Fintech Frontline: Legal And Market Intelligence From India (November 2025)

India’s fintech and financial services ecosystem continues to evolve rapidly, with regulators undertaking significant measures to enhance market integrity, expand digital infrastructure, and strengthen investor protection. November 2025 has witnessed extensive regulatory activity across the Reserve Bank of India (“RBI”), the Securities and Exchange Board of India (“SEBI”), the International Financial Services Centres Authority (“IFSCA”), and other sectoral bodies, reflecting a consistent focus on providing operational clarity, modernising compliance frameworks, and deepening financial inclusion.

A marquee development this month has been the RBI’s announcement of the realisation phase for interlinking the Unified Payments Interface (“UPI”) with Europe’s TARGET Instant Payment Settlement (“TIPS”) system, marking a significant step in India’s integration with global payment infrastructure. Domestically, the National Payments Corporation of India’s (“NPCI”) subsidiary has launched the Bharat/Banking Connect platform, bringing net-banking infrastructure under direct RBI supervision and streamlining high-value transaction flows.

On the capital markets front, SEBI has intensified efforts to combat online investment scams, issuing investor cautions against unregulated digital gold / e-gold products and unregistered online bond platform providers. The regulator has also introduced the Informal Guidance Scheme, 2025, and notified substantial amendments to the Investment Advisers Regulations, Insider Trading Regulations, and Depositories and Participants Regulations, demonstrating continued emphasis on professionalising market conduct and enhancing governance standards. Meanwhile, IFSCA has advanced its regulatory agenda with proposals to introduce pension fund regulations in the International Financial Services Centre (“IFSC”) and mandatory Anti-Money Laundering / Counter-Terrorist Financing / Know Your Customer certifications for key officers of regulated entities.

Collectively, these developments demonstrate that Indian regulators are actively shaping a financial ecosystem where innovation can thrive within well-defined legal boundaries, balancing growth with risk management and consumer protection. In this tenth edition of the Fintech Newsletter, we outline these updates and highlight other regulatory and industry developments in the Indian fintech space from November 2025.

NPCI’s subsidiary NBBL to expand net-banking infrastructure under RBI’s supervision

NPCI wholly-owned subsidiary, the NPCI Bharat BillPay Limited (“NBBL”), has launched a new digital framework intended to ease supervisory challenges for the RBI. The move brings NBBL’s net-banking platform used by banks and payment players to process account-to-account transactions under direct RBI oversight. The platform, branded Bharat/Banking Connect, is designed as an interoperable net-banking layer that standardises high-value online transactions across banks and payment aggregators. The new model shifts this operational burden to NBBL, simplifying settlement flows, integrations and customer authentication. With this new regulatory status, NBBL will be required to comply with enhanced operational, cybersecurity, and grievance-redress norms similar to those applicable to other critical payment system operators.

Introduction of new ACH debit sub-product for retail direct scheme transactions

NPCI, through a circular dated November 06, 2025, has introduced a new automated clearing house (ACH) Debit sub-product titled the ‘Retail Direct Scheme’ (“Scheme”), aimed at facilitating transactions relating to the buying and selling of government securities in both primary and secondary markets. The enhancement is designed to streamline settlement flows and ensure faster processing by participating banks. The circular, inter alia, provides that: (i) transactions under the Scheme will be routed through separate inward files, enabling destination banks to identify and prioritise same-day processing of retail direct transactions; and (ii) banks are required to submit their response within the same day, failing which the transaction will be automatically deemed ‘accepted’.

Clarification on Aadhaar Authentication by the Central KYC Records Registry 

The Ministry of Finance, through a notification dated November 06, 2025, has clarified that the Central KYC Records Registry (“CKYCR”) is permitted to use Aadhaar-based authentication for establishing the identity of individuals. The measure aims to promote efficient digital governance and streamline identity verification processes across financial-sector entities. The notification provides that:

• Aadhaar authentication may be used by the CKYCR on a voluntary basis for identity establishment; and
• such authentication may be used specifically for verifying demographic details submitted by individuals to entities regulated by RBI, the SEBI, IFSCA, the Insurance Regulatory and Development Authority of India (“IRDAI”), and the Pension Fund Regulatory and Development Authority (“PFRDA”).

