India

Fintech Brief — September 27, 2026 Today’s Top Stories 1. The UPI MDR standoff enters its final fortnight: trader ranks split, government promises consumers won’t pay The merchant charge on high-value UPI hits on October 15, and the politics around it are fraying on all sides. The Confederation of All India Traders has categorically denied endorsing a nationwide “No UPI Day” on October 2, calling such reports misleading — even as Chandigarh’s mobile retailers (AIMRA) independently announced their own October 2 protest against the 0.4% fee, and MP traders held one on September 23. Meanwhile Finance Minister Nirmala Sitharaman, in an exclusive PTI interview, insisted the MDR is “not a tax, not a cess, not even a surcharge” — collections go to the payments ecosystem, not the Consolidated Fund — and that merchants, not customers, will bear it. The Finance Ministry has separately rejected claims of foreign pressure behind the decision. The carve-out map is now clear: P2P and P2M up to ₹2,000 stay free; above ₹2,000 it’s 0.4% capped at ₹300 (at ₹75,000+); essential thin-margin sectors — railways, telecom, insurance, fuel, agri inputs — pay a flat ₹5; and capital-market payments to brokers, mutual funds and securities go at just 0.02%. On that last slice, NSE chief Ashish Chauhan said there were no government talks on the MDR — “a decision taken by NPCI” — and expects brokers and clients to work it out between themselves. The consumer protection rule exists on paper — the ministry says banks have been told to ensure merchants don’t pass the charge on — but with 18 days to go, nobody has explained how a customer is supposed to detect a quietly inflated bill. ...

Fintech Brief — September 26, 2026 Today’s Top Stories 1. Sitharaman calls the UPI MDR “purely professional” as NPCI reveals most merchants won’t pay it Finance Minister Nirmala Sitharaman on Friday rejected the Opposition’s claim that the 0.4% merchant discount rate on UPI payments above ₹2,000 was adopted under external pressure, calling it “absolutely baseless” and describing the decision as a professional one taken jointly by NPCI, payments banks and merchant banks. She stressed the MDR is not a tax, cess or surcharge and the collections will not accrue to the government, and — per her SBI conclave remarks — a dedicated fund for promoting UPI among small merchants will get 5% of total MDR collections. NPCI’s own damage-control math: 75% of India’s 6 crore digital merchants have never recorded a single transaction above ₹2,000, and only about 10% of overall UPI transaction value risks the fee being passed to consumers. A finance-ministry official also indicated the GST Council is likely to consider relief on the 18% GST levied on MDR — a hidden surcharge on the fee itself that merchants will otherwise eat. Meanwhile traders’ associations are calling a “No UPI Day” on October 2, asking members to cover their QR codes — to be clear, UPI will keep working that day; this is a voluntary protest. With 19 days to go before the fee kicks in, the real consumer question stays unanswered: which merchants above the exemption line absorb the charge and which quietly pass it on. ...

Stock Watch — September 25, 2026 Market Day Summary | Not investment advice Summary as of 8:15 AM IST, Friday, September 25, 2026 📊 INDICES Thursday (Sep 24) close data; % change = Thursday’s session move. Next trading session opens today, Sep 25. Index Close (Sep 24) Change % Change Nifty 50 23,063.10 -383.70 ↘️ -1.64% Nifty Bank 55,438.50 -1,110.40 ↘️ -1.96% Nifty FinServ (FinNifty) 24,954.15 -383.70 ↘️ -1.51% Nifty IT 28,208.85 -645.70 ↘️ -2.24% Sensex 73,580.54 -1,247.71 ↘️ -1.67% GIFT Nifty (Fri a.m.) ~23,137 +28 pts vs futures prev close ➡️ mild positive open Pre-market signal (for Friday’s open): A Bloody Thursday — the worst session since April. Nifty broke below its 2.5-month consolidation, closing at the lowest level since April, with the IRDAI insurance commission-cap proposal the sector bomb (more below) and a Houthi missile attack on Saudi Arabia spiking crude ~3%. India VIX exploded +22.8% to 12.71 — this time it is fear. GIFT Nifty holds a ~28-point premium (~23,137), signalling a flat-to-mildly-positive open — a pause, not a recovery. Technically, 23,000 is the line: a convincing break opens 22,700–22,500; upside resistance 23,200–23,300. PCR at 0.963 with Call OI (2.07 cr) well above Put OI (1.55 cr) — the tape is set up to sell rallies. Bank Nifty: hold 55,000; resistance stacked at 55,700/55,900/56,100, bias sell-on-rise below 56,053. Macro: Brent eased to $106.02 but US 10-year yield ~5.11% keeps the pressure on. Weekend factor: a 3-day bank strike Sep 28–30 is confirmed for next week — expect defensive positioning into Friday’s close. ...

