No refund within 8 hours

Under the new rules, passengers will not get any refund if they cancel their tickets within eight hours of the train’s departure. This replaces the existing rule that allowed cancellations up to four hours before departure with partial refunds.

The revised policy will come into effect between April 1 and April 15, 2026, and will apply to all trains.

Updated refund slabs

The Railways has also reworked the refund structure across different time windows:

Cancellations made more than 72 hours before departure will get a full refund, subject to a flat cancellation charge.

Between 72 and 24 hours: 25% of the ticket cost will be deducted

Between 24 and 8 hours: 50% deduction

Less than 8 hours: no refund

Earlier, the deduction windows were shorter and less stringent.

Why the rules were changed

Railway Minister Ashwini Vaishnaw said the move is aimed at curbing black marketing and preventing agents from blocking tickets and cancelling them close to departure.

More flexibility for passengers

In a passenger-friendly change, those with counter tickets can now upgrade their travel class up to 30 minutes before departure. Previously, this was allowed only before the first reservation chart was prepared, usually around eight hours before departure. This facility will not be available for online bookings.

Passengers will also be able to change their boarding station up to 30 minutes before departure. At present, this change is allowed only before the first chart is prepared. The Railways said this will help travellers manage last-minute plan changes without affecting ticket cost.

Tatkal booking changes

To tackle misuse of Tatkal tickets, Aadhaar-based OTP authentication has been introduced, along with restrictions on agents during the initial booking window and anti-bot systems. Around 3 crore suspicious user IDs have been deactivated so far.

Also Read | SEBI introduces Mutual Fund changes to simplify investments: All about it

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Key Highlights of the SEBI Circular

1. Discontinuation of Solution-Oriented Funds

SEBI has phased out the “solution-oriented” category, which included retirement and children’s savings funds. New subscriptions to these schemes have been stopped immediately, and existing investors will see these schemes merged or restructured to align with the updated framework.

2. Introduction of Life Cycle Funds

A new category called Life Cycle Funds has been created. These funds are designed around an investor’s goals, such as retirement or long-term planning. They automatically adjust their investment mix over time — moving from higher-risk assets like equities to more stable assets like debt or gold as the target date approaches.

3. Simplified Fund Categories

All mutual fund schemes will now be classified under clear, standard categories: Equity, Debt, Hybrid, Life Cycle Funds, and Other Schemes (including ETFs and index funds). Fund names and descriptions must now accurately reflect the investment strategy, making it easier for investors to understand what they are buying.

4. Portfolio Overlap Rules

To avoid multiple schemes with nearly identical holdings, SEBI has introduced limits on portfolio overlap. For most equity schemes, the overlap with another fund from the same asset manager should stay below 50%, giving investors more differentiated options.

5. Greater Investment Flexibility

Funds now have broader investment options. Equity and hybrid schemes can include small portions of gold, silver, InvITs, or commodity derivatives alongside debt and money market instruments. This allows fund managers to diversify portfolios more effectively.

6. True-to-Label Mandate

SEBI has tightened rules to ensure that schemes deliver on their stated investment style. For example, value funds and contra funds will now have strict portfolio guidelines to prevent misalignment or duplication, helping investors pick the right fund type for their goals.

What This Means for Investors

Fund houses have six months to realign their schemes with the new regulations.

Investors in discontinued schemes will be informed about mergers or reclassifications.

Overall, the changes are intended to bring more transparency, clarity, and safety to the mutual fund market in India.

SEBI’s reforms reflect a push toward a simpler, investor-friendly mutual fund industry. With clearer categories and goal-based options like Life Cycle Funds, investors will find it easier to choose schemes that match their financial objectives and risk appetite.

Also Read: DGCA revises air ticket refund norms; no extra charges for changes within 48 hours of booking

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The amended Civil Aviation Requirements (CAR), issued on February 24, will come into effect from March 26.

Under the new rules, airlines must provide a 48-hour “look-in option” from the time of booking. During this window, passengers can cancel or modify tickets without paying extra charges, except for any fare difference applicable to the revised flight. However, the facility will not apply if the departure date is less than seven days from booking for domestic flights and less than 15 days for international flights, when tickets are booked directly through an airline’s website.

