The S&P BSE Sensex tumbled 1,822.25 points to 72,710.71, while the NSE Nifty50 declined 533.30 points to 22,581.20 by 10:30 am, indicating losses across most sectors.

Now in its fourth week, the conflict has escalated further with fresh concerns surrounding the Strait of Hormuz—a key oil shipping route—fueling fears of supply disruptions and a prolonged energy crisis. Crude oil prices have climbed past $110 per barrel, significantly increasing costs for import-dependent nations like India. This poses risks of higher inflation, a widening current account deficit, and slower economic growth.

Meanwhile, the rupee weakened to a record low of Rs 93.89 against the US dollar on Monday, pressured by soaring crude prices and escalating geopolitical tensions in West Asia. After slipping below Rs 93 last week, the currency is now approaching the Rs 94 mark. Since India purchases oil in dollars, higher crude prices mean greater demand for the US currency, which in turn adds downward pressure on the rupee.

In his resignation letter, Chakraborty noted that certain developments and practices within the bank over the past two years did not align with his personal principles, though he did not provide specific details.

Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for three months starting March 19, according to a stock exchange filing.

Chakraborty, a 1985-batch IAS officer from the Gujarat cadre, was first appointed as part-time chairman in April 2021 and reappointed in May 2024 for a term extending until May 2027. Before this role, he served as Secretary of the Department of Economic Affairs and earlier headed the Department of Investment and Public Asset Management under the finance ministry.

During his tenure, HDFC Bank completed its $40 billion merger with HDFC Ltd, creating one of the largest financial services institutions globally.

Following news of his resignation, the bank’s US-listed shares dropped about 7%, while its shares in Mumbai had already closed 0.3% lower earlier that day. The bank has not disclosed further details regarding the reasons behind his exit.

The Sensex opened more than 3,600 points higher to cross the 85,000 mark, after closing at 81,666.46 on Monday. The Nifty50 also surged, jumping nearly 1,200 points from its previous close of 25,088.40.

All sectoral indices opened firmly in the green, with realty, auto, consumer durables and IT stocks leading the rally, rising 4.47 per cent, 3.78 per cent, 3.69 per cent and 3.04 per cent respectively.

By 10 am, however, both indices had pared early gains, with the Sensex up over 2,200 points and the Nifty50 higher by around 650 points.

The rupee also strengthened in early trade, gaining 1.2 per cent to trade at 90.40 against the US dollar.

Indian stock markets have witnessed sharp volatility over the past week. The latest rally follows earlier gains after India and the European Union announced a Free Trade Agreement, which Prime Minister Narendra Modi and European Commission President Ursula von der Leyen described as “the mother of all trade deals.”

In a post on X, PM Modi said the two of the world’s largest democratic trading blocs — with bilateral trade valued at $213 billion — had “sealed the biggest FTA in our history.”

The move has created uncertainty for India's IT sector, which is heavily dependent on the US for business and deployment of professionals.

The Nifty 50 index opened at 25,238.10, down 88.95 points or 0.35 per cent, while the BSE Sensex started the day at 82,138.99, slipping 487.24 points or 0.59 per cent.

The pressure was most visible in IT stocks, with the Nifty IT index declining by more than 3 per cent in early trade. Shares of TCS, Infosys, Wipro, and HCL Tech witnessed sharp selling pressure.

Devarsh Vakil, Head of Prime Research at HDFC Securities, said the Trump administration has introduced significant changes to the H-1B visa program.

"A new executive order imposes a USD 100,000 application fee for each new H-1B visa. The fee is applicable only for new applicants and will not affect renewals or current H-1B holders. This sudden fee hike has sparked confusion and panic among tech companies and international workers, particularly those from India, which accounts for over 70 per cent of H-1B beneficiaries. Costs of deploying Indian professionals to US client sites for new projects will surge, making on-site assignments less financially viable for many companies," he said.

On Sunday, Prime Minister Narendra Modi highlighted in his address to the nation that next-generation GST reforms would come into effect from today.

He said the new GST structure aims to benefit all citizens during the festive season by increasing savings and making everyday items more affordable.

Despite the weak opening, experts said technical indicators remain positive.

Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, noted, "Technically, the index (Nifty 50) is trading above all its key moving averages and is currently hovering near the 25,600 resistance level. A breakout above this point would indicate a continuation of the uptrend. The Nifty 50 performed well last week, surging by 213 points and nearly recovering from a recent sharp fall with three consecutive bullish candles. Monday's stock market performance will be heavily influenced by how Indian IT companies react to the Trump Administration's H-1B visa announcements."

