, economic uncertainty and rapid technological change. The list of attendees includes US President Donald Trump, European Commission President Ursula von der Leyen, German Chancellor Friedrich Merz, Canadian Prime Minister Mark Carney, and Chinese Vice-Premier He Lifeng, along with several heads of state, global policymakers and top CEOs from the technology and finance sectors.

As many as 10 Indian states are participating in Davos this week to court global investors, taking India’s competitive federalism to the global stage at the 56th edition of the WEF annual meeting, being held from January 19 to 23 under the theme ‘A Spirit of Dialogue’.


Davos 2026: India rolls out 10,000 sq ft mega pavilion as states court global investors

For years, stalled infrastructure projects in India were almost taken for granted, usually blamed on red tape, slow clearances and agencies working in silos. Over the past decade, though, one platform has steadily changed that story. PRAGATI - short for Pro-Active Governance and Timely Implementation has become a practical way to nudge projects out of limbo and towards completion, especially in the power sector. Launched in 2015 as a digital review forum, it has since delivered real results, helping clear long delays, get projects commissioned and unlock billions of rupees that had been stuck on paper.

Launched under the direct supervision of , PRAGATI was designed to address a chronic problem in governance: decisions taken, but not followed through. Ten years on, the platform is increasingly being seen as a bridge between policy intent and on-ground execution - especially in sectors like power, where delays directly affect economic growth, industry and households.

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<h2>What PRAGATI is and how it works?</h2>

PRAGATI is the Government of India’s flagship digital platform for monitoring and fast-tracking major infrastructure projects, welfare schemes and public grievances. Launched on March 25, 2015, it allows the Prime Minister to directly review projects with Chief Secretaries of States and Secretaries of Central ministries.

The core strength of the model lies in its structure. Routine issues are addressed at the ministry level, while more complex and critical matters are escalated through multiple layers - via DPIIT, the Cabinet Secretariat and monitoring groups in the PMO - before reaching the Prime Minister’s desk. This layered escalation has sharply reduced the delays caused by inter-ministerial silos and unclear accountability.

So far, 50 PRAGATI review meetings have been held. During these sessions, a total of 382 major infrastructure projects - including 53 from the power sector - have been reviewed at the Prime Minister’s level alone.

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<h2>Issues resolved at record pace</h2>

One of the most striking outcomes of PRAGATI is the speed at which long-pending problems have been cleared. Across projects reviewed under the platform, 3,162 issues were identified. Of these, 2,958 - more than 90 per cent - have already been resolved.

In practical terms, this means that during the PRAGATI period, at least one project-related issue was resolved every single working day. Most of these problems were not technical failures, but administrative hurdles that had stalled projects for years.

Over 70 per cent of the resolved issues related to land acquisition (42 per cent), forest and environmental clearances (19 per cent), and right-of-way matters (14 per cent). The numbers show that when the Centre and states work in sync, many procedural hurdles can be cleared far more quickly. That coordination has been most evident in the power sector, where PRAGATI’s role stands out.

Power projects are especially prone to delays, often getting stuck over multiple approvals, fuel arrangements, land and rehabilitation issues, and local clearances. Regular monitoring under PRAGATI has helped cut through many of these bottlenecks, allowing long-pending projects to move forward.

Under the wider PRAGATI ecosystem, 237 power projects worth Rs 10.53 lakh crore have been reviewed at various levels and are now commissioned. This includes generation, transmission and hydro projects that had faced prolonged delays.

After the 50th PRAGATI review meeting at the Prime Minister’s level, 53 power projects worth Rs 4.12 lakh crore were taken up for focused monitoring. These included 27 transmission projects, 14 thermal projects, nine hydro projects and three coal mine projects.

Out of these, 43 delayed projects - representing investment of around Rs 3 lakh crore - have already been commissioned. The remaining projects are at advanced stages of completion.

A number of projects that had been stuck in limbo for years finally started moving once they came under PRAGATI’s review. These include major power plants such as the Gadarwara Super Thermal Power Project in Madhya Pradesh, the LARA Super Thermal Power Project in Chhattisgarh, and the Parbati-II and Tehri pumped storage projects in Himachal Pradesh and Uttarakhand. Hydroelectric projects like Pare and Kameng in Arunachal Pradesh also saw progress after long delays.

Transmission projects benefited as well. The Khetri–Narela corridor, for instance, was pushed through after long-standing right-of-way and coordination problems were sorted out. The Prime Minister has repeatedly underlined that the real goal is to fix processes so projects do not get delayed to begin with. Better project planning and tighter execution mean assets come on stream faster and cost overruns are kept in check, ultimately saving public money. As India steps up investment in big-ticket infrastructure, PRAGATI is expected to play an even larger role. Its track record in the power sector shows that when responsibility is clearly fixed and follow-up is consistent, governance can deliver results that are not just gradual, but game-changing.

