NPS Accounts to Be Closed If Indian Citizenship Is Given Up Without OCI Card

The National Pension System (NPS), regulated by the Pension Fund Regulatory and Development Authority (PFRDA), is open to Indian citizens aged 18 to 70 years. This includes resident Indians, Non-Resident Indians (NRIs), and Overseas Citizen of India (OCI) cardholders under specific conditions. The scheme enables long-term retirement savings through systematic contributions and tax-efficient returns.

New Directive for Renounced Citizens Without OCI Status

In a recent circular, PFRDA announced that any individual who gives up Indian citizenship and does not acquire an OCI card will no longer be eligible to maintain their NPS account. Such accounts must be mandatorily closed. This move aims to align pension eligibility with citizenship and regulatory compliance frameworks.

Mandatory Notification and Documentation for Closure

Subscribers who renounce their Indian citizenship are required to promptly notify the NPS Trust. Along with this intimation, they must submit two essential components:

  • A written undertaking confirming both the renunciation of Indian citizenship and non-possession of an OCI card.

  • Supporting documentation such as a renunciation certificate, a surrender certificate, or a cancelled Indian passport.

Only upon successful verification of these documents will the closure process proceed.

Read More: NPS: All you need to know.

Fund Settlement Through NRO Account

Once the documentation is verified, the entire accumulated corpus in the NPS account will be transferred exclusively to the subscriber’s Non-Resident Ordinary (NRO) bank account. PFRDA has clarified that no alternative channels will be permitted for fund remittance in such cases.

Conclusion

This regulatory update impacts individuals who renounced Indian citizenship but have not yet obtained OCI status. Without the OCI card, their eligibility for pension savings under the NPS framework ceases, necessitating timely action to ensure compliance and fund access.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Infosys Partners with Yorkshire Building Society to Drive Digital Transformation

Infosys, a global IT services and consulting firm, has announced a significant collaboration with Yorkshire Building Society (YBS), one of the UK’s largest member-owned financial institutions. The partnership aims to accelerate YBS’s digital transformation, focusing on delivering a streamlined and intuitive banking experience for its customers. The initiative will utilise cutting-edge technologies to modernise core operations and support future scalability.

Accelerating Banking with Next-Gen Technology

Infosys was selected for its deep domain expertise in financial services and its proven capabilities in digital transformation. By leveraging cloud computing, artificial intelligence, cybersecurity, and data analytics, Infosys will assist YBS in creating a mobile-first, efficient, and user-friendly banking system. 

 

This effort forms a key part of YBS’s 2030 strategic plan, which centres on improving the experiences of both customers and employees through the adoption of digital-first processes.

Strategic Vision Aligned with Innovation

Yorkshire Building Society views this transformation as pivotal to its long-term vision. Patrick Connolly, Director of Change Delivery at YBS, highlighted that the integration of digital tools with human-centric service is fundamental to achieving their goals. 

The collaboration with Infosys is set to deliver significant outcomes, including enhanced payment capabilities and strengthened security measures. Infosys, in turn, brings its full suite of solutions to support YBS in building a resilient, future-ready financial institution.

Read More: Infosys Share in Focus as Incorporates Step-Down Subsidiary in the Netherlands.

Infosys Share Performance 

As of May 02, 2025, at 11:50 AM, Infosys Ltd share price is trading at ₹1,502.30 per share, reflecting a surge of 0.15% from the previous closing price. Over the past month, the stock has declined by 3.09%. 

Conclusion

The partnership between Infosys and Yorkshire Building Society represents a major step towards redefining the mutual banking experience in the UK. By uniting strategic vision with technological excellence, the collaboration promises to shape a digitally empowered future for YBS and its members.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

 

India’s Exports Reach Historic High of $825 Billion in FY2024-25

India’s exports of goods and services reached an unprecedented $824.9 billion in the fiscal year 2024-25, according to data released by the Commerce Ministry. 

This milestone was primarily driven by a significant rise in services exports, even as global trade faced challenges. The revised figures follow the Reserve Bank of India’s (RBI) release of the March 2025 services exports data.

Record-Breaking Growth in Services Sector

The data reveals that India’s services exports soared to a record $387.5 billion in 2024-25 showing a robust 13.6 per cent increase from $341.1 billion in the previous fiscal year. In March 2025 alone, services exports rose sharply by 18.6 per cent, reaching $35.6 billion compared to $30 billion in March 2024.

Sectors contributing to this exceptional growth included telecommunication, computer and information services; transport; travel; and financial services. This surge helped lift the country’s overall export figures from $778.13 billion in 2023-24 to $824.9 billion in 2024-25, marking a 6.01 per cent year-on-year increase.

