Business
Calls for ‘outright ban on absurd’ mid-contract telecoms price rises
Ofcom is facing calls for an “outright ban” on “absurd” mid-contract price hikes after the Government separately asked the regulator to revisit its rules on the practice.
The calls follow O2 unexpectedly announcing it was raising prices by £2.50 a month for existing customers.
On Monday, Technology Secretary Liz Kendall wrote an open letter to Ofcom bosses asking them to review mid-contract price rises again.
She wrote: “As we discussed when we met earlier this month, driving down inflationary costs and protecting consumers are vitally important for this government.
“As such, I welcome both the action you took in January to increase transparency on how in-contract prices are presented in new contracts, and your statement yesterday expressing disappointment with O2’s price rises.
“I strongly agree they are against the spirit of your previous changes on pricing, and all the more disappointing given the current pressures on consumers.”
She added: “Nevertheless, I believe we need to go further, faster. I am keen that we look at in-contract price rises again.”
Ofcom has been given until November 7 to respond to Ms Kendall’s letter.
Ofcom said: “We share the Government’s concern that customers who face price rises must be treated fairly by mobile providers and they are empowered to exercise their right to switch penalty-free if they didn’t agree to them upfront.
“We will respond to the Secretary of State’s specific queries shortly.”
O2 said in a statement: “We appreciate that price changes are never welcome, but we have been fully transparent with our customers about this change, writing directly to them and providing the right to exit without penalty if they wish.”
Ofcom introduced new rules in January to crack down on phone and broadband providers increasing prices in the middle of a contract without warning.
But last week, O2 announced it would be raising its monthly prices by more than originally promised.
It was able to do this because the increase was not linked to inflation, and it has given customers 30 days to leave without penalty providing they continue to pay off the cost of their device.
O2 said it has not gone against the regulation and Ofcom’s rules do not stop providers from raising prices.
The firm said: “A price increase equivalent to 8p per day is greatly outweighed by the £700 million we invest each year into our mobile network, with UK consumers benefitting from an extremely competitive market and some of the lowest prices compared to international peers.”
Alex Tofts, broadband spokesman from comparison site Broadband Genie, said: “What we’re seeing from O2 and price rises from other major providers is a direct result of crude regulation that has been poorly thought out, with its implications not given enough consideration.
“The only real way to protect customers is to outright ban these absurd mid-contract price hikes. Some providers already offer fixed prices, so why can’t those with the biggest profit margins do the same?
“We fully back the call for Ofcom to revisit these regulations. Until then, we urge all consumers to check whether they’re still in contract.
“To be fair to Ofcom, the broadband switching process has become much easier thanks to the One Touch Switch system. One-in-three households are currently free to switch, and with many providers offering competitive new-customer discounts, now could be the best opportunity to protect your budget before further price rises take effect.”
Business
Tech oversight: Sebi to form working group on exchange technology; aim to strengthen market resilience – The Times of India
Markets regulator Sebi is planning to constitute a working group to identify the next technological frontier for stock exchanges, Sebi chairman Tuhin Kanta Pandey said on Saturday, underlining the regulator’s focus on strengthening market infrastructure amid rapid technological change, PTI reported.The proposed group will examine how exchange technology should evolve over the next five to 10 years, benchmark global best practices and suggest new approaches to enhance market systems. “We are going to constitute a working group on how it is going to be our next technological frontier in our stock exchanges,” Pandey told reporters on the sidelines of the 11th International Convention of the Commodity & Capital Participants Association of India (CPAI).Pandey explained that the technological frontier refers to the use of cutting-edge tools to improve market oversight, operational efficiency and investor protection. He stressed that technological robustness remains critical for the regulator, adding that Sebi takes every exchange-related glitch seriously.While acknowledging that disruptions can occur in a fast-evolving technology environment, he said there is a need for stronger safeguards. To address technical flaws, exchanges are required to carry out detailed root-cause analyses and submit comprehensive standard operating procedures (SOPs) along with corrective measures to the regulator.Responding to a query on the recent outage at the Multi Commodity Exchange (MCX), Pandey said Sebi follows a clearly defined process whenever a technical issue occurs at an exchange. This includes imposing strict penalties if the disruption crosses specified thresholds.He added that the regulator is also examining such incidents from a systemic perspective. “By identifying commonalities in these glitches, we aim to understand how we can better secure and strengthen our market technology,” Pandey said.
