WORDS WORTH WELL BEING FE LINES PRIORITISING PROTEIN IN GLP-1 THERAPY The crash of 1873 that finds resonance even today Page 7 Warning bells Emergency alert systems on mobiles are now a crucial part of disaster preparedness Page 8 Amid an anticipated rise in adoption of weight-loss drugs, will the market for protein products also expand? Page 10 VOL XXV NO. 46 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ICE CREAM GETS ITS OWN SPACE FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, SEPTEMBER 13, 2026 24 Pages, `12 (Patna `12, Raipur `12, Srinagar `15) P U B L I S H E D F R O M : A H M E D A B A D , WHAT'S INSIDE B E N G A L U R U , C H A N D I G A R H , India’s vehicle scrappage roadblock The environmental equation behind the country’s ambitious drive to phase out end-of-life vehicles ■ MIND & GAMES, P13 Unlikeliest protein source? Bengaluru startup converting one of the world's most potent greenhouse gases into usable products Coforge denies any discord in Board COFORGE has denied there was any discord between nonexecutive chairman OP Bhatt, non-executive independent director DK Singh and the executive directors before gaps in the internal audit process were flagged by KPMG. ■ PAGE 3 Saudis shut down oil pipeline after attack SAUDI Arabia has shut down its East-West pipeline after the vital oil conduit came under aerial attack in the widening Middle East war, threatening to send energy prices even higher. ■ PAGE 16 Trump: Would love to see united Ireland US President Donald Trump said on Saturday he would ‘love’ to see Ireland unify with British-run Northern Ireland. He made the remarks made during a visit to Dublin. ■ PAGE 16 HDFC BANK'S BOARD has submitted names of two candidates to the Reserve Bank of India for appointment as the bank’s next managingdirector and chief executive officer, it said in an exchange notification on Saturday, formally startingthesuccessionprocess forSashidharJagdishan,who is due to retire laterthisyear.The bank did not disclose the names of the candidates. Jagdishan, who has led the bank since 2020, is set to step down at the end of his second term in October. The bank will submit the names along with the proposed remuneration for the H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , M U M B A I , N E W HOW TATA SONS GOT THE REJECTION SLIP SEPT 2022: Tata Sons classified as Upper Layer NBFC by RBI MARCH 2024: Tata Sons applies to RBI to surrender CIC registration, after repaying outstanding debt, in effort to exit NBFC framework and avoid mandatory listing URVI MALVANIA Mumbai, September 12 THE RESERVE BANK of India (RBI) has rejected Tata Sons’ application to surrender its certificate of registration (CoR), as a core investment company(CIC),sourcescloseto the development told FE. The regulator’s decision brings D E L H I , P U N E JULY 2025: Tata Trusts passes resolution to keep Tata Sons privately held clarity to the status of Tata Sonsandclosesakeyroutethat theTata Group’s holding company had pursued to avoid a stock market listing. The RBI is believed to have directedTataSonstotakesteps to fully comply with regula- SEPT2025: Three-year deadline for listing applicable to Tata Sons as Upper Layer NBFC expires, but holding company remains unlisted tions governing non-banking financial companies (NBFC) classified in the Upper Layer (NBFC-UL).Queries sent to the JUNE 2026: RBI revises scale-based regulatory framework, setting `1 lakh cr as asset threshold for Upper Layer classification. Tata Sons’ assets stand at `2.01 lakh cr as of March 31, 2026 AUG 2026: RBI includes Tata Sons in list of Upper Layer NBFCs, application for CIC deregistration remains under examination RBI elicited noresponse till the time of going to press. TataSonshadappliedtothe RBIinMarch2024tosurrender SEPT2026: RBI rejects application to surrender its Certificate of Registration and directs it to comply with regulations applicable to NBFC-ULentities its CIC registration after prepaying `21,813 crore of debt andturningnetcashpositivein FY24.The development brings thelong-runningquestionover Tata Sons’ listing back into focus at a time when the group holdingcompanyisalsopreparing fora leadership transition. Chairman N Chandrasekaran wrote to the Tata Sons board in August, conveying his decision not to seek