Karnataka implements SC internal reservation, orders recruitment of 56,432 posts

by Hansraj Agrawal | Apr 28, 2026 | Business

The Karnataka government has implemented internal reservation within the Scheduled Castes quota, adopting a 5.25%, 5.25% and 4.5% formula across three categories

The Karnataka government has issued an order on implementing internal reservation with a revised formula of 5.25, 5.25, and 4.50 per cent out of the 15 per cent reservation available for Scheduled Castes in the state.

With this, the government has also instructed all appointing authorities to take urgent steps for the direct recruitment of 56,432 posts already approved by the Finance Department, which have been stalled for some time now.

On Friday, the state cabinet decided to provide internal reservation among the 101 Scheduled Castes in Karnataka, using a matrix of 5.25 per cent each for Category A (Madigas and allied castes/Dalit left) and Category B (Holeyas and allied castes/Dalit right), and 4.5 per cent for Category C (Bhovi, Lambani, Korama, Koracha and 59 nomadic communities) within the 15 per cent reservation for SCs.

Chief Minister Siddaramaiah on Tuesday said that, in accordance with the decision on internal reservation for Scheduled Castes, the government ordered on April 27 to continue recruitment to government posts subject to the High Court’s order.

“As per the order given by the High Court, the 50 per cent reservation rate has been temporarily adopted, and internal reservation for Category – A, Category – B, and Category – C has been ordered to be implemented at 5.25, 5.25, and 4.5 per cent respectively out of the 15 per cent reservation allocated to Scheduled Castes. Of the posts or entry seats available for Category – C, 20 per cent of the posts have been reserved for the 59 most backward castes in the Scheduled Castes,” he said in a post on ‘X’.

The CM further said that all appointing authorities have been instructed to take urgent steps for the direct recruitment of 56,432 posts already approved by the Finance Department.

“I am very happy to share a copy of the order in this regard with all the job seekers of the state. Our government has acted as promised on the issue of internal reservation and has not betrayed the trust of the people of the state by upholding its commitment to the principle of equality and fairness for all,” he added, sharing the copy of the government order with his post.

The previous BJP government had increased the reservation quota for SCs from 15 per cent to 17 per cent and for Scheduled Tribes from 3 per cent to 7 per cent, raising the state’s total reservation to 56 per cent, exceeding the Supreme Court-mandated 50 per cent ceiling.

While this was still in court, the Congress government subsequently decided to provide internal reservation within the 17 per cent quota for SCs based on the 6:6:5 formula.

However, since the High Court directed the government not to breach the 50 per cent reservation ceiling set by the Supreme Court in the Indra Sawhney Case in 1992, the government has now recalibrated its internal reservation formula under the 15 per cent reservation quota for SCs.

Published on April 28, 2026

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CCI clears Mizuho stake buy in Avendus Capital, approves Macquarie and agri deals

by Hansraj Agrawal | Apr 28, 2026 | Business

The Competition Commission of India has approved multiple transactions, including Mizuho Securities Co Ltd’s proposed stake purchase in Avendus Capital Pvt Ltd.
| Photo Credit:
ADNAN ABIDI

The Competition Commission has cleared the proposed purchase of shares in merchant banker Avendus Capital Pvt Ltd by Mizuho Securities Co Ltd.

Avendus Capital, a Sebi-registered merchant banker, is present in India, Singapore, the US and the UK through its subsidiaries.

Mizuho Securities is part of Japan’s Mizuho Financial Group.

In a release on Tuesday, the Competition Commission of India (CCI) said it has approved the proposed deal.

The watchdog has also given its nod for the proposed merger of A1 Agri Global Ltd (Agri), BN Agritech Ltd (BNA) and Salasar Balaji Overseas Pvt Ltd (Salasar) into BN Agrochem Ltd (BNAC).

While BNAC is into the procurement and trading of soybean oil and palmolein oil, BNA is involved in the procurement of crude edible oils as well as refining, repackaging and trading.

Salasar is into procuring, repackaging and trading of edible oils.