Mixed Outlook Despite Strong Performance

Commenting on the export performance, Federation of Indian Export Organisations (FIEO) President SC Ralhan said, “The data shows the resilience of exporters.” However, he also highlighted some concerns regarding future prospects. “As of today, the inflow of orders is not good from the US and Europe. The US importers are waiting for the trade agreement and this can affect our exports,” he said.

Ralhan further noted that interest rates in the country remain high, impacting competitiveness in global markets. He added, “We need a minimum 5 per cent subvention.”

Read More: India’s Diamond, Gold and Silver Jewellery Exports Decline in FY25

Conclusion

India’s exports have touched a historic milestone in 2024-25, with the services sector playing a key role in driving growth. While the figures reflect resilience and robust performance, challenges remain in sustaining this momentum amid uncertain global trade dynamics.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

HBL Engineering Shares Surge over 3 % on Securing Kavach Contract from Western Railway

HBL Engineering Limited (formerly known as HBL Power Systems Limited) has been awarded a significant contract by the Western Railway under the Indian Railways’ safety initiative. The company made the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, reflecting transparency and compliance with regulatory standards.

Contract Scope and Project Details

HBL Engineering has received a letter of acceptance from the Western Railway for the provision of Kavach, an indigenous automatic train protection system. 

The project encompasses implementation across 48 stations, covering a total distance of 428 kilometres. The total contract value is ₹145.83 crore, inclusive of 18% GST. The contract specifies a completion timeframe of 730 days, marking it as a substantial engineering engagement for the company.

Compliance and Regulatory Disclosures

As per the SEBI Master Circulars dated 11 November and 31 December 2024, HBL has provided detailed disclosures regarding the nature and scope of the contract. 

The order has been awarded domestically and is not a related party transaction, with no involvement or interest from the promoter or promoter group. The disclosure underscores the company’s commitment to maintaining governance standards and transparent reporting in line with SEBI regulations.

Read More: HBL Engineering Shares Surge on Securing ₹762.56 Crore Railway Kavach Orders.

HBL Engineering Share Performance 

As of May 02, 2025, at 10:42 AM, HBL Engineering share price is trading at ₹501 per share, reflecting a surge of 3.95% from the previous closing price. Over the past month, the stock has declined by 3.88%.

Conclusion

The awarding of this Kavach system contract further strengthens HBL Engineering’s position in the Indian railway safety domain. The firm’s timely disclosure and adherence to compliance frameworks reflect its integrity and operational readiness for large-scale projects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

 

NTPC Green Energy Activates Another 75 MW at IRPL, Boosting Capacity to 225 MW

NTPC Green Energy Limited has formally announced the partial commissioning of a substantial renewable energy project operated by IRCON Renewable Power Limited (IRPL). This development represents a significant advancement in the nation’s pursuit of clean energy and underlines the growing contribution of joint ventures in India’s energy transition.

Commercial Operation of 225 MW Capacity

According to disclosures made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NTPC Green Energy Limited has confirmed that 75 MW (Lot-4) of capacity has been successfully commissioned. This brings the cumulative operational capacity to 225 MW out of the total 500 MW planned for the IRPL project. 

The commercial operations commenced from 00:00 hours on 2nd May 2025. IRPL is a joint venture involving Ayana Renewable Power Private Limited, a wholly owned subsidiary of ONGC NTPC Green Private Limited. This highlights the strength of coordinated efforts between public and private entities in scaling India’s green power capabilities.

Strategic Collaboration in the Renewable Energy Sector

The IRPL project exemplifies effective collaboration between multiple energy stakeholders to achieve clean energy targets. It illustrates the proactive role of joint ventures in driving sustainable energy growth. 

With Ayana Renewable Power and ONGC NTPC Green Private Limited working together, the project’s progress reaffirms the significance of strategic partnerships in the execution of large-scale renewable energy infrastructure.

Read More: NTPC, NTPC Green Announces Mega Investment of ₹96,000 Crore for Major Energy Projects in Chhattisgarh.

NTPC Green Energy Share Performance 

As of May 02, 2025, at 11:15 AM, NTPC Green Energy share price is trading at ₹101.20 per share, reflecting a surge of 0.65% from the previous closing price. Over the past month, the stock has surged by 2.71%.

Conclusion

The commissioning of 225 MW capacity in the IRPL project stands as a strong indicator of India’s renewable energy progress. As further capacity awaits activation, the project remains a cornerstone of the country’s green energy ambitions and collaborative development approach.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

JSW Energy Arm Signs Deal with UPPCL for 1,500 MW Pumped Hydro Storage

JSW Neo Energy Limited, a fully owned part of JSW Energy, has signed a long-term agreement with Uttar Pradesh Power Corporation Limited (UPPCL). This agreement involves the supply of 1,500 MW / 12,000 MWh of pumped hydro energy storage.

