Mumbai: The capital-markets regulator Thursday allowed foreign portfolio investors (FPIs) to execute power of attorney documents using digital signatures in a move aimed at cutting delays and simplifying the onboarding process for overseas investors.

The latitude offered by the Securities and Exchange Board of India (Sebi) with the power of attorney (PoA) documents is expected to significantly reduce the time taken to onboard FPIs by eliminating the need for notarisation, apostillisation or consularisation of these documents.

“During interactions with foreign investors, it has been highlighted that notarisation and apostillisation takes considerable time,” Sebi said.

“Digitally signed PoA is envisaged to bring down the time taken in onboarding considerably as it eliminates the need for notarisation, apostillisation or consularisation of PoA,” Sebi said.

The measure forms part of Sebi’s wider effort to leverage technology across the capital markets and further streamline regulatory processes. The regulator said greater use of digital processes would help bring down the overall time required for FPI onboarding.

Read more: F&O trading bill: Retail traders pay Rs 25,000 crore transaction costs in FY26 despite big losses
The move could provide a significant operational relief to foreign investors and intermediaries, particularly as Sebi seeks to make market access simpler and more efficient for global capital.

The regulator has been taking steps to ease the onboarding framework for FPIs by reducing compliance hurdles and relying more extensively on technology driven processes. The new rule came into effect immediately..

A Texas woman’s first experience with Amazon’s drone delivery service ended with her package landing squarely in her backyard swimming pool, according to viral video footage that surfaced the same week Amazon announced a major nationwide expansion of its Prime Air drone delivery program.

The video, filmed by Texas resident Lindsey Austen on Monday, Aug. 17, shows the moment she ran outside after hearing the loud buzzing of an approaching delivery drone, eager to witness her first drone-delivered order in person. According to footage shared by ABC 7 News, the clip captures the drone hovering directly above Austen’s pool before opening its cargo bay and releasing her package straight into the water. Austen can be heard repeating “Oh my God” in anticipation as the drone hovered overhead, before reacting with an expletive as the package dropped into the pool. “When it went into the pool, I was shocked,” Austen said.

An Amazon customer in Texas was not enthused when her first drone-delivered order was dropped into her swimming pool. After hearing the loud buzzing of the drone arriving, she ran outside to record the delivery, and to her surprise, it landed in her pool. pic.twitter.com/6TIcrJIVAR

— ABC7 News (@abc7newsbayarea) August 19, 2026

ABC 7 News, in its social media post sharing the footage, noted an important detail about how Amazon’s drone delivery service operates: customers select the precise drop-off location themselves through the Amazon app before the delivery takes place. The outlet’s post speculated, somewhat tongue-in-cheek, that Austen “must have selected the pool area. Potentially deliberately to get this video.”

The viral clip surfaced during the same week Amazon announced plans to significantly expand its Prime Air drone delivery service, according to Tom’s Hardware. The company said Wednesday it intends to expand the service to nearly 500 cities and towns across the United States by the end of 2026, representing a sixfold increase in coverage that Amazon says will benefit tens of millions of additional customers. According to the company, Prime Air’s delivery selection includes millions of items spanning groceries, electronics, cosmetics, medications and household products, with some orders deliverable in as little as 30 minutes. Amazon currently operates Prime Air service across seven states, including Texas, where Austen’s pool delivery took place.

Amazon has emphasized safety as a core priority for the drone program. According to the company, Prime Air “is built to operate responsibly, and the safety of the employees, customers, and communities Amazon serves is the top priority,” and the service holds Federal Aviation Administration certification governing its operations.

Thursday’s viral pool delivery is not the first time an Amazon drone has ended up dropping a package into a customer’s backyard water feature. In a separate, similar incident from summer 2025 in Avondale, Arizona, an Amazon MK30 delivery drone dropped a package into a customer’s backyard pool after the aircraft’s propeller wash pushed the box off course during its final descent, according to footage captured by the property owner, Daniel Muniz. Speaking to Arizona’s Family news station at the time, Muniz explained that he had simply accepted Amazon’s default suggested drop-off location rather than selecting a different spot himself. “It had the drone option, so we did it just to see how it was,” Muniz said regarding his decision to try the drone delivery option in the first place.

Following that earlier Arizona incident, Amazon issued a formal response through spokesperson Steve Kelly, who offered an apology while characterizing the mishap as an isolated occurrence. “Through Prime Air, our goal is to provide safe, fast delivery and great service to customers and the results we’ve seen in Tolleson have been overwhelmingly positive. Incidents like this are rare across our network and we apologize for the inconvenience this caused Mr. Muniz. Our team stands ready to answer any questions Mr. Muniz may have,” Kelly said. Muniz told the outlet that, going forward, he would only use the drone delivery service when he was home to personally receive the package.

