Business

New Delhi, May 9 (IANS) The Centre has completed the implementation of the four labour codes by notifying the corresponding rules in the official gazette, more than five years after the reforms were first introduced to overhaul India’s labour law framework.

The four labour codes -- the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 -- had come into force on November 21, 2025.

With the publication of the rules, the new labour regime has now become fully operational across the country.

Notably, the labour codes were brought in to replace and consolidate 29 existing labour laws into a simplified structure

However, according to officials, some operational aspects of the codes could not be implemented earlier due to the absence of notified rules.

Earlier in May, Labour Minister Dr Mansukh Mandaviya launched a nationwide annual health check-up initiative for all workers aged 40 and above under new Labour Codes.

The free health check-ups for all workers above 40 years of age will now be conducted across the country every year.

Mandaviya said the implementation of the four Labour Codes reflects Prime Minister Narendra Modi’s guarantee of ensuring dignity, welfare and social security for workers across the country.

Highlighting key labour reforms, the minister stated that provisions for equal wages for men and women workers have been ensured, maternity leave has been increased from 12 weeks to 26 weeks and work-from-home provisions for women have also been incorporated.

In addition, the framework provides for setting up a National Reskilling Fund to support workers who lose employment and require fresh training for new opportunities.

--IANS

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New Delhi, May 9 (IANS) The Central Board of Direct Taxes is stepping up efforts to recover Rs 2.57 lakh crore in confirmed tax demands in the current fiscal year, a report has said.

Under the enforcement drive, special teams will track the top 10,000 high‑value arrear cases nationwide in FY27, the tax department officials told NDTV Profit.

Tax recovery and compliance monitoring will see a technology-driven push from artificial intelligence, data analytics and digital forensics, they said.

The CBDT officials said recovery teams may also use the CERSAI mortgage and asset database to trace properties and secured assets linked to defaulters.

The tax department will monitor top advance‑tax payers and identify misuse of exemptions and deductions, it added.

In FY26, the board disposed of 2.24 lakh appeals involving disputed demand of Rs 8.27 lakh crore.

Pending appeals have declined from 5.40 lakh to 4.95 lakh during FY26, the department officials said, adding that directions have been provided to officers to focus on recovery from non-compliant taxpayers.

FY27 direct tax collection target stood at 26.97 lakh crore as per the Budget 2026.

Moreover, India's direct tax collections inched up moderately in FY26 on an annual basis but missed the government's revised estimates, due to evolving macro-economic conditions.

Net direct tax collections rose 5.1 per cent year-on-year to Rs 23.4 lakh crore in FY26 as per provisional data, short of the Revised Estimate (RE) of Rs 24.21 lakh crore by approximately Rs 81,000 crore, highlighting weaker-than-anticipated buoyancy in tax revenues.

The government’s newly implemented Income Tax Act 2025 has made India’s tax system simpler, easier to understand and more taxpayer-friendly, Chief Commissioner of Income Tax (IT & TP) Nirupama Kotru said on Friday.

Speaking to IANS on the sidelines of an awareness programme here, she said the reforms are aimed at helping ordinary citizens file returns without confusion and reducing dependence on tax professionals for basic compliance.

—IANS

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Mumbai, May 9 (IANS) The Securities and Exchange Board of India (SEBI) has proposed additional measures to its plan to reintroduce open‑market buybacks through stock exchanges, including a shortened completion timeline and new safeguards for minority shareholders.

SEBI, after consultation with the Primary Market Advisory Committee (PMAC), said companies would be allowed to undertake open‑market buybacks which must be completed within 66 working days from the offer opening, and must use at least 40 per cent of the buyback size within the first half of the offer period.

The regulator said a 66-day timeline is warranted due to recent changes under the Finance Act, 2026 to the Companies Act, with respect to the permissible gap between two buyback offers, which necessitates a balanced approach.

The regulator said that a six-month-long period proposed by PMAC may make buybacks irrelevant in the context of market developments and could prove difficult for shareholders to track.

