Moneycontrol Daily: Your Essential 7

In an unprecedented move, the Parliament's Public Accounts Committee (PAC) has asked for a detailed review of the Securities and Exchange Board of India's (Sebi) accounts for the fiscal years 2022-23 and 2023-24, the first such scrutiny of the market regulator's performance, a government official said. The panel, chaired by Congress leader KC Venugopal and comprising members from both the ruling coalition and the opposition INDIA bloc, sought data from the finance ministry by September 27, the official said, requesting anonymity. Read more here

Today
World Rabies Day
PM Modi’s election rally in Jammu
Tirupati laddu row: Jagan Mohan Reddy calls for atonement rituals in temples for AP CM Naidu's 'sin’
Jagan Mohan Reddy to visit the Tirumala temple on foot
Manipur: Kuki groups declare 'shutdown' fearing attacks
NASA Crew-9 mission launch
Choreographer Jaani Master’s custody hearing
All India Tennis Association elections
Tomorrow
World Heart Day
PM Modi to virtually inaugurate Pune Swargate-Katraj metro line
Uddhav Thackeray to unveil Shivaji Maharaj’s statue at Kalmeshwar
Earth's 'second moon' to be visible

The Nifty 50 saw consolidation and snapped a six-day winning streak after a consistent record-high run, closing the first session of the October series with moderate losses on September 27. However, the weekly gains remained strong, with the index recording a new closing high. Despite this consolidation, the trend remains favourable for bulls, with the VIX at a fresh two-month low. According to experts, the index is likely to climb towards 26,500 in the coming days, as long as it holds 26,000 as support on a closing basis. However, if it falls below 26,000, the sentiment may shift slightly. Read more here

The Securities and Exchange Board of India's (Sebi's) proposed review of the Merchant Bankers Regulations could potentially force many of the 225 registered investment bankers out of business. SEBI plans to overhaul the Merchant Bankers Regulations, which were framed more than three decades back in 1992. A consultation paper released last month proposed stricter standards for merchant bankers, including one related to cancelling their licence if an entity does not generate a certain amount of income from core merchant banking activities. Read more here

In the real estate sector, taxes can significantly impact the cost structure of projects, especially in large developments. One area where developers are particularly feeling the pinch is in Joint Development Agreements (JDAs) with landowners, where the absence of certain tax benefits—like the Input Tax Credit (ITC)— has become a pressing issue. Real estate developers are urging the government to reduce the Goods and Services Tax (GST) on such agreements, particularly as the cost of construction materials continues to rise. The current tax framework not only increases project costs but also limits the developers' ability to manage their profit margins, particularly in the affordable housing segment. Read more here

Samsung has announced Galaxy S24 FE, the Fan Edition of its flagship – Galaxy S24 smartphones. The phone’s main highlight is that it brings flagship features to a relatively affordable price tag such as Galaxy AI features, flagship processor and support for the entire Galaxy ecosystem. Price, features and more here

With the Sensex nearing the 86,000 level and the Nifty50 scaling the 26,000 peak, fresh questions are being raised on the possibility of a correction in the days to come. The focus is once again on the importance of diversification and rebalancing your portfolio. Read on