From cricket's next big brand to SEBI's IPO reforms for startups, our top stories of the week
In this week's newsletter, also read about how rare earths emerge as the world's next geopolitical flashpoint, tough questions on operational turnaround of Air India, Zia Mody on India Inc's boardroom evolution and much more
With Virat Kohli and Rohit Sharma stepping back from Test cricket, India’s next wave of cricketers—led by Shubman Gill—is not only battling for cricketing dominance but also vying for the mantle of India’s next commercial superstar. With early bat sponsorships, endorsement portfolios swelling, and equity-plus-cash deals becoming the new norm, cricket’s branding game has evolved far beyond mere performances. Rising stars like Gill, Yashasvi Jaiswal, Rishabh Pant, Arshdeep Singh, and Nitish Kumar Reddy are carving their own stories, combining on-field grit with off-field narratives that brands crave. In an era where social media currency rivals on-field stats, the next decade will decide who among this crop rises to the iconic heights once held by Tendulkar, Dhoni, and Kohli.
2) Startup IPOs get a SEBI boost
Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey. Image: REUTERS/Hemanshi Kamani
In a set of sweeping changes, the Securities and Exchange Board of India (SEBI) has eased IPO norms that could make Indian stock markets more attractive for startups. These reforms offer founders greater flexibility with ESOPs, simplify rules around convertible securities, and open up angel fund regulations. The moves aim to lower entry barriers, encourage reverse-flipping, and deepen India’s domestic capital markets. With global IPO markets in a flux, India’s evolving regulatory framework could help homegrown startups balance growth ambitions with public accountability, paving the way for more durable public market debuts.
3) Drama, dysfunction, and decisive change
Zia Mody India’s family-run empires are navigating a web of complex transitions—generational succession battles, shareholder activism, and increasing scrutiny from regulators and investors. In this candid conversation for season three of Forbes India Pathbreakers, legal veteran Zia Mody, co-founder and managing partner, AZB & Partners, reflects on how boardroom dynamics are changing, why family feuds are no longer just private matters, and how corporate governance standards must evolve to match India Inc’s global ambitions. The discussion delves into the role of boards in handling conflicts of interest, gets a pulse of the mood on Deal Street ahead of some big-ticket IPOs, and talks about how AI is changing law firms.
Discover
1) The invisible battlefield
Image: Shutterstock Behind the headlines of trade wars and tech rivalries lies a quieter but equally fierce contest: the fight over rare earth elements. Critical for manufacturing everything from EV batteries to defence equipment, rare earths have become a key lever on the geopolitical chessboard. As China controls a dominant share of the global supply, other nations are scrambling to secure alternatives, diversify sources, and de-risk their clean tech ambitions. For India, rare earths present both an opportunity and a strategic challenge in shaping its future role in global supply chains. Here's a lowdown on what makes these elements so special.
2) A question of turnaround
Investigative officials stand at the site of Air India Boeing 787 which crashed yesterday, on June 13, 2025, in Ahmedabad, India. Image: Ritesh Shukla/Getty Images Air India’s long-planned turnaround under the Tata Group has hit its most severe test yet with the tragic crash of AI 171 going from Ahmedabad to London, claiming 241 lives. The incident, involving a Boeing 787-8 Dreamliner—its first ever fatal crash—has not only raised questions about operational safety but also threatens to derail the airline’s aggressive five-year growth strategy. In a hypercompetitive market dominated by IndiGo, Air India had been clawing back domestic market share and expanding internationally. But with passenger confidence shaken, bookings likely to fall, and further scrutiny looming, management now faces a delicate balancing act.
3) Hail to the chief
Images: AFP and Getty Images For the first time in its 116-year history, the UK’s Secret Intelligence Service (MI6) has appointed a woman to do its top job. Blaise Metreweli, formerly Director General ‘Q’ overseeing technology and innovation, steps into the role of ‘C’—the agency’s chief—breaking a long-standing male monopoly. Metreweli joins a growing list of women who have shattered glass ceilings across historically male-dominated institutions globally. From Kirsty Coventry’s recent election as the IOC’s first female president to Ngozi Okonjo-Iweala leading the WTO, these appointments reflect a slow but steady shift towards gender parity in leadership. Let’s look at other women holding top positions in male-dominated industries.
4) Of humans, machines, and the murky spaces
Ex Machina, movie memorabilia on display at The Academy Museum hosts a press preview tor their new exhibitions "Color In Motion & Cyberpunk" at The Academy Museum of Motion Pictures on October 01, 2024 in Los Angeles, California. Image: Frazer Harrison/Getty Images
In the evolving cinematic portrayal of artificial intelligence, humans grapple with what defines consciousness, ethics, and the human experience. The first part of Forbes India’s AI cinema series explores how films reflect not just technological fascination but also deep anxieties about autonomy, control, and identity. As AI advances from fiction to reality, these narratives mirror our hopes and fears of what it means to coexist with machines that may someday think for themselves. Take a deep dive into the messages shared in legendary films such as 2001: A Space Odyssey, The Terminator, Her, Ex-Machina, and more recently, the last two instalments of the Mission: Impossible series.