Separately, CCI has approved the acquisition of stakes in certain entities by MAIF 4 Investments India 2 Pte Ltd, an investment vehicle wholly-owned by the Macquarie Asia-Pacific Infrastructure Fund 4. The latter’s ultimate controlling entity is Macquarie Group Ltd.

MAIF 4 is to buy 42.5 per cent stake in Maple IM, 40 per cent shareholding in Maple PM and up to 37.5 per cent of the units of Maple Trust.

Maple IM and Maple PM are the investment manager and the project manager of Maple Trust, respectively.

Maple Trust, through its special purpose vehicles, is engaged in the business of owning and operating road assets (through government concessions) in India.

Deals beyond a certain threshold require the approval of the CCI.

Published on April 28, 2026

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Maharashtra amends sand policy, deploys flying squads to curb illegal mining

by Hansraj Agrawal | Apr 28, 2026 | Business

Maharashtra Revenue Minister Chandrashekhar Bawankule announced amendments to Maharashtra’s Sand Policy 2025 to curb illegal mining and improve transparency. (a file photo)
| Photo Credit:
PTI

Maharashtra Revenue Minister Chandrashekhar Bawankule on Tuesday announced amendments to the state’s Sand Policy 2025, introducing specialized flying squads and stringent regulations for the Konkan coastal belt to curb illegal mining.

According to an official release by Bawankule’s office, the revised policy aims to bring “transparency in the sand mining and sale process and establish effective control over illegal activities.” Under the new amendments, special flying squads will be appointed at the taluka and sub-division levels. These teams will comprise officers from the revenue department and other allied agencies.

In a special provision for Konkan region, sub-divisional officers and tehsildars have been granted the authority to take action in adjacent talukas or districts outside their immediate jurisdiction to prevent illegal transportation.

Further, the powers of the Maharashtra Maritime Board (MMB) have been enhanced to control sand mining in coastal areas and bays.

The board will now be responsible for registering all boats transporting sand. Board officers are now empowered to seize unregistered or illegal vessels and hand them over to the Tehsildar.

The policy also introduces new financial eligibility criteria for participants in e-auctions. Annual turnover requirements for bidders have been scaled based on sand reserves, ranging from Rs 10 lakh for stocks up to 1,000 brass, to Rs 3.5 crore for reserves exceeding 25,000 brass.

Published on April 28, 2026

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JPMorgan CEO warns private credit downturn could be worse than expected

by Hansraj Agrawal | Apr 28, 2026 | Business

Speaking at a conference, Jamie Dimon said the absence of a credit recession in recent years could amplify the impact when it arrives.
| Photo Credit:
Mike Segar

JPMorgan Chase & Co.’s Jamie Dimon again cautioned that a credit market downturn could be worse than expected, even after his firm and Wall Street rivals posted a banner quarter in which loan portfolios held up.

In private credit specifically, the fact that there are more than 1,000 firms in the space probably means not all of them will fare well when the cycle turns, Dimon said Tuesday at a Norges Bank Investment Management conference.

Some firms “may be brilliant, but I guarantee you not all 1,000 of them are,” Dimon said. “So in my view, because of that and the underwriting standards, we haven’t had a credit recession in so long, so when we have one it will be worse than people think.”

“It won’t be terrible, it’ll just be worse than people think in private credit,” he added. “That may be true for some banks too, by the way.”

As fears over the $1.8 trillion private credit market have bubbled in recent months, Dimon has been raising alarms about some issues. He said in his annual letter released earlier this month that private credit “probably does not” pose a systemic risk, a view he reiterated Tuesday.

The bank hasn’t been shying away from the space though. The company’s asset manager is talking with institutional investors to raise several billion dollars for a private credit strategy that will be sourced by JPMorgan’s commercial bankers.

Dimon also cautioned that geopolitical tensions such as the Iran war are boosting price pressures, while adding that he’s not worried about inflation currently. He’s previously said that inflation risks being a “skunk” at the party.

“My view is that there’s a lot of inflationary things out there including the Iran war, the remilitarization of the world, the infrastructure needs of the world and our deficits,” Dimon said.