Amazon’s Prime Air program has encountered a handful of other publicized mishaps over the past year and a half beyond the pool incidents. In May 2025, an MK30 drone made what Amazon described as a “precautionary controlled landing” at a Tolleson, Arizona, apartment complex, coming to rest on its side and startling nearby residents, though the company said the incident caused no injuries and attributed the landing to unspecified “external factors.” Separately, in January 2025, Amazon temporarily paused all drone deliveries in Arizona following a crash at the company’s Oregon test site, though the company maintained at the time that the pause was related to routine software adjustments rather than a broader safety concern.

Amazon’s MK30 delivery drones are capable of carrying packages weighing up to five pounds within a roughly seven-mile radius of a company fulfillment or delivery site, with a maximum flight time of approximately 11 minutes per trip. The drones are also subject to weather-related operating restrictions, including limitations during storms and periods of high wind, which can affect service reliability in certain conditions.

Amazon has continued to stand behind Prime Air’s overall safety record despite the string of publicized incidents. In a statement provided following a separate, similar pool-related mishap, the company emphasized both the rarity of such incidents and its broader customer protection policies. “Prime Air’s goal is to provide customers with fast, reliable delivery across a broad selection of products. The response from customers using Prime Air has been overwhelmingly positive. Incidents like this one are extremely rare and not representative of our drone delivery service as a whole. We’re taking steps to prevent this from happening in the future,” the company said, adding that its A-to-z Guarantee ensures customers can receive a refund or replacement “in the rare instances when items do not arrive as expected.”

Amazon has stated it aims to eventually scale Prime Air to support as many as 500 million drone deliveries globally by the end of the decade, positioning the service as a significant long-term component of its broader logistics and delivery strategy. As the company moves forward with its announced expansion to nearly 500 additional cities and towns, incidents such as Austen’s viral pool delivery are likely to continue drawing public attention to the ongoing technical challenges involved in scaling autonomous drone delivery, even as Amazon maintains that such mishaps remain rare relative to the overall volume of successful deliveries completed through the program.

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Mumbai: Nearly nine out of 10 individual traders in India’s equity derivatives market lost money in FY26, even as regulatory curbs and higher transaction costs triggered the first annual decline in retail participation in a decade, according to a Securities and Exchange Board of India (SEBI) study.

The study found that 88% of individual traders incurred losses in FY26, with total net losses amounting to ₹91,685 crore.

Individual participation in the equity derivatives segment fell 18% to 88 lakh traders in FY26 from one crore in FY25-the first year-on-year decline in the trader base since FY16. New entrants fell about 40% to 21 lakh, while exits surged, with nearly 46 lakh traders who participated in FY25 staying away from the market in FY26.

The decline followed a series of measures introduced by Sebi from November 2024 to curb excessive speculation in short-dated index options. The regulator restricted weekly expiries to one index per exchange, raised minimum contract sizes, tightened margin requirements and mandated upfront collection of options premium. The government also raised the securities transaction tax on equity derivatives.

Sebi said participation fell more sharply in options than futures after the measures, though it cautioned that the study does not establish a direct causal relationship.

The regulator said trading remained highly concentrated in contracts close to expiry. About 59% of index options turnover occurred in contracts expiring on the same day (0DTE), around 75% within one day of expiry and 97% within one week of expiry.
Read more: F&O trading bill: Retail traders pay Rs 25,000 crore transaction costs in FY26 despite big lossesThe study also pointed to disproportionate risks for smaller investors. About 35% of derivatives traders had no underlying equity portfolio, while 78% had portfolios worth less than ₹1 lakh. These small-portfolio traders accounted for 70% of total losses during FY25-FY26.

Traders below the age of 30 accounted for 43% of individual derivatives traders, with 89% of them incurring losses. Those earning below ₹5 lakh annually accounted for 53% of aggregate losses despite generating 43% of turnover.

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The U.S. national debt hit the $40 trillion threshold, and about one-fourth of that debt has been incurred while President Donald Trump has been in office.

Spending by the federal government has accelerated dramatically as the U.S. population has aged, with increased enrollment in Social Security and Medicare pushing spending on those entitlement programs higher and contributing to the growth in federal budget deficits.

The recent rise in interest rates — coupled with the larger national debt — has exacerbated that trend, with interest expenses from servicing the national debt now topping $1 trillion per year.

While presidents and congressional majorities of both parties bear responsibility for the growth in the national debt, President Donald Trump’s first term and the opening half of his second term have seen the debt grow by more than $11.5 trillion combined to date, according to Treasury Department data.

White House spokesman Kush Desai noted Trump’s predecessor in a statement to FOX Business: “Cleaning up Joe Biden’s reckless fiscal mismanagement has been a top priority for the Trump administration, from slashing waste, fraud, and abuse in government spending to accelerating economic growth and getting America’s debt-to-GDP ratio back on the right track.”