Beyond the 48-hour window, standard cancellation or amendment charges will apply.

In a significant relief to flyers, the regulator has also barred airlines from levying additional charges for correcting the name of the same passenger, provided the error is reported within 24 hours of booking and the ticket was purchased directly through the airline’s website.

For bookings made through travel agents or online portals, the DGCA clarified that the responsibility for processing refunds rests with the airlines, as agents act as their appointed representatives. Airlines have been directed to ensure that refunds are completed within 14 working days.

The revised norms also address ticket cancellations arising from medical emergencies. If a passenger or a family member listed on the same PNR is hospitalised during the travel period, airlines may offer either a refund or a credit shell. In other cases, refunds will be processed after an opinion on the passenger’s fitness to travel is received from an airline’s Aerospace Medicine specialist or a DGCA-empanelled specialist.

The changes come amid rising passenger complaints about delayed refunds. In December 2025 alone, scheduled airlines received 29,212 passenger-related complaints, with 7.5 per cent linked to refunds. The issue also drew attention during flight disruptions involving IndiGo in December 2025, following which the civil aviation ministry directed the airline to complete pending refunds within a specified timeline.

India remains one of the world’s fastest-growing aviation markets, with domestic airlines carrying over 16.69 crore passengers in 2025, according to official data.

Also Read | Long weekends in 2026: A complete guide for holiday planning

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As per information shared by the Press Information Bureau (PIB), once implemented, all toll payments at National Highway fee plazas will be processed exclusively through digital modes, including FASTag and Unified Payments Interface (UPI).

This proposed measure is aimed at consolidating the substantial progress achieved under the Electronic Toll Collection (ETC) system and further strengthening the efficiency, transparency, and reliability of National Highway toll operations across India.

Transition Towards a Fully Digital Tolling Ecosystem

Over the past several years, the adoption of FASTag has fundamentally transformed toll collection practices nationwide. With over 98 percent penetration, FASTag has enabled seamless, contactless, and automated toll payments using RFID technology affixed to vehicle windshields.

At present, an overwhelming proportion of toll transactions at National Highway fee plazas are processed electronically, significantly reducing the dependency on physical cash handling.

In addition to FASTag, UPI payment facilities have also been operationalized at toll plazas across the country. This ensures that commuters have access to instant, accessible, and widely accepted digital payment options at every National Highway toll point.

The proposed discontinuation of cash payments is therefore seen as a logical progression in India’s digital tolling journey.

Existing Fee Structure Encouraging Digital Payments

Under the prevailing National Highway fee rules:

Vehicles entering a fee plaza without a valid and functional FASTag and opting to pay in cash are charged double (2x) the applicable user fee.

National Highway users choosing to pay via UPI are charged 1.25 times the applicable user fee for their vehicle category.

These measures have already played a crucial role in reducing reliance on cash transactions and accelerating the shift toward digital toll payments nationwide.

The contemplated move to eliminate cash payments altogether would further reinforce this policy direction.

Addressing Operational Challenges at Toll Plazas

Plaza-level assessments have indicated that cash-based transactions contribute to:

Congestion at fee plazas

Increased waiting time, particularly during peak traffic periods

Transaction-related disputes

Reduced lane throughput

Operational inefficiencies

Even a small percentage of cash-paying vehicles can disrupt traffic flow, especially on high-density corridors and expressways.

A complete transition to digital-only payment modes is expected to:

Strengthen operational efficiency

Improve traffic management

Minimise delays

Enhance lane throughput

Increase consistency and transparency in toll transactions

Improve overall commuter experience

Impact Across 1,150+ Fee Plazas Nationwide

The proposed measure will impact more than 1,150 fee plazas located on various National Highways and Expressways across India.

For millions of daily commuters, commercial transport operators, and long-distance travelers, the shift is expected to deliver smoother, faster, and more predictable journeys.

The initiative aligns with NHAI’s broader objective of building a technology-driven, high-efficiency National Highway network that delivers seamless services and enhances the “Ease of Commuting” for National Highway users across the country.

The Road Ahead

If implemented from 1st April 2026, the discontinuation of cash transactions would mark a major milestone in India’s highway infrastructure modernization.

