National Stock Exchange of India Ltd., the operator of the world’s largest derivatives exchange by trading volume, has received a ‘sell’ recommendation just as it gears up to launch the country’s biggest initial public offering.

Dolat Capital Market Pvt., a local brokerage house, initiated coverage on India’s largest stock exchange with a bearish call, saying tighter regulations on the country’s equity derivatives market would crimp trading volumes and lead to a decline in its market share. As such, the rich valuations that the stock currently commands leave little room for upside, it added.

Analyst recommendations on unlisted companies are uncommon in India and globally, making the call stand out ahead of the listing of its shares on a rival bourse. Indian rules don’t allow self-listing. Dolat set a target price of 1,550 rupees ($16), which is a 26% discount from its current price of 2,085 rupees in the private trading market.

Analysts led by Punit Bahlani wrote that the impact of the decline in proprietary trading volumes and the loss of market share in index options would limit the exchange’s profit and growth rates. While the brokerage said it doesn’t dispute NSE’s long-term structural growth story, it believes current valuations fail to reflect the regulatory headwinds.

Shares of NSE are down 3% over the previous 12 months, according to unlisted share-trading platform unlistedzone.com. The stock exchange currently commands a market value of 5.2 trillion rupees.

India’s derivatives market has undergone sweeping regulatory changes over the past two years to check excessive speculation in derivatives. These include increased contract sizes and restricting options contracts that settle weekly to one benchmark index per exchange.
The report highlights that NSE’s valuations in the unlisted market are higher than global peers even as its profit growth lags. Dolat is forecasting NSE’s options trading turnover to decline at an annualised rate of about 4% between fiscal 2026 and 2029 as tighter regulations, lower retail participation and a weaker market cycle weigh on activity. In the same note, the brokerage also initiated coverage on listed peers BSE Ltd. and Multi Commodity Exchange of India Ltd. with sell ratings.

The report comes weeks after NSE filed for an estimated $3 billion IPO and targets a September listing, subject to approval from the Securities and Exchange Board of India.

Unlike most unlisted companies, NSE is extensively followed by analysts because its disclosure standards and quarterly financial reporting are broadly comparable with listed peers. The exchange also conducts earnings calls and its shares are actively traded in India’s unlisted market, where price movements and transfer data are disclosed periodically.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of SpaceX briefly traded below their IPO price on Wednesday, a first for the stock just over a month after going public.

Rick Rieder, Managing Director, is BlackRock’s Chief Investment Officer and Co-Head of Global Fixed Income platform, a member of BlackRock’s Global Operating Committee and Chairman of the BlackRock firm-wide Investment Council. Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury. Mr. Rieder is currently a member of the Federal Reserve Bank of New York’s Investment Advisory Committee on Financial Markets. He was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013 and nominated for Fixed Income Manager of the Year by Institutional Investor for 2014.   From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm’s Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm’s credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.   Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory’s Business School, and the University’s Investment Committee and is the Vice Chairman of the Finance Committee. Mr. Rieder is founder and chairman of the business school’s BBA investment fund and community financial literacy program.   Mr. Rieder serves as Chairman of the Board of North Star Academy’s eleven Charter Schools in Newark, New Jersey and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is a Trustee for the U.S. Olympic Committee and is on the board of advisors for the Hospital for Special Surgery. He serves on the National Leadership Council of the Communities in Schools Educational Foundation and on the board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Kris Jenner is mourning the death of her mother, Mary Jo “MJ” Shannon, a beloved fixture of the Kardashian-Jenner family’s reality television empire who died Thursday at the age of 91.

Jenner announced her mother’s death in an emotional Instagram post Thursday morning, sharing a photo of Shannon alongside a lengthy tribute. “Today, we said goodbye to my beautiful Mommy MJ,” Jenner wrote. “There are no words that could ever capture what she has meant to me or the heartbreak of having to say goodbye. My mom was the heart of our family. She taught me everything that truly matters … to love your family fiercely, to be kind, to show up for the people you love, and to never take a single moment together for granted.”

