Mumbai: The Securities and Exchange Board of India (Sebi) Monday clarified that clients using discretionary portfolio management services (PMS) can pledge securities held in their demat accounts to raise loans for their own benefit, without the arrangement being treated as borrowing by the portfolio manager.

The clarification was issued in an informal guidance letter to Share India Securities, following the intermediary’s query on whether securities purchased under discretionary PMS could be pledged by clients. Sebi said discretionary PMS clients remain the beneficial owners of securities purchased through the service and therefore have the right to use their own assets, including securities held under PMS, as collateral for loans they personally avail.

The regulator said rules do not prevent discretionary PMS clients from initiating pledge of securities, provided that the pledge is initiated solely at the clients discretion and for their own benefit.

Read more: Sebi chair rules out CAS rollback; assures commitment to resolving ongoing issues

Regulation 23(8) of the PMS Regulations, 2020 prohibits portfolio managers from borrowing funds or securities on behalf of clients.

Sebi said this restriction does not prevent a discretionary PMS client from independently pledging securities.

New Delhi: Resilient Asset Management, which holds shares in Paytm parent One 97 Communications, is looking to sell up to a 4.98% stake in the fintech company through a block market transaction, according to a regulatory filing on Monday.

The stake being sold would be worth around ₹5,000 crore at Monday’s closing price.

Proceeds from the sale will be retained by Chinese investor Ant Financial under an existing optionally convertible debenture (OCD) agreement, Paytm said.

Resilient Asset Management, a Dutch holding company controlled by Paytm founder and CEO Vijay Shekhar Sharma, acquired a 10.3% stake in Paytm from Ant Financial in 2023 against OCDs issued to the latter. Under the arrangement, while Resilient acquired the equity stake, the economic interest in the shares continued to belong to Ant Financial, an Alibaba Group company.

Read more: Zaggle plummets to 52-week low after disappointing Q1 results

The structuring of the deal in 2023 indicated Paytm’s efforts to reduce Chinese influence, helping the company secure regulatory approvals for its various business interests.

The U.S. dollar held near multi-month lows against most major currencies on Tuesday as traders walked back expectations of near-term monetary tightening, although the imminent threat of an escalation in the Middle East war left sentiment fragile.

The euro fetched $1.1581 in ​early Asian hours, not far from the two-month high of $1.1614 it touched on Monday. Sterling was at $1.3548, just shy of the three-month peak it touched in the previous session.

Data showed last week that U.S. retail sales fell in July for the first time in nine months, following unexpected ‌job losses last month ⁠and mild ⁠inflation readings. The run of softer data has led investors to scale back expectations of a rate hike by the U.S. Federal Reserve.

Traders expect a 35% ​chance of a rate increase at the Fed’s September meeting, compared with 52.2% a week ago, according to the CME FedWatch tool.

Analysts ​though remain cautious of where inflation may head, especially with the critical Strait of Hormuz remaining effectively shut and an impasse in the talks to end the U.S.-Iran conflict.

“Inflation has been above target for most of the past five years, and whilst ​a high 2% annual pace may prove acceptable to the Fed, it leaves the ⁠inflation process ‌with little to no breathing room in a world of constant supply shocks,” said Nohshad Shah, ​head of EMEA fixed ​income sales at Citadel Securities.
Iran said it would shift to a “fully offensive” military posture because ⁠efforts to negotiate a permanent end to the war with the U.S. have stalled, ​a senior Iranian official told Reuters as Washington ruled out extending their June ceasefire ​agreement.Bond yields around the world were on the rise again as traders remained wary of the impact of elevated oil prices and a prolonged closure of the Strait of Hormuz.

Brent crude futures were 0.3% higher at $91.14 a barrel after rising to their highest since July 30 on Monday.

The yield on the 30-year bond hovered near its highest level in nearly 20 years, while the 10-year JGB yield hit its highest level since September 1996. [JP/]

The spotlight has also been on recent U.S. Treasury auctions ‌in the past week for the multi-decade yields demanded by investors to absorb Washington’s borrowing needs.

“When it comes to longer-dated Treasury issuance, investors are increasingly focused and concerned about the growing amount of U.S. ​debt and America’s lack ​of fiscal discipline,” said Anthony ⁠Saglimbene, chief market strategist at Ameriprise Financial.