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PRAGATI, launched in 2015, has transformed how India tracks and delivers major infrastructure projects. In the power sector alone, 237 projects worth Rs 10.53 lakh crore have been reviewed and commissioned under its multi-layered monitoring system. By resolving over 90 per cent of identified issues - mostly related to land, clearances and right-of-way - PRAGATI has cut delays, reduced cost overruns and strengthened power availability. Global studies now see it as a benchmark for digital governance and coordinated execution.


PRAGATI emerges as India’s fast-track engine for power projects worth Rs 10.53 lakh crore

In the Union Budget for 2026-27, the government may expand the scope of the Employees’ Pension Scheme (EPS) to bring employees&nbsp;earning up to Rs 25,000 per month under its ambit, sources told Zee Business. Currently, only employees earning up to Rs 15,000 per month are covered under the government-run social security pension programme.

However, the government plans to continue calculating the employer’s contribution based on a salary ceiling of Rs 15,000 per month, according to the sources.&nbsp;

Expanding the scope of the scheme could lead to bigger pension payouts and improved retirement security for eligible employees.

The sources also said that the government may consider increasing the minimum pension under the scheme from the current Rs 1,000.&nbsp;&nbsp;

Such reforms, say experts, will be in alignment with the central government’s focus on social security and long-term financial stability for the country's workforce.

If implemented in Budget for FY27, such reforms could benefit millions of employees and retirees across the country.

<h2>What is EPS? Who is eligible for it?&nbsp;</h2>

The Employees' Pension Scheme is a government-run social security pension scheme managed by retirement fund body Employees' Provident Fund Organisation (EPFO). Under the pension plan, the government provides pension benefits to eligible salaried individuals after they attain the age of 58.

Introduced in 1995, the EPS is aimed at ensuring pension benefits for employees in the organised sector after their retirement.

Under the EPS, eligible workers receive a monthly pension upon attaining the retirement age under certain conditions.

The scheme provides cover to subscribers&nbsp;on the basis of theirs and their employer's contribution to the scheme for a certain minimum number of years. The plan&nbsp;covers a range of contingencies such as disability and death.&nbsp;

Members must serve at least 10 years of total pensionable service in order to qualify for a pension under the EPS.&nbsp;

Normal pension under the scheme is available after a member attains the age of 58.

<h2>How much do employees and their employers contribute towards the EPS?&nbsp;</h2>

Employee contribution: There is no separate defined employee pension contribution under the EPS -- the employee continues to contribute 12 per cent to Employees' Provident Fund (EPF).

Employer contribution: Out of the total 12 per cent,&nbsp; 8.33 per cent is diverted to EPS (subject to the wage ceiling), with the remaining amount directed towards the EPF account.

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Here are answers to some frequently asked questions (FAQs) about the EPS:&nbsp;

At what age does an EPS member receive pension?

Normal pension under EPS is available after a member attains the age of 58.

Early pension can be availed from the age of 50, subject to certain conditions including reduced pension rates.

What is the minimum service requirement for EPS pension?

Members must complete at least 10 years of total pensionable service to qualify for a monthly pension under the EPS.&nbsp;

This&nbsp;service period does not need to be continuous.

How much do employees contribute to the EPS?

There is no separate employee contribution towards EPS.

Employees continue to contribute 12 per cent of their salary to the EPF.

How much do employers contribute to the EPS?

Out of the employer’s total 12 per cent contribution, 8.33 per cent is diverted to EPS, subject to the wage ceiling.

What is the minimum pension under the EPS?

Currently, the scheme allows a minimum pension of Rs 1,000 per month.

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&nbsp;

Expanding the scope of the scheme could lead to bigger pension payouts and improved retirement security for eligible employees.


Budget 2026: EPS may cover employees with up to Rs 25,000 monthly salary, say sources

India’s market regulator, the Securities and Exchange Board of India (SEBI), has said it will now place greater emphasis on the development of the commodity market, similar to the focus given to equities over the years.

Speaking at an event organised by the Commodity and Capital Participants Association of India (CPAI), SEBI Chairman&nbsp;Tuhin Kanta Pandey said that despite global economic uncertainty, Indian markets have carved out a strong global reputation for stability and resilience.

<h2>Market confidence on the rise</h2>

Pandey said the steady rise in new and unique investors reflects growing confidence in India’s regulatory framework and market systems. He noted that capital markets have expanded rapidly across segments such as equity and commodity derivatives, mutual funds and alternative investment funds.

Moreover, he pointed out that powerful commodity derivatives have been instrumental in the market volatility management and also in the price discovery process during the uncertain times in an easier manner.

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<h2>Nickel futures get the upper hand following their restart</h2>

Commodity movement in terms of trading caught the attention of the SEBI chairperson who mentioned a significant increase in the trading of nickel futures immediately after their reintroduction in August 2025. According to him, trading volumes and the number of participants have gone up enormously in comparison to the last financial year.

Pandey said the renewed interest in nickel futures signals improving depth and efficiency in India’s commodity derivatives market.

