In a press statement, Sebi reiterated that these digital platforms are neither recognized nor authorized by the regulator. It firmly stated that only recognized stock exchanges are permitted to provide infrastructure for fundraising and securities trading.

The regulator also strongly advised the public against sharing sensitive personal details on these websites.

No Regulatory Safety Net

Sebi cautioned investors that because these platforms operate outside its regulatory purview, any disputes arising from transactions on them will leave investors completely stranded. The regulator explicitly noted that users of these platforms will not have access to investor protection benefits and grievance redressal mechanisms.

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This is not the first time the market watchdog has cracked down on gray-market digital ecosystems. Sebi noted that it has previously issued warning notices most recently in 2024.
The regulator has also previously red-flagged unauthorized virtual trading platforms offering fantasy games or paper trading, alongside unregistered online portals pushing unlisted debt securities.

The conversion follows approval from the National Company Law Tribunal (NCLT) and requisite filings with the Registrar of Companies. The company’s legal name has changed from Mensa Brand Technologies Private Limited to Mensa Brand Technologies Limited as a result.

The move comes on the heels of BRND.ME‘s cross-border merger that shifted its corporate base from Singapore to India, a process completed in under 10 months after clearances from the High Court of Singapore and the NCLT’s Chandigarh bench. Together, the two moves are aimed at aligning the company’s structure with public-market norms on governance and regulatory compliance.

BRND.ME said it is evaluating an initial public offering (IPO) over the next 12-18 months.

“Converting into a public company is an important milestone in BRND.ME‘s journey,” said Ananth Narayanan, founder and CEO. He said the company has spent the past year simplifying its corporate structure and strengthening governance, with an eye on building consumer brands out of India that can scale globally. The shift to an Indian holding structure, followed by the conversion, gives the company a base to grow with sharper focus and discipline, he added.

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On the financial front, BRND.ME said it turned adjusted EBITDA profitable and operating cash-flow positive in FY26. The company posted FY26 revenue of about Rs 1,500 crore and is currently clocking an annualised run-rate of Rs 1,700-1,800 crore, driven largely by margin expansion and tighter cost controls rather than aggressive top-line growth.
Four brands anchor its portfolio: Majestic Pure, at about Rs 400 crore in annual revenue; Botanic Hearth, at roughly Rs 300 crore; and MyFitness and PartyPropz, each clocking more than Rs 200 crore annually. The company said these brands lead in their respective wellness, personal care, nutrition and lifestyle categories. International markets — the US, Canada, Europe and the Middle East — remain a key part of its growth strategy.BRND.ME, founded in 2021, is backed by investors including Accel, Norwest Venture Partners, Alpha Wave Global and Prosus.

According to block deal data for the day, Sepia Investments sold 43,28,943 shares of Corona Remedies at Rs 1,730 apiece, translating into a deal value of roughly Rs 748.9 crore. A second seller, Anchor Partners, offloaded 1,61,861 shares at the same price, worth about Rs 28 crore. Taken together, the two sellers divested shares worth approximately Rs 776.9 crore in the pharmaceutical company.

On the buy side, twelve investors picked up the shares at Rs 1,730 each. HDFC Mutual Fund was the largest buyer, acquiring 24,50,000 shares worth about Rs 423.9 crore, accounting for more than half the total deal value by itself.

Aberdeen Asian Smaller Companies Investment Trust Plc bought 4,50,868 shares worth roughly Rs 78 crore, while Aditya Birla Sun Life Mutual Fund picked up 4,90,000 shares worth about Rs 84.8 crore. The Abu Dhabi Investment Authority bought 39,130 shares worth approximately Rs 6.8 crore, through its ADIA.

Other buyers included Aberdeen Standard Sicav I – Asian Smaller Companies Fund, which picked up 2,74,132 shares worth about Rs 47.4 crore, and Invesco Mutual Fund, which bought 2,89,017 shares worth about Rs 50 crore. Kotak Mahindra Mutual Fund acquired 1,61,861 shares worth about Rs 28 crore, matching the exact quantity sold by Anchor Partners.

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India Acorn ICAV – Ashoka WhiteOak Emerging Markets Equity Fund bought 1,48,686 shares worth about Rs 25.7 crore, while WhiteOak Capital Mutual Fund picked up 1,45,000 shares worth about Rs 25.1 crore. Rounding out the buy side were Ashoka WhiteOak Emerging Markets Equity ex China Fund, which bought 29,520 shares worth about Rs 5.1 crore, Factory Mutual Insurance Company, which picked up 10,670 shares worth about Rs 1.9 crore, and TCW White Oak Emerging Markets Equity Fund, the smallest buyer in the block, with 1,920 shares worth about Rs 33 lakh.