As an additional safeguard, SEBI may direct freezing of shares and other specified securities held by promoters and their associates at the ISIN level during the buyback period. Existing rules bar promoters from dealing or transferring company shares from the board decision until the buyback closes.

The regulator has proposed removing the requirement for a separate trading window for buyback transactions and conducting such trades through the normal market mechanism.

Further, it proposed dispensing with the requirement to display the company’s identity as a purchaser on the trading screen.

The regulator also proposed introducing an explicit provision to ensure buybacks do not breach minimum public shareholding norms and aligning the interval between two buyback offers with provisions under the Companies Act, 2013.

It also mulls making companies mandatorily send an intimation to shareholders through electronic mode regarding the buyback offer within one working day of such public announcement.

—IANS

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New Delhi, May 9 (IANS) Gold prices rose 1.83 per cent during the week over persistent geopolitical uncertainty and volatile crude prices.

On Friday, MCX gold June futures gained 0.04 per cent while MCX silver May futures surged 1.34 per cent. Currently gold futures stand at Rs 1,52,589, while silver futures at Rs 2,61,999 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,51,078 on Friday up from Rs 1,48,357 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Precious metals continued to rise for four consecutive sessions as optimism over a potential US‑Iran peace agreement and a softer US dollar outweighed a stronger‑than‑expected US jobs report.

US jobs data showed that employment rose more than forecast in April while the unemployment rate held at 4.3 per cent, underscoring resilience in the labour market and reinforcing expectations that the Federal Reserve may keep interest rates higher for longer.

Central banks maintaining interest rates higher for longer, could pressure non-yielding assets like gold.

In international markets, Comex gold climbed about $50 to a session high of $4,760 per troy ounce, posting a weekly gain near 1.5 per cent. Market participants said the prospect of easing regional tensions and a weaker dollar supported demand for non‑yielding bullion.

Gold and silver have fallen nearly 10 per cent since the US-Iran conflict began on February 28.

The broader safe-haven structure remains intact, though the pace of the rally has moderated as the dollar steadies and broader risk sentiment shows tentative signs of improvement, market participants said.

Despite commodities flow disruption in the Strait of Hormuz dominating the macro narrative, markets are also entering a phase of technical consolidation following the sharp swings witnessed in recent weeks, analysts said.

Precious metals are witnessing mixed price action, with gold and silver attempting to stabilise after recent corrective pressure.

West Asian tensions were rekindled on Thursday after US and Iranian forces exchanged attacks near the strait, though US officials said the ceasefire remained in place.

Immediate resistance for MCX Gold is placed at Rs 1,54,000–Rs 1,55,500, and immediate support is seen near Rs 1,50,000–Rs 1,48,000, analysts said.

For MCX Silver, the Rs 2,65,000 zone acts as immediate resistance, and the Rs 2,60,000–Rs 2,58,000 zone now serves as immediate support, they added.

—IANS

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Seoul, May 9 (IANS) South Korean brokerages are seeking partnerships and expanding infrastructure for foreign omnibus accounts to attract more foreign investors, who have been instrumental in fuelling the recent tech rally that pushed the country's benchmark index to unprecedented levels.

According to financial sources on Saturday, Samsung Securities Co., a major domestic brokerage, has recently partnered with Interactive Brokers LLC. (IBKR), a global online brokerage platform, and started a pilot service of its foreign omnibus accounts in the United States.

The collaboration will allow international investors using IBKR to trade Korea-listed stocks directly through Samsung Securities' infrastructure, market insiders said, reports Yonhap news agency.

Samsung Securities is not the only major domestic brokerage to start such a service. The country's major retail broker Kiwoom Securities Corp. inked a similar partnership with Webull Corp., a U.S.-based broker-dealer.

Mirae Asset Securities Co., one of the largest brokerages in the country, also has finalised internal preparation to introduce such accounts and is contacting global clients with the goal to launch it in the first half.