The clarification supports the broader objective of leveraging digital platforms to enhance governance, improve verification accuracy, and streamline KYC processes across regulated financial entities.

SRPA receives RBI approval to operate as a Self-Regulatory Organisation for payment operators

The Self-Regulated PSO Association (“SRPA”) has been granted approval by RBI to function as a Self-Regulatory Organisation (“SRO”) for entities operating within the payments ecosystem. This follows the Framework for Recognition of Self-Regulatory Organisation for Payment System Operators issued on October 22, 2020, and the Omnibus Framework for Recognition of SROs for Regulated Entities of RBI issued on March 21, 2024, which invited applications from eligible associations.

The authorisation positions SRPA as an industry-level body responsible for setting code of conduct standards, for entities in the payments ecosystem in India and support the RBI’s supervisory objectives across such entities.

IFSCA updates rules for reporting of transactions for India’s external account statistics

IFSCA issued a revised circular on November 11, 2025, which was issued in reference to the fortnightly reporting of Banking Asset Liability (BAL) statement by banking units in the IFSC (“IBUs”). IBUs are now also required to report foreign currency accounts of overseas banks under Vostro accounts in the relevant portal, and also issued some additional instructions for undertaking such reporting.

Additional surveillance measures for exclusively listed securities on BSE

The Bombay Stock Exchange (“BSE”), through a press release dated November 07, 2025, has introduced an additional surveillance measure applicable to exclusively listed securities exhibiting unusual price movements. The measure is aimed at curbing excessive volatility and preserving market integrity.

Under the new framework securities that meet specified criteria will be placed under a 1% price band. Further trading in such securities will be permitted only once per week, specifically every Monday (or the first trading day of the week). These measures are intended to deter speculative activity, enhance investor protection, and promote fair and orderly trading in exclusively listed securities.

Mandatory Updation of FATCA/CRS Information for Transactions on BSE StAR MF Platform

The BSE, through a notice dated November 03, 2025, has issued guidance to members on the mandatory requirement to update and report correct Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standard (“CRS”) information for clients transacting on the BSE StAR Mutual Fund platform. The notice, inter alia:
(i) mandates that valid and accurate FATCA/CRS information must be updated or reported prior to the execution of any transaction on the BSE StAR MF platform;
(ii) specifies that, in the case of NRI clients, members must update the client’s Taxpayer Identification Number (“TIN”), if available/ applicable in such countries, in the prescribed standard format; and
(iii) requires that for registering FATCA/CRS via Manual/Bulk/API mode for all clients other than NRIs, the TIN field be updated with the client’s permanent account number (PAN).

SEBI calls for stronger platform-level measures to combat online investment scams

SEBI, through a press release dated November 06, 2025, has intensified its efforts to curb the growing incidence of online investment scams by urging major social media and search engine platforms to adopt stronger, platform-wide anti-fraud controls. This initiative aligns with the broader global call issued by the International Organization of Securities Commissions (IOSCO) for enhanced digital-ecosystem safeguards.

SEBI has specifically recommended two key measures for the Indian market:

• mandatory advertiser verification, to ensure that only SEBI-registered entities can advertise investment products and services; and
• verified status through clear labelling of authentic and regulated trading applications on app stores, enabling users to easily distinguish genuine platforms from fraudulent or unregulated alternatives.

SEBI issues investor caution on digital gold / e-gold products

SEBI, through a press release dated November 08, 2025, has cautioned investors against dealing in ‘Digital Gold / E-Gold Products’. SEBI clarified that such products do not fall within its regulatory ambit and are different from SEBI regulated gold products. These products are not notified as securities, and are not regulated as commodity derivatives, and operate entirely outside of the securities market regulatory framework. SEBI noted that investments in Digital Gold / E-Gold Products may expose investors to significant counterparty, operational, and platform-level risks, given the absence of regulatory oversight.

Furthermore, SEBI also flagged that investments in digital gold / e-gold products are not protected by any securities-market investor protection mechanisms, including those related to grievance redressal or supervisory enforcement. SEBI has therefore advised the public to exercise caution and conduct thorough due diligence before engaging with such unregulated products.

