Capital markets regulator Sebi has overhauled the regulatory reporting framework for Alternative Investment Funds (AIFs), introducing a comprehensive annual reporting requirement and reducing the frequency of detailed quarterly filings.

In a circular issued on March 4, the regulator said AIFs are currently required to submit activity reports on a quarterly basis within 15 calendar days from the end of each quarter, in a format hosted by the Indian Venture and Alternate Capital Association (IVCA).

Sebi noted that the reporting format had been reviewed to incorporate changes made to the AIF Regulations and related circulars.

The move is also aimed at improving ease of doing business and reducing compliance costs. The regulator said the frequency of submitting reports had been reviewed in consultation with the Standards Forum of AIFs, and that a Sebi-constituted working group.

Under the revised framework, AIFs will now be required to submit a comprehensive Annual Activity Report at the end of March each financial year. The report must be filed online on the Sebi Intermediary Portal (SI Portal) within 30 calendar days from the end of March. The first annual report will cover the year ending March 2026 and must be submitted by May 31.

In addition, AIFs will continue to submit a limited Quarterly Activity Report in a revised format within 15 calendar days from the end of each quarter. The first such quarterly report under the new system will be for the quarter ending June 2026. However, no separate quarterly submission will be required for the March quarter, as the annual report will include those data points.
The revised reporting formats will be made available on the IVCA website within three days of the circular’s issuance, and the association will assist AIFs in understanding the new requirements and resolving reporting-related issues. The changes come into force with immediate effect.

CAIRO — Cairo International Airport (CAI) continues to operate normally despite widespread aviation turmoil across the Middle East triggered by the ongoing U.S.-Israeli military actions against Iran, authorities and flight tracking data confirmed Wednesday.

The airport’s official website and live flight information boards showed active arrivals and departures throughout the early hours of March 4, 2026, with flights landing from destinations like Jeddah, Paris, Algiers, and Madinah, and others scheduled or on time to various points including Riyadh, Istanbul, and London. Egypt’s Civil Aviation Ministry and airport operators have maintained that Egyptian airspace remains open, with Cairo serving as a key hub for diverted international flights and limited regional connectivity.

However, the facility has not escaped the ripple effects of the five-day-old conflict. On March 3, Cairo recorded at least 72 flight cancellations and around 60 delays, totaling more than 130 disruptions in a single day, according to aviation reports and passenger accounts. EgyptAir, the national carrier, extended its indefinite suspension of services to 13 regional destinations, including Dubai, Doha, Beirut, Abu Dhabi, Sharjah, Kuwait, Bahrain, Amman, Dammam, Baghdad, Erbil, Muscat, and Qassim. This marks one of the most extensive route groundings in the airline’s recent history, stranding thousands and severely impacting connections to Gulf hubs.

Major international carriers like Emirates and Qatar Airways remained effectively grounded for operations from Cairo, with no flights to or from their primary bases in Dubai and Doha due to airspace restrictions in the UAE and Qatar. Travelers attempting to reach or depart via these routes faced significant challenges, with many rebooking options limited or unavailable. EgyptAir offered flexible rebooking without change fees for affected passengers until mid-March, urging them to contact the airline directly.

The disruptions stem from a cascade of airspace closures and restrictions across neighboring countries. Large swaths of airspace over Iran, Iraq, Israel, Jordan, Lebanon, Bahrain, Kuwait, Qatar, the UAE, Oman, and Saudi Arabia remained off-limits or heavily restricted, according to updated advisories from the European Union Aviation Safety Agency (EASA) and other authorities. These measures, extended through at least March 6 in some cases, forced rerouting, diversions, and outright cancellations globally, with Cairo absorbing some overflow as a relatively stable gateway.

Egypt’s Ministry of Civil Aviation placed all airports on high alert starting late February, with Minister Sameh El-Hefny personally inspecting Cairo’s operations room and crisis management center. Contingency plans ensured continued functionality, including handling diverted flights — 12 international arrivals were rerouted to Cairo on March 1 alone, with additional diversions to Sphinx, Hurghada, Sharm El-Sheikh, and other facilities. The ministry emphasized maximum readiness to safeguard air safety amid the escalation.

U.S. and other Western embassies advised heightened caution for citizens in the region, though Egypt has not been directly targeted. The U.S. State Department urged Americans to depart the broader Middle East where possible, but noted limited flight options complicating exits. Egypt’s tourism sector, particularly Red Sea resorts like Hurghada and Sharm El-Sheikh, reported operational continuity at local airports despite delays and reduced international access.