Project Details

  • The energy storage project will be set up in the Sonbhadra district, Uttar Pradesh.
  • It will allow a daily discharge of up to 8 hours (with a maximum of 6 hours at a stretch).
  • The agreement is valid for 40 years, with JSW receiving ₹77.2 lakhs per MW per year.
  • The project is expected to be completed within 6 years.

Company Progress and Goals

With this project, JSW Energy’s total confirmed energy storage now reaches 28.3 GWh, of which 26.4 GWh is from pumped storage. The company is moving towards its aim of achieving 40 GWh of storage capacity by 2030.

About JSW Energy

JSW Energy, part of the $24 billion JSW Group, is a major private power producer in India. The company works across power generation and transmission. Since starting in 2000, it has grown from 260 MW to 10 GW of capacity. Currently, it is developing power projects totalling 11.3 GW, aiming for 20 GW capacity by 2030.

 

Read More: JSW Energy to Raise ₹800 Crore via Private Placement of NCDs.

Share Performance 

As of May 02, 2025, at 11:00 AM, JSW Energy Ltd share price is trading at ₹477.65 per share, reflecting a decline of 0.32% from the previous closing price. Over the past month, the stock has declined by 9.24%. The stock’s 52-week high stands at ₹804.90 per share, while its low is ₹418.75 per share.

Conclusion

This long-term partnership with UPPCL not only strengthens JSW Energy’s position in the renewable energy sector but also supports India’s vision for energy security and sustainability. With strong goals and growing capacity, JSW Energy is on track to become a leading force in the future of green energy.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

SEBI Chief Rejects F&O Aptitude Test for Retail Investors

SEBI Chairperson Tuhin Kanta Pandey has ruled out the introduction of any aptitude test for retail investors entering the Futures and Options (F&O) market, as per the news reports. He said such a requirement would be difficult to implement and could amount to regulatory overreach.

Background: 90% of Retail F&O Traders Reported Losses

In November 2023, SEBI published a study showing that 9 out of 10 retail investors trading in F&O segments ended up making losses. Following this, some in the financial industry suggested that mandatory screening or tests could help prevent uninformed participation.

Certification Exists for Registered Market Participants

SEBI currently mandates certifications such as the NISM exam for professionals like Investment Advisers (IA) and Research Analysts (RA). Pandey clarified that these certifications are for individuals formally registered in the market system and not meant for the general retail population.

Challenges with Implementation

Reports suggest that responding to queries, Pandey questioned the feasibility of introducing tests for the broader public. He raised concerns about how such tests would be administered, who would take them, and where the boundaries would be drawn. He also highlighted that if such a requirement were introduced for F&O, similar demands might arise for other financial products like mutual funds.

Retail Investors’ Financial Autonomy

Pandey said that individuals should have the freedom to make decisions with their own money, even if that includes high-risk investments. He added that many people learn through experience over time.

SEBI’s Caution on Leverage

While aptitude tests are off the table, SEBI remains cautious about leveraged trading. Pandey said that leveraged buyouts are not permitted in India, and even in the Alternative Investment Fund (AIF) space, the use of leverage is restricted.

Read More: SEBI Fines OPG Securities ₹5.2 Crore in NSE Co-location Matter!

Conclusion

SEBI does not plan to introduce mandatory aptitude tests for retail F&O traders. The regulator continues to rely on existing frameworks and certifications for registered participants, while discouraging high-risk practices like leveraged trading.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

India Imposes 20% Export Duty on Parboiled and Milled Rice to Ensure Food Safety

According to the Financial Express Report, the Ministry of Finance has imposed a 20% export duty on parboiled rice and certain milled rice varieties. The decision is applicable from May 1, 2025. According to the government circular, the duty applies to parboiled rice (including both GI-tagged and other types) and rice classified as “Other Rice” under customs codes. This includes semi-milled or wholly milled rice, whether or not polished or glazed.

Customs Classification and Product Coverage

The export duty targets specific categories defined under the customs tariff. It applies across varieties that fall under particular Harmonised System (HS) codes covering parboiled rice and milled rice types. These categories include processed rice products that are polished or glazed, and those that are not. The government’s move includes rice not falling under the broken rice category, which remains under an export ban.

Previous Export Rule Changes in 2023

In October 2023, the government had eased some earlier export restrictions. The Customs duty on parboiled rice was reduced from 10% to zero, and the $490 per tonne minimum export price (MEP) on white rice was removed. These decisions were taken at a high-level inter-ministerial meeting and were aimed at managing inventory levels in government warehouses. At that time, the ban on broken rice exports remained in place.