With near-universal FASTag adoption already in place and UPI systems operational nationwide, the transition is positioned as the next phase in strengthening the digital tolling framework.

Commuters are advised to ensure that their FASTag accounts remain active and adequately funded, and that alternative digital payment options such as UPI are readily available.

The move signals a decisive step toward a faster, contactless, and fully digitised highway travel experience across India.

Also Read | Long weekends in 2026: A complete guide for holiday planning

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Based on the Central Government holiday calendar and commonly observed national holidays, 2026 presents multiple three-day weekends and a few opportunities to stretch holidays into four or five days with minimal leave. While some festivals depend on moon sightings and may vary slightly, the overall structure of the year remains travel-friendly.

The year begins on a positive note with Republic Day on Monday, January 26, creating the first long weekend. Spring also brings opportunities such as Good Friday in April and Buddha Purnima in May, both falling on Fridays. The monsoon months remain favourable too, with Muharram in June offering another three-day break.

The festive season from September to December is particularly attractive for holiday planners. Janmashtami (Friday, September 4) and Gandhi Jayanti (Friday, October 2) naturally extend into long weekends. Although Diwali falls on a Sunday, taking an additional leave can still help create a short break. The year ends perfectly with Christmas on Friday, December 25, making it ideal for year-end travel.

Employees who can plan their leaves strategically around holidays such as Ram Navami, Dussehra, and Guru Nanak Jayanti can convert them into longer vacations. Companies that allow restricted or optional holidays may offer even more flexibility.

Overall, 2026 provides several chances to balance work and travel efficiently. Early planning, advance bookings, and smart leave management can help travellers make the most of these long weekends.

Also Read: New Labour Codes Explained: What Workers and Employers Need to Know

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Mandhana confirmed that the families mutually decided to cancel the wedding after persistent rumours.

“Over the past few weeks, there has been plenty of speculation around my life, and I feel it is important for me to speak out at this time. I am a very private person and I would like to keep it that way, but I need to clarify that the wedding is called off,” she wrote.

She urged everyone to respect their privacy: “I would like to close this matter here and implore all of you to do the same. I request you to please respect the privacy of both families at this time and allow us the space to process and move on at our own pace.”

Mandhana also reflected on her priorities. “I believe there is a higher purpose driving us all, and for me, that has always been representing my country at the highest level. I hope to continue to play and win trophies for India for as long as possible… It’s time to move forward.”

Muchhal, addressing the rumours surrounding the situation, expressed his distress.
“It’s been very difficult for me to see people react so easily to baseless rumours about something which has been most sacred to me. It’s the most difficult phase of my life, and I will deal with it gracefully, holding on to my beliefs,” he wrote. He added that society must learn to pause before judging others based on unverified gossip, noting, “Our words can wound in ways we may never understand.”

He also stated that his team would take strict legal action against those spreading false or defamatory content. Muchhal confirmed the end of his personal relationship, saying, “I have decided to move on in my life and step back from my personal relationship.”

The wedding, originally scheduled for November 23, 2025, in Sangli, was first postponed after Mandhana’s father was hospitalised following a reported heart attack. Muchhal, too, was later hospitalised. The ceremony had been expected to be a high-profile event, especially after India’s Women’s World Cup victory. The couple had exchanged rings after Muchhal surprised Mandhana with a proposal at DY Patil Stadium, the venue of the Women’s World Cup final.

Also Read: IPL 2026: Auction timeline and today’s retention deadline

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Code 1: The Code of Wages, 2019

The Code on Wages, 2019 seeks to simplify, consolidate, and rationalize the provisions of four existing laws- The Payment of Wages Act, 1936; The Minimum Wages Act, 1948; The Payment of Bonus Act, 1965; and The Equal Remuneration Act, 1976. It aims to strengthen workers’ rights while promoting simplicity and uniformity in wage-related compliance for employers.

MAJOR HIGHLIGHTS

Universal Minimum Wages: The Code establishes a statutory right to minimum wages for all employees across both organized and unorganized sectors. Earlier, the Minimum Wages Act applied only to scheduled employments covering ~30% of workers.