Flight tracking platforms like Flightradar24, FlightAware, and the airport’s own portal displayed ongoing activity Wednesday morning local time, with dozens of flights marked as landed, on time, or scheduled across Terminals 1, 2, and 3. Weather conditions at CAI remained favorable, with light winds and clear visibility contributing to smooth ground operations where flights were able to proceed.

The situation highlights Cairo’s strategic role as Egypt maintains open skies while much of the Gulf faces paralysis. Analysts noted that while the airport itself is not closed, effective connectivity to key regional and global networks has been severely curtailed, leading to an “operational nightmare” for passengers and airlines. Some experts predicted gradual resumption of limited services if de-escalation occurs, but warned of prolonged volatility.

Passengers are advised to check directly with airlines, monitor official airport channels, and allow extra time for potential changes. Cairo Airport Company continues to update flight status in real time, with dedicated support teams assisting affected travelers.

As the conflict enters its sixth day, Cairo International Airport stands as one of the few major Middle Eastern hubs maintaining core operations, though heavily impacted by the surrounding chaos. Authorities reiterated commitments to safety and continuity, urging calm amid uncertainty.

The Government has unveiled new gender pay gap and menopause action plans designed to help women thrive in the workplace, as ministers seek to shift the focus from transparency to tangible change ahead of International Women’s Day 2026.

From April, employers with more than 250 staff will be encouraged to publish detailed action plans outlining how they intend to reduce their gender pay gap and support employees experiencing menopause. The initiative forms part of a broader strategy to improve women’s economic participation, boost productivity and address the financial pressures that disproportionately affect women and families.

The measures were formally launched by Bridget Phillipson, Secretary of State for Education and Minister for Women and Equalities, who said the plans marked a renewed commitment to ensuring women can progress and prosper at work.

“This International Women’s Day, we are celebrating all that women bring to our proud nation, as well as committing to giving back to them,” Phillipson said. “Too many women are still not paid fairly, held back at work due to inconsistencies in support, or find common sense adjustments for their health needs overlooked or dismissed.”

The new action plans are voluntary at this stage, with ministers pledging to work collaboratively with businesses to share best practice and encourage widespread adoption before any compulsory framework is introduced. The Government has positioned the initiative as part of its wider economic agenda, arguing that improving workplace equality is essential to unlocking growth.

Alongside the action plans, ministers have highlighted other measures aimed at easing cost-of-living pressures, including a £117 reduction in average energy bills from April, expansion of free childcare provision, a rail fare freeze and a continued cap on prescription charges below £10.

The Women’s Business Council, which is working closely with the Government on the scheme, said the plans could help break down persistent structural barriers. Mary Macleod, chair of the council, described the initiative as an opportunity to boost both equality and economic performance.

“These measures have the power not only to increase the number of women in the workforce, but to drive productivity and innovation,” she said. “Equality isn’t just the right thing to do – it is a vital driver for economic growth.”

A central element of the programme is a renewed focus on menopause support. Government figures indicate that one in ten women who worked during the menopause have left a job because of their symptoms. Ministers argue that clearer workplace policies and practical adjustments could help retain experienced employees and reduce economic losses linked to workforce exits.

Mariella Frostrup, the Government’s Menopause Employment Ambassador, said employers must recognise the scale of the issue. “Menopause affects millions of women at the height of their careers,” she said. “When employers take meaningful steps to support women through menopause, they are protecting their workforce and strengthening their business.”

Campaigners have cautiously welcomed the announcement, while calling for stronger enforcement in the future. Penny East, chief executive of the Fawcett Society, said the action plans should represent a move from reporting disparities to addressing them.

“Large employers must not simply publish data; they must now take action to improve workplace cultures and practices,” she said. “This is a rare opportunity to strengthen women’s participation in the workforce, and the plans must therefore be ambitious, measurable and enforceable.”

The action plans sit within the framework of the Employment Rights Act 2025, which includes new protections against workplace sexual harassment and enhanced rights for pregnant workers and women returning from maternity leave.

The Government has signalled that over the coming year it will consult on how to move from voluntary measures to a more structured, mandatory regime. In the meantime, ministers will work with expert groups, including the Women’s Business Council and the Invest in Women Taskforce, to encourage employers to adopt comprehensive and accountable policies.

