The RBI should formally reject the application of Tata Sons to deregister itself as a Systemically Important Core Investment Company (CIC) to avoid mandatory IPO listing requirements and direct the Tata holding company to pursue a listing in line with (UL) NBFC requirements by March 2027, InGovern Research services , a corporate governance advisory firm, has said.

The firm added that granting exceptions to a conglomerate of Tata Sons’ scale could set a precedent for regulatory arbitrage and weaken the financial oversight framework. It has questioned Tata Sons’ bid to surrender its registration as a systemically important core investment company, arguing that the application is no longer tenable under the current regulatory framework and should be formally rejected by the Reserve Bank of India.

In a report titled “Tata Sons’ Deregistration: A Case for Regulatory Finality”, the firm said the holding company’s March 2024 application is effectively “dead on arrival” following regulatory changes introduced in 2026.

The report says the evolving Scale-Based Regulation (SBR) framework, along with clarifications issued by the RBI on April 29, 2026, have removed the legal and procedural basis for Tata Sons to exit the regulatory ambit applicable to large non-banking financial entities.

Tata Sons’ move to repay over ₹20,000 crore in standalone debt and position itself as free of public funds does not hold under the regulator’s “look-through” approach, which considers indirect access to public capital through group companies, the report stated.The firm noted that cross-holdings by listed Tata group entities—such as Tata Motors and Tata Power—create a structural linkage to public funds, weakening claims of exemption.

Tata Sons continues to be classified as an “Upper Layer” NBFC, with assets exceeding Rs 1.75 lakh crore—well above the Rs1,000 crore threshold required for voluntary deregistration. It adds that the September 2025 deadline for such applications has passed, making the proposal time-barred.

InGovern said allowing Tata Sons to remain unlisted while controlling large listed entities would run counter to regulatory consistency. It cited examples such as L&T Finance Holdings and other NBFCs that restructured or listed to comply with RBI norms rather than seeking exemptions.The note also flags governance concerns, saying the private status of Tata Sons limits transparency, weakens oversight of related-party transactions and may disadvantage over 1.2 crore public shareholders in Tata group companies.

January 1, 1970   05:30 am

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US senator Elizabeth Warren has sent a sharp note to regulators, warning against any move that could let public money shore up the crypto market. She argues such steps would hand a windfall to the richest holders in the sector and risk fueling public anger.

Reports say her letter was aimed at preventing what she calls an unfair transfer of wealth from everyday taxpayers to well-connected crypto owners.

Calls For Clear Boundaries

Warren’s message was short on technical detail but heavy on tone. She told officials to avoid buying or guaranteeing crypto assets, and to steer clear of emergency facilities that might prop up prices.

Her stance puts political pressure on supervisors who face a choice between market calm and public scrutiny.

A Private Forum, A Public Question

Reports note that the push came as a new crypto forum was held at Mar-a-Lago, where industry figures and policy allies gathered. The event was hosted by World Liberty Financial, which is linked to US President Donald Trump.

That coincidence gave extra weight to worries about conflicts and how any help might look if delivered while a president-linked firm is active in the space.

Seized Assets And Limits

At a federal oversight meeting, questions were raised about what officials could do. During that session, Treasury Secretary Scott Bessent was asked pointed questions about whether the Treasury could intervene or use seized assets in ways that would affect markets.

He said the government is keeping Bitcoin it obtained through seizures, calling those holdings an asset of the US rather than taxpayer money.

The point was pressed by Congressman Brad Sherman, and the discussion took place under the umbrella of the Financial Stability Oversight Council.

Federal Reserve Chair Jerome Powell was also on the list of recipients of Warren’s letter, reflecting how the issue crosses agencies.

Bitcoin Price Movement

Bitcoin has recently fallen below important levels of support, with prices falling below $67,000-$70,000 due to risk-off sentiment in the market.

The overall risk-off sentiment in the market has been driven by increasing geopolitical tensions, specifically in the Middle East, which has seen Bitcoin prices fall alongside equities and other risk-related assets.

Traders are closely observing the current price action as it tests short-term levels of support, which are indicative of the impact of global events on the sentiment of the cryptocurrency market.

Despite the challenging environment, some investors have cited the ability of Bitcoin to withstand previous geopolitical events, which have seen overall trends and macro forces re-emerge after periods of initial market volatility.

Political Stakes And Public Money

Warren frames the debate as a fairness test. Any program designed to steady crypto would, in her view, be felt first by the wealthiest insiders — the exact group she singled out.