Introduction of Floor Wage: A statutory floor wage shall be set by the Government based on minimum living standards, with scope for regional variation. No state can fix minimum wages below this level, ensuring uniformity and adequacy nationwide.

Criteria for Wage Fixation: Appropriate Governments will determine minimum wages considering workers’ skill levels (unskilled, skilled, semi-skilled and highly skilled), geographic areas, and job conditions such as temperature, humidity, or hazardous environments.

Gender Equality in Employment: Employers shall not discriminate on the basis of gender, including transgender identity, in recruitment, wages, and employment conditions for similar work.

Universal Coverage for Wage Payment: Provisions ensuring timely payment and preventing un-authorized deductions will apply to all employees, irrespective of wage limits (currently applicable only to employees earning up to ₹24,000/month).

Overtime Compensation: Employers must pay all employees overtime wages at least twice the normal rate for any work done beyond the regular working hours.

Responsibility for Wage Payment: Employers, including companies, firms, or associations, shall pay wages to employees employed by them. Failure to do so makes the proprietor/ entity liable for unpaid wages.

Inspector-cum-Facilitator: The traditional role of “Inspector” is replaced with “Inspector-cum-Facilitator,” emphasizing guidance, awareness, and advisory roles alongside enforcement to improve compliance.

Compounding of Offences: First-time, non-imprisonable offences can be compounded by paying a penalty. Repeat offences within five years, however, cannot be compounded.

Decriminalization of Offences: The Code replaces imprisonment for certain first-time offences with monetary fines (up to 50% of the maximum fine), making the framework less punitive and more compliance-oriented.

Code 2: The Industrial Relations Code, 2020

The Industrial Relations Code (IR Code) has been prepared after amalgamating, simplifying and rationalizing the relevant provisions of the Trade Unions Act, 1926, the Industrial Employment (Standing Orders) Act, 1946 and the Industrial Disputes Act, 1947. The Code acknowledges the fact that survival of worker depends upon survival of industry. In this backdrop, it simplifies laws related to trade unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes.

MAJOR HIGHLIGHTS

Fixed Term Employment (FTE): Allows direct, time-bound contracts with full parity in wages and benefits; gratuity eligibility after one year. The provision reduces excessive contractualization and offers cost efficiency to employers.

Re-skilling Fund: To train retrenched employees, this fund has been set up from the contribution to be made by an industrial establishment for an amount equal to 15 days’ wages for every worker retrenched. This is in addition to retrenchment compensation. The amount will be credited to the workers account within 45 days of retrenchment.

Trade Union Recognition: Unions with 51% membership get recognition as the Negotiating Union; otherwise, a Negotiating Council is formed from unions, not less than 20% membership of trade union. Such an arrangement strengthens collective bargaining.

Expanded Worker Definition: Covers sales promotion staff, journalists, and supervisory employees earning up to ₹18,000/month.

Broader Definition of Industry: Includes all systematic employer-employee activities, regardless of profit or capital, widening access to labour protections.

Higher Threshold for Lay-off/Retrenchment/Closure: Approval limit raised from 100 to 300 workers; States may enhance the limit further. The provision will simplify compliance and contribute to formalization.

Women’s Representation: Ensures proportional representation of women in grievance committees for gender-sensitive redressal.

Standing Orders Threshold: Raised from 100 to 300 employees, easing compliance and enabling flexible workforce management.

Work-from-Home Provision: Permitted in service sectors by mutual consent, improving flexibility.

Industrial Tribunals: Two-member tribunals consisting of judicial and administrative member for quicker dispute resolution.

Direct Tribunal Access: Parties may approach tribunals directly after failed conciliation within 90 days.

Notice for Strikes/Lockouts: Mandatory 14-day notice for all establishments to promote dialogue and minimize disruptions.

Expanded Definition of Strike: Includes “mass casual leave also within its ambit” to prevent flash strikes and ensure lawful action.

Decriminalization & Compounding: Minor offences made compoundable with monetary penalties, promoting compliance over prosecution.

Digital Processes: Enables electronic record-keeping, registration, and communication for transparency and efficiency.

