The Week That Was: From the US Federal Reserve raising interest rates for the first time in three years and the Rs 22,568.94 crore NSE IPO entering its second day to renewed focus on a possible Tata Sons listing, new UPI merchant charges and Maharashtra FDA's festive-season crackdown, the week saw a string of key developments across markets, corporate India and the broader economy.
The Federal Reserve raised its benchmark policy rate by 25 basis points to 3.75%-4%, while the NSE IPO saw its subscription gather pace on Day 2. Shapoorji Pallonji Mistry reiterated support for a public listing of Tata Sons, while Maharashtra's FDA stepped up action against food establishments. New UPI merchant discount rate rules will also take effect from October 15.
Tata Sons Listing Debate Gathers Pace
The possible public listing of Tata Sons remained in focus, with Shapoorji Pallonji Group Chairman Shapoorji Pallonji Mistry reiterating his support for the move.
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Mistry said the listing should be viewed through the lens of transparency, accountability and the long-term future of the Tata institution.
“I have repeatedly said that the public listing of Tata Sons is not merely a financial or regulatory matter. It is a social and moral imperative,” Mistry said in a statement.
Following the Reserve Bank of India's decision on Tata Sons, Mistry said the listing could strengthen public accountability while preserving the philanthropic purpose associated with the Tata legacy.
He described the RBI decision as a “pivotal moment” for Tata Sons and said institutions of national importance should be guided by transparency and accountability.
NSE IPO
The Rs 22,568.94 crore NSE IPO entered its second day of bidding after receiving decent demand on the first day.
The IPO opened for public subscription on September 17 and will close on September 21. The price band has been fixed at Rs 1,700-Rs 1,785 per share.
The issue is entirely an offer for sale of 12.64 crore shares by existing shareholders, with no fresh issue. NSE had raised Rs 6,746.18 crore from anchor investors on September 16 by allotting 3.78 crore shares at Rs 1,785 apiece.
By 12:00 pm on September 18, the second day of bidding, the issue had been subscribed 57%, with bids received for 5,04,81,896 equity shares against 8,86,42,911 shares on offer.
The retail portion was booked 58%, while the NII segment was subscribed 1.04 times. The QIB category was subscribed 19%, and the employee portion was booked 1.23 times.
On Day 1, the NSE IPO had been subscribed 43%.
US Fed Raises Interest Rates After Three Years
The US Federal Reserve raised its benchmark policy interest rate by 25 basis points to 3.75%-4% for the first time in three years. The move was broadly in line with Wall Street estimates and came amid inflationary pressures from geopolitical risk premium.
The Federal Open Market Committee voted unanimously to raise the federal funds lending rate. The decision was driven by concerns over inflation, which has remained above the Fed's medium-term target of 2%.
The rate hike marked the first policy shift under new US Fed Chair Kevin Warsh. The central bank said, “Inflation remains elevated. Today's policy action will support a timelier return to the committee's 2% goal.”
Going forward, the FOMC expects more tightening in terms of its policy framework.
UPI Charges For Select Transactions From October 15
The free UPI window is set to narrow, with the introduction of new merchant discount rate charges for select transactions.
For large merchant payments above Rs 2,000, a levy of 0.4% will be imposed, capped at Rs 300. The new UPI fee rules will come into effect from October 15.
Select merchant categories, including railways, telecom services, insurance and fuel, will attract a flat MDR of Rs 5 per transaction for UPI payments above Rs 2,000.
Capital-market payments, including transactions involving mutual funds, securities, stock brokers and dealers, will attract a lower MDR of 0.02%, subject to a cap of Rs 300 per transaction.
Maharashtra FDA Intensifies Festive-Season Crackdown
Maharashtra's Food and Drug Administration intensified its festive-season food safety drive, suspending licences of seven establishments following inspections on September 16.
The licence of the canteen at Nair Hospital in Mumbai Central was suspended over serious food safety and hygiene violations. The wider crackdown also led to a Rs 12 lakh gutkha seizure in Nagpur and licence suspensions at six other Mumbai eateries.
The FDA said the Nair Hospital canteen was inspected on September 16 and its licence was suspended “considering the health and safety of patients and citizens.”
During statewide inspections, officials seized suspected substandard, adulterated and improperly stored food products.
The action in Mumbai included establishments such as Milan Punjab in Worli, Sadguru Sweets in Malad East, Olympia Coffee House in Colaba, Blink Commerce in Chembur, Vishwas Sweets and Snacks and A-1 General & Dry Fruits in Ghatkopar West, along with the Nair Hospital canteen.
After around 12,000 inspections of food establishments and multiple suspension notices, Maharashtra FDA Commissioner Tukaram Mundhe said the regulator is now looking to expand scrutiny to areas including cosmetics and child nutrition, with infant food a key area of focus.
In an exclusive interaction with NDTV on September 17, Mundhe said, “the overarching goal is improving public health.”
Since taking charge as Maharashtra FDA Commissioner in May 2026, the regulator has flagged multiple food-safety violations, with the latest action involving the seizure of food stock worth a total of Rs 16.21 lakh.
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