SEBI warns investors against transacting with online bond platform providers

SEBI vide a press release dated November 19, 2025, warned investors against transacting through entities, including certain fintech companies and stock brokers, providing services in the nature of online bond platform providers (“OBPPs”) without obtaining the mandatory registration from stock exchanges as required. SEBI has noted that such unregistered platforms operate without regulatory or supervisory oversight, and do not offer any investor-protection or grievance-redressal mechanisms. SEBI further highlighted that activities carried out by these platforms may potentially violate the Companies Act, 2013, the SEBI Act, 1992, and the regulations framed thereunder. It was also noted that SEBI in the past has issued an interim order against such entities. Investors have been advised to exercise caution, verify the registration status of OBPPs, and transact only with SEBI-registered platforms.

RBI expands alert list of unauthorised forex trading platforms

RBI has expanded its alert list containing entities that are (i) dealing in forex without authorisation; or (ii) operating electronic trading platforms for forex transactions without authorisation; or (iii) promoting unauthorised entities/ electronic trading platforms, including through advertisements; or (iv) claiming to be providing training/advisory services. The RBI has added additional entities/websites found to be offering forex trading services without requisite authorisation. The RBI reiterated that the alert list is not exhaustive and the updated alert list has been made available by RBI on its website.

RBI begins realisation phase to link UPI with Europe’s Target Instant Payment System

RBI, in coordination with NPCI International Payments Limited (NIPL), announced the commencement of the realisation phase for interlinking the UPI with the TIPS operated by the Eurosystem. Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI–TIPS link. RBI and NIPL will continue to collaborate closely with European Central Bank to operationalise the UPI–TIPS link, including technical integration, risk management and settlement arrangements.

PayU and Pine Labs receives RBI approval to operate as an online, offline, and cross-border payment aggregator

PayU and Pine Labs have secured comprehensive approval from RBI to function as a payment aggregator across online, offline, and cross-border channels. This clearance enables the companies to provide a fully regulated, end-to-end payments stack spanning merchant onboarding, transaction processing, and settlement for domestic as well as international commerce. With the new permissions, PayU and Pine Labs will be able to support a wide range of merchant categories, integrate in-store payment acceptance, and facilitate cross-border flows in line with RBI’s tightened regulatory framework. The companies are now positioned to resume onboarding new merchants and expand its unified payments infrastructure across both digital and physical channels.

World Bank releases financial sector assessment report for India

The World Bank has released its financial sector assessment report (“Report”) for India under the 2024 Financial Sector Assessment Program (“FSAP”). The Report notes that India’s financial system has become significantly more resilient, diversified, and inclusive since the previous FSAP conducted in 2017, reflecting sustained regulatory reforms and the expansion of digital financial infrastructure. The Report inter alia highlights:

• substantial progress in banking sector reforms (specifically in re cooperative banks), enhanced regulatory oversight of non-banking financial companies (“NBFCs”), and strengthened securities markets supervision;
• the role of India’s digital public infrastructure in improving financial access for individuals as a whole and beneficial especially to women and also individuals operating MSMEs; and
• recommendations focused on further strengthening credit risk management, developing an integrated framework for monitoring conduct risks in securities markets, and scaling up climate-related investment to support sustainable growth.

The assessment provides a forward-looking roadmap for deepening financial-sector resilience and enhancing regulatory coordination in India.

We have set out in the table below some of the major deals for the month of November 2025:

[1] SalarySe is a client of CMS INDUSLAW.

[2] Utkarsh Small Finance Bank Limited is a client of CMS INDUSLAW.

Amendments to the SEBI Mutual Fund Regulations

SEBI has, vide circular dated November 01, 2025, introduced the SEBI (Mutual Funds) (Second Amendment) Regulations, 2025 (“Amendment Regulations”) amending the SEBI (Mutual Fund) Regulations, 1996. The Amendment Regulations, inter alia:

• increase the minimum repurchase price requirement for open-ended mutual fund schemes from 95% (ninety five percent) to 97% (ninety seven percent) of the net asset value (NAV).
• extend the existing 15% (fifteen percent) ownership cap applicable to Specialized Investment Funds explicitly to both the paid-up capital of a company carrying voting rights and the units of a single REIT issuer.

Proposed amendments to the IFSCA Capital Market Intermediaries Regulations

The IFSCA has, via a consultation paper dated November 03, 2025, proposed amendments to the IFSCA (Capital Market Intermediaries) Regulations, 2025. 