"We are currently contacting global brokerages and our overseas offices regarding the matter, while in-depth negotiations with brokerages in Asia and the U.S. are under way," an official from the securities firm said.

Local online-only brokerage Toss Securities, too, said it is reviewing the launch of such accounts, without further elaborating. The brokerage's parent company, Viva Republica, is pursuing an initial public offering in the U.S. market this year.

A total of seven local brokers are preparing to start omnibus account services, according to the Financial Services Commission (FSC).

Omnibus accounts allow nonresident investors to trade South Korean equities directly through the brokerages they use to trade stocks in their home markets.

The system was first introduced in 2017 to ease foreigner access to the domestic market, but the accounts have been barely used, as local financial regulators limited the opening of such accounts to only a handful of entities.

The FSC, however, abolished such a limitation in January under the government's "comprehensive road map" aimed at securing South Korea's upgrade to developed-market status from Morgan Stanley Capital International.

Market watchers were widely positive of the introduction of omnibus accounts, saying it will help attract more overseas capital into the local market.

"Foreign omnibus accounts will mark the beginning of the advance of the K-stock market and will provide an opportunity to expand global liquidity into the local market," analyst Yoon Yoo-dong said in a report.

More trading could lead to more commission earnings that can benefit local brokerages, she added.

Recent movements of local brokerage stocks appear to suggest that there is a market consensus for such an outlook.

Samsung Securities vaulted over 28 percent on Monday amid reports of the securities firm's partnership with IBKR. Shares of Kiwoom Securities rose by more than 14 percent in a single trading day in the same week.

—IANS

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Mumbai, May 9 (IANS) The Indian equity benchmarks posted notable gains during the week over easing crude prices, a firmer rupee and softer 10-year bond yields despite lingering geopolitical tensions.

Nifty gained 0.76 per cent during the week and dipped 0.60 per cent on the last trading day to reach 24,180. At close, Sensex was down 516 points or 0.66 per cent at 77,328. It advanced 0.54 per cent during the week.

"The improvement in macro conditions shifted sentiment from early-week caution to a more constructive stance, allowing markets to absorb profit booking triggered by fresh headlines towards the end of the week," an analyst said.

Investor confidence was further supported by favourable state election outcomes and Q4 earnings that came in better than cautious expectations. Midcap and smallcap indices outperformed benchmark indices, while sectors such as autos, defence, realty, and pharma witnessed strong buying interest.

Nifty Midcap100 added 3.49 per cent, while Nifty Smallcap100 gained 4.05 per cent during the week.

While stable crude prices and rupee recovery offer near-term support, any renewed escalation in West Asia remains a key risk, particularly for commodity-sensitive sectors, they added.

The markets ended lower on the last day of the trading week as the United States and Iran exchanged fire which prompted investors to reassess expectations of a near-term peace deal and rekindled energy supply chain concerns.

Iran claimed the US had violated the ceasefire agreement. However, US President Donald Trump reaffirmed that the ceasefire remained in effect, and Iran said the situation has returned to normal.

Brent crude oil declined over 3 per cent in international markets to trade below the $95-per-barrel mark, while domestic crude futures slipped below the Rs 9,000 level, reversing much of the previous session’s escalation-driven rebound.

Meanwhile, Nifty 50 is expected to see the 24,250–24,300 level as an immediate resistance zone and the 24,100–24,000 band remains a crucial support area, market participants said.

In Bank Nifty, a sustained move above 55,500 could extend the recovery toward 55,800–56,000, strengthening near-term momentum, they added.

Investors remain keen on cues from India and US inflation data, along with domestic credit growth trends, as these will influence RBI rate expectations and corporate margin outlook.

—IANS

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Mumbai, May 8 (IANS) The Securities and Exchange Board of India (SEBI) on Friday moved to end months of uncertainty over the use of market data for educational purposes by introducing a uniform 30-day lag on the sharing and use of such data.