Fintech Brief — September 25, 2026 Today’s Top Stories 1. SEBI’s board clears a sweeping rulebook refresh — new PMS and settlement regulations, wider FPI and accredited-investor access Markets regulator SEBI’s board on Thursday approved a broad package of capital-market reforms, headlined by two full regulation rewrites: the SEBI (Portfolio Managers) Regulations, 2026 replacing the 2020 framework, and the SEBI (Settlement Proceedings) Regulations, 2026 replacing the 2018 version. The PMS overhaul widens what discretionary portfolio managers can invest in — including IPOs and primary-market debt issuances — while FPIs get access to physically settled, non-agricultural commodity derivative contracts. The board also widened the accredited-investor pool: individuals with ₹5 crore in securities-market assets (₹20 crore for body corporates) can now qualify alongside the existing income and net-worth tests, with manager-led accreditation valid three years and deemed status for FPIs. Other decisions: REITs and listed InvITs may issue depository receipts overseas, research analysts are relieved of recording some institutional calls, a common advertisement code comes in, and first-time NCD issuers get a listing relaxation. The consumer watch-item is the accredited-investor widening — it quietly decides who can be sold riskier unlisted products, so the guardrails around that gatekeeping deserve scrutiny. ...

Stock Watch — September 23, 2026 Market Day Summary | Not investment advice Summary as of 8:15 AM IST, Wednesday, September 23, 2026 📊 INDICES Tuesday (Sep 22) close data; % change = Tuesday’s session move. Next trading session opens today, Sep 23. Index Close (Sep 22) Change % Change Nifty 50 23,329.00 -85.30 ↘️ -0.36% Nifty Bank 56,215.55 -255.10 ↘️ -0.45% Nifty FinServ (FinNifty) 25,417.95 -106.75 ↘️ -0.42% Nifty IT 28,582.10 -248.80 ↘️ -0.86% Sensex 74,529.08 -329.91 ↘️ -0.44% GIFT Nifty (Wed a.m.) ~23,345 → fading ~flat to -50 pts ➡️ flat-to-soft open Pre-market signal (for Wednesday’s open): Tuesday snapped the four-day winning streak — IT (-0.86%) led the slide with PSU banks and oil & gas behind it, breadth was negative (1,868 declines vs 1,679 advances), and the daily chart printed a bearish engulfing pattern. FIIs sold ₹3,800 crore (second straight day); DIIs absorbed ₹4,120 crore. India VIX cooled another ~2% to ~11 — fear isn’t the driver, profit-taking is. GIFT Nifty opened the morning firm (~23,345) but has faded to signal a flat-to-softly-negative open (-~50 pts by 8 AM) as Asian cues turned mixed and crude steadied. The macro tailwind: Brent is back under $100 after Saudi restarted the East-West pipeline at reduced rates and US-Iran diplomacy perked up — OMC/aviation relief, upstream drag. Technically, Nifty must defend 23,300 (below that, 23,200 is the working stop, then 23,000) with 23,400 the first resistance (23,500-23,650 the recovery zone). Bank Nifty needs to hold 56,000 and reclaim 56,500-57,000 to resume the up-move. Events today: Hero Motors lists; NSE IPO (allotment done, GMP ~3%) lists tomorrow. ...

Fintech Brief — September 23, 2026 Today’s Top Stories 1. NPCI calls GST-on-MDR fears “misplaced” — but the resistance isn’t buying it With the 0.4% MDR on person-to-merchant UPI payments above ₹2,000 set to kick in on October 15, NPCI has pushed back on reports that 18% GST on the MDR will burden small merchants. In a statement on X, the payments body argued the apprehensions are misplaced on three counts: transactions up to ₹2,000 carry zero MDR and therefore no GST; merchants with monthly UPI receipts of up to ₹1 lakh aren’t liable to pay MDR at all; and GST-registered merchants can claim input tax credit on the MDR they pay, so they “do not bear the cost of GST” (Economic Times). The gap in that argument, as the Indian Express notes, is merchants whose turnover is below the GST registration threshold — they pay the GST embedded in MDR but can’t claim it back. Meanwhile the political economy of the fee keeps heating up: petrol pumps are refusing UPI above ₹2,000, traders’ bodies are protesting, and ex-NITI Aayog vice-chairman Rajiv Kumar has made the public-good case against the fee. On the other side, RBI Deputy Governor S C Murmu said last week the MDR is unlikely to trigger a shift back to cash — calling it “initial apprehension” as the ecosystem adjusts. For consumers the watch-item is unchanged: whether merchants above the exemption line surcharge, nudge cash, or simply stop accepting high-value UPI after October 15. ...