“Frequent, large-scale treasury auctions are a chance for the bond market to push back against the government’s eroding fiscal trajectory, as they demand higher yields for the auctions to clear.”

The yen was stuck just below the ​160 level, shifting the focus to the Bank of Japan meeting next month, where the central bank is set to raise interest rates and is considering hiking more aggressively after that, sources told Reuters.

It was last at 159.46 per U.S. dollar, having erased nearly half of the gains from the joint U.S. and Japan intervention at the end of July to lift the fragile yen away from 40-year lows.

The Australian dollar firmed 0.11% to $0.71119, perched near its strongest level since early June. The New Zealand dollar was at $0.5902. [AUD/]

This article was written by

That concession would depend on the agreement of the provinces, which are in control of the alcohol in their respective jurisdictions.

Ontario Premier Doug Ford, who makes a point of being tough on the US, said last week that an agreement on booze is conditional.

Canada has been in pursuit of a deal that would see the US drop or reduce tariffs on its steel, aluminium, automobile and lumber sectors, all of which have been damaging to the country’s economy.

“If we get a fair deal that will protect our steel sector, our auto sector, our forestry sector, our agriculture sector, our manufacturing sector, then we’d be happy to bring booze back on the shelves,” Ford said.

Carney could also face pushback on any concessions on dairy, especially in Quebec, where the premier, Christine Fréchette, has said supply management is non-negotiable.

Trump argues the system, which has production quotas, set pricing, and import quotas on dairy, eggs, and poultry, is “unreasonable” to American farmers who want to sell their products north of the border.

Canadians are also not in the mood to offer many concessions to the US, even as they want more stability.

A new poll from Abacus Data indicates that 74% feel the trade dispute has had an impact on their household, and 36% want to see Canada respond with new counter-tariffs, even if it risks more domestic economic pain.

Just 18% favour concessions like ending provincial bans on American alcohol, in order to remove or reduce US tariffs.

Reports in Canadian media also suggested that Canada’s chief negotiator, Janice Charette, warned her US counterparts, external that the new tariffs could put further trade negotiations at risk if they are enacted on Wednesday.

Carney has said he would not sign a deal unless it’s a good one for Canada, though he has not been clear on what such a deal would look like.

On Monday, he only said: “We’ll have opportunities over the next 48 hours to discuss in more detail as the negotiations go forward.”

He said he planned to speak with Trump before the Wednesday deadline.

He also said that he has “plans for any situation that may arise” should the talks fail.

Conservative trade critic Shuvaloy Majumdar said in a statement that it’s time for “a measure of relief” from economic anxiety.

“We have grown tired of seeing our country used as a punching bag,” he said.

“Yet we share a common hope that Prime Minister Carney will deliver a genuine win at the negotiating table.”

This is an edition of the WSJ Technology newsletter, a weekly digest of tech columns, big stories and personal tech advice. If you’re not subscribed, sign up here.

Can AI companies afford to buy ever-increasing quantities of Nvidia’s chips? For the company at the center of the boom, that’s an increasingly preoccupying question.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Mumbai: The Securities and Exchange Board of India (Sebi) Monday cautioned investors against social media accounts offering ‘live trading strategies’ and real-time stock market tips, warning that such sessions may involve unregistered investment advisory services.

The regulator said it had noticed individuals on social media platforms offering real-time strategies and tips on taking positions in the stock market.

“It is observed that these live trading sessions are being viewed by a substantial number of viewers and live chats are also enabled beside the session where unregistered advisory services are being exchanged,” Sebi said.

“These persons portray themselves as experts in the securities market, provide detailed analysis of when to invest, when to exit, strategies to be followed and the positions to be taken on market indices. Some of these persons claim that they trade real-time while showcasing the performance of their trades, patterns that the market is forming based on live data and the target expected to be reached,” it said.

The regulator said that live market data cannot be shared by entities except for purposes linked to the orderly functioning of the securities market or meeting regulatory requirements.

Read more: ICICI Bank overtakes HDFC Bank as top MF holding in July amid governance concerns
In May, it said market price data could be shared for investor education and awareness with a 30-day lag and without monetary incentives.