The proposed amendments, inter alia: (i) expand the eligibility criteria for principal officers and compliance officers by including post-graduate degrees (or diplomas) in fintech, science, technology, engineering, mathematics to qualify and reducing the minimum work experience requirement for a graduate (not having the post-graduate degrees as stated above) to qualify from 10 (ten) years to 5 (five) years; (ii) allow entities with multiple registrations as broker dealers, clearing members, depository participants, custodians, and registered distributors to have the same principal officer, provided a separate official (with adequate experience in the financial services market) is appointed as vertical head for distribution business activities; (iii) clarify that base minimum capital and interest-free deposits shall not be considered as part of liquid assets for net worth computation; and (iv) propose a revised minimum net worth requirement of USD 1 (one) million for custodians registered with IFSCA. 

Extension of timeline for QSB implementation of optional T+0 settlement cycle

The National Stock Exchange (“NSE”) and the Central Depository Services (India) Limited (“CDSL”) have, through circulars dated November 03, 2025, issued updates pursuant to SEBI’s circular dated October 30, 2025, regarding the implementation timeline for the optional T+0 settlement cycle by Qualified Stock Brokers (“QSBs”). SEBI had previously mandated that QSBs put in place the necessary systems and processes for offering T+0 settlements by November 01, 2025. However, following representations from QSBs highlighting operational and technological challenges in meeting the deadline, SEBI has extended the implementation timeline to a date yet to be notified. NSE and CDSL have accordingly advised market participants to take note of this extension and await further communication on the revised effective date for the T+0 settlement framework.

Proposed introduction of the IFSCA Pension Fund Regulations

IFSCA has released a consultation paper dated November 05, 2025, that proposes to introduce the IFSCA (Pension Fund) Regulations, 2025 for enabling the launch of pension schemes from IFSC. The features of proposed regulations include, inter alia, (i) recommendation to enable non-INR denominated pension products and allowing pension funds to invest in global jurisdiction; (ii) flexibility of offering a variety of investment options such as contribution, multiple scheme type, and diverse exit options; and (iii) integrating the pension plan with medical policies or healthcare benefit options.

Proposed amendments to the SEBI certification framework for associated persons

SEBI through a consultation paper dated November 06, 2025, has proposed amendments to the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 with the objective of strengthening and clarifying the certification framework for intermediaries and market participants.

The key proposals, inter alia, include:

• reviewing and expanding the definition of ‘associated persons’ to make it broad-based (given that certain persons associated with the securities market were not specifically covered in the definition) and inclusive and encourage wider participation in the securities market ecosystem;
• introducing National Institute of Securities Markets (“NISM”) long-term courses /long duration programmes of NISM (in either physical/classroom or online, or hybrid modes), as an additional pathway for obtaining NISM certifications and continuing professional education (“CPE”) credits; and
• permitting electronic participation in CPE programs to enhance accessibility, convenience, and outreach for market professionals.

SEBI invited public comments on the consultation paper until November 27, 2025.

Mandatory AML/CFT/KYC certification requirements for designated director and principal officer under the IFSC (AML/CTF/KYC) Guidelines, 2022

The IFSCA, through a circular dated November 17, 2025, has introduced mandatory certification requirements under the IFSCA (Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 (“IFSCA AML/CFT/KYC Guidelines”).

The circular, inter alia, provides for

• the introduction of a customised certification programme titled “NISM-IFSCA-01: Certification Course on Anti-Money Laundering and Counter-Terrorist Financing in the IFSC”, developed jointly by the National Institute of Securities Markets and the IFSCA Academy, and aligned with the obligations under the IFSCA AML/CFT/KYC Guidelines;
• the launch of the certification programme on November 18, 2025; and
• a mandatory requirement for all designated directors and principal officers of regulated entities to obtain and continuously maintain the above certification while performing their responsibilities under the IFSCA AML/CFT/KYC Guidelines.

Amendments to the Companies (Meetings of Board and its Powers) Rules, 2014

The MCA, through a notification dated November 03, 2025, has amended the Companies (Meetings of Board and its Powers) Rules, 2014, to clarify the scope of activities treated as business of financing industrial enterprises under Section 186 of the Companies Act, 2014.