In its endeavour to enhance the ecosystem, SEBI has constituted working groups to examine the derivatives of agricultural commodities. The working groups are looking into various aspects such as margins, position limits, delivery processes, and settlement mechanisms. He mentioned that the new working group specifically for non-agricultural commodity derivatives would soon be set up to handle the problems related to the market.

<h2>Gold EGR scheme is under consideration</h2>

As far as the Electronic Gold Receipts are concerned, Pandey recognised that the progress has not met the expectations till now. He announced that SEBI is still in the process of reviewing the framework and trying to fix the GST-related problems, so that adoption can be improved. According to the regulator, the removal of tax and operational barriers will result in the full potential of gold-based market instruments being realised.

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SEBI Whole-Time Member Kamlesh Varshney announced changes that will bring relief to brokers and intermediaries. He said the penalty framework has been simplified, and going forward, only one penalty will be levied for a single default. This move, he said, is aimed at reducing compliance burden while maintaining market discipline.

<h2>Focus shifts to commodity markets</h2>

Varshney also praised the National Stock Exchange for developing PaRRVa, a real-time algorithm verification system designed to strengthen market oversight. He said that just as equity markets benefitted from sustained regulatory focus, the time has now come to push commodity markets forward. Discussions with the Reserve Bank of India and IRDAI on commodity market-related issues are currently underway.

Speaking at an event organised by the Commodity and Capital Participants Association of India (CPAI), SEBI Chairperson Tuhin Kanta Pandey and Whole-Time Member Kamlesh Varshney outlined the regulator’s vision for the future of India’s capital and commodity markets.


After equities, SEBI shifts focus to commodity market; Gold EGR to be reviewed

The central government has referred the Securities Markets Code Bill, 2025, to a select committee soon after introducing it in Parliament. The draft legislation combines three major laws -- the SEBI Act, the Depositories Act and the Securities Contracts (Regulation) Act -- and seeks to consolidate and simplify the country's securities market norms. 

A key feature of the proposed law is a provision to classify offenses into two categories: fraud and unfair practices, which would attract civil penalties, and market abuse, which would warrant criminal action.

Under the existing laws, there are a host of omnibus clauses in all three Acts, attracting civil penalties as well as criminal action.

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<h2 class="pf0">What does the draft securities law say?</h2>

Under the proposed law, illegal market activities such as front running and insider trading -- recognised as serious offences under the market abuse category, as it hurts market integrity -- may attract up to 10 years of imprisonment or up to Rs 25 crore penalty, or both.

In the existing framework, any violation of the provisions of the three laws can attract up to 10 years of jail.

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The uniform securities code decriminalises such activities, limiting up to 10 years of jail or Rs 25 crore fine, or both, only to serious offenses under the market abuse category.

Additionally, Clause 95 of the Securities Market Code Bill states that failure to cooperate with SEBI investigations may be punishable, attracting up to one year jail or up to Rs 1 crore fine, or both.

In the existing framework, a similar provision exists in Section 11C (5) of the SEBI Act, 1992.

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<h2 class="pf0">Why has the Centre introduced SMC Bill?</h2>

The central government plans to consolidate multiple existing laws into a single, rationalised framework.

These include:

<ul>
	<li class="pf0">SEBI Act, 1992</li>
	<li class="pf0">Depositories Act, 1996</li>
	<li class="pf0">Securities Contracts (Regulation) Act, 1956</li>
	<li class="pf0">Government Securities Act, 2007</li>
</ul>

The main purpose of the unified set of legislations is to bring greater clarity, consistency and efficiency to the regulation of the country's securities markets, reducing overlaps and removing inconsistencies while making compliance easier for all market participants.

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Under the existing laws, there are a host of omnibus clauses in all three Acts, attracting civil penalties as well as criminal action.


Securities Markets Code to classify offences under 2 groups; market abuse to attract 10-year jail, Rs 25 crore penalty

The central government on Thursday introduced the Securities Market Code Bill, 2025, marking a pivotal shift in the country's shift towards unified securities laws, merging and modernising several existing laws into a single, streamlined, principle-based framework. Once signed into law, the code is set to improve investor protection, enforcement and the ease of doing business in the domestic capital market.

The incoming securities market law combines three major laws governing Dalal Street activities: the SEBI Act, the Depositories Act and the Securities Contracts Regulation Act (SCRA).&nbsp;

<h2>Special regulations added to Securities Market Code after taking cognisance of Madhabi Puri Buch case</h2>

In a significant development, the proposed law introduces a host of regulations especially put in place after taking cognisance of the case involving former SEBI chairperson Madhabi Puri Buch, who attracted intense scrutiny and criticism after now-shut US short-seller Hindenburg Research leveled serious charges against her, including professional misconduct, misuse of power, and conflict of interest.&nbsp;

While Buch denied the charges, many eminent financial experts raised serious questions about SEBI’s integrity after the case.

SEBI's current Chairman, TK Pandey, took charge on March 1, after Buch demitted office in late-February after serving a three-year term.&nbsp;

<h2>Key provisions introduced in light of Buch case</h2>

Among the key provisions introduced in light of the case, the proposed code requires SEBI officials to disclose any direct or indirect relationships and to recuse themselves from the case concerned.