In the broader market indices on NSE, Nifty 100, Nifty Midcap 100, and Nifty Smallcap 100 all traded lower as selling pressure mounted.

Among sectoral indices, Nifty Auto was trading marginally higher, supported by the GST reforms, along with FMCG and Media, while other major sectors, including pharma, remained under pressure.

Meanwhile, safe-haven buying lifted precious metals.

In its press release, the Department stated, “The due date for filing ITRs for AY 2025-26, which was first extended from July 31, 2025, to September 15, 2025, will now be further extended to September 16, 2025.” The decision follows widespread complaints of technical issues on the Income Tax e-filing portal. To accommodate updates and changes, the portal will remain under maintenance from 12:00 am to 2:30 am on September 16, 2025.

Though the extension offers some relief, taxpayers have been advised to file early to avoid last-minute glitches or penalties.

Over 7 Crore Returns Filed

As of September 15, more than 7 crore returns had been submitted. The Department expressed gratitude to taxpayers and professionals for their cooperation and highlighted that 7.3 crore returns were filed by September 15, exceeding last year’s figure of 7.28 crore. “We thank taxpayers and professionals for their timely compliance. To enable further filings, the due date has been extended to September 16, 2025,” the statement noted.

The Department also reassured taxpayers that its helpdesk is available 24/7, providing assistance through phone calls, live chat, WebEx sessions, and social media.

Under the new regime—effective from September 22—the existing four-tier GST structure will be simplified to just two slabs: 5% and 18%. Luxury and “sin” goods, however, will continue to face a special 40% tax. Branded as GST 2.0, the reform is aimed at easing compliance, cutting tax burdens, boosting consumption and improving the business climate. The government has projected a revenue impact of about ₹48,000 crore from the rate changes.

"Pan masala, gutkha, cigarettes, chewing tobacco products like zarda, unmanufactured tobacco and bidi will continue at the existing rates of GST and compensation cess where applicable, till loan and interest payment obligations under the compensation cess account are completely discharged," Sitharaman said.

The council has reduced GST on numerous household products from 12% or 18% down to 5%, covering items such as toothpaste, bicycles, kitchenware, tableware, shampoos and soap. Additionally, UHT milk, packaged paneer (chena), and all Indian breads—including roti, chapati, paratha and parotta—will now be completely exempt from GST, dropping from 5% to nil.

Several food products will also become more affordable, with GST on packaged snacks, bhujia, sauces, pasta, noodles, chocolates, coffee, preserved meat, cornflakes, butter and ghee slashed to 5%.

In a major relief for the auto and electronics industries, GST on items like air-conditioners, televisions, dishwashers, motorcycles (up to 350cc), small cars, buses, trucks, ambulances and three-wheelers has been lowered from 28% to 18%. Furthermore, all automobile parts will now uniformly attract 18% GST.

The drop also followed the US decision to hike tariffs on imports, heightening concerns over India’s trade and fiscal outlook.

US Treasury Secretary Scott Bessent had earlier dismissed the rupee’s potential as a global currency. Asked on Fox News whether he worried about India shifting trade to the rupee instead of the dollar, Bessent quipped, “There are many things I worry about. The rupee becoming a reserve currency is not one of them.”

The U.S. tariffs are likely to shave off 60-80 basis points from India's GDP growth if they stay in place for a year, economists have said, potentially adding pressure on an already slowing economy.

India's central bank currently expects the economy to grow by 6.5% in the current financial year that ends on March 31.

His tenure will be for three years from the date he assumes office, or until further orders.

“The Appointments  Committee of the Cabinet has approved the appointment of Dr Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier,” a government notification dated August 28 said.

Patel, who headed the RBI between 2016 and 2018, will represent India on the IMF’s Executive Board, which is responsible for overseeing the institution’s daily functioning and major policy decisions. Notably, he was the first RBI Governor since 1990 to step down before completing his term.

This marks Patel’s second association with the IMF. In 1996–97, he was deputed from the IMF to the RBI, where he worked on developing the debt market, banking sector reforms, pension fund restructuring, and foreign exchange market evolution. He also served as a consultant to the Ministry of Finance’s Department of Economic Affairs between 1998 and 2001.

Meanwhile, GST on health and life insurance is likely to get slashed to 5 % or even zero from 18 %. 