Kuppa traced the idea back to his earlier venture, Orowealth, the direct mutual fund platform he co-founded in 2016 along with Nitin Agrawal, Yogesh Powar and Swati Aggarwal. He said the conviction that technology could widen the adoption of investment products among Indians only grew stronger at InCred Money.

InCred Capital, the institutional and wealth management arm of the InCred Group, acquired Orowealth in an all-cash deal in early 2023, bringing in assets under management of more than Rs 1,100 crore along with its technology platform and team. Kuppa took over as CEO of the newly created InCred Money, which has since built out an integrated investment platform spanning bonds, fixed deposits, alternative assets and equity broking.

A mutual fund licence, or a Digital AMC as Kuppa termed it in his post, would extend that platform into fund manufacturing rather than just distribution. He argued that the eventual winners in the wealth-tech business will be firms that combine manufacturing with distribution under one roof, serving the full range of a client’s investment needs.

Kuppa credited the milestone to nearly six months of work led by Nitin Agrawal, his former Orowealth co-founder, who now serves as CEO of the mutual fund business at InCred Money.

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The approval places InCred Money among a growing list of fintech and brokerage platforms securing Sebi nod to enter fund management.
The push comes as India’s mutual fund industry has crossed Rs 75 lakh crore in assets under management, with Sebi’s new mutual funds rules, which took effect in April, aimed at easing entry for new players through routes such as MF Lite for passive strategies.In-principle approval allows InCred Money to proceed with setting up an asset management company and trustee structure, but it will still need to clear Sebi final registration requirements, including capital and governance norms, before launching schemes.

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Customers of Citizens Bank reported difficulties accessing online and mobile banking services Wednesday, with some users unable to log in, view balances or complete transactions amid ongoing technical issues tied to scheduled system maintenance.

The disruptions, which began affecting portions of the customer base early in the day, follow planned maintenance that started Tuesday evening and extended into Wednesday. Bank officials have advised patience as technical teams work to restore full functionality across digital platforms.

Citizens Bank’s Update Center and official communications confirmed the maintenance window, noting that digital banking access via browser and mobile app could be intermittently unavailable. The bank emphasized that core banking operations, including branch services and ATMs, remained largely unaffected.

Scope of the Outage and Customer Reports

Social media platforms and monitoring sites like Downdetector showed elevated reports of problems with the app, login processes and mobile banking throughout the morning. Users in multiple states, particularly in the Northeast where Citizens has a strong presence, described error messages, frozen dashboards and failed transfers.

One customer posted on social media: “Citizens Bank’s online banking is reportedly down for some users at the moment.” Similar complaints highlighted frustration during a busy midweek period when many rely on digital tools for bill payments and account management.

The bank has not issued a full outage declaration but acknowledged intermittent issues in its customer service alerts. Officials urged customers to use alternative channels such as branches, ATMs or telephone banking for urgent needs during the resolution period.

Maintenance Details and Expected Resolution

The scheduled work, which began around 8 p.m. Pacific Time on Tuesday and was set to conclude by early Wednesday morning in some time zones, involves critical system upgrades designed to improve long-term reliability and security. Such maintenance is routine for large financial institutions but can occasionally extend beyond initial estimates due to unforeseen complexities.

Citizens Bank, a major regional player with operations across the Northeast and beyond, serves millions of customers. Its digital platforms handle high volumes of daily transactions, making any disruption noticeable. The bank has invested heavily in technology in recent years to enhance user experience and cybersecurity defenses.

In past similar incidents, services typically resumed gradually as maintenance phases completed. Customers with pending transactions were advised to check their accounts once access returns, as confirmed items should process normally per standard banking protocols.

Impact on Customers and Alternatives

For many, the timing proved inconvenient, especially those managing payroll, bill payments or transfers mid-month. Small businesses and individuals relying on real-time access reported delays in daily operations. The bank encouraged use of its customer service lines at 800-656-6561 for assistance with account inquiries or urgent matters.

Branches remained open for in-person services, and ATMs continued to function for cash withdrawals and deposits in most locations. Mobile check deposit features and other tools may have limited availability until full restoration.