SEBI officials must also inform the regulator's board about the nature of such direct or indirect connections

Additionally, the board will be required to record such disclosures formally in writing.

<h2>Securities Market Code Bill&nbsp;</h2>

Finance Minister Nirmala Sitharaman presented the Securities Market Code Bill in the lower house of Parliament on Thursday, referring it to a select committee for further discussion.

The Opposition criticised the Bill at the introduction stage, stating that it concentrates excessive power in a single body.

Responding to the Opposition's view, the finance minister referred to the just-introduced Bill to the panel that could deliberate such details.

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<h2>Who is Madhabi Puri Buch?</h2>

Buch served as chairperson of SEBI from March 2022 to February 2025.

She was the first woman, the youngest person as well as the first private-sector professional to lead the country's capital market regulator.&nbsp;

The Buch case highlighted the need for stronger checks and balances to address concerns over the powers of senior SEBI officials and gaps in disclosure requirements.&nbsp;&nbsp;

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New regulations have been framed under the uniform securities code after taking cognisance of the case involving former SEBI chairperson Madhabi Puri Buch.


Securities Market Code 2025: New regulations formulated in light of Madhabi Puri Buch case

The government on Thursday, December 18, tabled the Securities Markets Code Bill, 2025 in the Lok Sabha, setting out plans to bring India’s securities markets under a single, streamlined legal framework. Finance Minister Nirmala Sitharaman said the Bill could be referred to a parliamentary standing committee, signalling that the government is open to wider consultation and detailed scrutiny.

The Bill seeks to fold three long-standing financial laws into one consolidated code -&nbsp;a step the government believes will make regulation simpler, bolster investor safeguards and make it easier for businesses to operate in India’s capital markets.&nbsp;By rolling these statutes into a single code, the proposal seeks to deliver clearer rules, more consistent oversight and a more predictable regulatory environment for India’s capital markets.

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<h2>Parliamentary panel referral under consideration</h2>

Presiding over the proceedings, Krishna Prasad Tenneti clarified that the Lok Sabha Speaker holds the authority to refer Bills to department-related standing committees. He noted that a decision on the referral would be taken separately.

The government’s willingness to send the Bill for committee review is being seen as an attempt to build broader political consensus on a far-reaching reform of India’s market regulation architecture.

<h2>Strengthening SEBI’s governance framework</h2>

The proposed Code also looks to strengthen the role and governance structure of the Securities and Exchange Board of India, referred to in the Bill simply as “the Board”.&nbsp;

Read More:&nbsp;<a href="https://www.zeebiz.com/india/news-new-nuclear-energy-bill-tabled-in-lok-sabha-what-it-means-for-india-s-long-term-clean-power-plans-385894">New Nuclear Energy Bill tabled in Lok Sabha; What it means for India’s long-term clean power plans</a>

To improve transparency, the Bill introduces new safeguards that require members of the Securities and Exchange Board of India board to disclose any direct or indirect interests when taking part in regulatory decisions -&nbsp;a step aimed at tightening accountability and reinforcing trust in the regulator’s functioning.

Offering a corporate governance perspective on the proposed Securities Markets Code, Lalit Kumar, Partner at JSA Advocates &amp; Solicitors, described the Bill as a “big-bang reform” on the lines of the upcoming Direct Tax Code. He said the consolidation of three key legislations—the SEBI Act, the Securities Contracts (Regulation) Act and the Depositories Act—would significantly strengthen overall investor protection. However, Kumar noted that from a pure corporate governance standpoint, the Code does not introduce any major new provisions. “Clause 65 of the Bill empowers SEBI to frame regulations, which is already the case under the existing SEBI LODR framework. Corporate governance norms will continue to be driven through SEBI regulations, as is the current practice,” he said.

<h2>Changes to enforcement and penalties</h2>

The Bill proposes a single, streamlined adjudication process for quasi-judicial actions, along with clear timelines for investigations and interim orders. To reduce the compliance burden, minor procedural lapses and non-fraudulent violations are proposed to be treated as civil offences instead of criminal ones. Criminal action would be reserved for serious misconduct, including market abuse, wilful defiance of regulatory orders and attempts to obstruct investigations.

Read More:&nbsp;<a href="https://www.zeebiz.com/economy-infra/news-india-s-trade-deficit-seen-stabilising-near-25-billion-as-weak-rupee-reshapes-export-import-balance-nuvama-385807">India’s trade deficit seen stabilising near $25 billion as weak rupee reshapes export-import balance: Nuvama</a>

The government has introduced the Securities Markets Code Bill, 2025 in the Lok Sabha to merge three key securities laws into a single framework. While the Bill aims to simplify regulation, strengthen SEBI and enhance investor protection, opposition members have raised concerns over concentration of power. The government has indicated the Bill may be referred to a parliamentary panel for detailed scrutiny.