Sales of small cars have declined in recent years as more customers are opting for bigger, feature-packed SUVs. Small cars — defined as vehicles under 4 metres in length with petrol engines below 1200cc or diesel engines below 1500cc — made up about one-third of passenger vehicle sales last fiscal, down from nearly half before the pandemic.

A reduced tax rate is likely to boost leading automakers, particularly Maruti Suzuki, which has long led this category. Models like the Alto, Dzire, and Wagon-R contribute nearly half of Maruti’s sales. Hyundai and Tata Motors are also expected to benefit. Meanwhile, the government is considering restructuring GST from the existing four-tier system (5%, 12%, 18% and 28%) to just two slabs — 5% and 18%. A final decision is expected by October, when the GST Council — chaired by the Union Finance Minister and comprising representatives from all states — meets.

Both taxpayers and businesses are now awaiting clarity as the government moves toward what could be the most significant reform of GST since its rollout in 2017.

As part of the plan, nearly 90% of items currently taxed at 28% would shift to the 18% bracket, while about 99% of goods in the 12% slab would move to 5%. A separate 40% rate would apply only to luxury and sin goods such as tobacco, gutkha, and cigarettes, limited to about 5–7 items. However, consumer durables like refrigerators, air conditioners, and washing machines will not fall under this higher tax band.

Petroleum products will remain outside the GST framework under the revised structure. Labour-intensive, export-driven sectors such as diamonds and precious stones will continue under existing rates.

Officials said the overall tax incidence will stay close to the current 88%. The government expects the simplified GST structure to stimulate consumption, offsetting potential revenue losses from lower rates.

The proposal is backed by Finance Ministry data showing that 67% of GST revenue is generated from items in the 18% slab, while the 28%, 12%, and 5% brackets contribute 11%, 5%, and 7% respectively.

The revamp plan was unveiled shortly after Prime Minister Narendra Modi, in his Independence Day address, promised GST reforms as part of a “double Diwali” gift. The reforms aim to rationalise tax rates in a way that benefits all sections of society, particularly women, students, farmers, the middle class, and the common man.

This announcement came alongside other key initiatives, including a national deep-sea exploration mission to boost energy self-reliance and the development of an indigenous “Sudarshan Chakra” defence system by 2035.

The GST Council, comprising Union and state finance ministers, is expected to take up the proposal for approval in September or October.

According to GST expert and economist Ved Jain, the changes would lower taxes on several essential goods, making them cheaper, and directly benefitting households, farmers, and the middle class.

The updated MAB is now fixed at ₹15,000 for metro and urban customers, ₹7,500 for semi-urban customers, and ₹2,500 for rural account holders—significantly lower than the previously announced ₹50,000, ₹25,000, and ₹10,000, respectively.

"We had introduced new requirements for monthly average balance for new savings accounts opened from August 1, 2025. Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences," the bank said in a statement.

The earlier hike, set to take effect on August 1, 2025, was criticised as excessively burdensome, particularly for middle-class, rural, and semi-urban customers dependent on savings accounts. Under that plan, ICICI Bank—India’s second-largest private lender—would have imposed the highest MAB in the country, surpassing rivals like HDFC Bank and State Bank of India.

Public backlash led the bank to scale down the increase, opting for a more moderate structure that seeks to balance operational costs with customer affordability.

As per the bank’s latest website update, customers in metro and urban areas who opened savings accounts on or after August 1 must maintain a monthly average balance of ₹50,000 to avoid penalties. For existing customers, the requirement remains ₹10,000.

For new account holders in semi-urban branches, the minimum balance is set at ₹25,000, while in rural branches it is ₹10,000. Existing customers in rural and semi-urban areas continue to have a ₹5,000 monthly average balance requirement.

Failure to maintain the minimum balance will result in a penalty of 6% of the shortfall amount or ₹500, whichever is lower.

ICICI Bank, India’s second-largest private lender, has increased the monthly minimum average balance requirement for all customer segments, effective August 1.

As per the bank’s latest update, new savings account holders in metro and urban branches must now maintain a ₹50,000 monthly average balance to avoid penalties, while existing customers in these areas continue with the ₹10,000 requirement. In semi-urban branches, new customers must keep ₹25,000, and in rural branches, ₹10,000. For older customers in rural and semi-urban areas, the minimum remains ₹5,000.

Customers failing to meet the balance requirement will face a penalty of 6% of the shortfall or ₹500, whichever is lower.

The bank now offers three free cash deposits per month, after which ₹150 will be charged per transaction, with a monthly deposit limit of ₹1 lakh. It also allows three free cash withdrawals monthly, while third-party cash deposits are capped at ₹25,000 per transaction for all savings accounts.