Code 3: The Code on Social Security, 2020

The Code on Social Security incorporates existing nine Social Security Acts viz; The Employee’s Compensation Act, 1923; The Employees’ State Insurance Act, 1948; The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952; The Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959; The Maternity Benefit Act, 1961; The Payment of Gratuity Act, 1972; The Cine-Workers Welfare Fund Act, 1981; The Building and Other Construction Workers’ Welfare Cess Act, 1996 and; The Unorganised Workers’ Social Security Act, 2008. The Code extends social security to all workers- including unorganized, gig, and platform workers-covering life, health, maternity, and provident fund benefits, while introducing digital systems and facilitator-based compliance for greater efficiency.

MAJOR HIGHLIGHTS

Expanded ESIC (Employees’ State Insurance) Coverage: ESIC now applies pan-India, eliminating the criteria of “notified areas.” Establishments with fewer than 10 employees may voluntarily opt in with mutual consent of employers and employees. Coverage would be mandated for hazardous occupation and extended to plantation workers.

Time-bound EPF (Employees’ Provident Fund) Inquiries: A five-year limit has been set for initiating EPF inquiries and recovery proceedings, to be completed within two years (extendable by one). Suo-moto reopening of cases has been abolished, ensuring timely resolution.

Reduced EPF Appeal Deposit: Employers appealing EPFO orders now need to deposit only 25% of the assessed amount (down from 40–70%), reducing financial burden and ensuring ease of business and access to justice.

Self-assessment for Construction Cess: Employers can now self-assess cess liabilities in respect to Building and Other Construction Work, previously assessed by the notified Government authority. It reduces procedural delays and official intervention.

Inclusion of Gig and Platform Workers: New definitions are included- “aggregator,” “gig worker,” and “platform worker” to enable social security coverage. Aggregators to contribute 1- 2% of annual turnover (capped at 5% of payments to such workers).

Social Security Fund: A dedicated fund to finance schemes for unorganised, gig, and platform workers, covering life, disability, health, and old-age benefits has been proposed. The amount collected through the compounding of offences will be credited to this Fund and used by the Government.

Expanded Definition of Dependents: Coverage extended to maternal grandparents and in case of female employees it also includes dependent parents-in-law, broadening family benefit access.

Uniform Definition of Wages: “Wages” now include basic pay, dearness allowance, and retaining allowance; 50% of the total remuneration (or such percentage as may be notified) shall be added back to compute wages, ensuring consistency in calculating gratuity, pension, and social security benefits.

Commuting Accidents Covered: Accidents during travel between home and workplace are now deemed employment-related, qualifying for compensation.

Gratuity for Fixed-Term Employees: Fixed-term employees become eligible for gratuity after one year of continuous service (earlier five years).

Inspector-cum-Facilitator System: Introduces randomized web-based, algorithm-driven inspections for transparency and wider compliance. Inspectors now act as facilitators to support adherence and reduce harassment.

Decriminalization & Monetary Fines: The code has replaced imprisonment with monetary fines for certain offences. The employer will be given mandatory 30 days’ notice for compliance before taking any legal action.

Compounding of Offences: First-time offences punishable with fines are compoundable- for fine-only: 50% of maximum fine and for fine/imprisonment cases: 75% of maximum fine- reducing litigation and improving ease of doing business.

Digitization of Compliance: Mandates electronic maintenance of records, registers, and returns, cutting costs and improving efficiency.

Vacancy Reporting: Employers shall report vacancies to specified career centres before recruitment, promoting transparency in employment opportunities.

Code 4: The Occupational Safety, Health and Working Conditions Code 2020

The Code has been drafted after amalgamation, simplification and rationalization of the relevant provisions of the 13 Central Labour Acts- The Factories Act, 1948; The Plantations Labour Act, 1951; The Mines Act, 1952; The Working Journalists and other Newspaper Employees (Conditions of Service and Miscellaneous Provisions) Act, 1955; The Working Journalists (Fixation of Rates of Wages) Act, 1958; The Motor Transport Workers Act, 1961; The Beedi and Cigar Workers (Conditions of Employment) Act, 1966; The Contract Labour (Regulation and Abolition) Act, 1970; The Sales Promotion Employees (Conditions of Service) Act, 1976; The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979; The Cine-Workers and Cinema Theatre Workers (Regulation of Employment) Act, 1981; The Dock Workers (Safety, Health and Welfare) Act, 1986 and; The Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996.