Jenner, 70, continued her tribute by reflecting on the values her mother instilled in the family across generations. “She taught us that family is everything. She showed us how to love unconditionally and how to find joy in the little moments,” Jenner wrote. “She showed me how to face life’s challenges with resilience and faith. Mom, thank you for every sacrifice you made, every piece of wisdom you shared, and every moment you loved us so completely.”

The post continued with Jenner describing how deeply her mother had shaped both her and her own children and grandchildren. “When I look at my kids and my grandkids, I will forever see pieces of you in all of us. There is not a part of me that isn’t shaped by you,” Jenner wrote. “And if I have done anything right in this world, it’s because I spent my life trying to live in a way that would make you proud.” She closed the tribute by writing that her heart was “broken into a million pieces” and thanking her mother for giving her “the greatest childhood.”

Shannon was widely known to fans of the family’s reality television franchise, having made frequent appearances across both “Keeping Up with the Kardashians” on E! and its Hulu successor, “The Kardashians.” She was the grandmother to Jenner’s six children — Kourtney Kardashian, Kim Kardashian, Khloé Kardashian, Rob Kardashian, Kendall Jenner and Kylie Jenner — and was affectionately known to viewers simply as “MJ.” Following news of her death, several members of the family shared their own tributes on social media, including Kim Kardashian, who posted a message mourning her grandmother and expressing hope that she was now at peace.

Shannon’s life included both personal loss and resilience in the years before her death. Her younger daughter and Jenner’s sister, Karen Houghton, died unexpectedly in 2024, a loss that Jenner has said weighed heavily on her mother in the time since. During a 2025 episode of “The Kardashians,” Jenner grew emotional discussing her mother’s wellbeing in the aftermath of Houghton’s death, saying she recognized her mother had been struggling and that she felt a responsibility to be there for her. In that same episode, Shannon revealed she had been dealing with significant physical pain that had kept her out of her own kitchen for two days, prompting an emotional response from Jenner, who said it upset her to see her mother in so much discomfort. Shannon was also a two-time cancer survivor, having previously battled both breast and colon cancer.

Shannon was married three times over the course of her life. Her first marriage lasted only a matter of months. She later married Robert Houghton, an engineer, with whom she had Jenner and Karen Houghton; that marriage ended when Jenner was seven years old. Shannon went on to marry businessman Harry Shannon, who became a father figure to both Jenner and her sister and remained married to MJ for roughly four decades until his death in a 2003 car accident. Jenner has said Harry Shannon’s death, which came after he contracted a staph infection while hospitalized following the crash, was devastating for the family.

Before the Kardashian-Jenner family built its retail and clothing ventures, including the Calabasas boutique Dash, MJ ran her own children’s clothing store, Shannon & Company, which she opened in San Diego in 1980. Jenner has spoken previously about growing up around the shop and eventually helping run the business as a young woman, particularly during the period when Harry Shannon was hospitalized following his accident. In a 2015 interview with Haute Living, Jenner recalled that her mother had wanted to close the store during that difficult stretch, but that she insisted on running it herself despite the strain of commuting to keep it going. MJ herself later reflected on those early days of the shop in a 2012 interview with the Daily Beast, recalling a young Kim Kardashian sitting on the store floor counting money and singing a playful made-up rhyme about counting cash.

Shannon’s warmth and candor made her a favorite among longtime viewers of the family’s various reality shows, where she was known for heart-to-heart conversations with Jenner and warm relationships with other members of the extended family, including Kourtney Kardashian’s longtime partner and father of three of her children, Scott Disick. Her appearances often provided some of the franchise’s more grounded, emotionally resonant moments across its nearly two-decade run.

News of Shannon’s death drew an outpouring of tributes from fans of the family alongside the statements from Jenner and her children, with many recalling MJ’s frequent television appearances and her reputation as a warm, resilient matriarch who remained closely involved in the family’s life well into her nineties. Funeral and memorial arrangements had not been publicly announced as of Thursday afternoon, and the family has not released additional details regarding the circumstances of her death.

Avanti bidding to bring back weekday services

Attempts to increase Blackpool’s rail connection with London have stalled – despite coming at a time when the resort is enjoying massive multi-million investment.