US NATIONAL DEBT SURPASSES SIZE OF THE ECONOMY FOR FIRST TIME SINCE WORLD WAR II

The overarching measure of the U.S. national debt used by entities like the Treasury and the nonpartisan Congressional Budget Office is known as the gross national debt, which is nearing $40 trillion.

The figure includes all the U.S. government’s debt, including the obligations held in intragovernmental accounts like the Social Security trust funds. Those debt obligations are excluded in a separate metric known as the debt held by the public, which is currently over $32 trillion.

When Trump’s first term began on Jan. 20, 2017, the gross national debt totaled $19.9 trillion. A variety of tax and spending policies in the first Trump term contributed to the growth in the debt, including the Tax Cuts and Jobs Act as well as massive spending on COVID-19 relief measures.

A White House official noted how the country was facing a historic pandemic during that first term, arguing the crisis accounted for a larger share of the debt growth during that period. The official added that Biden “then recklessly spent trillions on COVID stimulus spending” and pointed to how “Obama economists like Larry Summers correctly warned would only ratchet up inflation, which caused interest rates to rise and just worsen the government’s borrowing costs.”

FEDERAL BUDGET DEFICIT ON TRACK TO SURPASS $2T THIS FISCAL YEAR AS SPENDING OUTPACES REVENUE

The largest U.S. budget deficit in history was incurred in fiscal year 2020 — the last full fiscal year of Trump’s first term — when the federal government ran a more than $3.1 trillion deficit.

That year saw several bipartisan COVID relief measures enacted by Congress and the president to help individuals and businesses, as well as state and local governments, as they dealt with the economic toll of the pandemic.

At the end of Trump’s first term, the gross national debt grew by over $7.8 trillion and stood at over $27.7 trillion as of Jan. 20, 2021, when Biden’s term began. Over the next four years, the gross national debt grew by more than $8.4 trillion as additional COVID relief measures were enacted, and Democratic majorities advanced Biden’s American Rescue Plan Act.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

When Trump’s second term began, Treasury Department data showed the gross national debt totaled $36.2 trillion as of Jan. 21, 2025, the day after his second inauguration.

The most recent data shows that as of Aug. 14, 2026, the gross national debt had risen to more than $39.9 trillion — an increase of over $3.7 trillion in the second Trump term to date. Higher spending on entitlement programs and debt interest, as well as tax cuts that were enacted under the One Big Beautiful Bill Act and tariff refunds, contributed to the higher debt.

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Taken together, the more than $7.8 trillion in debt from the first Trump term and the $3.7 trillion in debt incurred to date in the president’s second term combine to total about $11.5 trillion in debt during his time in office.

ET Intelligence Group: Augmont Enterprises, an integrated gold and silver platform, plans to raise ₹620 crore through a fresh issue to fund working capital requirements. It will also raise ₹205 crore through an offer for sale. The promoter group’s stake will fall to 81.9% after the IPO from 92.7%. Its business is operated through the Augmont SPOT platform for enterprise and international sales and Augmont gold for all consumer-focused offerings, supported by online and offline distribution channels. Over 90% of the revenue comes from Augmont SPOT platform, reflecting revenue concentration. More than 63% of the revenue comes from Maharashtra. Despite strong reported profits, Augmont had operating cash flow deficit of ₹42 crore in FY26, highlighting the sensitivity of the business to working-capital movements. However, the company has strong growth in financials. Given these factors, investors with high-risk appetite may consider the IPO.

Business

Incorporated in 2012, Augmont Enterprises undertakes gold and silver procurement and refining, bullion trading, digital gold and silver, jewellery manufacturing, international sales and gold-backed financial services. It also offers digital gold and silver, gold SIPs, gold FDs, gold loans and gold recycling. It operates two refineries with a combined capacity of 284 tonnes annually. The company manufactures products at its unit located in Sitapur SEZ, Rajasthan, with an installed capacity of 13.8 MTPA as of March 2026 and sells them in international markets.

Financials

Revenue from operations jumped 64.2% annually to ₹94,186.2 crore and net profit grew 114.1% annually to ₹348.3 crore between FY24 and FY26. Operating profit before interest, tax, depreciation and amortization (EBITDA) increased 92.7% to ₹386 crore during the period. On a year-on-year basis, revenue jumped 169.7%, EBITDA surged 271.4% while net profit soared 358.5% in FY26. The company’s EBITDA margin remains low at under 1% as its high-volume, low-spread bullion business leaves limited room after operating expenses. The large value of gold and silver transacted also inflates the revenue base, keeping reported margins thin. The company faced a cash deficit from operations of ₹42 crore in FY26 as against positive cash flow of ₹105 crore in FY25 and ₹96.7 crore in FY24. This was due to an increase in trade receivables, a decrease in other current financial liability and an increase in taxes paid.
Read more: Indian equity markets rally nearly 1% as dollar retreats and US bond yields cool

Valuation

The company does not have any listed comparable peers in India. Considering the post-IPO equity and net profit for FY26, it demands a price-earnings (P/E) multiple of 21 and price to sales multiple of 0.1.

