ECONOMY | PAGE 2 MARKETS | PAGE 6 INTERNATIONAL | PAGE 7 Datacentres:USturnsto captive,Indiabacksgrid Stressinmid-sizedfirms drivesfreshsalestoARCs EpsteinFiles:BillGates apologisestoFoundation MUMBAI, THURSDAY, FEBRUARY 26, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXVI NO. 48, 22 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 82,276.07 ▲ 50.15 NIFTY: 25,482.50 ▲ 57.85 NIKKEI 225: 58,583.12 ▲ 1262.03 HANG SENG: 26,765.72 ▲ 175.40 `/$: 90.96 < > 0.00 `/€: 107.23 ▼ 0.01 BRENT: $71.29 ▲ $0.52 GOLD: `158,903 ▲ 202 — COMPANIES PAGE 5 ED ATTACHES ANIL AMBANI'S HOUSE WORTH `3,716 CR FINANCIAL PROBE AGENCY, the Enforcement Directorate, on Wednesday said it has attached Reliance Group Chairman Anil Ambani's Mumbai house, 'Abode', worth `3,716 crore under the anti-money laundering law, reports PTI. » INSIDE « RILARM’SSHARESALLOTTED TOMETASUBSIDIARYPAGE 5 PRASANTASAHU New Delhi, February 25 THE INSURANCE REGULATORYandDevelopmentAuthorityofIndia(Irdai)willrollouthalf a dozen reforms over the next 4–6 months, including overhauling distribution and cost structures, launching a muchanticipatedinsurancee-marketplace and introducing a digital publicstackforthesector,chairman Ajay Seth told FE. These steps aim to make insurance cover more affordable and ensure value for money for the public,headded. InhisfirstinterviewaftertakingchargeastheIrdaichairman in September 2025,Seth said a sweepingrevampofdistribution and commission cost structures isatthetopofIrdai'sagenda.Life and non-life insurers paid a whopping`1lakhcroreincom- insurers paid a whopping `1 lakh crore in commissions in FY25 ■ Currently, insurers spend about 30% of premiums on distribution and administration ■ The adoption of Indian Accounting Standards for insurers is another reform priority for Irdai ■ It also plans greater transparency by placing more product, returns, claims and settlement data in the public domain We are looking at linking commissions with longterm value for policyholders missions in FY25, “We are considering promptingtheIrdai and realignment of distribthe Reserve Bank of ution channels with a Indiatoflag‘highdistristronger emphasis on bution costs’. The Ecoeffort-based incentivinomicSurvey2025–26 sation,” Seth said, ON PAGE 2 adding the regulator is alsonotedthatelevated distribution expenses aligning commissions affectinsuranceaffordability. withlong-termvalueratherthan Irdaiplanstorationalisesales short-termsales. channelswhilepushinginsurers “There is no reason why the toloweroverallexpensesofman- cost of acquisition of mandated agement (EoM) ratios, not just insurance products, such as commissions. third-party motor insurance or & continuing coverage like renewals,shouldequalthecostof acquiringacustomerwhoisnew to insurance,”he said,stressing that incentives must reflect effort,complexityandlong-term valuecreation. Currently, insurers spend about30%ofpremiumsondistribution and administration, with 17-18% paid to banks, NBFCsandagents. Continued on Page 7 ● IndiasupportsGazapeaceinitiative:PMinIsrael Prime Minister Narendra Modi attends a special session of the Knesset, Israel’s parliament, in Jerusalem on Tuesday. During his address, Modi said ‘the road to peace is not always easy, but India joins you and world for dialogue, peace and stability in this region’ GREEN FINANCING GETS FILLIP IN GIFT CITY PAGE 6 COMPANIES PAGE 4 NOEL TATA'S TOUGH STANCE ON IPO STALLED REAPPOINTMENT OF N CHANDRASEKARAN Xiaomi challenges tax tribunal over tariffs on royalties XIAOMI, A MAJOR player in the Indian smartphone market, has challenged an Indian tax tribunal ruling that said the company evaded $72 million in tariffs on royalty payments, according to legal documents, a dispute that the Chinese company and lawyers say is a test of the country's legal framework for contract manufacturing, reports Reuters. ■ PAGE 4 YesBankforex cardhitbyfraud; 5Kusersimpacted AROUND 5,000 CUSTOMERS of Yes Bank’s multicurrency prepaid forex card, issued in partnership with BookMyForex, were hit by a spate of fraudulent transactions in the early hours of Monday, and transactions worth $280,000 were approved during the incident, the bank said on Wednesday. ■ PAGE 6 FE S P EC I A L How Claude Code threatens to disrupt IBM’s mainframe biz Claude Code aims to modernise COBOL that runs on IBM's mainframes ■ EXPLAINER, P9 ■ PAGE 3 REUTERS TCS chief to staff: Don’t resist AI URVI MALVANIA Mumbai, February 25 TATA CONSULTANCY SERVICES (TCS) is asking employeestoleadwithartificialintelligence-led solutions for clients evenifthatmeansdisruptingor shrinking existing revenue streams, signalling a shift in howthecountry'slargestITservices firm is positioning itself for the impact of AI on traditional deliverymodels. “We are telling our