The final order, passed by Whole-Time Member Amarjeet Singh, covered 12 noticees, including Max Financial Services, Max Life Insurance, Axis Bank, Axis Capital, Axis Securities, Analjit Singh, Mohit Talwar, Rahul Khosla, Sujatha Ratnam, Rahul Ahuja, Jatin Khanna and V Krishnan.

The case arose from Sebi’s investigation into transactions between Max Financial, Max Life and Axis Bank from FY10 to FY22. The regulator had examined whether the entities violated securities laws, listing norms and fraud regulations in relation to a series of share sale and buyback arrangements involving Max Life shares.

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The proceedings followed a show-cause notice issued in October 2024. Sebi had alleged that Max Financial made inadequate or delayed disclosures about the bancassurance arrangement with Axis Bank and related share transactions in 2010, 2015 and 2020. The notice had also alleged that Max Financial, Max Life and Axis entities devised a fraudulent scheme to benefit Axis Bank at the cost of Max Financial and its shareholders.

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The matter had also drawn from earlier findings by the Insurance Regulatory and Development Authority of India. Irdai had informed Sebi that it had imposed penalties of Rs 2 crore on Axis Bank and Rs 3 crore on Max Life for violation of its directions. Irdai had observed that the transactions had circumvented limits on commission, remuneration or reward payable to insurance agents and intermediaries.
Under the 2010 arrangement, Max Life issued shares to Axis Bank at Rs 10 per share, while later tranches saw the shares bought back at prices ranging from Rs 54 to Rs 111 per share. Under the 2015 arrangement, Max Financial and Mitsui Sumitomo sold a 4.99% stake in Max Life to Axis Bank at Rs 10 per share, and later bought back part of that stake at higher prices.Under the 2020 arrangement, Max Financial sold stakes in Max Life to Axis Bank, Axis Capital and Axis Securities. The order said Max Financial transferred 2% of Max Life to Axis Capital, 1% to Axis Securities and 9.002% to Axis Bank in March-April 2021. Max Life later became Axis Max Life Insurance.

The show-cause notice had alleged that the transactions caused a loss of Rs 3,912 crore to Max Financial and gave a corresponding benefit to Axis Group entities. It also alleged that disclosures by Max Financial were incomplete and misleading.

Sebi, however, said the disclosure framework applicable to listed entities had changed significantly since 2010. It said the old listing agreement left more room for judgment on materiality, while the later LODR framework introduced clearer thresholds and more detailed guidance.

The regulator said Max Financial’s disclosures could have been more comprehensive and that a more cautious and consistent approach may have been desirable. But it added that the conduct of the company and other noticees had to be tested against the law that existed at the relevant time.

On the disclosure-related charges, Sebi said there was no material establishing violation of the specific provisions invoked in the show-cause notice. The order said liability could not be sustained merely because some disclosures could have been fuller.

On the fraud allegation, Sebi said active concealment of material information by Max Financial was not established. It also said there was no evidence of price or volume manipulation, creation of an artificial market, or any other interference with market integrity.

The order said the show-cause notice did not establish injury from the alleged wrongful acts, including inducement to deal in securities. It also did not show such blatant conduct or circumstances that would establish wrongful intent to defraud or manipulate the securities market.

As a result, Sebi held that the allegation that Max Financial, Max Life, Axis Bank, Axis Capital, Axis Securities and other noticees devised a fraudulent scheme to defraud shareholders was not established.

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

Starting a business in the UK used to mean choosing an office address before choosing anything else, largely because a proper phone number depended on it. That’s no longer true.

A UK virtual number lets an entrepreneur present a genuine local presence to customers, suppliers, and partners without a physical premises anywhere near the number’s area code. And for a growing share of UK small businesses, that shift has quietly become the default rather than the exception.

What a Virtual Number Actually Is

The virtual UK phone number is a UK-based phone number without being connected to any actual SIM card or fixed line entering into the building where it is located. The UK virtual phone number is simply a routing system whereby the call or text message will enter the phone number and be redirected based on the instructions that the business owner gives regarding the number, such as to a mobile phone, team inbox, or call handling software.

For a businessman who works from home, a co-working office, or even from abroad, this is an important aspect since customers will call a UK number and deal with a UK-based business.

Why UK Entrepreneurs Are Adopting Virtual Numbers

A handful of practical drivers explain why this has become common practice rather than a niche workaround:

• to be able to separate business calls from personal calls without the need to have two handsets or SIM cards;
• to establish a local presence in a certain location in the UK before having an office in that area;
• to easily scale a line whether upward or downward without having to order new equipment each time;
• to have the same number regardless of office change or personnel change;
• and finally, to avoid the costly and time-consuming installation of a business line.

The above statement has become increasingly pertinent in recent times. In fact, the UK’s existing telecom network is currently undergoing a fundamental transition to move completely away from copper wiring, with Openreach announcing that the national decommissioning process will take place in January 2027, moving even the conventional telephonic systems towards the same IP-based structure used by virtual numbers for years.

