ET NEWS

The Securities and Exchange Board of India (Sebi) is not planning any immediate measures to regulate equity derivatives, chairperson Tuhin Kanta Pandey said on Wednesday.“At this moment, we are not contemplating any measures, and whatever framework that we have put in place, that will continue,” Pandey said. “When we as a regulator look at derivative markets, we do so in a very methodical manner based on data.”The government raised transaction taxes on equity derivatives in the Union Budget to curb speculative trading. India’s futures and options volumes are more than 500 times the country’s GDP, underscoring the need for arate adjustment to rein in excessive activity, it said.Separately, on the US-India trade deal, he said it would help get more investments into the country.“Fundamentally, when you have an overhang of a regulatory action which is removed, and trade frictions removed, capital formation is always accelerated,” Pandey said. He added that the removal of the uncertainties can spur investment decisions and get a greater predictability on capital. “So overall in the situation I could say that with the deals that have been done on the trade side, a lot of uncertainties have been removed,” he said.Algo Trades may Soon Not Face OTR PenaltiesThe Securities and Exchange Board of India (Sebi) on Wednesday proposed changes to its order-to-trade ratio (OTR) framework for equity options, to exempt algorithmic orders placed by market makers from OTR penalties.Under the revised framework, for equity option contracts, orders placed within a range of 40% above or below the last traded price (premium) “or ± ₹20, whichever is higher, shall be exempted from the framework for imposing penalty for high OTR,” the regulator said in a circular.At present, stock exchanges place economic disincentive for high order-to-trade ratio of algorithmic orders placed by stockbrokers. Further, algorithmic orders placed by designated market makers for market making activity would not be considered towards computation of OTR, Sebi said. “Orders placed within the range of ±0.75% of the LTP shall be exempted from the framework for imposing penalty for high OTR,” it saidNo Fresh Curbs on Equity DerivativesPandey was speaking at the launch of a corporate-bond outreach event, where he noted that measures are being considered to deepen the bond market. Sebi will engage with market participants on implementing the Budget proposals related to corporate bonds, he said.The recent Budget has proposed a series of reforms aimed at improving liquidity in the secondary market.“A market-making framework will support continuous twoway quotes, reduce bid-ask spreads, and improve price discovery, thereby making corporate bonds a more reliable asset class for investors,” Pandey said. “Derivatives on corporate-bond indices and total-return swaps will help investors in efficient risk management. As secondary-market liquidity improves and investor base widens, the corporate-bond markets will become a more reliable and cheaper funding route for issuers.”In FY25, issuers raised about ₹10 lakh crore through debt issuances. Outstanding corporate bonds have grown at roughly 12% CAGR, rising from ₹17.5 lakh crore in FY15 to ₹58 lakh crore by end-December 2025, according to Sebi data.Pandey noted that the market remains heavily skewed towards highly rated issuers, who account for 90% of all bond issuances. Nearly 60% of funds are raised by financial institutions, limiting sectoral diversity.“This concentration limits the choice available to investors and restricts fair price discovery across different sectors of the economy. The secondary market remains shallow because institutional investors follow a ‘buy-andhold’ approach rather than active trading,” he said.This is further compounded by the dominance of private placements, which can reduce transparency and make it harder for smaller issuers to access the market, he added.More than 5,600 companies are listed in the equity market, but only about 770 entities have raised funds through the debt market. Of these, 272 have tapped the market multiple times, while many have issued debt only once or twice, Sebi data showed.He also said a Sebi survey showed that more Indians know about crypto currencies than about bonds.