With the gender pay gap in the UK still standing at 12.8 per cent overall, according to recent figures, the success of the initiative will be judged on whether it delivers measurable improvements in pay equity, retention and career progression for women across sectors.

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Equity investors became poorer by Rs 16.32 lakh crore in the two-day fall in the stock market after the conflict involving the US, Israel and Iran escalated significantly.

On Wednesday, the 30-share BSE Sensex tumbled 1,122.66 points or 1.40 per cent to settle at 79,116.19. During the day, it crashed 1,795.65 points or 2.23 per cent to 78,443.20. Since Friday, the BSE benchmark has lost 2,171 points or 2.67 per cent amid the onset of hostilities between Iran and the US-Israel since February 28.

The market capitalisation of BSE-listed companies eroded by Rs 16,32,428.12 crore to Rs 4,47,18,243.15 crore (USD 4.85 trillion) since Friday last week. Equity markets were closed on Tuesday for Holi.

“Markets traded with a negative bias on Wednesday, extending their recent corrective trend amid weak global cues and persistent geopolitical concerns. Investor sentiment remained fragile amid weak global signals, elevated crude oil prices and lingering uncertainty around geopolitical developments. Continued foreign institutional selling and currency volatility further dampened confidence,” Ajit Mishra, SVP Research, Religare Broking, said.

Brent crude, the global oil benchmark, jumped 1.63 per cent to USD 82.73 per barrel.

From the Sensex pack, Tata Steel tanked 6.76 per cent, followed by Larsen & Toubro (4.53 per cent). Bajaj Finance, UltraTech Cement, NTPC, InterGlobe Aviation, Bajaj Finserv and Hindustan Unilever were also among the laggards.
Bharti Airtel, Infosys and Tech Mahindra were the gainers.The BSE smallcap select index tumbled 2.42 per cent and midcap select index dropped 2.10 per cent.

Among sectoral indices, metal plunged 4 per cent, BSE PSU Bank (3.50 per cent), industrials (3.29 per cent), realty (3.16 per cent), commodities (3.12 per cent), capital goods (2.64 per cent), power (2.59 per cent), services (2.25 per cent) and energy (2.23 per cent).

A total of 3,245 stocks declined, while 1,053 advanced and 135 remained unchanged on the BSE.

Asian markets ended with deep cuts. South Korea’s Kospi tumbled 12 per cent. Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index also ended significantly lower.

Manufacturer that had received Combined Authority backing says news has “material impact” on its ability to trade

A Knowsley supercar brake specialist that two years ago received a £13.2m loan through Liverpool City Region Combined Authority has lost its biggest customer and is appointing restructuring advisers – meaning its share price plunged more than 90%.

Surface Transforms, based in Kirkby, told the Stock Exchange on Tuesday afternoon that General Motors (GM), which last year provided 84% of its revenues and has also provided the company with millions of pounds of support, has decided to change its brake disk supplier.

Its statement said: “The company has not yet had the opportunity to speak directly with GM about the termination, but the loss of this contract has a material impact on the company’s ability to trade and as a result the Directors intend to immediately engage corporate restructuring advisers to protect stakeholder’s interests.”

Surface Transforms said GM was “re-sourcing its supply of brake disks with effect from 31st March 2026”. It added: “GM is the Company’s most significant customer and in FY 2025 formed £15.3m (84%) of revenues and 85% of discs sold and was under contract until 2030. Additionally, since November 2024 GM has provided the Company with operational support and financial assistance including advance payments of £14.4m.”

The company said it would give further updates to the market “as appropriate”. But its share price fell by as much as 94% on Tuesday afternoon to just 0.12p per share.

Surface Transforms develops and makes carbon ceramic brakes for high-performance cars. It says its technology offers “weight savings of up to 70% compared to iron brakes”.

Liverpool City Region Combined Authority announced in December 2023 that Mayor Steve Rotheram’s Urban Development Fund – itself part funded by the European Regional Development Fund (ERDF) – was offering a £13.2m loan to Surface Transforms. It said the loan would “enable the company to invest in new manufacturing facilities to increase its production capacity and meet the growing demand for its products”.

At the time, Mr Rotheram said: “Our area is fortunate to be home to an abundance of world class manufacturers to rival anywhere in the world. It’s their distinctive capabilities and strengths that help to set our region apart from the rest, with industry leading businesses like Surface Transforms on our doorstep.

