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Original analysis, derived from public data. India-anchored.

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An insurance advisor presenting a policy application form to an elderly couple in an office setting

Business

PB Fintech's Stock Crash Shows Its Premium Was Never About Technology

A regulatory paper on insurance commissions wiped a fifth off PB Fintech's stock in a single session, exposing how much of its business was commission, not technology.

September 24, 2026

A row of F-35 fighter jets parked on the tarmac, their canopies open, at a US air base

Geopolitics

The F-35's Weak Link Is a Delivery Address, Not a Password

F-35 components meant for a US depot were routed instead through a Hong Kong intermediary, and the Pentagon is now retrieving them one shipment at a time. Nobody had to breach anything; a shipping label did the work.

September 24, 2026

Skyscrapers under construction against a hazy dusk sky in Mumbai's financial district

Business

SEBI's Insider Trading Rules Face a Second Bank Leak This Year

A misdirected email put more than 100 of Morgan Stanley's confidential Asia deals in front of its own clients. Eight months earlier, a single leaked deal was enough to earn Bank of America a SEBI notice.

September 24, 2026

A pharmacist in a white coat and turban examines a medicine bottle against shelves stocked with packaged drugs

Health

The Cancer Drug Price Cap That Covers Only 42 Medicines

The Supreme Court just called a tenfold cancer-drug markup 'dacoity, broad daylight dacoity.' India built a price cap for exactly this problem in 2019, and it still only reaches 42 named drugs.

September 23, 2026

A pile of Indian five-hundred rupee banknotes issued by the Reserve Bank of India, fanned out to show the printed serial numbers and portrait of Mahatma Gandhi

Business

Indian Banks Are Cleaning Up Their Data to Avoid RBI Scrutiny

RBI's bank data-quality score just posted its sharpest jump in nine quarters. The gain came from the sub-score that measures compliance with the rulebook, not the one that tests whether a bank's own numbers actually hold together.

September 23, 2026

The bronze bull statue on a Mumbai street near the city's stock exchange district, taxis and colonial-era buildings behind it

Markets

Why India's Biggest Stock Exchange Took a Decade to List Itself

NSE's Rs 22,562 crore IPO is India's second-largest ever. What got the exchange here, and where its shares are about to trade, both tell a stranger story than the size of the raise.

September 23, 2026

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