The National Stock Exchange's ₹22,562 crore share sale closed on 21 September, and Jio Platforms has filed for one larger still. Neither is doing much to India's money market.

This episode looks at what that means for corporate treasury in India: why application money is blocked rather than paid away, the cap on borrowing to bid, the Reserve Bank's standing deposit facility and its reverse repo auctions, the ₹1 lakh crore of open market bond sales running through September, what allotment day actually moves between banks, and how I'd time a commercial paper roll or a surplus placement around all of it.

(00:00) Why the NSE issue didn't move rates
(01:29) What a big IPO used to do
(02:09) Three things that changed
(04:29) What's left of the old effect
(05:39) What I'd watch instead

Personal views. Not investment advice.

SOURCES
• Call money, triparty repo, standing deposit facility, reverse repo and net liquidity — Reserve Bank of India, Money Market Operations, daily releases
• Policy rates — Reserve Bank of India
• Open market bond sales through September — RBI announcements and auction results
• NSE issue size, subscription and bids — Business Standard and market reporting
• Jio Platforms' draft offer document, June 2026 — press reporting of the filing
• Blocked-amount application rules — SEBI circulars of 2011 and 2015
• The cap on non-bank lending against IPO applications — RBI Scale Based Regulation and the 2023 Master Direction
• Coal India's 2010 issue and the liquidity that week — contemporaneous Business Standard reporting

Figures are as reported. Check against the underlying data before relying on them.

The US Federal Reserve raised interest rates on 16 September, its first increase since 2023, and its own projections no longer show cuts next year.

This episode looks at what that means for corporate treasury in India: the Federal Reserve's own votes and projections, oil prices after the closure of the Strait of Hormuz, inflation, the Indian rupee and its forward premium, the Reserve Bank of India's currency swaps and forward book, Indian interest rates before the October monetary policy decision, and hedging decisions on imports, exports and dollar loans.

(00:00) Why hedging didn't follow the Fed

(00:46) How the Fed changed its mind

(02:40) Why our hedging cost went up

(05:34) What it says about rates and the rupee

(06:37) What I'd do on the desk

If you'd like a follow-up once the Reserve Bank has decided, let me know on LinkedIn or X.

Personal views. Not investment advice.

SOURCES

• Fed decision, vote records and projections — Federal Reserve press releases, FOMC minutes and Summary of Economic Projections, March to September 2026

• Oil prices through the first quarter — US Energy Information Administration

• Forward premia and Indian swap rates — FBIL published benchmarks; US Treasury yields — FRED

• Importer and exporter forward cover — Clearing Corporation of India data, reported by Reuters

• The Reserve Bank's deposit window, currency swaps and forward book — RBI announcements and the August 2026 Bulletin, reported by Business Standard and Reuters

• Indian rate expectations before the October policy decision — Reuters

• Removal of the hedging requirement on foreign currency borrowing, February 2026 — Khaitan & Co on the amended regulations

Figures are as reported. Check against the underlying data before relying on them.

The new FEMA regulations for exports and imports take effect on 1 October 2026, and most of the decisions in them now sit with your AD bank rather than the Reserve Bank.

This episode looks at what that means for a corporate treasury: realisation periods and advances for exporters, payment terms and advances for importers, netting and central treasury arrangements, and the documentation that comes with all of it.

If you'd like a follow-up episode once banks publish their policies, let me know on LinkedIn or X.

Personal views. Not investment advice.

SOURCES

- Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 — RBI Notification FEMA 23(R)/2026-RB, 13 January 2026; Directions on Export and Import of Goods and Services, 16 January 2026; effective 1 October 2026 — regulation text as reproduced by World Trade Scanner; summaries by PwC India, EY India, AZB & Partners
- Export realisation 15 months, 18 months where invoiced or settled in rupees (Regulation 5); earlier history: 9 months, 15 months from 13 November 2025, 9 months from 5 June 2026 — CorpLawUpdates
- Earlier rule on export advances (shipment within one year; refund thereafter needed RBI approval) — RBI Master Direction – Export of Goods and Services, via TaxGuru; three-year extension, 13 November 2025 — Council for Leather Exports
- Import payments per the underlying contract (Regulation 9), replacing the six-month rule; USD 200,000 guarantee threshold on import advances replaced by bank discretion (Regulation 10(3)); consequences if an import doesn't materialise (Regulation 12) — regulation text; EY India
- Set-off of export receivables against import payables with the same overseas buyer or supplier or their overseas group or associate companies (Regulation 7); third-party receipts and payments (Regulation 8) — regulation text
- Group set-off through a centralised settlement arrangement — RBI A.P. (DIR Series) Circular No. 08, 4 December 2020, via TaxGuru
- Credit or debit only after the bank is satisfied of genuineness, with EDPMS/IDPMS updated simultaneously (Regulation 4(2)); bank internal policy and SOP (Regulation 19) — regulation text
- RBI framework for invoicing and settlement of international trade in rupees, 11 July 2022 — PIB

Figures are as reported. Check against the underlying regulation text before relying on them.