Tata Sons Listing Debate, NSE IPO, Fed Rate Hike, UPI Charges And FDA Crackdown: Key Developments That Shaped The Week

Mumbai, September 18: The week saw major developments across corporate India, markets and the broader economy, with the possible Tata Sons listing remaining in focus, the NSE IPO gaining momentum, the US Federal Reserve raising interest rates and new UPI charges set to come into effect from October 15.

The Federal Reserve raised its benchmark policy interest rate by 25 basis points to 3.75%-4%, marking its first rate hike in three years. Meanwhile, the Rs 22,568.94 crore NSE IPO entered its second day of bidding and attracted stronger investor participation.

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Tata Sons Listing Debate Gains Momentum

The possibility of a public listing of Tata Sons continued to draw attention after Shapoorji Pallonji Group Chairman Shapoorji Pallonji Mistry reiterated his support for the move. Mistry said the listing should be viewed from the perspective of transparency, accountability and the long-term future of the Tata institution.

"I have repeatedly said that the public listing of Tata Sons is not merely a financial or regulatory matter. It is a social and moral imperative," Mistry said in a statement.

Following the Reserve Bank of India's decision on Tata Sons, Mistry said a listing could strengthen public accountability while preserving the philanthropic purpose linked to the Tata legacy. He described the RBI decision as a "pivotal moment" for Tata Sons and said institutions of national importance should be guided by transparency and accountability.

NSE IPO Sees Stronger Investor Response

The NSE IPO entered its second day of bidding after receiving decent demand on the opening day. The IPO opened for public subscription on September 17 and will close on September 21, with the price band fixed at Rs 1,700-Rs 1,785 per share.

The issue is entirely an offer for sale of 12.64 crore shares by existing shareholders, with no fresh issue. NSE had raised Rs 6,746.18 crore from anchor investors on September 16 by allotting 3.78 crore shares at Rs 1,785 apiece.

By 12 pm on September 18, the issue was subscribed 57%, with bids received for 5,04,81,896 equity shares against 8,86,42,911 shares on offer. The retail portion was booked 58%, while the non-institutional investor segment was subscribed 1.04 times. The qualified institutional buyer category was subscribed 19%, and the employee portion was booked 1.23 times.

On Day 1, the NSE IPO had been subscribed 43%.

US Fed Rate Hike Signals Policy Shift

The US Federal Reserve raised its benchmark policy interest rate by 25 basis points to 3.75%-4% for the first time in three years. The move was largely in line with Wall Street estimates and came amid inflationary pressures linked to geopolitical risks.

The Federal Open Market Committee voted unanimously to raise the federal funds lending rate. The decision was driven by concerns over inflation, which has remained above the Fed's medium-term target of 2%.

The rate hike marked the first policy shift under new US Fed Chair Kevin Warsh. The central bank said, "Inflation remains elevated. Today's policy action will support a timelier return to the committee's 2% goal."

Going ahead, the FOMC expects further tightening under its policy framework.

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UPI Payment Rules Set To Change

The free UPI payment window is set to narrow as new merchant discount rate charges for select transactions will come into effect from October 15.

For large merchant payments above Rs 2,000, a levy of 0.4% will be imposed, capped at Rs 300. Select merchant categories, including railways, telecom services, insurance and fuel, will attract a flat MDR of Rs 5 per transaction for UPI payments above Rs 2,000.

Capital market payments, including transactions involving mutual funds, securities, stock brokers and dealers, will attract a lower MDR of 0.02%, subject to a cap of Rs 300 per transaction.

The changes mark a shift in the UPI payment ecosystem, where most transactions have so far remained free for users.

Maharashtra FDA Steps Up Festive-Season Inspections

The Maharashtra Food and Drug Administration intensified its festive-season food safety drive, suspending licences of seven establishments after inspections on September 16.

The licence of the canteen at Nair Hospital in Mumbai Central was suspended over serious food safety and hygiene violations. The wider crackdown also resulted in a Rs 12 lakh gutkha seizure in Nagpur and licence suspensions at six other Mumbai eateries.

The FDA said the Nair Hospital canteen was inspected on September 16 and its licence was suspended "considering the health and safety of patients and citizens."

During statewide inspections, officials seized suspected substandard, adulterated and improperly stored food products.

The action in Mumbai included establishments such as Milan Punjab in Worli, Sadguru Sweets in Malad East, Olympia Coffee House in Colaba, Blink Commerce in Chembur, Vishwas Sweets and Snacks and A-1 General & Dry Fruits in Ghatkopar West, along with the Nair Hospital canteen.

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Maharashtra FDA Suspends Licences Of 7 Mumbai Food Establishments, Including Olympia Coffee House & Nair Hospital Canteen; Urinal Found In Storage Area

After around 12,000 inspections of food establishments and multiple suspension notices, Maharashtra FDA Commissioner Tukaram Mundhe said the regulator is now looking to expand scrutiny to areas including cosmetics and child nutrition, with infant food a key focus area.

In an exclusive interaction with NDTV on September 17, Mundhe said, "the overarching goal is improving public health."

Since taking charge as Maharashtra FDA Commissioner in May 2026, the regulator has flagged multiple food safety violations. The latest action involved the seizure of food stock worth Rs 16.21 lakh.

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