The Code balances the twin objectives of safeguarding worker rights and safe working conditions, and creating a business-friendly regulatory environment. This will spur economic growth and employment thereby, making India’s labour market more efficient, fair, and future-ready.

MAJOR HIGHLIGHTS

Unified Registration: A uniform threshold of 10 employees is set for electronic registration. One registration for an establishment has been envisaged in place of 6 registrations in the Acts. This will create a centralised database and promote ease of doing business.

Extension to Hazardous Work: The Government can extend the Code’s provisions to any establishment, even with one employee, engaged in hazardous or life-threatening occupations.

Simplified Compliance: Introduces one license, one registration, one return framework for the establishments, reducing redundancy and compliance burden.

Wider Definition of Migrant Workers: The definition of inter-state migrant workers (ISMW) now covers workers employed directly, through contractors, or migrate on their own. Establishments must declare the number of ISMW. Benefits include: a lump-sum annual travel allowance to native place once in 12 months and portability of public distribution system and social security benefits across states along with access to a toll-free helpline.

Health and Formalization: Free annual health check-ups for employees,

Formalization via appointment letters: Appointment letters specifying job details, wages, and social security will be given to enhance transparency and accountability.

Women’s Employment: Women can work in all types of establishments and during night hours (before 6AM, beyond 7PM) with consent and safety measures, fostering equality and inclusion.

Expanded Media Worker Definition: “Working journalists” and “cine workers” now include employees in electronic media and all forms of audio-visual production.

National Database for Unorganised Workers: A national database to be developed for unorganized workers including migrants to help migrant workers get jobs, map their skills and provide other social security benefits.

Victim Compensation: Courts can direct at least 50% of fines imposed on offenders to be paid as compensation to victims or their legal heirs in case of injury or death.

Contract Labour Reform: Applicability threshold has been raised from 20 to 50 contract workers. All India license valid for 5 years against work-order based license to be provided to the contractor. For contract labour, beedi and cigar manufacturing and factory: a common license is envisaged and provision of deemed license after expiry of prescribe period is introduced. Moreover, the license shall be auto-generated. Provision of contract labour board has been done away with and provision for appointment of designated authority to advise matters on core and non-core activities is introduced.

Safety Committees: Establishments with 500 or more workers will form safety committees with employer-worker representation, enhancing workplace safety and shared accountability.

National Occupational Safety & Health Advisory Board: A single tripartite advisory board replaces six earlier boards to set national safety and health standards across sectors, ensuring uniformity and quality.

Decriminalisation & Compounding of Offences: Offences punishable by fine only to be compounded by paying 50% of the maximum fine; those involving imprisonment or fine or both by 75%. Criminal penalties (imprisonment) replaced by civil penalties like monetary fines, promoting compliance over punishment.

Revised Factory Thresholds: Applicability increased from 10 to 20 workers (with power) and 20 to 40 workers (without power), reducing compliance burden for small units.

Social Security Fund: Establishes a fund for unorganised workers, financed through penalties and compounding fees, for their welfare and benefit delivery.

Contract Labour- Welfare & Wages: Principal employers to provide welfare facilities like health and safety measures to contract workers. If the contractor fails to pay wages, the principal employer has to pay unpaid wages to the contract labour.

Working Hours & Overtime: Normal working hours capped at 8 hours/day and 48 hours/week. Overtime allowed only with worker consent and paid at twice the regular rate.

Inspector-cum-Facilitator System: Inspectors will now act as facilitators with an objective to help employers comply with law, rules and regulations rather than merely policing them.

Also Read: Electricity (Amendment) Bill 2025 explained: FAQs on reforms for efficient and affordable power

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Team-by-Team: Retained & Released Highlights

Below are some of the major retention and release decisions reported so far (based on available confirmed and strong-rumour data):

Chennai Super Kings (CSK)

Retained: Ruturaj Gaikwad, MS Dhoni, Matheesha Pathirana, Shivam Dube, Noor Ahmad, Khaleel Ahmed, Shaik Rasheed, Anshul Kamboj, Nathan Ellis.