In April 2025, ICICI Bank reduced its savings account interest rate by 0.25%, bringing returns on deposits up to ₹50 lakh to 2.75%. The move to raise minimum balances contrasts with other banks that have eased their penalty structures.

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, expressed deep concern over the development. "Handmade jewellery exports are likely to suffer the most. These products may no longer be viable for the US market," he said during a conversation with ANI.

Rokde recalled the impact of a previous 10% tariff hike by the US, which reportedly rendered around 50,000 workers jobless. "If this 25% tariff leads to a similar trend, more than one lakh people could be affected. That would be a devastating outcome for the industry," he added.

Despite the grim outlook, Rokde pointed out that the long-term impact might be greater on the US than on India. “Indian jewellery is globally in demand. We have previously redirected exports to other regions like the European Union and the Middle East during trade disruptions,” he noted.

According to data from the Ministry of Commerce, the United States was India’s largest market for gems and jewellery in the last fiscal year, with exports valued at approximately USD 9.9 billion.

Nonetheless, hope remains within the industry as all eyes now turn to the sixth round of the India-US Bilateral Trade Agreement talks, scheduled for the end of August. Stakeholders are optimistic that discussions with American representatives during their India visit may bring some relief or a potential resolution.

Since January 1, the price of 24-carat gold has increased by Rs 24,340 — from Rs 76,162 to Rs 1,00,502 per 10 gm. Silver has risen by Rs 19,483, from Rs 86,017 to Rs 1,05,500 per kg. In comparison, gold prices rose by Rs 12,810 in the entire year of 2024.

Experts advise purchasing only BIS-certified gold. Genuine gold will carry a 6-digit alphanumeric hallmark code called the Hallmark Unique Identification Number (HUID) — such as AZ4524. This helps verify the purity of the gold, indicating whether it is 22-carat or 24-carat.

The latest cut follows reduction of Rs 24 that was announced in June which had plummeted the price to Rs 1,723.50. Earlier in April the cost stood at Rs 1,762.A marginal Rs 7 cut in February was offset by a Rs 6 hike in March.

A company official confirmed, “The rate of 19 kg commercial LPG gas cylinders has been reduced by Rs 58.50, effective from today.” The cut is expected to bring significant relief to small businesses, especially hotels, restaurants and other commercial establishments that depend on LPG for daily operations.

However there is no relief for households as the price remain unchanged. “There is no change in the prices of 14.2 kg domestic cylinders,” oil companies reiterated, despite growing demands for a price revision.

Check city-wise commercial LPG rates

Here are the revised LPG cylinders prices for different cities:

Delhi: Rs 1,665 (earlier Rs 1,723.50)

Noida: Rs 1,747.50

Kolkata: Rs 1,769 (earlier Rs 1,826)

Mumbai: Rs 1,616 (earlier Rs 1,674.50)

Chennai: Rs 1,881 (earlier Rs 1,823.50)

Bengaluru: Rs 1,796.00

Suzuki halts Swift production in Japan

Suzuki Motor Corporation, parent of Maruti Suzuki, suspended production of its flagship model Swift in Japan starting May 26, though its sports variant remains unaffected. While Suzuki has not officially disclosed the cause, reports attribute the stoppage to shortages of rare earth-based components due to China's export restrictions.

Global auto giants feeling the pinch

Ford has temporarily shut down its Explorer SUV assembly line in Chicago at the end of May.

Nissan’s CEO Ivan Espinosa confirmed the company is working closely with the Japanese government to secure alternative supply lines, stating, “We must maintain supply flexibility for the future.”

Mercedes-Benz production chief Joerg Burzer revealed the company is holding continuous discussions with suppliers and is considering stockpiling critical components.

BMW acknowledged that disruptions have already begun in its supply chains, prompting real-time monitoring and vendor negotiations to minimise impact.

India's diplomatic and industry push

India will send a high-level delegation next week, comprising members from SIAM (Society of Indian Automobile Manufacturers) and ACMA (Automotive Component Manufacturers Association of India). The delegation will engage with Chinese authorities to request expedited approval and shipment of critical rare earth supplies vital to India’s auto industry.

The Ministry of External Affairs is also working via the Indian Embassy in Beijing to ease bottlenecks and restore normal supply chains.

What are 7 rare earth materials under restriction?