“This investment we’re making will be transformational in helping them to scale-up their operations – and create quality, highly-skilled jobs and training opportunities for local people. We’re showing the difference that devolution makes by helping local businesses to not only fulfil their potential but to ensure that our area remains at the forefront of manufacturing innovation. It’s local people that stand to benefit with jobs, training and apprenticeship opportunities.”

Also at the time, Kevin Johnson, CEO of Surface Transforms, said: “We are delighted to have secured this capital expenditure loan, which will enable us to execute our strategic growth plans and further strengthen our position as a leader in carbon fibre reinforced ceramic automotive brake discs.”

In its most recent detailed annual report, issued in June 2025 to cover the 2024 financial year, Surface Transforms said it had borrowed £5.1m of the potential £13.2m available, with a remaining undrawn commitment of £8.1m available until December 31, 2025. But it said that “drawdowns have continued into 2025, and the company expects the full £13.2m facility to be fully utilised by the end of the year.”

The report also said the covenants of the loan had been breached in December 2024 and that “this position remained unrectified in March 2025”. It added: “However, the LCA (Combined Authority) have been willing to waive the December breach in recognition of its temporary nature ahead of a much-improved long term outlook and it is anticipated that further waivers will be given in 2025 until revised covenants are agreed”.

It added that management was “confident that the unwavering support from the LCA will continue”.

In its most recent trading update in January, Surface Transforms said revenues for 2025 stood at £18m, up from £8.2m in 2024. It said revenues in the second half of the year stood at £9.9m, up from £8.1m in the first half of 2025.

It reported an operating loss of £8.7m, much lower than the £23.4m reported in 2024. And it said it expected to report revenues of £27m in 2026.

In a Stock Market statement at the time, the company said: “FY25 has been a transformative year, marked by substantial progress in scaling production and improving processes. The business has moved meaningfully closer to substantial and profitable operations, with materially higher output and revenues. Demand for our product remains strong. While challenges persist, customers are encouraged by the improvements underway. Cash remains tight but manageable.”

A Combined Authority spokesperson said last night: “We are aware of the situation and are in dialogue with the company to fully understand the current position. It would not be appropriate to make any further comment at this time.”

UK’s second-biggest housebuilder sees homes built drop to 15,658 amid Budget uncertainty

The chief executive of the UK’s second-largest housebuilder is stepping down as the firm grapples with declining revenue and output triggered by uncertainty surrounding last year’s November Budget.

Vistry’s boss Greg Fitzgerald announced he will retire in May and attributed the speculation preceding the Budget for weakened performance during the second half of the year.

Pre-tax profit rose marginally – consistent with Vistry’s projections – by two per cent to £269m, whilst revenue dropped by four per cent to £4.2bn for the year ending December 2025.

Fitzgerald stated the company’s financial results were “in line with guidance…despite continued challenges in the Open Market and the uncertainty created by the November Budget.”

The FTSE 250-listed group constructed 15,658 homes last year, representing a nine per cent decline from 2024, as reported by City AM.

The business underperformed expectations during the third and fourth quarters of last year owing to Budget postponements, according to its results.

However, Vistry expressed support for the government’s planning system reforms, which it believes will enable housebuilders to achieve Labour’s objective of constructing 1.5m homes before the next election.

Whilst the company acknowledged market conditions remain “challenging” and geopolitical developments may introduce “uncertainty”, it described itself as “cautiously optimistic” regarding growth this year. Announcing his retirement, Fitzgerald said: “It is an exciting time for Vistry as it focuses on addressing the chronic affordable housing shortage.

“After over 45 years in the sector, it is the right time for me to retire and I am confident that Vistry will go from strength to strength well into the future.”

Discussing the group’s performance last year, he said: “Vistry delivered one in seven of the country’s affordable homes last year, which demonstrates the crucial role the business plays, and will continue to play, in building the homes the UK so desperately needs.”

Vistry’s rival Barratt Redrow, the nation’s largest housebuilder by volume, appointed a new chief executive on Wednesday. The FTSE 100 company announced former infrastructure boss Dean Banks will take the top job, as the housebuilder works to restore investor confidence following last month’s dividend reduction which caused its share price to fall.

LOS ANGELES — HUNTR/X, the powerhouse girl group at the heart of Netflix’s animated blockbuster “KPop Demon Hunters,” has transcended its fictional origins to become one of 2025-2026’s most talked-about musical acts. Voiced and performed by real-life artists EJAE, Audrey Nuna, and Rei Ami, the trio has racked up billions of streams, award wins, and live performances, proving that a made-for-movie band can dominate charts and culture. Here are 10 essential things to know about HUNTR/X as the project continues to evolve in early 2026.