associatesthatifyoufindthatyoucan do something faster, better, What we find is MD & CEO, TCS our associates at We are not afraid the junior level are probably more this technology will take away our proficient, with technology livelihood K KRITHIVASAN, »INSIDE« IT FIRMS NEED NEW DELIVERY MODEL: NASSCOM cheaper with AI, you should probably go and tell your customers, even if it cannibalises your revenue.We are not afraid this technology will take away our livelihood.We believe it is P4 going to open up more so you enjoythebenefitsthemoreyou do and not by resisting the change,”K Krithivasan,md and CEO at TCS, said. Krithivasan was speaking at the Nasscom Solex Energy Websol Energy Premier Vikram Systems Energies Solar SAURAVANAND & RAGHAVENDRAKAMATH New Delhi/Mumbai, February 25 CHAIRMAN, IRDAI ■ Life and non-life Waaree Energies Technology and Leadership Forum. He was joined on the panel by Ashok Vaswani, md and CEO of Kotak Bank. Krithivasan said TCS wants teamstofocusonlong-termcustomervalueandthenewopportunitiesemergingfromAIadoption rather than protecting legacy revenue streams. This thinking,he said,underpins the company’s broader effort to embed anAI-first culture across the organisation as it expands AI-ledservicesandsolutions. Continued on Page 7 THE UNITED STATES’ move to impose a preliminary countervailing duty (CVD) of 126% on solarcellsandmodulesimported fromIndiahastriggeredconcern across the domestic manufacturing sector,even as New Delhi feelsthatcompanieswouldhave to pursue legal remedies rather than diplomatic intervention. Market reaction was swift,and solarstocks closed sharplylower onWednesday(seechart). Following the the US announcement,WaareeEnergies slidover10%to`2,708.55,Solex Energy fell nearly 8% to `883.15,WebsolEnergySystems dropped about 7% to `56.96, PremierEnergies declined more than6%to`729.05andVikram Solar eased 5% to `175.25. Shares of Saatvik Green Energy andEmmveePhotovoltaicPower also ended lower, reflecting investor concerns over export prospects. “The CVD has now been imposedandtheaffectedmanufacturerswillhavetochallengeit at the appropriate appellate forum,”MNRESecretarySantosh KumarSarangitoldreporters. Continued on Page 18 Saatvik Emmvee Green Photovoltaic Energy Power -2.11 AJAY SETH GREY CLOUDS OVER SUNSHINE BIZ -3.44 structures rejig, digital stack plan in 4-6 months AFFORDABILITY PUSH at heart of Indian solar biz: Industry -5.45 ● Distribution ● Ruling strikes -6.27 THE US TARIFF rate for some countries will rise to 15% or higher from the newly imposed 10%, US Trade Representative Jamieson Greer said on Wednesday, reports Reuters. Greer refused to name any specific trading partners. Irdaiplansmajorstepsto lowerinsurancecosts -6.78 USTR: TARIFF RATE TO HIT 15% OR MORE FOR SOME NATIONS USlands126%dutyblow onsolarfirms;stockstank -7.75 INTERNATIONAL PAGE 7 E-MARKETPLACE SIMILARTO E-COMM PLAYERS INTHE OFFING -10.47 IN THE NEWS % loss on February 25 Source: BSE Makeyourownpower,Trump tellstoptechcompaniesinUS AGENCIES February 25 US PRESIDENT DONALD Trump has told major technology companies in the country to build their own power plants for their data centre needs in a bid to protect consumers from rising bills. “Tonight, I’m pleased to announce that I have negotiated the new rate payer protection pledge. You know what that is? We’re telling the major tech companies that they have the obligation to provide for their own power needs," Trump said on Tuesday during his State of the Union address. There has been amid growing local opposition to energy-hungry data centre projects around the country, which are being blamed for a jump in electricity bills. “We have an old grid. It could never handle the kind of numbers, the amount of electricity that's needed. So I'm telling them, they can build their own plant. Continued on Page 18 DFStomeetNBFCstodayon reformindex,governance FE BUREAU, Mumbai, February 25 THE DEPARTMENT OF Financial Services (DFS) will meet on Thursday (today) to discuss the Reserve Bank of India’s (RBI) recommendationsontheNonBanking Financial Companies (NBFCs)sector.Akeyitemonthe agenda is the introduction of a comprehensive reform index forNBFCs. In its annual report for FY24-25, the RBI mentioned said as a part of its ongoing efforts to strengthen systemic resilience, the Financial StabilityDepartment(FSD)hasintroduced a non-banking stability map and index to assess better evolving risk factors affecting thestabilityoftheNBFCsector. The focus is on deepening thesupervisoryarchitecturefor NBFCs and enhancing the system’s ability to withstand emerging risks. An in-house liquidity stress-testing framework for NBFCs is being developed to complement existing solvency-focused models, providing regulators with a more holistic view of