Citizens has a history of transparent communication during technical issues. Its Update Center provides real-time alerts on technology, operations and other disruptions, helping customers stay informed. Officials apologized for any inconvenience and assured that customer data and funds remain secure throughout the process.

Broader Context of Banking Technology Reliability

Financial institutions increasingly depend on robust digital infrastructure, making occasional maintenance necessary to prevent larger failures. Cybersecurity threats, system upgrades and growing transaction volumes contribute to the need for periodic downtime. Citizens, like peers such as Bank of America or Chase, aims to minimize impact through phased rollouts and backup systems.

This incident highlights ongoing challenges in delivering 24/7 digital banking. Regulators and consumer advocates emphasize the importance of clear communication and contingency plans. Customers are encouraged to set up alerts, maintain multiple access methods and monitor accounts regularly.

In response to past outages, many banks have enhanced redundancy and cloud-based solutions. Citizens has rolled out app improvements and security features in recent years, positioning its platforms competitively in a digital-first banking environment.

Advice for Affected Customers

Those experiencing issues should:

• Clear browser cache or update the mobile app.
• Try accessing via desktop if mobile is affected, or vice versa.
• Contact customer service for time-sensitive needs.
• Monitor official channels for restoration updates.

Company Background

Citizens Bank, part of Citizens Financial Group, operates as a major retail and commercial bank with a focus on the Northeast. It offers a full suite of personal and business banking products, including robust online and mobile platforms that millions use daily. The institution has emphasized digital innovation while maintaining a strong branch network.

As one of the larger regional banks in the U.S., Citizens serves diverse customer segments from individuals to small businesses. Its commitment to technology aims to deliver seamless experiences, though maintenance windows occasionally test customer patience.

Looking Ahead

Bank officials expect full restoration shortly after the maintenance window. Customers can check the official Update Center or social channels for the latest status. Citizens continues investing in infrastructure to reduce future disruptions and enhance overall digital resilience.

This episode serves as a reminder of the trade-offs in modern banking convenience. While digital tools provide round-the-clock access, periodic maintenance ensures long-term stability and security. Affected users are urged to exercise patience as teams work to resolve the matter promptly.

For the latest developments, customers should visit Citizens Bank’s website or contact support directly. The bank remains committed to minimizing impacts and restoring normal operations as quickly as possible.

Introduction to the iShares US Infrastructure ETF

The iShares US Infrastructure ETF (IFRA), which is backed by Blackrock (under its brand of ETFs-iShares), is a $4.25B product (in terms of assets under management) that has been in existence since April 2018. IFRA, which is priced at an expense ratio of 0.3%, pays dividends on a quarterly basis, with the annualized figure amounting to 1.57%.

How Is IFRA Built?

IFRA’s intention is to focus on stocks that stand to benefit from a boost in domestic (the US) infrastructure activities, and it goes about fulfilling its goal by tracking an index that is maintained by a third party called ICE Data Indices [IDI]. The index in question is the NYSE FactSet U.S. Infrastructure Index [NFUII], and it is constructed using a methodology developed by Fact Set (a global financial data comp).

NFUII which is reconstituted every March requires any potential constituent (which needs to be listed on the NYSE, NYSE American or the Nasdaq) to have a minimum market-cap of $300M (as well as an average 3-month daily traded value of $1M). Then, from this pack, all stocks that generate 50% or more of their revenue from infrastructure-related industries are considered. Basically, the goal is to procure either infrastructure enablers or infrastructure asset owners and operators, who generate 50% or more of their annual revenue from the US. Once the stocks are gathered (over 160 in total), they are then assigned equal weights, which get rebalanced four times per year.

What Are The Key Characteristics Of IFRA’s Portfolio?

We know that IFRA focuses on infrastructure enablers and infrastructure asset owners/operators, but from which sectors (as per the traditional definitions of the Global Industry Classification Standards, or GICS) are they procured? Well, two sectors in particular (industrials and utilities) dominate with an aggregate weight of over 75% of the entire portfolio. The rest of the portfolio comes from the materials sector, the energy sector, and the discretionary sector, with the latter contributing an insignificant stake of less than 0.5%.

Unlike a lot of products that track market-cap weighted indices (which ends up making them giant and large-cap heavy), IFRA’s target index follows an equally weighted policy. As a result, note that it isn’t giant or large-caps but the mid-cap bracket which dominates this portfolio with a 56% stake. Micro-cap exposure of around 2% is understandably low, as ICE Data Indices does not consider stocks with a free-float market-cap of less than $300M (at the time of construction).