New Delhi: India has fully protected sensitive sectors such as agriculture and dairy in the trade deal with the US, commerce and industry minister Piyush Goyal said on Wednesday. Emphasising that ensuring energy security of Indians is the “supreme priority”, Goyal told the Parliament on Wednesday that the government aims to diversify energy sources keeping in mind the changing international dynamics.“Diversifying energy sourcing, keeping with objective market conditions and evolving international dynamics is a key strategy. All of India’s actions are taken with this in mind,” the minister said in his statement on the IndiaUS trade agreement. Both sides would now work towards completing the technical details and finalising the paperwork for the trade deal so as to expeditiously unlock its potential, Goyal informed Parliament. 127918211 Differences Resolved“The detailed contours of the agreement will be announced shortly after completion of these processes,” he said. Goyal didn’t give a timeline for implementation of the deal. The trade agreement won’t offer duty concessions to dairy, meat, poultry, cereals, genetically modified foods, soyameal, and maize imports from the US. “Given the significant and varied interests of the two sides, it is natural that both sides would want to ensure the best possible outcome while safeguarding critical and sensitive sectors in their respective economies,” he said.Prime Minister Narendra Modi and US president Donald Trump on Monday announced the trade deal, preceded by long-drawn negotiations and also marred by Trump’s decision to slap 50% tariffs on several Indian goods last August. The US has cut reciprocal tariff on Indian goods to 18% from 25%, as part of the deal. It also dropped a 25% penal tariff for India’s purchases of Russian oil. Terming it as a “landmark framework agreement”, Goyal said India and the US have been engaged in regular discussions, and at various levels with the objective of concluding a balanced and mutually beneficial bilateral trade agreement.“This framework understanding with the largest economy of the world, one that will continue to power global growth and innovation for years to come, is in the larger national interests of the people of India,” said Goyal. “It empowers both Viksit Bharat and Atmanirbhar Bharat.” The tariff on India is among the lowest as compared to its competitor nations, and the agreement also provides significant comparative advantage to Indian exporters, particularly in labour-intensive sectors and manufacturing.Long-Drawn NegotiationsFollowing negotiations extending to nearly a year, teams from both sides were able to narrow their differences significantly and finalise several areas of the agreement. “India’s core sensitivities in food and agriculture have been fully safeguarded,” Goyal said, adDifferences Resolved ding that the pact would unlock new opportunities for MSMEs, entrepreneurs, skilled workers, and industry, besides enabling access to advanced technologies. This, he said, would support Make in India, Design in India, and Innovate in India for the world, and will make India self-reliant.India will buy $500 billion of US energy, technology, agricultural goods, coking coal, and many other products over a period of five years. “In so far as references to sourcing from the US are concerned, India and the US are largely complementary economies,” said Goyal.As India proceeds on the path to Viksit Bharat or a developed nation by 2047, he said the country will need to grow its capacities enormously in multiple sectors, including energy, aviation, data centres, and nuclear power. “The US is a world leader in these areas, and it is natural therefore for us to focus on the trade potential in these sectors, which will lead to an expansion not only in our sourcing but also in our own exports,” said Goyal.

Mumbai: Men with dad bodies, crow feet and grey hair around balding pates are barrelling the cinema box office with gravitas, character and depth. They are also charging hefty premiums while crashing the youngsters' rave in cinema halls and OTT platforms. Films starring mature actors aged 50-70 have recorded impressive box-office collections across Hindi and southern cinema reflecting audiences' growing preference for acting skills and character depth over stardom hype and social media gimmicks, leading producers and distributors told ET. The "second innings" of these actors have turned the match.In recent years, mature actors such as Sunny Deol (68), Chiranjeevi (70), Nandamuri Balakrishna (65), Venkatesh (65) and Akshaye Khanna (50) have either delivered solo hits or contribute meaningfully to noteworthy hits, giving a run for the money to younger peers.Notably, these mature actors today are charging fees in the ₹15-50 crore range, considerably higher than ₹2-10 crore they charged at the prime of their careers, trade analysts said.127917560Films such as Border 2 (India collection: ₹335.7 crore), Dhurandhar (India collection: ₹1,004 crore), Mana Shankara Vara Prasad Garu (India collection: ₹245 crore), Daaku Maharaaj (India collection: ₹108 crore) and Sankranthiki Vasthunam (India collection: ₹225 crore) are prominent successes of these mature actors. "It is impressive that films of mature actors are recording above ₹100 crore at the box office almost consistently. After Gadar 2 and Jaat, Sunny Deol delivered another winner in Border 2 at the age of 68 in today's highly unpredictable times," explained Shaaminder Malik, film distributor and trade analyst.Producers attribute the captivating charisma of these long-established stars as a fundamental reason for their success."Across languages, actors in their 50s and above are delivering extraordinary performances. Films today demand larger-than-life, deeply rooted Indian characters. These mature actors who have distinct personalities are showcasing these elements with conviction and gravitas. Audiences are returning to theatres because these actors bring in certain authenticity," said Sunil Bohra, co-founder, Bohra Bros. These actors have long-established connections with multiple generations of audiences, which works for them."These stars attract a wide and multi-generational audience. In a time when younger actors are over-exposed across platforms, the familiarity, trust and legacy of these mature stars work in their favour," shared Suniel Wadhwa, co-founder and director, Karmic Films.He said that today's audiences are less focused on actors' age. They value depth of talent, presence, nuances, and suitability for roles.Producers said that the emergence of credible larger-than-life stories such as Dhurandhar have worked in favour of these stars. "The wave seems to have shifted from south to Hindi film industry. Directors in Hindi film industry are making credible larger-than-life films. These films are working as audiences are responding to them. These mature actors are talented. Today, the difference is they are getting the right roles which exploit their talent," explained producer Rajesh R Nair. These stars' flexibility in accepting roles which are beyond their 'set image', opportunities from streaming platforms, and almost constant social media buzz around them have worked for these stars, producers said.