In a circular, the regulator said the revised framework will come into force from 1 July 2026. The move follows concerns raised by market participants and legal scrutiny over conflicting timelines prescribed in earlier Sebi directives.

The confusion originated from two separate circulars issued by the regulator over the past two years. In May 2024, Sebi had barred market infrastructure institutions (MIIs) and intermediaries, including stock exchanges, from sharing price data for educational purposes with a delay of less than one day.

However, a later circular issued in 2025 prescribed a stricter three-month lag for the use of market data in investor education and awareness programmes.

The issue gained prominence during proceedings before the Securities Appellate Tribunal (SAT) in the case involving trader and educator Avadhut Sathe and his firm, Avadhut Sathe Trading Academy (ASTA).

In an ex parte interim order passed in December, SEBI had restrained Sathe and ASTA from accessing the securities market and ordered the impounding of Rs 546.16 crore. The regulator alleged that the institute was providing unregistered investment advisory and research analyst services under the guise of stock market education. Sebi also cited several instances where Sathe allegedly used market data to make stock recommendations.

During the SAT hearings, the appellants argued that the differing timelines under the two Sebi circulars had created a “regulatory vacuum”, leaving ambiguity around what constituted permissible use of delayed market data for educational activities.

Following a consultation process initiated in January this year, SEBI proposed a middle-ground approach by recommending a 30-day lag. Stakeholders had told the regulator that a one-day delay was too short and created room for misuse, while a three-month delay significantly reduced the relevance and usefulness of the data for educational purposes.

In its latest circular, SEBI clarified that the earlier directives were intended to address different aspects of market data usage. According to the regulator, the 2024 circular dealt with the sharing of price data by exchanges, while the 2025 framework focused on defining how old the data must be for it to qualify as being used solely for educational purposes.

SEBI has, however, exempted the National Institute of Securities Markets (NISM) from the revised norms.

--IANS

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New Delhi, May 8 (IANS) NITI Aayog, in partnership with IIM Ahmedabad, the Gates Foundation and the Gujarat government, organised a workshop to launch State and District reports on Sustainable Development Goal 5 and to push for district‑level action on gender equality, an official statement said on Friday.

The technical sessions focused on strengthening SDG 5 monitoring and evidence systems, women’s economic empowerment and social empowerment of women, the statement from NITI Aayog said.

State and District reports on SDG 5 are policy briefs, encouraging data for development to generate insights and monitor progress across time, enabling more targeted interventions and budget alignment on gender equality.

Annapurna Devi, Minister for Women and Child Development highlighted the importance of high-quality data, robust ecosystems with tech-enabled monitoring and time-bound evaluations, for dynamic policy making.

Dr. Manisha Vakil, Minister for Women and Child Development, Social Justice and Empowerment Department, Gujarat, stressed the importance of implementation, deepening convergence and targeted interventions that are responsive to local needs and realities.

The technical sessions focused on strengthening evidence-based policymaking, advancing women’s economic empowerment and promoting community-led approaches for accelerating progress towards SDG 5.

Discussions highlighted the need for stronger gender-disaggregated data systems, district-level monitoring frameworks, gender-responsive budgeting, skilling, financial inclusion, care economy support and improved access to quality employment and enterprise opportunities.

Deliberations also emphasised behavioural interventions and grassroots institutional mechanisms to address gender norms and enhance women’s participation in social and economic decision-making.

Dr. M. Srinivas, Member, NITI Aayog emphasised that the report will help identify achievements and priority areas at the district level and support progress towards the 2030 targets.

Overall, the workshop reinforced the importance of moving from broad policy approaches to more granular, district-focused strategies for advancing gender equality.

The discussions demonstrated how the SDG 5 State and District analysis can serve as a critical tool for supporting data and evidence-led decision-making, enabling States and districts to understand local challenges better and design context-specific interventions.

The workshop brought together senior officials from states and Union Territories, representatives of central ministries, UN and international agencies including UNDP, UNICEF, UNWOMEN and the World Bank.