The amendments aim to remove ambiguity for regulated finance entities and to align the interpretation of financing activities with sectoral regulatory frameworks. The notification, inter alia, provides that:
(i) for RBI-registered NBFCs, the expression business of financing industrial enterprises will explicitly include the provision of loans to any person, or providing any guaranty, or security for due repayment of any loan availed by any person in the ordinary course of its business; and (ii) for IFSCA-registered finance companies, the notification specifies and recognises specific activities set out in Regulation 5 of the IFSCA Regulations as falling within the ambit of business of financing industrial enterprises.

These amendments provide regulatory clarity and operational ease to NBFCs and IFSC-based finance companies in undertaking financing activities integral to their business models.

SEBI issues consultation paper on amendments to ICDR Regulations

SEBI has issued a consultation paper on amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of enhancing ease of doing business and increasing the participation of retail investors in public issue. This consultation paper sought comments from the public by December 4, 2025.

Amendments to foreign exchange management regulations on export of goods and services

The RBI, through a notification dated November 13, 2025, has introduced significant amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. These amendments come into effect immediately upon publication in the official gazette and aim to provide exporters with enhanced operational flexibility.

Under the revised framework, the time period available to exporters for the realisation and repatriation of export proceeds has been extended from 9 (nine) months to 15 (fifteen) months. Corresponding amendments have also been made to Regulation 9(1) and Regulation 9(2)(a), offering a longer window for receipt of payments for goods and services exported from India.

Further, amendments to Regulation 15 extend the period for submission of export documents and related compliance filings from 1(one) year to 3 (three) years. This extended timeline applies uniformly across sub-regulation (1)(i), the proviso to sub-regulation (1), and sub-regulation (2), thereby easing the procedural burden on exporters while ensuring continued regulatory oversight.

Disclosure requirements for SEBI-regulated entities on social media platforms

SEBI through a consultation paper released in November 2025, has proposed a new disclosure framework requiring SEBI-regulated entities and their agents to prominently display their registered name and registration number on the home page of all social media platforms (“SMPs”), as well as alongside each of the videos/content uploaded by them. This will help the viewer/user to identify that the content uploaded on the SMP(s) is uploaded by a SEBI regulated entity or its agent.

SEBI invited public comments on the draft circular until December 19, 2025.

SEBI introduces the SEBI (Informal Guidance) Scheme, 2025

SEBI, through a notification dated November 18, 2025, has introduced the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025, which replaces the earlier 2003 scheme with effect from December 1, 2025. The 2003 scheme was introduced to enable certain entities to obtain guidance from SEBI on the applicability of laws and regulations administered by it, in the form of ‘no action letter’ or ‘interpretative letter’. The revised framework aims to broaden the scope of the information guidance scheme and enables stock exchanges, clearing corporations, depositories and managers of pooled investment vehicles registered with SEBI to seek guidance from it. Accordingly, the revised framework seeks to ensure orderly regulation and development of the securities market by expanding the categories of eligible applicants and formalising the process for seeking informal guidance.

Under the new scheme, the process of seeking guidance will be streamlined owing to the creation of a nodal cell for processing all informal guidance applications. The eligible applicants are required to submit their applications to a specific email ID, and in a specified format (along with a revised application fee).

SEBI notifies amendments to the Investment Advisers Regulations, 2013

SEBI has issued substantial amendments to the Investment Advisers Regulations, 2013, refining qualification standards, registration procedures, operational requirements, and supervisory mechanisms applicable to investment advisers. The amended framework introduces updated qualification and certification criteria, permitting graduate degrees, CFA charters, and specified NISM programs, while mandating continuous certification compliance for investment advisers, principal officers, and persons associated with investment advice.

SEBI has also formalised the category of part-time investment advisers, capping their client count at 75 (seventy-five) and requiring clear segregation from other business activities. Further, advisers must maintain regulatory deposits, ensure mandatory disclosures, follow enhanced record-keeping obligations, and comply with grievance-redress timelines. The regulations also expand SEBI’s supervisory powers, including inspection, dispute-resolution obligations, and conditions for transition from individual to non-individual adviser registration.

SEBI amends Insider Trading Regulations to update definitions and clarify scope

SEBI, through a notification dated November 26, 2025, has introduced the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2025, revising key definitions and expanding the applicability of the insider-trading framework. The amendments come into force immediately upon publication in the official gazette.