She warned that even talk of special facilities or guaranteed purchases would inflame voters and create the impression that officials are protecting a narrow economic class.

Featured image from Getty Images, chart from TradingView

In his teens, he started building apps he deemed as “small projects.” One of them isn’t so small anymore, as Cal AI has taken off to become a $30 million empire. The app allows users to track calories by taking a picture of their food, inspired by Yadegari’s own fitness journey. (Fortune reviewed financial records showing the app brings in several million dollars of revenue per month.)

Yadegari told Fortune about the wild ride of the last two years, from bringing in a mix of friends (all older than him) as co-founders, to being widely rejected by Ivy League schools despite a 4.0 GPA, a 34 ACT and entrepreneurial success, to why he’s decided to go to college anyway. 

“I look at it as I’m paying $100,000 a year for a vacation,” he said. 

Bulking up and scaling up

Yadegari said his success started with a personal project to bulk up when he was a (younger) teenager. 

“I was very, very skinny my entire life growing up, and I wanted to start getting bigger and gaining weight,” Yadegari tells Fortune. When he realized a majority of his progress was coming from diet, he started to track his calories more and eat in surplus.

But there was something missing from his fitness journey. The app. It was “an awful experience” using the most popular app at the time. He found that he couldn’t eat at the cafeteria with his friends because he was eating pre-portioned meals that were weighed on scales, and he often had to skip eating at restaurants because he wouldn’t know the calories.

“For a kid, I was in school, that just wasn’t sustainable,” he added.

The experience was so bad for him, he said, that he gave up on most of his fitness journey for a while. But having some coding skills and considering the rise of AI tools like ChatGPT and Claude, he decided to just make one himself.

With the idea in mind, he brought the vision to partners he knew he could trust, one friend from coding camp and two people he met on X.com, as reported by CNBC. Together, Henry Langmack, Blake Anderson and Jake Castillo launched Cal AI in May 2024.

“We started making TikToks, we started partnering with influencers, and then we had pretty explosive growth,” he said.

Last year in July, encouraged by the positive feedback, he decided to flock to San Francisco with his co-founders to focus and hire about 15 employees. As written on his X account, investors tried to constantly “throw money at us [Cal AI],” which they rejected. A year and four months later—Cal AI brings in $30 million annually and the team is more than 30 people.

According to Yadegari, the app has a 90% accuracy rate. It’s free to download on both the Apple App Store and Google Play, with subscriptions priced at $2.49 per month or $29.99 annually. Yadegari was previously profiled by other outlets such as CNBC, CBS and TechCrunch. 

Coding isn’t new to Yadegari 

Starting as a coding whiz at just seven years old, and giving lessons for $30 an hour at age 10, he developed coding skills before the AI boom. By 12, he had put his first app, “Speed Soccer,” on the App Store.

In high school, he kept building. Yadegari started making money online after creating a gaming website called “Totally Science”, which allowed his peers at school to play unblocked games in school–that brought him in six figures.

“Everything I built up to that point was free,” Yadegari said. 

 “Over two years, [Totally Science] grew to 5 million users and started making $60,000 a month from banner ads I placed on the site. I sold it when I was 16 for $100,000—and that’s when I started building apps.”

School days

Being a self-starter at such a young age, Yadegari knew that the conventional path wasn’t meant for him after high school. He didn’t need to go to college to make millions, but that didn’t mean he wasn’t qualified. 

He is currently undeclared in his major. He dropped out of the business school, and now takes classes in philosophy. He still takes one entrepreneurship class, but says he’s “not gaining much from the class material.”

“I never wanted to go to college. I’ve always been against the idea that everyone should follow the same formula: get good grades, go to a good college, get a degree, get a job, and then start making money. I hated that notion—and I used to fight with my parents about it all the time.”

Now, he combines parties with paychecks. In Miami, he lives in a house with a bunch of his like-minded app-building friends between the ages of 18-26. According to Yadegari, they are successful entrepreneurs like himself.

The young founders are building “App Mafia,” a community and brand where they educate people online by making content on how to build apps. 

 “We’re going to have a lot of ideas for shaping the future. We’re basically trying to lead the forefront of Gen Z builders,” he added. 

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Shareholders of Gokaldas Exports voted against four special resolutions related to the company’s employee stock ownership plans (ESOPs), including a proposal to grant ESOPs exceeding 1% of equity to its managing director and vice chairperson, Sivaramakrishnan Ganapathi.