Released / Traded: Ravindra Jadeja (trade), Sam Curran (trade), Devon Conway, Vijay Shankar, Rahul Tripathi.

Mumbai Indians (MI)

Retained: Rohit Sharma, Jasprit Bumrah, Suryakumar Yadav, Hardik Pandya, Tilak Varma, Trent Boult, Will Jacks, Naman Dhir.

Released: Reece Topley, Lizaad Williams, Satyanarayana Raju.

Royal Challengers Bengaluru (RCB)

Retained: Virat Kohli, Rajat Patidar, Phil Salt, Tim David, Devdutt Padikkal, Josh Hazlewood.

Released: Liam Livingstone, Rasikh Salam Dar, Lungi Ngidi, Nuwan Thushara.

Rajasthan Royals (RR)

Retained: Yashasvi Jaiswal, Riyan Parag, Dhruv Jurel, Jofra Archer, Tushar Deshpande.

Released / Traded: Sanju Samson (trade), Wanindu Hasaranga, Fazalhaq Farooqi.

Sunrisers Hyderabad (SRH)

Retained: Pat Cummins, Travis Head, Abhishek Sharma, Ishan Kishan.

Released: Mohammad Shami, Heinrich Klaasen, Ishan Kishan (as per some lists).

Gujarat Titans (GT)

Retained: Shubman Gill, Rashid Khan, Sai Sudharsan, Shahrukh Khan, Kagiso Rabada, Mohammed Siraj.

Released: Rahul Tewatia, Gerald Coetzee, Jayant Yadav.

Lucknow Super Giants (LSG)

Retained: Nicholas Pooran, Rishabh Pant, Aiden Markram, Ayush Badoni, Avesh Khan.

Released: Shamar Joseph, David Miller.

Kolkata Knight Riders (KKR)

Retained: Rinku Singh, Sunil Narine, Andre Russell, Varun Chakaravarthy.

Released: Quinton de Kock, Venkatesh Iyer.

Punjab Kings (PBKS)

Retained: Shashank Singh, Prabhsimran Singh, Arshdeep Singh, Yuzvendra Chahal.

Released: Marcus Stoinis, Marco Jansen.

Delhi Capitals (DC)

Retained: KL Rahul, Axar Patel, Kuldeep Yadav, Mitchell Starc.

Released: Jake Fraser-McGurk, Karun Nair.

What this means & what’s next

With today’s deadline passing (15 Nov), all franchises should have locked in their retention/release lists. That sets the stage for the IPL aucti on 16 December in Abu Dhabi, where teams will pick up players from the pool of released names, and from unregistered talent, to finalise their 2026 rosters.

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What SEBI said

According to the official statement:

“SEBI has enabled investments in gold and gold-related instruments through various SEBI-regulated gold products. These include exchange-traded commodity derivative contracts, Gold Exchange Traded Funds (ETFs) offered by Mutual Funds, and Electronic Gold Receipts (EGRs) tradable on stock exchanges. Investments in these SEBI-regulated gold products can be made through SEBI-registered intermediaries and are governed by the regulatory framework prescribed by SEBI.”

However, SEBI has noted that:

“Some digital or online platforms are offering investors to invest in ‘Digital Gold’ or ‘E-Gold Products’. Such digital gold products are neither notified as securities nor regulated as commodity derivatives. They operate entirely outside the purview of SEBI and may expose investors to counterparty and operational risks.”

The regulator further warned that:

“None of the investor protection mechanisms under the securities market framework shall be available for investments in such Digital Gold or E-Gold products.”

What is digital gold?

Digital Gold refers to online platforms that allow users to buy and hold gold virtually, usually backed by a promise that the equivalent quantity of physical gold is stored by a partner company. While convenient, these products are not regulated by SEBI or any other financial authority, meaning investors face risks such as fraud, storage issues, or disputes without formal recourse.

Investor advisory

SEBI advises investors to invest only through SEBI-registered intermediaries and regulated instruments like Gold ETFs, EGRs, or gold derivatives for safety, transparency, and protection.