FM Nirmala Sitharaman introduces Securities Markets Code Bill, proposes single framework for securities regulation: 7 things to know

The Expenditure Finance Committee, under the Ministry of Finance, has given its nod to a Rs 10,000 crore fund for the National Manufacturing Mission (NMF) -- an initiative announced in Budget 2025 aimed at boosting the country's&nbsp;manufacturing space.

The news confirms a Zee Business report on Wednesday.&nbsp;

The establishment of NMF is in line with the central government's long-term goal of raising the contribution of manufacturing in the country's overall GDP to 25 per cent, from the current 12.9 per cent, by 2035.

The Mission is set to improve the ease of doing business, generate skilled jobs and support MSMEs while focusing on greener technology like EVs, solar energy and green hydrogen. Its goal is to transform India into a global manufacturing hub, aligned with its broader 'Make in India' and 'Atmanirbhar Bharat' (self-reliant India) drives.&nbsp;

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An announcement on the apex body for the manufacturing sector is likely soon, according to sources.&nbsp;

The Rs 10,000 crore fund will be used for Viability Gap Funding (VGF), priority-sector greenfield projects and manufacturing in niche-sector areas, with the apex body set to coordinate with the manufacturing-related ministries to promote manufacturing in the country.

As part of the programme, semiconductors, EVs and renewable energy will be the government's priority areas within the manufacturing sector. A special emphasis will also be laid on areas like textiles, leather, metals and automotive, capital goods and consumer durable sectors.

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Here are answers to some frequently asked questions (FAQs) on the subject:

When was the National Manufacturing Mission announced?

Finance Minister Nirmala Sitharaman announced the Mission on February 1, 2025, while presenting the Union Budget for the next financial year in Parliament.&nbsp;

What exactly will the National Manufacturing Mission do?&nbsp;

As a major strategic government initiative, the mission is aimed at transforming the country’s manufacturing space. It is designed to provide policy support, execution roadmaps, governance frameworks, and coordinated monitoring across central ministries and states.&nbsp;

What is the main goal of the Mission?

It focuses on five core pillars:

<ul>
	<li>Simplifying the ease and cost of doing business</li>
	<li>Developing a future-ready skilled workforce</li>
	<li>Strengthening the MSME sector</li>
	<li>Promoting technology adoption</li>
	<li>Enhancing product quality and competitiveness</li>
</ul>

Why is the manufacturing space crucial to the economy?

The sector&nbsp;creates large-scale employment across skill levels, increases domestic value addition, lowers dependence on imports for critical goods, enhances exports and integration into global value chains, and ultimately contributes to the country's GDP.&nbsp;

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A special fund will be set up to be utilised&nbsp;for&nbsp;Viability Gap Funding (VGF), priority-sector greenfield projects and manufacturing in niche-sector areas.


Finance Ministry clears Rs 10,000 crore for National Manufacturing Mission to take GDP contribution to 25% by 2035

IndusInd Bank has come under regulatory scrutiny after the government handed over the matter to the Serious Fraud Investigation Office (SFIO) for a detailed probe, marking a negative development for the private lender.

According to Zee Business sources, the investigation has been ordered under Section 212 of the Companies Act. The SFIO will examine alleged irregularities in derivatives accounting and claims of profit overstatement at IndusInd Bank.

This is the first time that the IndusInd Bank matter has been formally referred to a central investigation agency. The SFIO received the order to initiate the probe earlier this week.

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The development comes after the Mumbai Police’s Economic Offences Wing (EOW) was unable to take the preliminary inquiry forward. As a result, the case has now been escalated to the SFIO, which has wider powers to investigate complex corporate frauds.

Sources said the focus of the probe will be on whether accounting practices related to derivative transactions led to misreporting of financial performance.

IndusInd Bank and the Ministry of Corporate Affairs (MCA) have not responded to Zee Business queries on the matter so far.&nbsp;

For unaware, IndusInd Bank faced a derivatives scandal due to accounting discrepancies in its foreign exchange (forex) derivatives portfolio, leading to an estimated impact of nearly Rs 2,000 crore on its financials and significant regulatory scrutiny.&nbsp;

<h2>IndusInd Bank Share Price</h2>

Shares of IndusInd Bank were trading lower on Wednesday, December 17. At 12:42 pm IST, IndusInd Bank share price was trading at Rs 836.10 on the NSE, down Rs 8.95, or 1.06 per cent, for the day.

The stock opened at Rs 838.20 and touched an intraday high of Rs 846.10 and a low of Rs 831.65. The bank’s market capitalisation stood at around Rs 65.15 thousand crore.

IndusInd Bank shares remain well below their 52-week high of Rs 1,086.55, while the 52-week low for the stock is Rs 606.

The development comes after the Mumbai Police’s Economic Offences Wing (EOW) was unable to take the preliminary inquiry forward. As a result, the case has now been escalated to the SFIO, which has wider powers to investigate complex corporate frauds.