Setting Up a Virtual Number: What to Expect

The process is considerably simpler than setting up a traditional business line, and it doesn’t require any physical installation. In practice, it usually breaks down into a few steps:

1. Select the appropriate type of number based on whether you require a traditional UK geographic number allocated to an area code or a national non-geographic number.
2. Pick a provider and find out what kind of call forwarding is available, as some services will not forward to other destinations equally effectively.
3. Make arrangements for the call forwarding setup by choosing to forward calls to your mobile, your landline, a group of operators, or an application.
4. If required, set business hours during which all calls will be forwarded to voicemail or to a voice message, while no answer is given.
5. Before publishing the number, make sure it works through a test of both call forwarding and messaging if necessary.

None of these steps requires a technician visit or a lengthy contract commitment with most providers, which is a meaningful contrast to how business phone lines traditionally got set up.

What to Check Before Choosing a Provider

Not every virtual number provider offers the same reliability or feature set, and a few details are worth confirming before committing:

Weighing these five factors against actual usage patterns, rather than picking the cheapest headline price, tends to save more money over the first year than the upfront savings would suggest.

Where Virtual Numbers Fit Into a Growing Business

The virtual number will not remain alone for too long. When the business evolves, it usually gets surrounded by other types of light infrastructure – a virtual office address, accounting done online, work done remotely, and a payment system without the need to have a physical cash register in the office. Thus, the business is represented by its virtual number and other features that are necessary to demonstrate professionalism to the client without any need to create a real location for all of these aspects.

This tendency is especially frequent among UK sole traders and limited companies which exist only for a year or two and thus do not have enough cash flow and cannot make big investments, a pattern reflected in Companies House data showing a large share of newly incorporated UK businesses dissolve or restructure within their first two years. In addition, there is a high risk of signing a contract to rent the serviced office together with a phone number since the requirements might become different in a few months.

The Bottom Line for UK Entrepreneurs

For a UK company, the need to have a telephone number resulting from a leasing agreement, a scheduled installation, and a long-term contract is a thing of the past. For most newly formed UK companies, the requirement for a local presence can now be met using a virtual number without the added costs and restrictions that traditionally went with it. The fact that the United Kingdom’s communications network is moving further away from the use of copper connections means that the distinction between traditional and virtual business phone numbers will continue to get smaller.

CHICAGO — Mondelez International, Inc. is introducing its Grenade brand of protein bars in the United States. Grenade products initially will be available at Amazon.com, GNC, The Vitamin Shoppe and Bodybuilding.com with plans to expand retail distribution later this year.

“We know today’s consumers want products that deliver on both taste and function, and that’s exactly what Grenade was built for,” said Alan Barratt, co-founder. “As we continue to grow our presence in the US, we’re excited to bring more consumers the bold flavors, high-protein nutrition and unapologetic attitude that have made Grenade a favorite with fans around the world.”

Grenade bars feature 20 grams of protein and 1 gram of sugar. The US launch will feature four flavors, including a collaboration with Mondelez’s Oreo brand, the company said.

Grenade was founded in the United Kingdom in 2010 by Alan and Juliet Barratt. Mondelez International acquired the business in 2021.

In an interview with Food Business News earlier this year, Dirk Van de Put, Mondelez International’s chairman and chief executive officer, identified the company’s bar business as a growth opportunity.

“It’s not just in the US, but it’s also in the rest of the world,” he said this past February. “We have a bar in the UK called Grenade, a very good tasting protein bar that probably would beat anything in the US market. I think that is going to be the one that for us is going to be giving the biggest growth.”

Other bar brands in Mondelez’s portfolio include Perfect Bar, Hu and Clif.

Is this the opening move of a new bull cycle? BTC ripped past $79K, ETH reclaimed $2,400, $2.75 billion in shorts were wiped out, and ETF inflows hit record highs. We break down whether the drivers behind this rally can last and, from

LOS ANGELES — Pop star Sabrina Carpenter marked the second anniversary of her breakthrough album “Short n’ Sweet” with a personal message to fans and a cryptic tease that left supporters eagerly awaiting the next development.

In an email newsletter sent over the weekend, the 27-year-old singer reflected on the rapid passage of time since the album’s release and the role fans played in its lasting impact. “Short n’ Sweet, an album that completely changed my life. I feel like I blinked!! 2 years since this little album that once was mine, became ours,” Carpenter wrote.

She continued by weaving in references to the album’s themes and her own experiences: “2 years of working late cuz I’m a singer, 2 years of asking if you’ve ever tried this one. 2 years of five foot representation (still there btw), 2 years of innuendos, laughter, and love. Thank you for the way you keep her alive as the days go on.”

Carpenter closed the note with affection and a pointed postscript. “It’s all because of you! Happy anniversary my sweeeeets Love you for life! x Sabrina.” The final line read: “P.S. something sweet drops tomorrow, see ya then!”

