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China just locked the solar “recipe” ☀️🔒
Here’s what it means for India 👇
1️⃣ China proposed curbs on 12 solar technologies on Oct 16, 2026: perovskite, ultra-thin wafer and polysilicon tech banned.
2️⃣ TOPCon, HJT and XBC tech need licences. Finished goods still sell; China is locking the know-how and machines.
3️⃣ India makes ~262 GW of panels but only ~37 GW of cells; most new cell lines rely on Chinese machines and engineers.
4️⃣ Running plants face slower servicing, but new cell factories may be delayed, and the 2028 wafer goal just got harder.
5️⃣ A longer cell shortage may lift prices ~20%, aiding firms already making cells; India must mix suppliers and boost R&D.
Context, not investment advice.
1. Led by: Motherson family office & Dubai-based Aditum Investment Group
2. Last valuation: $250M (Apr 2025), so this is up ~28%
3. IPO: ~₹1,000 Cr issue (₹750 Cr fresh + ₹250 Cr OFS). SEBI nod received, listing targeted for Q1 2027
March 2024: one 50 MW wind farm, ₹39 cr revenue.
Sept 2026: 9.29 GW portfolio, 6 GW solar factories, ₹71,000 cr valuation.
Inox Clean Energy did 13 deals in 18 months, mostly on debt (₹16,782 cr).
We decoded its ₹10,000 cr IPO 👇
[unlistedzone.com/inox-clean-…]
Track it yourself: Is anyone actually trading NSE on MSEI?
mseindia.com/markets/equity/…
Mumbai, Sept 23: The Metropolitan Stock Exchange (MSE) has permitted NSE shares to trade on its platform under the "Permitted to Trade" category.
1. This is not a listing. NSE will be formally listed on BSE, which will also handle its disclosures and compliance.
2. MSE only offers an extra venue to buy or sell the shares, subject to broker support. Investors' holdings and demat accounts are unaffected.
3. Volumes on MSE are not guaranteed, as the exchange has historically seen low liquidity. Most trading is expected to stay on BSE.
Bottom line: NSE is listed on BSE and only permitted to trade on MSE.
⚠️ Buying ICEX / Fusion Techstack unlisted shares?
Know this:
SEBI derecognised the exchange in 2022 (net worth below ₹100 cr), and it formally exited in Dec 2024. It's no longer an exchange. Tiny team, no visible business.
Cheap ≠ value.
Read the balance sheet first.
India's data centre capacity: 1.6 GW → 6 GW by 2029.
All of it needs cooling.
Carrier India now makes its 30XF Z data centre chillers here, plus liquid-cooling CDUs for AI racks.
Revenue +27% last year.
Excerpt From FY25-26 Annual Report;
"As part of our strategic focus on the fast-growing data center segment, we expanded our portf olio with the launch of the 30XF Z range of chillers from our India factory and introduced Coolant Distributi on Units (CDUs) to support next-generati on liquid cooling applications.
Purpose-built to address the demanding cooling needs of modern data centers, these soluti ons deliver dependable, energy-effi cient performance aligned with the sector’s evolving operati onal requirements.
The launch of CDUs further strengthens our ability to serve high-density computi ng and AI-driven data center environments where effi cient liquid cooling distributi on is becoming increasingly criti cal for performance, scalability, and reliability"
Full breakdown 👇
unlistedzone.com/carrier-ind…
1/ On 11 Sept 2026, Metropolitan Stock Exchange put
out a press release.
Its Electronic Bond Platform had handled a tokenised
corporate bond for IIFL Finance under SEBI's new
Demat 2.0 pilot.
Arranger: Trust Investment Advisors.
Remember that name. 🧵
2/ The release reads like a milestone.
SEBI Chairman and RBI Governor launching the pilot
at Global Fintech Fest. Distributed ledger. CBDC
settlement. India's first tokenised bonds.
If you hold MSE shares, this looked like the news
you'd waited a decade for.
3/ So let's start with what an EBP actually is.
Any private placement of debt securities of ₹20 cr
or more MUST route through a registered Electronic
Book Provider. It's mandatory.
There are four: NSE, BSE, MSE, NSDL.
MSE has held this licence since 2016.
4/ Ten years with the licence.
FY26 operating revenue: ₹3.4 crore
FY26 net loss: ₹25.8 crore
NSE did ₹25,785 cr within two months of launching
in 2016. Today it holds ~95% of the debt RFQ market.
So what went wrong?
5/ Not the licence. MSE always had permission.
Bond issuance runs on relationships. An arranger who
trusts you. An ops team that answers at 9 PM when a
bid file breaks.
That takes people. People take money.
Nobody funds a bond desk on ₹3.4 cr of revenue.
6/ And Demat 2.0 doesn't fix that.
The ledger belongs to the depositories.
The cash rail belongs to RBI.
The exchange runs the bidding screen.
MSE got a better back office. So did NSE and BSE.
The same day.
Tokenisation is not a moat.
7/ So we stopped reading press releases and opened
MSE's private placement filings.
Jan 2025: ₹238 cr. Groww's parent, Rainmatter
(Zerodha), Securocrop, Share India.
29,75,00,000 shares each. Exactly equal.
Aug 2025: ₹1,000 cr offered to 29 offerees.
8/ ₹1,238 crore total. Roughly 365x annual
operating revenue.
And read those 29 names — it stops looking like a
venture round.
Monarch Networth. Marwadi Chandarana. KIFS. Findoc.
Excel. Achintya. StockGro. Mansi Share.
A broker consortium with a venture fund attached.
9/ Then we got to number fourteen on the list.
Trust Investment Advisors Private Limited, BKC. The same arranger from the press release in tweet 1.
Equity offered August 2025. Deal delivered September 2026.
10/ That one line item is the whole story.
MSE didn't win that deal on technology ,NSE and BSE got the identical rail on the identical day.
It won because someone in the bond market finally had a reason to pick up the phone. That's what ₹1,238 crore actually bought.
11/ The honest caveat:
The mechanism has worked exactly once. One arranger. One deal. ₹25 crore. One investor. MSE's slice of the ₹1,025 cr pilot was 2.4%.
A real signal.
Not a turnaround.
12/ Full breakdown
What an EBP is, what Demat 2.0 actually changed, and why the balance sheet matters more than the blockchain:
unlistedzone.com/mse-demat-2…