EXCLUSIVE: IndusInd Bank under SFIO probe over derivatives accounting irregularities

The central government's divestment plan for Shipping Corporation of India (SCI) may be deferred soon, with the PSU's management likely to submit a formal request at the Ministry of Ports, Shipping and Waterways, and the Ministry of Finance, sources told Zee Business.&nbsp;

According to the sources, SCI is of the view that a growth phase has only begun in the domestic shipping space.&nbsp;

<h2>SCI eyes global expansion and seeks relief on loans, non-core asset hurdles</h2>

Shipping Corporation -- a Navratna central public sector enterprise (CPSE) -- is aiming to get its containers to reach global markets despite sectoral challenges, like foreign vessel dependence for international cargo.More than four-fifths of the country's international cargo is carried using foreign-flagged vessels, causing a significant forex outflow.&nbsp;

Meanwhile, the country's logistics costs -- including the shipping sector -- are higher than global averages, partly due to heavy dependence on foreign vessels.&nbsp;

Shipping Corporation is also learned to be in talks with the shipping ministry on areas like loan-related difficulties, including challenges arising from separating non-core assets, said the sources.&nbsp;

At the time of publishing this report, Zee Business was yet to receive responses to its queries from the PSU and the finance ministry.&nbsp;

Meanwhile, the government has emphasised maritime sector growth over privatisation. In October, SCI signed a memorandum of understanding (MoU) with state-run oil companies to establish a vessel-owning joint venture (JV) in a bid to reduce dependence on foreign fleets and boosting demand for Indian-built ships.

Major ports and coastal states also signed agreements to develop shipbuilding clusters with joint investments, aiming to position the country among the top five global shipbuilding nations by 2047.&nbsp;

<h2>Shipping and shipbuilding sector</h2>

After Independence, shipbuilding in the country was dominated by PSUs such as Mazagon Dock, Garden Reach and Hindustan Shipyard.

Over the last decade, private-sector participation has transformed the maritime landscape, boosting cruise tourism, inland waterways and port capacity.

A mix of strategic investments, policy reforms and expanded waterways has improved cargo movement, coastal connectivity and employment generation.

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The Centre's plan to divest its stake in Shipping Corporation of India may be deferred, according to sources.&nbsp;


Navratna PSU Shipping Corp's divestment could be deferred; here's why

The Income Tax Department launched searches at Ramee Group of Hotels premises early on Tuesday amid suspected tax evasion, according to sources.&nbsp;

The group owns several properties in India and the United Arab Emirates (UAE).&nbsp;

Ramee Group owner Vadaraj Shetty features among the top 100 industrialists in Dubai.

What is the Ramee Group of Hotels?&nbsp;

Hospitality chain Ramee Group of Hotels has a presence in India, Bahrain, Dubai and Oman, with more than 40 properties, with the group operating several restaurants, cafes, nightlife destinations and innovative cloud kitchens under one brand.&nbsp;Its popular brands include Troy, Vice, Ocho, Tanatan, Mirch, Pizzata and R-Adda.&nbsp;

Founded in 1985, the Ramee Group of Hotels opened its first hotel in Mumbai in 1994, two years after beginning its international journey. In 2002, it strengthened its portfolio by acquiring three Mahindra Holidays hotels.&nbsp;

The group entered the premium segment in 2011–12 with its first 5-star properties in India and Bahrain. It unveiled its first lifestyle hotel -- Ramee Dream -- in 2021,&nbsp;according to the portal.

Here are answers to a few&nbsp;frequently asked questions (FAQs)&nbsp;about income tax investigations in India:&nbsp;

What is an income tax search?

An income tax search -- popularly referred to as a raid -- is carried out by the Income Tax Department.

This operation involves investigators searching the premises of individuals or entities suspected of tax evasion.&nbsp;

Which law are income tax raids conducted under?

Income tax raids are held under Section 132 of the Income Tax Act, 1961.

What prompts income tax authorities to launch a raid?&nbsp;

An income tax raid is conducted when the taxman has information that supports suspicion of income tax evasion. The searches are to find evidence supporting such suspicion.

Who authorises an income tax search?

These raids are authorised by senior I-T officers.

Can digital devices and documents be seized during these searches?

Yes.

What is an income tax survey? Is it different from a raid?

An income tax survey is a procedure conducted by the taxman mainly to collect information about an assessee’s business operations, covering details ranging from assets to financial books.

These surveys are authorised under Section 133A of the Income Tax Act, 1961.

Typically, these surveys are performed at the business premises during normal business hours, to verify records, ascertain income, and collect details for assessment purposes.

This action is different from an income tax raid.

Also known as searches, income tax raids are typically a 'search and seizure' operation under Section 132 of the Income Tax Act that enables the taxman to enter any location -- including residential or office premises -- at any time, with investigators having powers to seize cash, valuable items, or any other kind of suspected evidence.

Can a taxpayer challenge a search?

Yes.

Are Income Tax searches made public?

The department does not officially disclose names or details unless it leads to prosecution or a public statement is warranted.