She also posted on Instagram, sharing the album’s Spotify cover art with the caption “2 very sweet years. thank you for all of it.”

Released on Aug. 23, 2024, through Island Records, “Short n’ Sweet” marked a pivotal moment in Carpenter’s career. The project delivered major commercial hits including “Espresso” and “Please Please Please,” helping elevate her from a steadily rising artist to a dominant force in contemporary pop. The album’s blend of sharp songwriting, playful innuendo and confident production resonated widely, leading to chart success, awards recognition and an extensive touring run.

By the time of its second anniversary, the record had maintained notable longevity on major charts and continued to generate cultural conversation. Carpenter has frequently acknowledged the connection with her audience as central to the album’s endurance, framing the project as something that evolved from a personal statement into a shared experience.

The anniversary message arrived as Carpenter remains active following the release of subsequent material. Fans immediately began speculating about the nature of the promised “something sweet.” Theories circulated online about possible unreleased tracks, special physical editions, visual content or other commemorative items tied to the “Short n’ Sweet” era.

Subsequent updates from official channels indicated the surprise involved a new collector’s edition vinyl of the album, made available through Carpenter’s website. The release aligned with the anniversary timing and offered fans a tangible way to mark the milestone.

Carpenter’s approach to the anniversary fits a pattern of direct engagement with her audience. Rather than a formal press statement, she chose a conversational email and social media post that mixed nostalgia, gratitude and light humor. The references to late-night work, signature height jokes and the album’s witty tone reinforced the persona that helped the project stand out.

Industry observers have noted that “Short n’ Sweet” succeeded in part by balancing mainstream accessibility with a distinctive personality. Songs that mixed romantic frustration, humor and self-assurance found a broad audience while still feeling specific to Carpenter’s voice. The album’s commercial performance and critical reception opened doors for larger tours, high-profile collaborations and expanded media presence.

Two years later, the project continues to serve as a reference point in discussions of her career trajectory. Tracks from the album remain staples in live sets and streaming playlists, and the visual and promotional aesthetics associated with the era still influence fan culture and merchandise.

The tease of new material or product tied to the anniversary generated immediate interest among dedicated followers. In the hours after the email circulated, social media filled with predictions and expressions of anticipation. Some focused on the possibility of expanded physical formats, while others hoped for previously unheard recordings or documentary-style content from the tour cycle.

Carpenter has not issued extensive additional commentary beyond the anniversary notes themselves. The restraint left room for the eventual reveal to land as a focused celebration rather than a broader career announcement. Official fan accounts highlighted the availability of the special vinyl edition once it went live, directing supporters to the artist’s site.

The anniversary arrives at a moment when Carpenter’s catalog spans multiple eras, yet “Short n’ Sweet” retains a distinct place as the project that significantly broadened her reach. Its songs captured a particular cultural moment while establishing a template for the witty, melodic pop that has defined much of her subsequent output.

For many listeners, the album represented both a commercial breakthrough and a creative statement that felt personal. Carpenter’s anniversary message leaned into that dual quality, emphasizing shared ownership of the music while acknowledging how quickly the intervening years have passed.

As the special edition vinyl became available and fans continued to revisit the original tracks, the two-year mark underscored the album’s staying power. Streaming numbers, social engagement and ongoing live performances of the material all point to a body of work that has not faded from view.

Carpenter’s decision to mark the occasion with a direct, affectionate note rather than a large-scale campaign reflected the intimate tone many associate with the record. The closing tease ensured that the celebration carried a sense of forward motion, giving fans something immediate to look forward to while looking back on the previous two years.

In the broader pop landscape, anniversary celebrations often serve as opportunities to reintroduce catalogs to new listeners or to reward long-term supporters with exclusive items. The “Short n’ Sweet” observance followed that model while remaining consistent with Carpenter’s established style of communication—warm, slightly irreverent and closely tied to the music itself.

The coming weeks and months will show whether the anniversary activity remains a self-contained commemorative moment or forms part of a larger pattern of releases and appearances. For now, the combination of reflective gratitude and a timely product drop has given fans a concrete way to mark the occasion and keep the album’s spirit present.

Carpenter’s career continues to unfold with new projects and performances, yet the second anniversary of “Short n’ Sweet” offered a pause to recognize the foundation that album provided. Through a simple email and social media post, she reminded listeners of the laughter, the late nights and the connection that turned a personal collection of songs into a widely shared cultural touchstone.

A charity which offers free school uniforms says it has helped more than 100 children prepare for the new school year.

Doreen’s, based at North Point Shopping Centre in Hull, repurposes unwanted uniforms and gives them to families across the city free of charge.

Ashleigh Hirst, the charity’s co-founder, said: “The demand is so high so we are just wanting to help with whatever we can.”

New limits on branded school uniform come into force from September, in a bid to reduce costs for parents.

Hirst, 34, said the charity had been particularly busy this week, with people queuing outside the shop before it had opened.

“We knew that there was a need, but we didn’t realise how big of a need there actually was,” she said.