More stories like this are available on bloomberg.com

Published on April 28, 2026

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SEBI weighs uniform regime for options strike prices

by Hansraj Agrawal | Apr 28, 2026 | Business

The move follows concerns around the way strike prices are currently introduced and managed, particularly during periods of sharp intraday price movement.
| Photo Credit:
ANI

The Securities and Exchange Board of India (SEBI) is evaluating a proposal to introduce a uniform framework for managing options strike prices, including the possibility of allowing exchanges to add new strikes during market hours, according to people aware of the discussions.

The move follows concerns around the way strike prices are currently introduced and managed, particularly during periods of sharp intraday price movement. The system is not always equipped to handle sudden price swings and the gap between available pre-defined strike prices and prevailing market prices may be too wide to allow efficient hedging. New strikes that are added are usually implemented with a lag.

A strike price is the fixed level at which an options contract can be exercised. The availability of a range of strikes and liquidity allows traders to take positions based on their market view or hedge existing exposures.

Uniform framework

The uniform framework may allow exchanges to introduce new strike prices during market hours, especially in the direction of sharp movements in the underlying asset. The idea is to not require any system modifications by brokers or market participants during live trading to avoid operational disruptions.

“Most of the time, especially around at-the-money (ATM) strikes, the market is fairly liquid and trades smoothly. But when the move is very sharp and sudden, prices can sometimes jump rather than move tick by tick,” said Feroze Azeez, Joint CEO at Anand Rathi Wealth.

“In those moments, you might see what traders casually call “phantom prices”, where the last traded price is visible, but execution at that exact level is not always possible,” he said.

During sharp intraday movements, trading interest typically shifts towards strike prices closer to the prevailing level of the underlying. However, the addition of such strikes may take time under existing mechanisms, even as a number of far-off strikes continue to remain listed, an exchange source said.

Strike prices

Market participants said that in most conditions, trading remains concentrated around actively used strike prices. “In such situations, if an out-of-the-money strike that fits the usual trading criterion is not available, traders typically shift to at-the-money or in-the-money options to ride the move,” said Anand James, Chief Market Strategist at Geojit Investments.

In fast markets, traders need to allow for some slippage or be ready to manage positions more actively rather than relying entirely on very tight stop losses.

At present, SEBI’s regulatory framework primarily covers long-dated index options, while other segments, including stock, currency and commodity options, follow exchange-specific practices, leading to differences in how strike prices are introduced and managed. An email sent to SEBI did not elicit a response.

While exchanges have their own rules for adding strike prices, the proposed framework will make it uniform across exchanges. It has been discussed with exchanges and intermediaries and will also be reviewed periodically through market participants, the source said.

Published on April 28, 2026

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Augmont wins awards at India Silver Conference

by Hansraj Agrawal | Apr 28, 2026 | Business

Ketan Kothari, Director, Augmont Goldtech

Augmont Enterprises Pvt Ltd and Augmont Goldtech Pvt Ltd have been awarded with two accolades at the fourth India Silver Conference 2026 in Dehradun.

A media statement said the company was awarded ‘India’s No. 1 Silver Platform of the Year 2025’ and ‘Best Silver Bullion Dealer – All India 2025’.

It said that Augmont Goldtech Pvt Ltd was awarded ‘India’s No. 1 Silver Platform of the Year 2025’ for its digital platform that enables users to buy, sell, and manage silver investments with ease, backed by transparency and secure infrastructure.

Augmont Enterprises Pvt Ltd received ‘Best Silver Bullion Dealer – All India 2025’ for its excellence in silver bullion trading, driven by trust, efficiency, and a strong distribution network catering to both retail and institutional clients, it said.

Asset class gaining

Quoting Ketan Kothari, Director, Augmont Enterprises Pvt Ltd, the statement said: “We are delighted to receive these recognitions at the fourth India Silver Conference 2026. Silver, as an asset class, is gaining significant traction among investors, and at Augmont, we have consistently worked towards building a transparent, technology-driven ecosystem to support this growth. These awards reaffirm our commitment to delivering reliable, innovative, and accessible solutions for our customers. We will continue to strengthen our offerings and play a key role in shaping the future of silver investments in India.”

Published on April 28, 2026

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