Income tax authorities have launched searches on the Ramee Group of Hotels over suspected tax evasion.&nbsp;


Income tax raids at Ramee Group of Hotels premises: Sources

The Finance Ministry is taking major steps to curb fake input tax credit under the Goods and Services Tax (GST) system. The Revenue Department, under the Ministry of Finance, may restrict any editing or manual intervention in GSTR-3B. A source close to the development told Zee Media, “The GST department is planning to curb fake input tax credit through new regulations.”

The source added that in the first phase, which may kick in from April 2026, GST is likely to freeze the editing of output details in GSTR-3B, where tax liability is declared -- this data will directly flow from GSTR-1.

Another source told Zee Media, “From July, which is the second phase of this reform, input tax credit entries in GSTR-3B may no longer be entered manually; they will automatically flow from GSTR-2B.”

Both phases are expected to be completed by July 2026.

Experts feel this is a necessary step to curb fake input tax credit.

Abhishek A Rastogi, founder of Rastogi Chambers, told Zee Media: “The move to curb fake input tax credit (ITC) is undoubtedly important, but it is equally essential that genuine businesses do not suffer collateral hardship. In several legitimate sectors, the ratio of ITC to output tax is inherently high due to the nature of operations. For such businesses, even a short-term blockage or restriction on credit can severely impact working capital and overall cash flow.”

“While the proposed shift to auto-populated GSTR-3B, first for output tax (from GSTR-1) and later for ITC (from GSTR-2B), may strengthen system integrity, the transition must be calibrated carefully. Any mismatch, system delay, or vendor-level non-compliance can unfairly penalise compliant taxpayers, who rely on timely ITC to keep operations running smoothly,” said Rastogi.

“As the July 2026 implementation progresses, the focus must remain on ensuring that the fight against fake ITC does not translate into procedural bottlenecks for honest businesses, whose financial stability depends on seamless credit flow,” he added.

In the last seven years, frauds amounting to more than Rs 2 lakh crore have been detected by the GST department. If the government can curb this fake input tax credit practice, both the Centre and the states will receive a higher share of tax revenue.

"The proposed framework signals a decisive shift toward a fully system-driven compliance architecture under GST, and while the objective of curbing fraudulent input tax credit is legitimate, the transition must be calibrated. Freezing edits in GSTR-3B and mandating an automatic flow of output liability from GSTR-1 will certainly reduce scope for manipulation, but it also raises concerns for genuine taxpayers who often discover clerical errors or supply-side mismatches only at the 3B stage. Similarly, auto population of ITC from GSTR-2B without permitting manual intervention could lead to denial of legitimate credits due to supplier non-compliance, effectively shifting the burden onto the recipient," said Sonam Chandwani, Managing Partner at KS Legal and Associates.&nbsp;

"Unless the government simultaneously strengthens supplier side enforcement and provides a robust correction window, these changes may increase litigation and working capital blockage for compliant businesses. The intent is sound but the implementation must ensure that the system does not punish bona fide taxpayers while chasing fraudulent claims," said&nbsp;Chandwani.&nbsp;

Manoj Mishra, Partner and Tax Controversy Management Leader, Grant Thornton Bharat LLP, highlighted that the&nbsp;idea of hard-locking auto-populated data in GSTR-3B has been on the table for a while. "It was first planned for the January 2025 tax period in a phased manner, beginning with outward supplies. After several trade representatives flagged practical challenges, the move was deferred. The GSTN advisory issued again for the July 2025 tax period clearly shows that the government is keen to move ahead with this architecture," he said.&nbsp;&nbsp;

"What this signals is a clear shift in GST compliance. By locking the tax liability based on GSTR-1 and, eventually, auto-populating ITC from GSTR-2B/IMS, the administration wants to build a system where accuracy is embedded in the workflow and reporting becomes far less manual. While this is aimed at curbing fake input tax credit, it also nudges the ecosystem towards cleaner data, fewer disputes and a more automated return cycle," said Mishra.&nbsp;

"If the transition is handled well, the long-term impact could be a significantly more streamlined and predictable compliance environment for genuine taxpayers. With these changes taking shape, it is evident that we are steadily moving towards a fully automated compliance system,” he added.&nbsp;

Recently, the GST Council raised the issue of fake input tax credit at its meeting.

At the time of publishing this report, the finance ministry was yet to respond to Zee Media’s query. A new GST filing regulation may be discussed in the next meeting.

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The Revenue Department, under the Ministry of Finance, may restrict any editing or manual intervention in GSTR-3B.&nbsp;According to sources, a major reform will be rolled out in two phases, with GSTR-3B set to freeze the editing of output tax details from April and input tax credit entries in GSTR-3B may to no longer be entered manually from July.&nbsp;


Finance Ministry implementing steps to curb fake input tax credit; a new filing system expected by April

In a significant development, the Supreme Court on Thursday recognised that Chartered Accountants (CAs) have the same standing as Advocates when it comes to counting 10 years of professional experience for appointments as Members (Accountant) of the Income Tax Appellate Tribunal (ITAT).

