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The investment firm’s report doesn’t quite reflect optimism in the Indian markets, and runs contrary to the ground reality.

The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.