Walmart’s e-commerce sales grew in the second quarter across its major business segments.

Global e-commerce sales rose 23%, led by store-fulfilled pickup and delivery and its online marketplace, according to the company’s Q2 earnings report released Thursday.

The gains were even stronger in the U.S., where e-commerce sales increased 24%, with strength in store-fulfilled delivery, advertising and marketplace.

WALMART GOES NUCLEAR IN FIRST-OF-ITS-KIND POWER DEAL FOR RETAIL GIANT

Walmart President and CEO John Furner pointed to the retailer’s online growth as a sign that customers are responding to its “price, speed and convenience.”

“Our team delivered another good quarter, and we continue to make steady progress on the long-term value drivers of our business,” Furner said in a statement. “Our multi-year growth in e-commerce is evidence that customers are choosing Walmart because we deliver price, speed, and convenience across a broad assortment.”

WALMART CEO SAYS LOWER-INCOME SHOPPERS SHOWING ‘SIGNS OF STRESS’ AS FUEL COSTS SQUEEZE HOUSEHOLD BUDGETS

He added, “At Walmart, they can have it all.”

Sam’s Club U.S. — a major division owned and operated by Walmart — also saw strong e-commerce growth, with sales up 26%, driven by continued growth in club-fulfilled pickup and delivery, according to the report.

WALMART, SAM’S CLUB SLASH PRICES ON THOUSANDS OF PRODUCTS AS TRUMP SAYS MOVE CAME AT HIS REQUEST

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	103.84	-10.46	-9.15%

Walmart International also posted strong e-commerce growth, with e-commerce sales rising 19%, driven by store-fulfilled pickup and delivery.

Walmart reported revenue of $187.9 billion, up 5.9% from a year earlier, and raised its outlook for the fiscal year.

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“Our business model is only getting stronger and more durable, and we’re pleased to raise our guidance for the year,” John David Rainey, Walmart Inc. executive vice president and chief financial officer, said in a statement. 

Oil prices were little changed on Friday but remained on track for a second straight weekly gain as the deadlock in the U.S.-Iran war continued to disrupt oil supplies from the key Middle East producing region.

An earlier peace deal between the sides expired this week, with neither side making efforts to resume talks. U.S. President Donald Trump also threatened economic retaliation against countries supporting Iran.

Crude oil price on August 21

Brent crude futures rose 4 cents to $93.82 a barrel after gaining more than 2% in the previous session. U.S. West Texas Intermediate crude futures fell 6 cents to $86.78 a barrel, following a 2.3% rise in the prior session. Over the previous five days, Brent has gained more than 7%, while WTI has risen more than 8%. Both benchmarks reached their highest levels since July 24.

Oil prices have climbed as concerns grow that the unresolved U.S.-Israeli war on Iran could keep supplies from major producers such as Saudi Arabia, Iraq, the UAE and Kuwait curtailed.

Also read: From hammering Iran to strangling them: Donald Trump has a new approach in Middle East war

On Wednesday evening, Trump threatened “economic warfare and isolation on an unprecedented scale” against Tehran and warned of consequences for any country providing “any type of lifeline to Iran”.
The United Arab Emirates this week suspended all financial and economic transactions with Iran until further notice, underscoring the strained ties between the major Gulf Arab oil producer and Tehran.Thousands of people have been killed since the Iran war began on February 28, when the U.S. and Israel launched military strikes on Iran. Since then, Tehran’s blockade of the Strait of Hormuz and Iranian attacks on energy facilities across the Middle East have disrupted global oil and gas flows.

Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the previous day, with nine vessels transiting the waterway, well below pre-war levels. Before the Iran war, shipments equivalent to about one-fifth of global consumption moved through the strait.

What are experts saying?

The duration of the disruption will be a key factor for crude prices. JPMorgan estimates that each additional month of disruption could add around $7 to $8 a barrel to Brent prices. If the disruption continues for three months, the bank expects average monthly Brent prices to reach around $114 a barrel.

Goldman Sachs has also warned that Brent could rise to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world’s most important oil transit route, persist.

Read more: Iran dismisses US economic threats and other developments in the Middle East

At the same time, Goldman Sachs expects Middle East tensions to eventually ease under its base case. The bank forecasts Brent to average $80 a barrel in the fourth quarter and $75 a barrel next year. It said risks remained tilted to the upside, with disruptions through the Strait of Hormuz and the Red Sea potentially lasting longer than expected.

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