Nifty is back around 23,000, roughly where it was two years ago. In between, we've seen China stimulus, Trump tariffs, FII outflows and geopolitical shocks repeatedly trigger sharp corrections.

Gold loans have surged 4.4x in two years, with jewellery increasingly being used as collateral to unlock credit. And it fits a broader trend: households are carrying more liabilities while their net financial savings have been shrinking.

🚨 IRDAI is looking to shake up how insurance is distributed in India. We broke down what’s changing and why it matters for distributors, platforms and customers.

SEBI Board Meet | 24 September 2026 | Key takeaways 📌 • FPIs get wider access to non-agri commodity derivatives • PMS gets a broader investment universe, including overseas assets • REITs & InvITs can use Depository Receipts to tap global capital • Accredited investor framework gets wider • Settlement rules get faster and more flexible • Research analysts get some compliance relief • Vault Manager framework expanded beyond EGRs • New framework for advertising by SEBI-regulated entities • AIF and listed NCD frameworks get further easing The broader theme: deeper markets, wider global participation and less friction for market participants.

Gift Nifty is flat at 23,094.50, down 11 points (-0.05%), pointing to a muted start for Indian markets today.

Grannies get the spotlight, London welcomes a desi guest, and job search gets a rethink. We covered this in today’s Filter Coffee Newsletter. Full story here: substack.com/home/post/p-182…

Cipla, ONGC & NTPC holding the green (Cipla +1.2%, ONGC +0.9%). Banks, NBFCs, Reliance and Adani names in the red.

PB Fintech: -30% in one day. One regulatory proposal. One of India’s biggest one-day stock wipeouts.

IRDAI wants to tighten rules on insurance commissions and selling costs. For insurers, that could mean lower distribution costs. For brokers and platforms like Policybazaar, it could mean lower commissions. For consumers, it could mean more transparency and potentially cheaper insurance over time.

Most major global exchanges trade at around 24–30x earnings. NSE is being valued at a staggering 42.9x. Interesting fact: NSE handles more derivatives contracts than any other exchange in the world.

Japan's 10-year yield just hit 3.06%, a 30-year high. The US 10-year is at 5.06%, a 19-year high. For India, the competition for foreign money just got tougher. When developed markets start paying 3–5%, emerging markets have to offer investors a better reason to stay.

GIFT Nifty at 23,273.50, down 42 points (-0.18%), signalling a slightly weaker start for the Indian market.

Defence deal, fundraises up, and a boost for India's FY27 GDP growth. We covered this in today’s Filter Coffee Newsletter. Full story here: substack.com/home/post/p-217…

AI CEOs: “We need to slow down AI development.” Also AI CEOs: launches another flagship model 💀

Bitcoin is now trading around $85,575, up nearly 43% from its ~$58,600 low this year. From panic to a 40%+ rebound. 👀

Metals, Bajaj Finance & FMCG holding the green (Bajaj Finance +3.4%, Tata Steel +3.2%). IT and Titan in the red.

Brahma AI just raised $150M at a $2B valuation. But the interesting part is what it's actually doing with AI. Warner Bros, NBA, Mayo Clinic, Disney and JioHotstar are among the companies using Brahma to create, translate, dub and manage huge amounts of video content. The company says 24 large customers account for ~80% of its revenue, with some relationships lasting 3–5 years. Revenue has gone from $45M in 2024 to $130M+ expected this year.