Sebi has disposed of adjudication proceedings against Karan Adani, CEO of Adani Ports and Special Economic Zone, and B Ravi, former CFO of the company, after both paid Rs 13.65 lakh each as settlement amount. The matter related to Sebi’s investigation into banking transactions and inter-corporate security deposits among PMC Projects India, Adani Ports and Special Economic Zone and its subsidiaries.

The regulator had alleged violation of provisions under the Sebi listing regulations and the Securities Contracts Regulation Act.

Sebi had issued a show-cause notice to the two applicants on November 22, 2023. The notice asked why inquiry should not be held and why penalty, if any, should not be imposed for the alleged violations.

The authorised representatives of the applicants, Cyril Amarchand Mangaldas, submitted replies to the show-cause notice on January 16, 2024. They later informed Sebi that settlement applications had been filed under the Sebi Settlement Proceedings Regulations, 2018.

A settlement mechanism allows entities to resolve regulatory proceedings by paying a settlement amount, without admission or denial of findings, subject to approval under the applicable settlement rules.

Sebi’s internal committee held meetings with the applicants’ representatives on May 8, 2024, and July 15, 2024, where the settlement terms were discussed. The internal committee recommended a settlement amount of Rs 13.65 lakh for each applicant. The applicants then filed revised settlement terms on July 19, 2024, agreeing to pay the amount recommended by the committee.
The High Powered Advisory Committee, in its meeting held on June 29, 2026, recommended that the case be settled on payment of Rs 13.65 lakh by each applicant. The recommendation was approved by a panel of Sebi whole-time members on August 13, 2026.Sebi communicated the approval to the applicants’ representatives on August 14. The representatives later informed Sebi on September 5 that the settlement amount had been remitted. The order said the material on record confirmed receipt of the amount by Sebi.

After accepting the settlement terms and receiving the money, Sebi disposed of the adjudication proceedings initiated through the show-cause notice.

However, Sebi said the settlement order is without prejudice to its right to take action under Regulation 28 of the Settlement Regulations. This includes restoring or initiating proceedings if any representation made by the applicants is later found to be untrue, if undertakings or waivers are breached, or if there is any discrepancy in arriving at the settlement terms.

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Chancellor John Healey has been urged to fix the £100,000 childcare “cliff edge”, after the Centre for the Analysis of Taxation (CenTax) estimated that almost 12,000 families could be holding down their earnings to keep free childcare by the end of this parliament in 2030.

The report warns that the threshold pushes some higher-paid employees to reduce their hours or stop working to avoid losing their entitlement.

Since the latest expansion of taxpayer-funded childcare in 2024, families with young children in which both parents earn less than £100,000 a year can be entitled to 30 hours of care a week. If either parent crosses that threshold, the family receives none.

CenTax, a thinktank based at Warwick University, said that by 2030 the average parent crossing the cliff edge would have to earn £124,000 to be no worse off after losing their free childcare.

Arun Advani, director of CenTax, said: “Our analysis shows the childcare cliff edge stands to grow dramatically by the end of this parliament, but there are solutions available to the government.”

The researchers said “bunching” of incomes just below £100,000 suggested that, even in 2022, about 1,000 families were artificially suppressing their earnings to avoid falling foul of the threshold. That is the latest year for which data is available.

They estimated the number could rise to almost 12,000 by the end of the parliament.

The report also suggested the policy may be encouraging some mothers to leave work. Below the £100,000 threshold, 6 per cent of lower-paid partners, usually the mother, are out of work. Above the threshold, that rises to 9 per cent.

“The jump in non-working mothers at the point where their partner exceeds £100,000 income suggests the loss of childcare entitlement as a cause, with possible long-term consequences for those mothers’ earnings,” the report said.

CenTax also criticised the fact that the threshold is based on how much parents expect to earn in the year ahead. Families are not eligible, according to government guidance, if either parent’s expected adjusted net income is over £100,000 for the current tax year. The researchers pointed out that some families appear to be claiming despite eventually earning more than that.