NGOs and experts also attended the event to share insights to drive evidence-based action at the district level.

—IANS

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New Delhi, May 8 (IANS) Home services provider Urban Company on Friday reported a consolidated loss of Rs 161 crore in the Q4 FY26 as its rapid expansion of InstaHelp, the 10‑minute services arm, drove heavier losses from supply onboarding, and marketing for new trials.

The company lost about Rs 447 on every InstaHelp order it serviced during the quarter, about 17 per cent more than the Rs 381 loss per order it saw in the prior quarter, Founder and CEO Abhiraj Singh Bhal said in his annual shareholder letter.

The losses swelled 57 times in the quarter under review despite a 43 per cent jump in its Q4FY26 revenue from operations, which stood at Rs 426 crore compared to Rs 298 crore in the corresponding period of the last financial year.

The Net Transaction Value (NTV) excluding KSA (Saudi Arabia) was up 33 per cent year‑on‑year and net revenue (Ex‑KSA) grew 41 per cent, the company said. In the fourth quarter alone, consolidated NTV grew 42 per cent year‑on‑year, and adjusted EBITDA (excluding InstaHelp) grew nearly ninefold from Rs 12 crore to Rs 106 crore.

InstaHelp reported an adjusted EBITDA loss of Rs 119 crore in Q4FY26. The consolidated loss of Rs 161 crore is a sharp surge from Rs 2.8 crore loss a year earlier. The company said it ended FY26 with Rs 2,021 crore in cash and remains positioned to fund the current cash‑burn phase.

Urban company targets adjusted EBITDA break‑even by Q3FY28 and Rs 1,000 crore of surplus by FY31, the company said.

"InstaHelp remains our most significant long-term investment, and is scaling quickly. From near-zero at the start of FY26, we exited Q4 at roughly 2.7 million orders and Rs 40 Cr of NTV, with March alone crossing 1.1 million orders," the release said.

Losses will stay elevated in coming quarters as the company invests to cement leadership, it added.

“We expect InstaHelp burn to remain elevated over the next few quarters as we prioritise densification, broader micro-market coverage, and accelerated partner onboarding,” Bhal added.

—IANS

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New Delhi, May 8 (IANS) India has already completed 1,000 kms of secure quantum communication within just three years, achieving the target in less than half the projected timeline, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said on Friday.

Dr Singh said India is moving at a “very fast pace” in emerging technologies including quantum, artificial intelligence, semiconductors and deep-tech, with the country’s youth set to play the central role in building a Viksit Bharat by 2047.

At an event here, the minister outlined the government’s broader push to align higher education with emerging technologies such as artificial intelligence, semiconductors, cybersecurity and quantum technologies.

He said the Centre, developed in collaboration with the National Skill Development Corporation (NSDC), Ethnotech and Cambridge University Press and Assessment, would train students in nine future-technology domains with globally recognised certifications.

Highlighting progress under the National Quantum Mission, the Minister said India has already completed 1,000 km of secure quantum communication within just three years, achieving the target in less than half the projected timeline, and added that the eight-year Mission is advancing rapidly through four thematic hubs and collaborations with institutions across the country.

The Minister said the India AI Mission launched in 2024 is creating a strong ecosystem around compute infrastructure, datasets, innovation and future skills.

Referring to India’s growing global standing in innovation, he said the country today ranks third globally in the startup ecosystem and has crossed one lakh patents, a majority of them filed by Indian residents.

India also ranks among the top nations globally in scientific publications, with Indian research increasingly receiving international citations and recognition.

Dr Singh said the pace of technological evolution has made continuous skilling and re-skilling essential, especially in areas such as Artificial Intelligence, Cybersecurity, Quantum Technologies and Semiconductor Design.

He said India’s demographic advantage, with nearly 70 per cent of the population below the age of 40 years, presents a major opportunity to emerge as a global skilled workforce hub over the next two to three decades.

--IANS

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