sectoral vul- BUILDING RISK APPETITE ■ The Department of Financial Services meeting will discuss RBI recommendations on the NBFC sector ■ Thefocusison deepeningthe supervisoryarchitecture forNBFCsand enhancingthe system’sabilityto withstandemergingrisks nerabilities. In parallel, a growth-at-risk model is being designed to help policymakers understand how current financial conditions and sectoral vulnerabilities shape the distribution of future economic growth, aiming to deepen supervisory insight, strengthen governance expectations and enhance the longterm stability of the NBFC ecosystem. TheDFSwillalsoreviewthe requirement for prior RBI approval for management changesinNBFCsthatresultin more than 30% of directors, excluding independent direc- ■ An in-house liquidity stresstesting framework for NBFCs is being developed ■ Ontheagenda aregovernance reforms, includingmore structured leadership rotation tors, being replaced. The discussionisexpectedtocentreon governancereforms,including more structured leadership rotationandclearerregulatory signalling on the future trajectory of NBFCs, particularly those with a potential to transition into banks. Aseniorpartneratadomestic rating agency said, “This push for clarity is intended to reduce regulatory ambiguity, alignexpectationsacrossstakeholders,andensurethatNBFCs evolve within a well-defined supervisoryframework.” Continued on Page 18 Pricessurgeover50%inthreeyearsoninfrapush,developerrushandaviation-leddemand Panveltakesflightasairportturnsitintorealty’shottestrunway RAGHAVENDRA KAMATH Mumbai, February 25 IF MUMBAI HAS long been India’sfinancialcapital,Panvel is fast becoming its property capital-in-waiting. Propelled by the operationalisationoftheNaviMumbai International Airport and theconnectivityboostfromthe Mumbai Trans Harbour Link, the once-sleepy suburb about 40kmfromsouthMumbaihas turnedredhot.Inthepastthree years, Panvel has clocked the sharpest residential price rise in the entire Mumbai Metropolitan Region (MMR), signalling a decisive shift in the city’s growth axis. According to Anarock Research, apartment prices in Panvel have jumped over 53% —fromabout`8,800persqftat the end of 2022 to `13,500 per sq ft by end-2025. In 2025 alone,prices rose 11%year-onyear, with a further 5–7% uptick after the airport became operational last October,Anuj Puri,chairmanofAnarockProperty Consultants, said. Even partsofcoreNaviMumbaihave lagged this pace,Puri said. What makes Panvel different is not just proximity — the airportliesbarely10kmaway— butplanning.Largeswathesfall undertheNaviMumbaiAirport Influence Notified Area (NAINA),thestategovernment’s ambitious “Third Mumbai”, being developed by City and IndustrialDevelopmentCorporation over371 sq km as a mas- ANUJ PURI, NIRANJAN HIRANANDANI, CHAIRMAN, ANAROCK PROPERTY CONSULTANTS MD, HIRANANDANI GROUP When we launched the project in Panvel, we were the only big developer.Now there are six such developers This quick rise in value shows that there is a lot of demand from both end users and investors ter-planned urban extension. The infrastructure storyhas quicklytranslatedintoapricing story. Plot rates have appreciated 40–50% in the same period, reflecting robust demand from both end-users and investors.Aviation-linked housingdemandhasaddedfurther momentum. In a telling sign of confidence, the airport operator took 405 ready apart- ments on leave and licence at WadhwaGroup’sprojectinPanvel last year,with an option to buylater. Developers, predictably, havefollowedtherunwaylights. Heavyweights such as Godrej Properties,HiranandaniGroup, Adani Group and Embassy Groupareexpandingtheirfootprint,joined by a clutch of midtier brands sensing the next growth frontier.Between 2022 and 2025,developers launched 34,390residentialunitsinPanvel,with peak supplyin 2023 — aclearvoteofconfidenceinsustained demand. The Hiranandani Group, whichenteredearly,isplanning an education hub and residentialcomplexwithinits500-acre township, underscoring how thenarrativehasmovedbeyond speculative buying to ecosystem-building. Tobesure,Panvelisnotalone in riding the property upcycle. Mumbai and Thane have seen prices rise about 45% over the same three-year period. But Panvel’s sharper surge — coupled with infrastructure-led transformation — marks it out as the region’s newhotspot. Developers are gung ho about the area."There is a huge improvement in infrastructure andconnectivitytoPanvel,"said Niranjan Hiranandani,managing director of Hiranandani group."When we launched the project in Panvel, we were the only big developer.Now there aresixsuchdevelopers,"hesaid. Aditya Virwani at Embassy groupsaidintheanticipationof the airport and other developments around it, prices have doubled in the last 18 months. Continued on Page 18