The report proposes several potential solutions. Restricting families above the £100,000 threshold to 15 hours of free childcare, instead of withdrawing it altogether, would cost £210m by 2030, it said.

Gradually tapering away the entitlement at 28p for each £1 earned above the threshold would be revenue neutral, but less problematic for parents, the report added.

Healey is due to deliver his first budget on 28 October.

Analysts believe higher than expected interest rates on the Treasury’s debt are likely to have wiped out at least half of the £24bn headroom that his predecessor, Rachel Reeves, built up against the government’s fiscal rules.

In his first major speech, in Coventry on Monday, Healey promised to put growth at the heart of his approach. He also warned that Labour must “be honest” about the constraints on public spending in the years ahead.

Since Andy Burnham took over as Labour leader in July, he has announced a VAT cut on electricity bills and capped bus fares. Healey has also suggested the government is keen to do more to give consumers a “breathing space”.

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The Institute of Directors has set out five priorities for the Autumn Budget on 28 October, calling on Chancellor John Healey to restore business confidence and encourage private investment. In its submission, the IoD warns against further increases in taxes on business, investment and employment.

The IoD says the UK economy has delivered stronger growth than many comparable advanced economies in recent years, but argues that persistent weaknesses in investment, productivity and business confidence risk undermining future prosperity.

The five areas are creating a competitive and predictable tax environment, mitigating the employment and investment consequences of the Employment Rights Act, sequencing devolution to support productivity across the UK, protecting and delivering economically productive infrastructure, and accelerating responsible AI adoption across the business population.

Anna Leach, chief economist at the IoD, said: “The UK has achieved respectable headline growth in recent years, but the fundamental challenge facing the economy remains unchanged: we do not invest enough. Business leaders consistently tell us that uncertainty, rising costs and doubts about policy delivery are holding back investment decisions.”

She added: “This Budget must restore confidence and provide a clear signal that the UK is committed to being one of the most attractive places in the world to invest, grow a business and create jobs. With fiscal headroom limited, the UK’s growth challenge cannot be solved by public spending alone: government must create the conditions for businesses to invest. That means no further increases to the overall tax burden on businesses, investors and employment, alongside greater policy stability, proportionate regulation, effective infrastructure delivery, well-sequenced devolution and wider responsible adoption of AI, all focused on raising productivity, crowding in private capital and improving living standards.”

Leach said: “The overriding test for this Budget is whether it helps move businesses from postponing investment to pursuing growth. If the government can rebuild confidence and demonstrate clear delivery, the private sector can play its full role in driving the next phase of economic growth.”

Tax and employment rules

The submission highlights concerns that confidence has remained subdued since 2024 amid uncertainty over taxation, rising employment costs and questions around policy coherence. The IoD argues that a successful Budget should restore predictability, reduce the risks associated with investing and hiring, and demonstrate a stronger focus on growth across government decision-making.

The IoD is urging the government to expand its existing corporate tax roadmap into a broader long-term framework covering the entire business tax system. It says firms and investors need greater certainty about the future direction of tax policy.

The roadmap, published by the Treasury in October 2024, set out a commitment to cap the headline rate of corporation tax at 25 per cent for the duration of the parliament.

The IoD is also calling on ministers to use the implementation process for the Employment Rights Act to reduce risks to hiring, particularly for smaller firms and those offering entry-level opportunities.

Its recommendations include proportionate adjustments to trade union access provisions, guaranteed-hours rules, shift notification requirements and unfair dismissal reforms, alongside additional resources for Acas and employment tribunals.

Devolution, infrastructure and AI

On devolution, the IoD says it supports the government’s ambition to devolve power but argues that responsibilities should only be transferred where there is sufficient institutional capacity, stable funding and robust accountability. It is calling for a cross-government Devolution Data and Statistics Delivery Plan and a shared performance dashboard to support effective local growth policy.

The submission urges ministers to protect high-productivity infrastructure investment and maintain momentum towards the delivery of a third runway at Heathrow. The IoD argues that major infrastructure programmes need clear milestones, accountable leadership and transparent measures of success to improve delivery and attract private investment.

