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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.

As India’s largest stock exchange heads to the public markets, it may need to rethink its excessive reliance on transaction revenue.
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.