SEBI has updated the definition of “generally available information” to expressly exclude information obtained through social-media channels, emails, or messaging groups, unless such platforms are recognised by stock exchanges as channels for public dissemination. The term “promoter” has been aligned with the definition under the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015. Further, the scope of “unpublished price sensitive information (UPSI)” has been expanded to include interim financial information, and the definition of “insider” has been clarified to cover persons associated with the company in any capacity during the preceding 12 (twelve) months. The amendments aim to bolster transparency, reduce information asymmetry, and strengthen market integrity.

SEBI Issues a consultation paper proposing amendments to the SEBI (Issue of Capital and Disclosure Requirements Regulations), 2018

SEBI has issued a consultation paper proposing amendments to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of enhancing ease of doing business and increasing retail investor participation in public issues. The proposals seek to address practical challenges in implementing lock-in requirements at the time of initial public offerings, particularly where pre-issue shares held by persons other than promoters are pledged. SEBI has proposed an enabling framework under which such pledged shares would be treated as locked-in by being marked as non-transferable during the applicable lock-in period, supported by suitable amendments to issuers’ articles of association and system-level changes by depositories.

The consultation paper also proposes rationalisation of disclosure requirements by introducing a focused “offer document summary” and dispensing with the requirement of an abridged prospectus. Public comments on the proposals were invited by December 4, 2025.

TRAI issues direction mandating ‘1600’ numbering series for banking, financial services and insurance (BFSI) sector entities

Telecom Regulatory Authority of India (“TRAI”) has issued a directive requiring all entities regulated by RBI, SEBI, PFRDA to adopt the dedicated “1600” numbering series for service and transactional calls - first assigned by the Department of Telecommunications (DoT) to distinguish official financial-sector communications from commercial calls.

The move, aimed at enhancing consumer trust and mitigating spam, spoofing, and impersonation-based frauds, outlines a phased implementation schedule:

• SEBI-regulated mutual funds and asset managers: by 15 February 2026; qualified stockbrokers: by 15 March 2026.
• RBI-regulated commercial banks: by 1 January 2026; large NBFCs, payment & small finance banks by 1 February 2026; smaller NBFCs, cooperative banks and regional rural banks by 1 March 2026.
• PFRDA-regulated central record keeping agencies (CRAs) and pension fund managers: by 15 February 2026.

TRAI noted that around 485 entities have already subscribed to over 2,800 “1600”-series numbers.

SEBI notifies amendments to the Depositories and Participants Regulations, 2018

SEBI has notified the SEBI (Depositories and Participants) (Third Amendment) Regulations, 2025, amending the SEBI (Depositories and Participants) Regulations 2018. The amendments expand the composition of the governing board by formally providing for the appointment of executive directors in addition to the managing director and clarifying their classification as non-independent directors. SEBI has also detailed the roles and responsibilities of the managing director, including oversight of all depository operations, regulatory compliance, risk management, and ensuring adequate infrastructure.

Further, the amendments introduce a structured framework for the appointment of executive directors heading specified functional verticals, align their tenure and appointment process with that of the managing director, and prescribe restrictions on holding external directorships without prior governing board approval. These changes aim to enhance accountability, operational clarity, and robust governance standards for market infrastructure institutions.                   

[i] https://entrackr.com/news/yubi-group-raises-rs-411-cr-in-new-round-10784431.

[ii] https://economictimes.indiatimes.com/industry/banking/finance/insure/kshema-general-insurance-raises-20-mn-from-green-climate-fund/articleshow/125056496.cms?from=mdr.

[iii] https://www.salaryse.com/post/salaryse-raises-11-3-million-to-redefine-credit-access-for-indias-salaried-class.

[iv] https://www.justclimate.com/news/news/agrostar-secures-30m-from-just-climate-and-existing-investors-to-accelerate-sustainable-farming-solutions-across-india/.

[v] https://yourstory.com/2025/11/bigbasket-taps-dbs-bank-for-rs-200-cr-debt-.

[vi] https://entrackr.com/exclusive/exclusive-edu-fintech-company-auxilo-raises-rs-225-cr-debt-10816685.

[vii] https://scanx.trade/stock-market-news/corporate-actions/utkarsh-small-finance-bank-completes-rs-949-08-crore-rights-issue/23877633.