The IoD also says the government should simplify support for technology adoption by bringing existing AI and digital-adoption initiatives together into a single national offer for SMEs through the Business Growth Service.

It recommends a new ‘Responsible AI Essentials’ programme to help smaller businesses adopt artificial intelligence securely and effectively.

The full submission includes further supply-side proposals on skills, sustainability and energy, international trade and the devolved nations.

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Veenoo Sharma, founder and president of The Power Diaspora Forum (TPDF), has launched a female-founder accelerator at Dubai AI Campus, offering 30 fully funded places on a six-day programme that begins on 16 November.

SHE Leads with AI is the campus’s first female-founder accelerator and will be delivered at the Dubai International Financial Centre’s (DIFC) Innovation Hub.

Applications are open internationally, and Sharma is particularly encouraging UK female founders to apply.

Sharma, who is from Edinburgh and was recently named Diaspora Entrepreneurship Advisor to the Commonwealth Businesswomen’s Network, said: “I wanted to create a programme aimed at exceptional female entrepreneurs building businesses with real international potential. SHE Leads with AI also creates a direct pathway from the UK into Dubai’s AI, investment and business ecosystem, and gives founders the opportunity to build relationships and explore markets that might otherwise feel difficult to access.”

Over the six days, founders will develop their understanding of AI and its application within their businesses. They will also receive investor-readiness support and build relationships across the DIFC ecosystem.

Participants will engage with investors, venture capitalists, family offices, mentors and partners. The programme will end with a live investor showcase.

The programme forms part of TPDF’s wider international work connecting women across business, politics, investment and diplomacy.

The launch follows TPDF’s recent Women in Power roundtable at the United Nations in Geneva, where senior figures from politics, business, diplomacy and public life came together to examine barriers affecting women’s progress in enterprise and leadership and to discuss practical solutions.

Sharma said: “Our conversations in Geneva reinforced something very important: discussing the barriers facing women is not enough. We also have to build the pathways that help women overcome them. SHE Leads with AI is about turning dialogue into delivery.”

Figures published on 8 July in the government’s sixth annual progress report on the Investing in Women Code showed all-female founder teams received 2 per cent of total investment value across the wider market.

Among code signatories, the share was 6 per cent, up from 4 per cent in 2023, according to the British Business Bank. The bank said 32 per cent of venture capital investment from signatories went to teams with at least one female founder in 2025, up from 27 per cent in 2024, against 15 per cent of total equity investment across the wider market.

The Department for Business and Trade said more than 330 organisations had signed up to the code, up from 12 in 2019, and that the Invest in Women Taskforce had deployed more than £70m from its £635m funding pool in its first year. Signatories have outperformed the wider market in supporting female founders for six years in a row, according to the department.

In May, the British Business Bank committed an initial £1m to co-invest with Angel Academe in female-led businesses across the UK.

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The combined market valuation of four of the top-10 most valued firms jumped Rs 1.43 lakh crore last week, with State Bank of India emerging as the biggest gainer.

Last week, the BSE benchmark Sensex climbed 404.53 points, or 0.51 per cent, and the NSE Nifty went up by 187.05 points, or 0.76 per cent.

“Markets ended the week with modest gains despite heightened volatility, as investors navigated the roll-out of the new Closing Auction Session (CAS) framework for F&O stocks, the Reserve Bank of India’s monetary policy decision, and lingering geopolitical uncertainties,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

From the top-10 pack, Reliance Industries, State Bank of India, Tata Consultancy Services (TCS) and Larsen & Toubro were the gainers, while Bharti Airtel, HDFC Bank, ICICI Bank, Bajaj Finance, Life Insurance Corporation of India (LIC) and Hindustan Unilever faced a combined erosion of Rs 1.23 lakh crore from their valuation.

State Bank of India added Rs 63,922.03 crore, taking its market valuation to Rs 10,11,721.84 crore.