Stylistically as well, it’s the mid-cap blended names which dominate this portfolio with an aggregate stake of one-third. For the uninitiated, blended stocks combine the best of both the value and growth style stocks (typically those with stable business models and high dividend payouts, in addition to strong growth prospects in terms of sales/earnings).

Who Is IFRA For?

IFRA represents a cost-effective vehicle (an expense ratio of 0.3% which is the lowest amongst pure play infrastructure ETFs, and 20bps lower than the ETF median of 0.5%) for those who want well-balanced and comprehensive coverage to stocks across the US infrastructure value chain. This portfolio not only includes traditional infrastructure stocks such as utilities and transportation plays (which tend to benefit from stable cash flows and high barriers to entry), but also those (like construction & engineering service firms, machinery and material providers) that are more cyclically themed, and are also favorably exposed to a growing impetus in US infrastructure spending appetite, are seeing a surge in backlogs. This balance between the two pockets, makes IFRA well positioned to thrive in both an upswing and a downswing of the broader economy.

IFRA would also be suitable for those who dislike the overcrowded large and giant-cap space (most ETFs follow market-cap weighted indices which end up focusing largely on these market-cap categories), and are more comfortable tilting towards the mid-cap space (which typically offers better growth prospects than giant and large-caps, and are also less volatile than small-caps).

What Are The Risks Associated With IFRA?

The stocks of IFRA are likely to be very sensitive to the shifting hues of Federal fiscal policy, particularly in light of the burdensome debt burden that the US government faces (government debt to GDP has been above 120% for multiple years, since the onset of the pandemic); if the ruling governments choose to turn more parsimonious and more fiscally responsible, or divert resources away from infrastructure projects to other areas of the economy, the stocks of IFRA could be adversely impacted. Needless to say, this is a cohort of stocks whose prospects are closely linked to the political climate of the country.

IFRA is a passively managed product, whose value is primarily derived from how effectively it tracks the NFUII. Rather than resorting to full replication, IFRA seeks to mirror the performance of NFUII through a more cost-efficient process known as ‘representative sampling’, where the former only owns a sample of stocks that in total have the same qualities as the latter. While IFRA may score on the efficiency front, it loses out on tracking capabilities (tracking errors are wider than those experienced by the median ETF), which appear to have gotten worse over the last three years and the last year alone.

Investors who own S&P 500-heavy portfolios, are unlikely to find IFRA as a apt diversifier, as it’s sensitivity to the movements of the US benchmark, are almost close to 1x. Put simply, for every 1% move in the S&P 500 (be it to the upside or downside), one can typically expect IFRA to move by around 0.9%.

The margins of businesses involved in the infrastructure space, also tend to be keenly impacted by commodity price volatility, tariff effects, and labor shortages.

Peers of IFRA

Two close peers of IFRA are the Global X U.S. Infrastructure Development ETF (PAVE), and the iShares Global Infrastructure ETF (IGF).

IGF, differs from the other two in that it is the only one which provides exposure to infrastructure stories beyond just America (US exposure which is still the largest is at 36%). This ETF, which is the oldest out of the lot, also offers the most concentrated infrastructure exposure (it only covers 78 stocks), with a heavy tilt towards transportation stocks (the other two are more spread out and tilt more towards the industrial sector. It also stands out for its high-yield (relative to the other two), and a predilection towards large-caps (as opposed to mid-caps).

PAVE, which is backed by Global X (unlike the other two), is a very industrial heavy portfolio (72% of the holdings). It is also the least cost efficient (an expense ratio of 0.47%), and also the least lucrative from a yield angle (not even half the yield of IFRA, which in turn lags IGF). Note that both alternatives to IFRA distribute less frequently than our ETF in focus. Out of the three IFRA appears to be the least portfolio prone to change (annual churn of only 10%)

Summary

IFRA represents a cost-efficient ETF for those who want access to a pool of stocks from across the US infrastructure value chain that could thrive in expansionary as well as defensive macro conditions. IFRA, which tilts more towards mid-caps, still moves in close tandem with the S&P 500 and may not represent a great portfolio diversifier.

This article answers three main questions about IFRA:

1. What are the key features of IFRA’s portfolio?
2. What type of investor is IFRA suitable for, and what are the risks associated with it?
3. Are there other passive ETF alternatives that offer exposure to infrastructure stocks?