Train operator Avanti West Coast says it has made a new bid to bring back two weekday services it lost last year, plus an extra weekend provision. It was hoped that these could begin at the start of last week.

But the company, which is responsible for providing the service between Blackpool and the capital, says it is still waiting for confirmation from the Office of Rail and Road (ORR), an independent, non-ministerial government department.

Without the green light from ORR, no progress can be made.

Ironically, the axing of services last year came at a time when there has been a £350m mixed-use regeneration project in the town described as “an economic game changer”.

The Talbot Gateway project, located within a short walk to Blackpool North train station, is creating a central business district and civic quarter for more than 8,000 workers and students, helping to attract a rising number of corporate and commercial visitors.

It has even been hailed as a ‘mini-Canary Wharf, after the Riverside area of London’s which is one of the city’s major financial districts.

The hold-up also comes at a town when Blackpool’s famous holiday season is about to begin, in readines for visitors to flock in to the resort. Extra trains coming into town from London would be particularly welcome, as well as services going the other way.

A local rail user and campaigner, known as Stef M, said the situation was frustrating because Avanti had replied to him personally to say it was still waiting for ORR to make a decision on its bid.

The campaigner said: “Avanti are ready to increase the service but it is the government preventing this from happening. This is just shocking, we need these services restoring.”

It follows Avanti’s confirmation last year that its four daily weekday services to and from the resort were being cut to just two a day, starting from early December.

The move led to local anger that Avanti was halving the service, but it was then revealed that the decision had come from ORR , with hoteliers and MP Chris Webb slamming the move.

Last year, ORR explained that it took the action because it was advised by Network Rail that there were serious capacity issues on the south end of the West Coast Main Line, which Network Rail has declared as “congested infrastructure” since 2020

A spokesman for ORR said at that time: “We recognise that passengers will be disappointed that these services will not be in the timetable from December.

“In every timetable change train operators bid to add or amend services, and we are informed in our decision making by what Network Rail tells us is possible.

“In this case, Network Rail provided evidence and recommended that ORR decline the applications to secure better reliability on the network as a whole.

“We would welcome the opportunity to work with Network Rail and train operators should they consider that there is room for these services in future timetables.”

The LDRS approached the ORR for a new comment this week.

An Avanti West Coast spokesperson said of the latest situation: “We have applied to Network Rail for the access rights to re-instate two weekday Blackpool services that we previously operated and re-introduce a return service on a Saturday.

“These are still awaiting confirmation from the ORR and we will continue to work with them to understand what needs to be done to bring these important services to the seaside town.”

Avanti West Coast currently operates an 0940 London Euston to Blackpool North and a 1252 Blackpool North to London Euston on weekdays.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Singapore’s 2026 Budget emphasizes a capability-driven hub, focusing on innovation, regional functions, and talent. Tax incentives support high-value activities, influencing global corporate and investment strategies.

Singapore’s 2026 Budget: Focus on Capability Enhancement

Singapore’s 2026 Budget emphasizes its role as a capability-driven hub rather than a cost-competitive entry point in Asia. This strategic focus impacts foreign investors’ location decisions, as the country’s appeal hinges on leveraging innovation ecosystems, regional coordination, or specialized talent pools. Investors now consider whether their models capitalize on Singapore’s strengths in high-value activities rather than cost savings alone.

Opportunities for Regional HQs and Treasury Centers

Regional headquarters and treasury centers can use their stable taxable income to fund expansion and capability investments. These entities benefit from Singapore’s supportive tax environment, using liquidity for growth initiatives. In contrast, early-stage companies with limited profits may see fewer direct benefits, primarily through fixed cash grants, influencing their investment strategies.

Tax Incentives and Innovation Support

Global minimum tax reforms are shifting the focus toward operational substance and the interaction of incentives with actual activities. Singapore maintains its attractiveness when multinational firms demonstrate high-value activities like regional management, innovation, and R&D. Budget 2026 also enhances support for innovation, expanding the scope of the Enterprise Innovation Scheme to include AI, making Singapore a strategic hub for digital transformation and high-value activities.

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Read the original article : Singapore Budget 2026 and its Impact on Foreign Investors: Tax, Incentives, and Strategic Signals

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