reappointment after his current term ends on February20 next year.The Tata Sons board is scheduled to meet on September 17,when the RBI’s latest communication is expected to be discussed. Continued on Page 2 BORDER PEACE MUST, PM STRESSES DURING MEETING Modi, Xi vow to address wideningtradeimbalance ● Ties to be guided by mutual respect, interest, sensitivity MUKESH JAGOTA New Delhi, September 12 PM Narendra Modi with Chinese President Xi Jinping, Russian President Vladimir Putin and other world leaders during the BRICS Summit at Bharat Mandapam in New Delhi, on Saturday ANI PRIME MINISTER NARENDRA Modi and Chinese President Xi Jinping on Saturday underlined the need to address each other’s concerns on trade and economic relations, including New Delhi’s widening trade deficit with Beijing, marketaccess barriers and supplychain vulnerabilities. At their meeting on the sidelines of the BRICS Summit in New Delhi,both leaders specifically referred to the “structural trade imbalance and supply chain issues” and facilitation of “meaningful and predictable market access.” They agreed that differences should not become disputes and said bilateral ties should be guided by “mutual respect, mutual sensitivity and mutual interest,” a statement bythe Ministryof External Affairs said. However, the statement made no specific reference to India’s policyon foreign direct investment from China, which has seen some relaxation in recent months. Beijing’s volatile policies regarding export of critical inputs to India also did not find any explicit mention. “They (the two leaders) reaffirmed that both countries should take a strategic and long-term perspective of their ties,”the MEAstatement said. Both leaders also agreed to promote business linkages and greater mobility, while seeking to expand common ground on regional and global NEW DELHI DECLARATION ADOPTED HDFC Bank submits 2 names forCEO post FE BUREAU Mumbai, September 12 READ TO LEAD RBI rejects Tata Sons’bid to remain private ● Directs company to go public,comply with NBFC rules ■ SPOTLIGHT, P9 C H E N N A I , Dedicated outlets are changing the way people enjoy the frozen dessert Page 11 BRICSBanktoexpandwith new members,resources PRASANTA SAHU New Delhi, September 12 Prime Minister Narendra Modi with Chinese President Xi Jinping before the 18th BRICS Summit PTI at Bharat Mandapam in New Delhi, on Saturday PM presses for major Bring peace toWestAsia, reforms at IMF,UN Xi urges BRICS PRASANTA SAHU & MUKESH JAGOTA New Delhi, September 12 PM NARENDRA MODI on Saturdaycalledforarestructuring of global institutions and proposed a 10-point actionplanforinternational governancereforms,including in the framing of rules. Addressing the 18th BRICS leaders’ Summit here, he said the discussions within the grouping made it clear that the changing global order could not be managed through institutions issues, it added. Modi stressed that peace and tranquility in the border areas remained essential for members NARENDRA MODI, PM Pyramid of privilege must give way to partnership MUKESH JAGOTA New Delhi, September 12 designedforanearlierera.“It is clear from today’s discussionsthattheworld’stransition cannot be carried out througholdinstitutions,”he said in his concluding remarks as the BRICS chair. Continued on Page 2 the continued development of bilateral relations. Continued on Page 2 VIKRAM CHAUDHARY New Delhi, September 12 names of candidates ■ Deputy MD Kaizad Bharucha rumoured to be top runner for post ■ Sashidhar Jagdishan due to retire in October this year candidates to RBI for approval for a three-year term. Continued on Page 2 Continued on Page 2 ■ BRICS task force ■ Greater use of national currencies for cross-border trade, investment ■ Reform IMF & World Bank with greater voice, representation for Global South on growth and development established by Indian Chair INDIA 2026 ■ Advance unilateral tariff & non-tariff measures contingent reserve arrangement reforms to make financial safety net more flexible and responsive ■ Commit to AI ■ Encourage ■ Condemn cooperation, covering access to AI resources pilots under BRICS multilateral guarantees ■ Call for restraint and diplomacy in West Asia, stressing uninterrupted trade and energy flows ■ Establish logistics supply-chain cooperation framework to