Also Read | Electricity (Amendment) Bill 2025 explained: FAQs on reforms for efficient and affordable power

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Aligned with the vision of Viksit Bharat @ 2047, the Bill paves the way for a modern, consumer-centric, and sustainable electricity ecosystem. It promotes a level-playing field for both public and private distribution companies (DISCOMs), safeguards State autonomy, and establishes transparent mechanisms for tariff determination, network sharing, and performance accountability.

FAQs on the Electricity (Amendment) Bill, 2025

1. Will competition raise electricity costs for farmers or common consumers?

Competition reduces the overall cost of electricity supply by improving efficiency and accountability in supply.

Shared network usage will eliminate duplication of distribution lines and sub-stations. Under monopoly electricity supply model, technical and commercial losses are high and often merged under one head, masking inefficiencies and theft. When State Governments provide subsidised electricity to segments like farmers or domestic consumers, the subsidy burden includes not only the intended social support but also the cost of monopoly operations.

By enabling shared network usage and facilitating competition, the reforms will reduce losses and lower the effective subsidy burden on State Governments, without altering the subsidised tariffs paid by consumers.

2. Will cost-reflective tariffs make power unaffordable for farmers and the poor?

Cost-reflective tariffs will break the DISCOM debt cycle, enabling reliable service, timely maintenance, and distribution network infrastructure upgrades.

Cross-subsidy elimination for manufacturing industries, Railways, and Metros will improve competitiveness and help in job creation. Hidden cross-subsidies are replaced with transparent and budgeted subsidies (under section 65 of the Act), protecting vulnerable consumers like farmers and poor.

3. Will competition lead to underpayment of network (wheeling) charges?

Under the proposed Bill, SERCs will fix cost-reflective wheeling charges. All distribution network users – public or private – will pay these regulated charges. The collected charges will then be shared fairly among licensees based on network ownership. This ensures utilities have adequate funds for salaries, maintenance, and network expansion.

The country already has a successful model of Inter-State Transmission System (ISTS) which operates on shared infrastructure. Transmission Service Providers (TSPs) viz., Powergrid (CPSU) and private companies both compete and build ISTS assets under the supervision of CERC. Users make monthly payments which are then redistributed to the TSPs fairly. This model has lowered costs and time of building ISTS, while maintaining reliability.

4. Will this end Government DISCOMs or allow cherry-picking by private companies?

Government DISCOMs will continue to operate alongside private licensees in a regulated, level-playing environment. Competition would reduce costs, improve efficiency and service quality. The ISTS experience shows that regulated competition lowers costs and enables rapid expansion of the network.

Each distribution license covers all consumers within the SERC defined distribution area – either an entire Municipal Corporation or three adjoining districts or a smaller area only if specifically notified by the Appropriate Government. SERCs regulate these areas.

Regulators set cost-reflective tariffs for all distribution licensees. Universal Service Obligation (USO) applies to all licensees. This means every supplier must serve all consumers in its area, without discrimination. Additionally, distribution licensees serving subsidised consumers (eg. farmers, poor households) receive State subsidies. USO will be applicable to all consumers including farmers and domestic consumers, other than large consumers specifically exempted by SERCs.

SERCs enforce performance standards (reliability, voltage, outage frequency) and can penalise or revoke licences for non-compliance.

The Bill also allows SERCs, in consultation with State Governments, to remove USO for large consumers (>1 MW) who are currently eligible for open access under the Act. These large consumers can procure their own power through open access without Discom support. A distribution licensee as supplier of last resort will provide supply at a premium over cost of supply, if needed, without incurring loss.

Thus, the framework ensures fair competition, full coverage, and financial stability for all licensees.

5. Does the Bill centralise powers or erode State autonomy?

Electricity is in the Concurrent List, enabling both Centre and States to legislate. The Bill envisages implementation of reforms through a consultative process between them.

The proposed Electricity Council will serve as a consultative body to build policy consensus. At the same time SERCs will continue to determine tariffs, issue licences, and regulate intra-State activities.

The Bill thus preserves the federal balance, promotes cooperative governance, and strengthens the framework for addressing the challenges of the power sector.

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