According to recent reports and expert summaries, these are the rare earth materials whose export China has now restricted:

Samarium: Maintains strength at high temperatures. Used in: guided missile systems, turbines, electric motors, and bone cancer treatments.

Gadolinium: Acts as a catalyst in nuclear reactors. Used in: MRI scans, TV screens, and fluoroscopy.

Terbium: Produces green light for screens. Used in: TVs, monitors, smartphones, sonar systems, sensors, and hi-fi speakers.

Dysprosium:  Enhances magnet strength for nuclear reactors. Produces blue and white light.

Lutetium: Important in gasoline and diesel refinement. Also used in cancer research.

Scandium:  One of the lightest rare earths. Used in: aircraft parts, weapons, and semiconductors.

Yttrium: Extracted in larger amounts than others. Used in: PET scan filters, microwave filters, and radar systems.

China controls 70% of global rare earth mining and 90% of processing. On April 4, 2025, China announced that these seven materials—and the specialised magnets made from them—can only be exported under special permits, accompanied by end-use certificates confirming non-military usage.

The shipments of magnets crucial for electric vehicles, drones, robots, and even missiles are reportedly stuck at Chinese ports due to the new paperwork requirements.

Global repercussions: EVs to get expensive

Experts warn that if China continues with its restrictions, global EV production could slow down, and prices may surge due to the rising cost of raw materials. Both electric and internal combustion engine (ICE) vehicle production lines could face interruptions, especially in emerging markets like India.

The rate cut is expected to bring relief to borrowers, especially home loan customers, as banks may soon pass on the benefits in the form of lower EMIs on long-term loans.

The RBI Governor said despite a fragile global economic environment and downward revisions in global trade projections, India was poised to maintain its growth trajectory.

“India’s strength lies in the robust balance sheets of its five key economic sectors. Our economy continues to offer vast opportunities for both domestic and international investors. We are already growing fast and aim to accelerate further,” he stated during the announcement.

On the inflation front, the RBI chief confirmed that price pressures have eased significantly. Both near-term and medium-term inflation outlooks are positive, with food inflation expected to remain subdued and core inflation likely to stay benign.

Reflecting this improved scenario, the RBI has lowered its retail inflation projection for the current financial year to 3.7%, down from its earlier estimate of 4% made in April.

Key economic indicators also paint an encouraging picture. According to the RBI Governor, private consumption remains healthy, and discretionary spending is gradually rising. Industrial production is picking up pace, while the services sector is expected to retain its momentum. Demand from rural areas remains stable, and urban consumption is improving.

Looking ahead, the RBI has retained its GDP growth forecast at 6.5% for FY2025. The quarterly breakdown is as follows:

Q1 (April-June): 2.9%

Q2 (July-September): 3.4%

Q3 (October-December): 3.9%

Q4 (January-March): 4.4%

The report alleged that certain LPG tankers linked to Adani’s operations may have used AIS spoofing, a method where vessels manipulate tracking data to hide their true location or origin. According to experts, this tactic is commonly used to bypass sanctions and avoid detection when trading with restricted countries like Iran.

What is the controversy?

The core of the controversy revolves around whether the Adani Group knowingly imported Iranian LPG, which is restricted under US sanctions. The US has made it clear that any country or company trading with Iran’s oil or petrochemical sector risks facing secondary sanctions. The report by The Wall Street Journal suggested that tankers made repeated trips between the Persian Gulf and Mundra port, and exhibited signs of trying to hide their route — something often seen when ships attempt to bypass sanctions.

The US Justice Department is said to be reviewing the activities of several LPG tankers that may have delivered cargoes to Adani Enterprises. The investigation, according to the report, is still in early stages and no formal charges have been announced.

Adani Group's response

The Adani Group issued a strong denial, calling the allegations “baseless and mischievous.” The company said it did not process any cargo from Iran at any of its ports, including Mundra. It also denied owning or operating any ships tied to Iran or handling any Iranian-flagged vessels. In a detailed statement, a spokesperson from Adani Enterprises said: “Any suggestion that Adani Group entities are knowingly in contravention of US sanctions is strongly denied. The report appears to be based on incorrect assumptions and speculation.”

The company further clarified that the LPG shipment mentioned in the report came from Sohar, Oman, not Iran, and that the transaction was handled by third-party logistics providers. Adani added that it does not control or track the vessels involved in such shipments, especially those not directly contracted by them.

The group also maintained that LPG is a very small part of its overall business and that all LPG imports are carried out in full compliance with Indian and international laws, including US sanctions. The suppliers, the statement said, are well-known international companies who ensure the products are not from sanctioned countries.