strengthen connectivity BRICS pushes local currency trade to cut costs BRICS countries are pushing for greater use of national currencies in trade and investment and interopera- bility of their cross-border payment systems to reduce transaction costs, reports Mukesh Jagota ■ PAGE 6 »INSIDE ON PAGE 6« India, UAE discuss bigger role for L’IMAD PM Modi andAbu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin ZayedAl Nahyan discussed a bigger role for L’IMAD, the UAE’s newest sovereign investment fund, in India, reports Mukesh Jagota IRAN, UAE FIND CONSENSUS IN DECLARATION CULTURAL DETOUR AT BRICS BAZAAR Maruti emerges EV export giant SebiproposesCAS GOING GLOBAL ● Ships more PVs EV exports SUCCESSION PLAN in Q1 than 16 other Units FY26 Q1FY27 carmakers together ■ Bank did not disclose IN HIS ADDRESS at the summit, Chinese President Xi Jinping urged the BRICS bloc to be a peacemaker in the West Asia conflict. China will work with other BRICS members in that role, as the war “does not serve the common interests of the international community”,he said. The Chinese leader called the BRICs a "leading group" in the Global South and a model of self-reliance among emerging and developing countries that should promote innovation-driven development. LEADERS OF BRICS countries on Saturday resolved to expand the membership of the New Development Bank (NDB),also known as BRICS Bank, and create new financing mechanisms to support infrastructure and development across the Global South. As per the New Delhi Declaration adopted by the grouping on Saturday, apart from reforming existing institutions for infrastructure and development financing, the NDB should be strengthened further with a facility for expedited consideration of applications from interested BRICS countries. DECLARATION HIGHLIGHTS WHILE MARUTI SUZUKI’S domesticmarketsharecontinues to hover around 40% despite new launches, the carmaker — driven by its all-electric flagship,the eVitara — has quietly emerged as an electric vehicle (EV) export powerhouse, operating as a global production hub for its parent company, Suzuki Motor Corporation (SMC). Sales data sourced from the industry for Q1FY27 (AprilJune 2026) reveals that Maruti Maruti Suzuki 25,549 15,210 Q1FY27 share (%) 97.2 Tata Motors 2,518 401 2.6 Hyundai India 298 24 0.2 Kia India 12 6 0.0 Mahindra 275 NA -- Suzuki commanded an astonishing 97%marketshareinEV exports from India, shipping 15,210 units of the eVitara overseas. This builds on the FY26 performance, during which Maruti Suzuki captured nearly 90% of all Indian EV Total EV exports 28,652 FY26 15,643 Q1FY27 exports with 25,549 units. Since the time overseas dispatches of the eVitara began in August 2025 — six months before its Indian launch in February — Maruti Suzuki has cumulatively exported over 46,000 units to more than 49 countries.These shipments are heading to mature,highlyregulated markets such as Japan and Western European nations, where quality benchmarks are stringent but the Suzuki brand value is strong. The performance is in stark contrast to domestic EV leadersTata Motorsand Mahindra, whose electric offerings have struggled to find traction abroad. In FY26, Tata Motors exported just 2,518 EVs — primarily to developing markets like South Africa, Nepal, Bhutan, and Mauritius — and Mahindra exported merely 275 electric units. This EVexport surge is part of a broader passenger vehicle (PV) export footprint. Continued on Page 2 frameworkchanges KUSHAN SHAH Mumbai, September 12 THE SECURITIES AND Exchange Board of India (Sebi) onSaturdayproposedsweeping changes to the closing auction session(CAS)framework,including two alternative methods for determining the settlement prices of index and single-stock derivative contracts on expiry days.The proposals are part of a consultation paper issued after the regulatorsaid lastweek that itwould reviewthe CAS mechanismandseeksviewsonexpiryday settlement prices, market timings, order handling and informationdissemination. Continued on Page 2 New Delhi BLENDED METHOD INTERIM PERIOD BEFORE TRANSITION Option 1: Final settlement price based on blended VWAP of trades in last 30 minutes of CTS & 10-minute CAS Option 2: Retains existing method of using VWAP in last 30 minutes of CTS Comments sought on proposals till October 3