Although 63% of participating shareholders supported the resolutions, 37% voted against them. As these were special resolutions, they required at least three times more votes in favor than against to pass.

The company proposed four resolutions: Employee Stock Option Plan 2024 (ESOP 2024), allowing the issuance of up to 2 million options, extension of ESOP 2024 to employees of subsidiary companies, granting stock options exceeding 1% of issued capital to the managing director, and increasing the limits for loans, investments, and guarantees under Section 186 of the Companies Act, 2013, up to Rs 1,000 crore beyond regulatory thresholds.

Mumbai-based advisory firm Institutional Investor Advisory Services (IiAS) recommended voting against the ESOP-related resolutions, stating that such plans should benefit a broad base of employees rather than disproportionately favoring senior management.

“We believe ESOPs should motivate and reward a wider pool of employees, not just a small group at the top. Therefore, we do not support these resolutions,” IiAS noted.

Regarding the proposed increase in limits for loans, investments, and guarantees, IiAS advised the company to disclose granular details, including recipient companies, the size and nature of their operations, and terms of support, to enable shareholders to make informed decisions.

Over the past 24 hours, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a significant 5% price drop. This drop comes amid growing speculation that the highly anticipated Ethereum ETFs will likely be rejected by the US Securities and Exchange Commission (SEC) in the upcoming May deadline.

US Bitcoin ETF Issuers Brace For SEC’s Expected Denial

According to a recent Reuters report, various US Bitcoin ETF issuers and firms anticipate the SEC’s denial of their applications to launch ETFs tied to the price of ETH. 

These expectations have been fueled by “discouraging meetings” between the applicants and the regulatory agency in recent weeks, as disclosed by four individuals familiar with the matter.

Prominent investment firms such as VanEck, ARK Investment Management, and seven other issuers have submitted filings with the SEC to list ETFs that would track the spot price of Ethereum. 

As the first in line, VanEck’s and ARK’s applications are subject to the SEC’s decisions by May 23 and May 24, respectively.

The sources involved in the meetings between Bitcoin ETF issuers and the SEC have reported that the discussions have been primarily “one-sided,” with agency staff not engaging in substantive details about the proposed products. 

This starkly contrasts the intensive and detailed discussions between issuers and the agency before the SEC’s landmark approval of spot Bitcoin ETFs in January. 

The issuers argued during the meetings that the approval of spot Bitcoin ETFs and Ethereum futures-based ETFs by the SEC in October set a precedent for the spot ETH products. They also made efforts to address potential regulatory concerns. 

Despite their arguments, the report notes that the SEC staff did not clarify specific concerns or engage in meaningful dialogue, further indicating a possible denial of the requests.

Setback For Crypto Industry

If these expectations materialize, it would be a setback for the cryptocurrency industry, which had hoped that the approval of spot Bitcoin ETFs would pave the way for similar products and contribute to the mainstream adoption of cryptocurrencies. 

According to Todd Rosenbluth, head of ETF analysis at data firm VettaFi, the likely delay in approval or rejection until later in 2024 or beyond has left the regulatory landscape uncertain.

While some issuers have expressed their intention to submit additional disclosure paperwork to continue the conversation with the SEC, the overall sentiment indicates a growing belief that the applications will be rejected.

VanEck CEO Jan van Eck has already stated that the company’s application will likely be rejected, while ARK Investment Management has yet to comment.

Rejected Ethereum ETFs Could Spark Potential Court Battles

Several applicants expect the SEC to cite broader issues, such as the nature and depth of statistical data on the underlying ETH market, as reasons for their decision in the event of ETF rejections. 

Matt Hougan, chief investment officer at Bitwise Asset Management, which has filed for a spot in Ethereum ETF, believes that the SEC may require more time to observe Ethereum futures and gather additional data.

Industry insiders further speculate that rejecting Ethereum ETFs could potentially lead to legal action, with one source suggesting that the courts may get involved before Ethereum ETFs eventually become a reality.

The anticipated rejection has already influenced the price of Ethereum, with Hong Fang, president of the crypto exchange OKX, stating that the cryptocurrency is experiencing downward pressure as market participants factor in the likelihood of a negative outcome.

Currently, ETH is trading at $3,100, further highlighting the cryptocurrency’s persistent downtrend over broader time frames. Over the past fourteen and thirty days, the token has experienced significant declines of 12% and 14%, respectively.

Featured image from Shutterstock, chart from TradingView.com

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