In its November 20 order, a bench led by the Chief Justice and comprising Justice K Vinod Chandran struck down the rule that mandated 25 years of experience for the post of Member (Accountant). The clarification was issued in continuation of a judgment delivered a day earlier, on November 19.

"We are in agreement with the submissions made on behalf of the ICAI... We have already held a similar provision not sustainable in the case of advocates. There should be no difficulty in applying the same analogy," the bench observed.

"We, therefore, hold that the requirement of 25 years of experience for CAs to be appointed as Technical Members is unconstitutional," the court added.

The apex court stated that the Union government must "keep this observation in mind" while framing a new law in line with the present decision.

<h2>What CAs say</h2>

Welcoming the decision, CA Charanjot Singh Nanda, President, ICAI, said: “Historically, the minimum experience requirement for a CA and Advocate was the same for many years. Chartered Accountants, with their rigorous training, professional excellence and deep domain expertise, are well equipped to serve as Technical Members in tribunals.”

"Recognising 10 years of experience as the qualifying threshold aligns with merit, global best practices and ensures that capable professionals can contribute meaningfully to the justice delivery system. This restores the status quo through a balanced and progressive approach," added Nanda.

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Here are answers to a few frequently asked questions (FAQs) about this development:&nbsp;

1. What is the Income Tax Appellate Tribunal (ITAT)?

The Income Tax Appellate Tribunal (ITAT) is an independent, quasi-judicial body that hears appeals related to income tax disputes.&nbsp;

2. What does the ITAT do?

Functioning under the Ministry of Law and Justice, the ITAT is considered the final fact-finding authority in tax matters.&nbsp;

3. Can the ITAT's decisions be challenged?

Its decisions can be challenged only on substantial questions of law before the High Courts.

4. Who gets appointed to the ITAT as a Member?

The body has two types of members:

<ul>
	<li>Judicial Members: Typically,&nbsp;they are appointed from among senior Advocates or serving/retired members of the judiciary.</li>
	<li>Accountant Members: They are appointed from among qualified Chartered Accountants or officers of the Indian Revenue Service with relevant experience.</li>
</ul>

5. What changes with the Supreme Court’s ruling?

The Supreme Court held that CAs with 10 years of professional experience, at par with Advocates, are eligible for appointment as Accountant Members.&nbsp;

The earlier requirement of 25 years of experience for CAs was declared unconstitutional.

The Supreme Court has recognised the right of CAs to be at par with Advocates in respect of experience of 10 years for being appointed as ITAT members.&nbsp;


Supreme Court puts CAs on par with Advocates for ITAT appointments—Key takeaways from landmark decision

The Union Cabinet is likely to discuss and approve a special package for exporters, MSMEs and SMEs in a meeting scheduled on Wednesday. The central government's top policy-formulating body, chaired by Prime Minister Narendra Modi,&nbsp;could clear a working capital loan facility for exporters as well as for the SME and MSME sectors, sources told Zee Business.

The proposal aims to strengthen small businesses through financial support, interest rate subsidies, loan restructuring and technology upgrades. Aligned with the&nbsp;government’s 'Make in India' and 'Atmanirbhar Bharat' drives, the package is expected to benefit millions of MSME units.

Zee Business had reported that the Cabinet approval for such a package, worth an estimated Rs 20,000 crore, was likely soon.&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="http://zeebiz.com/market-news/video-gallery-msme-exporters-20000cr-relief-package-approval-382915" width="100%"></iframe>

MSMEs have urged the central government to boost manufacturing in the space, giving&nbsp;priority to SME and MSME vendors on its Government e-Marketplace (GeM) portal. They have also suggested that the&nbsp;government consider compulsory procurement from MSMEs in official tenders, said the sources.&nbsp;

Calling for easier funding schemes for MSMEs and small exporters, industry representatives have&nbsp;sought&nbsp;a policy to include the segment under the government's production-linked incentive (PLI) scheme, as well as&nbsp;relief from quality control orders (QCOs) for operating in employment-generating sectors.&nbsp;

They have also demanded, said the sources, that affordable solar panels be made available for SMEs and MSMEs,&nbsp;on the lines of the PM Surya Ghar scheme.&nbsp;&nbsp;

Over the years, the central government has taken a host of measures aimed at strengthening and promoting the credit support, formalisation, skill development, innovation, market access, gender inclusion, and cooperation in the SME and MSME space.

With more than six crore enterprises, the MSME sector forms a vibrant and dynamic part of the country's economy, second only to agriculture in employment generation at comparatively low capital cost. The Ministry of Micro, Small &amp; Medium Enterprises promotes growth in the space through credit, technology, infrastructure, skill development, competitiveness and market assistance.

The government's credit schemes, like PMEGP and SRI Fund provide subsidies, margin money and equity funding to micro-enterprises, driving employment generation.

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The Union Cabinet, chaired by Prime Minister Narendra Modi, is expected to discuss various measures focused on small businesses in its November 12 meeting.&nbsp;


Tarun Sharma