1. **Fictional Origins in a Hit Animated Film**
HUNTR/X debuted in the Netflix and Sony Pictures Animation film “KPop Demon Hunters,” released June 20, 2025. The story follows Rumi (voiced by Arden Cho, sung by EJAE), Mira (May Hong/Audrey Nuna), and Zoey (Ji-young Yoo/Rei Ami) — global K-pop superstars by day who secretly battle demons to protect humanity and maintain a magical barrier called the Honmoon. Their music powers the narrative, using songs to reinforce the barrier against supernatural threats, including rival demon boy band Saja Boys.

2. **Real-Life Voices Behind the Phenomenon**
The singing voices — EJAE (lead vocalist and songwriter for Rumi), Audrey Nuna (Mira), and Rei Ami (Zoey) — are established independent artists who brought authenticity to the tracks. EJAE, known for her powerful vocals, leads many anthems; Audrey Nuna adds soulful depth; and Rei Ami infuses pop-rap energy. Their collaboration created a cohesive sound blending K-pop, R&B, and pop elements that resonated far beyond the screen.

3. **Breakout Hit “Golden” Makes History**
The soundtrack single “Golden” became a cultural juggernaut, topping the Billboard Hot 100 and amassing over 1.49 billion streams on platforms like Spotify. In early 2026, it made history as the first K-pop-associated song to win a Grammy, taking Song of the Year at the 2026 ceremony. The track’s triumphant lyrics about rising above challenges mirrored the film’s themes and fueled massive fan engagement.

4. **Live Performances and Award Show Dominance**
HUNTR/X crossed into reality with live appearances by EJAE, Audrey Nuna, and Rei Ami. They performed “Golden” at major events including the 2026 Grammys red carpet interviews, BRIT Awards, BAFTAs, and even a halftime show at the AFC Women’s Asian Cup. These high-profile slots solidified their status, with fans treating them as a legitimate group separate from the film.

5. **Soundtrack Success and Chart Impact**
The full “KPop Demon Hunters” soundtrack, featuring tracks like “How It’s Done,” “Takedown,” and group anthems, topped charts globally. Songs received heavy rotation on playlists, with monthly listeners for HUNTR/X exceeding 39 million on Spotify. The project’s music has been praised for its confident production and empowering messages, appealing to both animation fans and K-pop enthusiasts.

6. **Fandom and Cultural Reach**
Officially dubbed “Hunters,” the fandom adopted purple as an unofficial color. Online communities on Reddit, X, and TikTok exploded, with discussions ranging from lore analysis to calls for HUNTR/X to become a permanent real-world act. The group’s success blurred fiction and reality, inspiring fan art, covers, and mashups that kept momentum alive months after the film’s streaming debut.

7. **Sequel in Development for 2029**
Netflix confirmed talks for a “KPop Demon Hunters” sequel targeting a 2029 release. The follow-up would reunite HUNTR/X for new adventures, building on the first film’s box-office and streaming triumph. Producers have teased expanded storylines, more music, and deeper exploration of the characters’ dual lives.

8. **Merchandise, Official Channels, and Fan Engagement**
An official HUNTR/X website (huntrix.ca) offers merchandise, while YouTube channels and Spotify artist pages host content like lyric videos and behind-the-scenes clips. The group maintains a strong digital presence, with fans streaming the soundtrack and engaging in viral challenges tied to songs like “Golden.”

9. **Addressing AI Rumors and Authenticity Debates**
Early speculation questioned whether vocals used AI enhancement, sparked by the polished production. Rei Ami publicly clapped back, defending the human effort behind the tracks. Discussions highlighted the project’s soulful execution versus “AI slop,” reinforcing that HUNTR/X represents genuine artistry from talented performers.

10. **A Milestone for Fictional Acts in Pop Culture**
HUNTR/X exemplifies how animated projects can launch real musical careers. From Grammy wins to award show stages, the trio’s journey shows the power of cross-media storytelling in the streaming era. As fans await sequel news and potential new music, HUNTR/X stands as proof that great songs — fictional or not — can conquer the world.

The project’s ongoing impact underscores a shift where virtual idols and animated stars compete with traditional acts. With awards hardware, chart records, and a dedicated global following, HUNTR/X continues to hunt success well into 2026.

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