Initial Restrictions Started in 2022

Rice export controls were first introduced in September 2022. The government banned broken rice exports and added a 20% duty on white rice shipments. These steps were part of a larger effort to manage the domestic food grain supply and pricing. The October 2023 relaxations were intended to address overflow situations at storage facilities in states like Haryana and Punjab.

Read More: India’s Diamond, Gold and Silver Jewellery Exports Decline in FY25

Conclusion

The reintroduction of the 20% export duty adds a new layer to rice export policy. It applies to parboiled and certain milled rice varieties and is effective immediately from May 1, 2025. Previous changes from 2023 remain in place, including the continued ban on broken rice exports.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Tesla Rejects Report of Board Seeking Elon Musk Replacement

Tesla has denied claims that its board is searching for a replacement for CEO Elon Musk. A report by The Wall Street Journal stated that board members had approached executive search firms in March to discuss potential successors. 

In response, Tesla Chair Robyn Denholm released a statement on X, calling the report “absolutely false” and reaffirming that Elon Musk remains CEO. Musk also posted on X, accusing the publication of ignoring the company’s official denial before publishing.

Profit Decline and Shareholder Concerns

Tesla recently reported a 71% year-on-year drop in net profit for the first quarter of 2025, falling to $409 million from $1.39 billion in the same period last year. The company’s stock has declined about 25% since the beginning of the year. These developments have led to questions about leadership focus and the impact of Musk’s involvement in multiple ventures outside Tesla.

Political Activity and Public Backlash

Reports suggest that Musk’s political associations have drawn increased scrutiny. He has been working in Washington as part of the “Department of Government Efficiency” under the Trump administration. He is expected to exit this role on May 30, 2025, adhering to a 130-day cap on his service. 

Time Management Concerns

There has been a long-standing concern over Musk’s time commitments. In addition to Tesla, he remains active in companies like Spacex and X (formerly Twitter). Although he has stepped back from the CEO role at X, he continues to participate in its operations. Some Tesla board members reportedly asked him to increase his presence at Tesla, to which he did not object.

Read More: Tesla Share Price Before Musk Joined DOGE vs. Current

Conclusion

Tesla has dismissed the CEO succession report and stated its continued support for Musk. However, the company is currently dealing with falling earnings, public backlash, and leadership scrutiny, all of which remain key areas of attention.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Indian Oil Partners with Trafigura in $1.4 Billion LNG Import Deal

Indian Oil Corporation Ltd (IOC) has signed a long-term liquefied natural gas (LNG) supply agreement with commodities trader Trafigura, Chairman A. S. Sahney said to Reuters on Wednesday. The deal is valued between $1.3 billion and $1.4 billion and covers the supply of approximately 2.5 million tonnes of LNG, spread over 27 cargoes. Deliveries are expected to begin in the second half of 2025. Pricing for the contract is linked to the US Henry Hub benchmark.

As of 11:18 AM on May 02, 2025, Indian Oil Corporation share price was trading at ₹142.64, a 3.47% up,  and up 4.52% over the past month, but down 20.85% over the past year.

Usage 

This contract is part of IOC’s plans to secure long-term gas supplies as India’s demand for natural gas continues to rise. Natural gas is used across industrial processes, is converted into compressed natural gas (CNG) for transport, and is also distributed to households through pipelines. In recent years, there has also been a growing use of LNG to fuel long-distance trucks.

Additional LNG Deals by Indian Companies

IOC is not the only Indian company securing long-term LNG arrangements. GAIL (India) Ltd. signed a deal with Vitol Asia for about 1 million tonnes annually for ten years, starting in 2026. It also finalised an agreement with ADNOC Gas for 0.5 million tonnes per year, beginning in 2026, and awarded a five-year LNG purchase tender to Qatar Energy Trading for 12 cargoes annually starting April 2025.

Hindustan Petroleum Corporation Ltd (HPCL) announced a separate agreement with ADNOC Trading to supply LNG to its 5 million tonne per annum Chhara terminal. The terminal, operated by HPCL LNG Ltd., includes two LNG storage tanks with a combined capacity of 400,000 cubic meters. The gas will be used to meet HPCL’s internal needs and for marketing to other customers.

Read more: IOC Signs MoU with Odisha for ₹61,077 Crore Paradip Petrochemical Project

Operational and Financial Update

IOC operates an LNG import terminal at Ennore in Tamil Nadu and holds regasification capacity at other terminals. In FY25, the company recorded a consolidated net profit of ₹13,788.83 crore, down from ₹43,161.15 crore in FY24. Total income declined to ₹8.62 trillion. Domestic sales stood at 95.375 million tonnes, with total sales (including exports) at 100.292 million tonnes.

Conclusion

India currently imports about 45% of its LNG requirement. These deals contribute to ensuring supply continuity and support the country’s growing gas consumption.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.