Stock market reaction

Despite the company’s denials, the market reacted negatively to the news. Shares of Adani Enterprises dropped by 2.2%, while Adani Ports declined 2.5%. Other group firms like Adani Total Gas, Adani Green, Adani Power, and Adani Energy Solutions also saw losses between 1% to 2%. The benchmark Nifty 50 index fell by 0.4%.

This isn’t the first time the Adani Group has been in the spotlight. In recent years, it has faced scrutiny over alleged bribery and fraud in securing solar energy contracts and misleading investors during fundraising in the US. In November last year, US authorities reportedly investigated Gautam Adani and his nephew Sagar Adani for such claims. The group denied those allegations as well and said it would seek legal action if needed.

As per the final order issued on Thursday, Sebi has also imposed monetary penalties — Rs 5 lakh each on Warsi and Goretti — and directed a collective disgorgement of Rs 58.01 crore in unlawful gains made by all 59 entities involved. These gains are to be returned with 12% annual interest from the end of the investigation period until the date of full payment.

The market regulator found that Arshad Warsi had profited Rs 41.70 lakh, while Maria Goretti earned Rs 50.35 lakh during the manipulative scheme.

Pump-and-Dump operation uncovered

According to Sebi’s 109-page order, the scheme was orchestrated in two phases. In the first phase, promoter-linked and connected entities engaged in internal trading to artificially inflate the price of Sadhna Broadcast shares. These trades, though small in volume, significantly impacted the stock’s price due to low liquidity.

In the second phase, misleading promotional videos were published across YouTube channels such as Moneywise, The Advisor, and Profit Yatra, all run by Manish Mishra — one of the masterminds behind the operation. These videos falsely portrayed SBL as a lucrative investment, driving unsuspecting retail investors to buy into the hype.

Once public interest surged and prices peaked, the accused entities systematically offloaded their shares for massive profits — a textbook example of a pump-and-dump fraud, Sebi noted.

Key players and facilitators

The core conspirators identified by Sebi include Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, who strategised and executed the manipulation. Subhash Aggarwal, a director of the RTA (Registrar and Transfer Agent) of SBL, acted as a liaison between Mishra and the promoters.

Others who played key facilitation roles include Peeyush Agarwal – a dealer at Choice Broking, and Lokesh Shah – owner of a Delhi-based franchise of the stockbroker. Sebi also named Jatin Shah for operationalising the scheme and managing execution across various accounts.

Although several entities didn’t trade directly, they were found guilty of aiding the manipulation or acting as information conduits.

No relief for insolvent promoter

While Varun Media Pvt Ltd, a promoter entity currently undergoing insolvency proceedings, has been spared from financial penalties for now, Sebi clarified that disgorgement orders remain in place and a separate ruling will follow.

Background of the case

The probe began after multiple investor complaints between July and September 2022 alleged that Sadhna Broadcast’s stock was being artificially inflated using misleading online content. Sebi investigated trading patterns from March 8 to November 30, 2022, confirming fraudulent activity. An interim order in March 2023 had already barred 31 of the implicated entities.

Sebi’s final order, signed by Whole-Time Member Ashwani Bhatia, concluded that the actions of the accused violated the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms under Indian securities law.

According to an official statement from the CBDT, the updated ITR forms for AY 2025-26 have undergone substantial revisions intended to simplify tax compliance, enhance reporting accuracy, and improve transparency. These changes have necessitated additional time for developing and integrating the updated utility systems required for filing.

Moreover, the CBDT highlighted that Tax Deducted at Source (TDS) statements — due by May 31, 2025 — would only begin reflecting in early June. Without the extension, this would have left a very narrow window for taxpayers to reconcile their tax credits and file returns accurately.

“The extension is expected to ease compliance pressures, particularly in light of the recent structural changes, and ensure the integrity of the return filing process,” said the CBDT.

Key changes introduced in ITR Form 5

Earlier this month, the CBDT also rolled out a revised ITR Form 5, introducing several notable changes for AY 2025-26:

A new split within Schedule-Capital Gain, requiring taxpayers to report capital gains separately for transactions before and after July 23, 2024.

Provisions for conditional reporting of capital losses incurred during share buybacks, applicable when related dividend income is declared as “income from other sources,” especially for transactions post October 1, 2024.

The form now includes a reference to Section 44BBC of the Income Tax Act and mandates specifying the TDS section code within Schedule-TDS.