The valuation of Reliance Industries jumped Rs 32,816.4 crore to Rs 18,01,925.19 crore, and that of TCS surged Rs 31,875.35 crore to Rs 8,87,770.13 crore.
The market capitalisation (mcap) of Larsen & Toubro climbed Rs 14,637.76 crore to Rs 5,56,482.45 crore.However, the valuation of LIC tumbled Rs 40,543.23 crore to Rs 4,96,891.82 crore.

The mcap of Bajaj Finance eroded by Rs 37,168.96 crore to Rs 6,73,648.55 crore, and that of HDFC Bank dropped Rs 24,183.16 crore to Rs 11,27,967.47 crore.

The valuation of ICICI Bank declined by Rs 9,507.67 crore to Rs 10,20,370.63 crore, and that of Bharti Airtel eroded by Rs 7,581.65 crore to Rs 12,22,423.98 crore.

The mcap of Hindustan Unilever dipped by Rs 4,793.16 crore to Rs 4,88,808.97 crore.

Reliance Industries remained the most valued firm, followed by Bharti Airtel, HDFC Bank, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.

The Organization of the Petroleum Exporting Countries once again cut its forecast for global oil-demand growth for this year, as escalating attacks on Gulf shipping continue to disrupt key export routes and send oil prices past $100 a barrel.

The group of oil-rich countries expects global demand to grow by 380,000 barrels a day, down from 580,000 barrels a day previously. Next year’s demand growth is now seen at 2.36 million barrels a day, up from a previous estimate of 2.16 million barrels a day.

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Tourism bosses have formed an alliance to help market the county to visitors

A new tourist organisation has been established to help champion Cornwall’s visitor economy. The creation of Cornwall Visitor Alliance follows the the liquidation of Visit Cornwall – the county’s official tourist board – last year.

The alliance is a not-for-profit that was developed by bosses from Cornwall’s tourism and hospitality hospitality sector, and will be an “influential voice” for tourism in the Duchy, according to those behind it.

The organisation will focus on business-to-business activities including destination marketing and management, business representation, research and insight, strategic partnerships and advocacy, it said.

It is understood the organisation will use the term ‘Visit Cornwall’ for consumer-facing marketing. But the licence of the Visit Cornwall brand, and its respective assets, including the website, reverted back to owner Cornwall Council when the organisation collapsed in 2025.

Councillor Sarah Preece, Cornwall Council’s cabinet member for tourism, said: “We have reached an important milestone following months of productive collaboration between the council, private sector partners, and key stakeholders across our visitor economy.

“The Cornwall Visitor Alliance company can now begin its journey as a private organisation, leading the delivery of a sustainable and thriving visitor economy for Cornwall.”

Five Cornwall-based volunteer founding directors have been appointed to help launch Cornwall Visitor Alliance including: chair Katie Warren, founder of Fixer Property and Management; vice chair Laura Plum, marketing and communications director of St Austell Brewery; Veryan Palmer, family director of Headland Hotel; Andy Jasper, chief executive of Eden Project; and Patrick Langmaid, managing director of Mother Ivey’s Bay Holiday Park.

Tim Fryer, who has headed up the project since April, has also been appointed as commercial director.

“Our ambition is to build an organisation that businesses genuinely feel belongs to them, one that listens, represents their interests and brings the sector together around a shared vision for Cornwall,” said Ms Warren.

“By working collaboratively, we can help ensure Cornwall remains a brilliant place to visit, while also being a great place to live, work and build a business. Our role will be to unite businesses and partners, strengthen Cornwall’s destination offer and ensure the visitor economy is represented in the decisions that shape its future.”

Cornwall Visitor Alliance is funded through membership, partnerships and commercial activity, with no reliance on the public sector, it said.

“Cornwall Visitor Alliance will be a constructive but independent voice,” added Mr Fryer. “We want decisions affecting the visitor economy to be based on evidence, with businesses and stakeholders widely consulted and genuinely listened to and with a clear understanding of the impact those decisions may have on businesses, employees, communities and visitors.

“Immediately following a launch event in the early autumn, we will set out details of membership options and strategic partnerships, alongside our plans and initial programme of marketing campaign activity.”