Stock Watch — September 22, 2026 Market Day Summary | Not investment advice Summary as of 8:15 AM IST, Tuesday, September 22, 2026 📊 INDICES Monday (Sep 21) close data; % change = Monday’s session move. Next trading session opens today, Sep 22. Index Close (Sep 21) Change % Change Nifty 50 23,414.30 +67.90 ↗️ +0.29% Nifty Bank 56,470.65 +111.95 ↗️ +0.20% Nifty FinServ (FinNifty) 25,524.70 +14.70 ➡️ +0.06% Nifty IT 28,830.90 -23.65 ↘️ -0.08% Sensex 74,858.99 +564.03 ↗️ +0.76% GIFT Nifty (Tue a.m.) ~23,515 ~+100 pts ↗️ firm-open signal Pre-market signal (for Tuesday’s open): Monday was the broad-market turn the tape needed — Sensex +564, Nifty reclaimed 23,400, and the recovery broadened beyond large-caps even as the Midcap index slipped 178 pts. Pharma, FMCG and consumer durables led; metals and IT dragged. GIFT Nifty trades ~23,515 early Tuesday — about 100 points above Monday’s close — pointing to a firm-to-strong open. The week’s backdrop: the Trump-Xi summit in Washington and UNGA week dominate global risk, crude is easing but the Middle East simmers, India VIX cooled 1.32% to 11.24, and the rupee held ~₹95.8/$. Technically, Nifty must convert 23,500 (resistance, then 23,600; stretch target 23,760 per LKP’s Rupak De) with 23,300 the level to defend; Bank Nifty needs to reclaim 57,000 while defending 56,000. The UPI MDR fee pool (effective Oct 15) remains the fintech tape’s own engine — Monday rotated within it rather than out of it (below). ...

Fintech Brief — September 22, 2026 Today’s Top Stories 1. NSE IPO closes 5.7x subscribed — ₹90,000 crore chased the country’s biggest exchange India’s largest stock exchange wrapped up its landmark IPO with bids for about 50.4 crore shares against 8.86 crore on offer — subscribed 5.69 times — worth roughly ₹90,000 crore at the upper price band of ₹1,700–1,785. The ₹22,568.94-crore issue drew over $10 billion in bids, making it India’s second-largest IPO after Hyundai Motor India’s 2024 issue. Institutional demand dominated: the qualified institutional buyer portion was subscribed 12.68 times and non-institutional 6.55 times — retail just 1.39 times. Shares list on the BSE on September 24. NSE brings a 93% share of India’s cash equity market, around 75% of options trading, and 129 million registered investors as of March 2026. The consumer-relevant wrinkle: the exchange that sets the fees investors pay is about to become an investor-owned company — and retail, which got the thinnest allotment, will meet it on listing day at whatever price the institutions’ 12.68x hunger sets. ...

Stock Watch — September 21, 2026 Market Day Summary | Not investment advice Summary as of 8:15 AM IST, Monday, September 21, 2026 📊 INDICES Friday (Sep 18) close data; % change = Friday’s session move. Next trading session opens today, Sep 21. Index Close (Sep 18) Change % Change Nifty 50 23,346.40 +75.80 ↗️ +0.33% Nifty Bank 56,358.70 +302.95 ↗️ +0.54% Nifty FinServ (FinNifty) 25,510.00 +191.65 ↗️ +0.76% Nifty IT 28,854.55 -301.05 ↘️ -1.03% Sensex 74,294.96 -19.63 ➡️ -0.03% GIFT Nifty (Mon a.m.) 23,341 ~-5 pts ➡️ flat-to-negative open signal Pre-market signal (for Monday’s open): Friday was a rotation day — Nifty and Bank Nifty advanced on easing crude while Nifty IT fell 1.03% (TCS -3.9% was the Sensex’s biggest drag), and the benchmark still notched a sixth straight weekly decline (Nifty -0.22% for the week). GIFT Nifty sits at 23,341, marginally below Friday’s close — a flat-to-cautious open despite Asian equities up, positive US futures, and falling oil. The macro turn is real: Moody’s raised India’s FY27 GDP forecast to 7.0% (from 6.0%) Friday, the Fed’s hiking cycle is seen concluded with Treasury yields easing, and Brent crude is retreating — but persistent FII outflows (DIIs absorbed ~₹3,612 cr last week) and the IT unwind cap conviction. Technically, Nifty must now sustain above 23,350 (falling 20-DMA) for the three-session recovery to extend: resistance 23,450–23,500, then 23,600/23,630; supports 23,200, then the key 23,100–23,000 zone (a break there risks the panic-selling scenario flagged by chartists). Bank Nifty needs to defend 56,000; resistance 57,000–57,200. The fintech tape has its own engine — the UPI MDR fee pool from Oct 15 — with Friday’s action showing the bid rotating back into wallets (below). ...

Fintech Brief — September 21, 2026 Today’s Top Stories 1. Apple Pay is finally coming to India — starting with Axis Bank credit cards Reuters reports that Apple is poised to launch Apple Pay in India in October, debuting with Axis Bank’s credit cards while separately negotiating with HDFC Bank and ICICI Bank, whose commercial terms are still not agreed. It has been a long road: Apple talked publicly about Apple Pay for India as far back as 2017, shelved a UPI-based version in 2018 over regulatory and data-localisation problems, and restarted talks with NPCI around 2023 (timeline recap). ...