Business
Stocks Of Indian Company, With Just 2 Workers, Shot Up 55,000% Over Something That It NEVER Manufactured!
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RRP Semiconductor Ltd.’s spectacular stock rally is making headlines, but the company isn’t what its name suggests.
There is an ongoing probe on the shocking share surge. (Representative Image)
The stock market can be full of surprises, but few stories are as bizarre as this one. An Indian company, RRP Semiconductor Ltd., has seen its stock soar by a mind-blowing 55,000% in just 20 months, all this while reportedly having just two employees. What makes the story even stranger is that, despite its name, the company does not manufacture semiconductors at all.
The sheer absurdity of such a small company seeing this kind of surge makes it one of the most surreal episodes in recent Indian stock market history.
Trading Restricted By Stock Exchanges
Trading in RRP Semiconductor Ltd. has now been restricted by stock exchanges. On the BSE, the stock’s page displays the notice, “Trading Restricted – on account of Surveillance Measure.” RRP Semiconductor has been placed under Stage 1 of the Long-term Additional Surveillance Framework and Stage 0 of the GSM framework, reported CNBC-TV18.
A 55,000% Rally That Defies Fundamentals
The over 55,000% in the 20 months till December 17 is by far the biggest gain worldwide among companies with a market value above $1 billion, reported Bloomberg. This is despite the company posting negative revenue in its latest financial results.
The jaw-dropping stock market story is also doing the rounds on Instagram. According to a reel, “Rs 10,000 invested in it would have grown to Rs 55 lakhs during this window.”
Name Change Sparks Frenzy
Until 2024, RRP was a little-known real estate firm called GV Trading and Agencies. Things changed when Rajendra Chodankar, the founder of RRP, struck a deal to take over GD Trading and Agencies by repaying a Rs 8 crore loan owed to its founders. Chodankar renamed the company RRP Semiconductor. That single word, semiconductor, proved to be a powerful magnet for retail investors.
As the reel explains, “The moment the word ‘semiconductor’ entered this company’s name, retail investors went crazy.”
The timing was perfect. Global chipmakers like NVIDIA were soaring, AI was dominating headlines and India had no listed pure-play semiconductor manufacturing companies. For many investors, this stock seemed like a rare entry point into a hot global theme.
Hype, Rumours, Star Power
Fuel was added by unverified claims swirling on social media, including false rumours of cricket great Sachin Tendulkar being associated with the company and talk of 100 acres of land being allotted.
The real driver of the dizzying rally lay elsewhere. According to September shareholding data, Chodankar and a few of his close associates hold over 90% of the shares, leaving very little free float in the market.
Myths Busted
The reel also busts the biggest myths outright. “The talks of Sachin Tendulkar, 100 acres of land, all of that is completely fake.”
The episode has become a cautionary tale for investors caught in the fear of missing out. The narrator says. “NVIDIA is up, AI is everywhere and India has no semiconductor stocks. But this is a classic example of that desperation being exploited.”
SEBI Launches Investigation
The Securities and Exchange Board of India (SEBI) has launched a probe into the company. The market regulator is examining the sharp rise in RRP’s shares for possible wrongdoing.
Delhi, India, India
December 20, 2025, 14:50 IST
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New Delhi: Many bank customers are unsure whether bank branches are open or closed today, Saturday, December 20, 2025, leaving them confused about whether to step out for important work or postpone their visit. With different banking schedules on weekends and varying services available on Saturdays, people are keen to know if branches are operating today or if it’s better to wait until a regular weekday.
Bank Holiday Status Today: Are Branches Open on December 20, 2025?
Banks are open today, as December 20, 2025 falls on the third Saturday of the month. In India, bank branches remain closed on the second and fourth Saturdays, while they operate normally on the first, third, and fifth Saturdays. Since today is the third Saturday, customers can visit physical bank branches for their regular banking needs.
Banking Services Available Even on Holidays
Even if banks are closed on a holiday, you don’t have to worry about urgent transactions. Online banking and mobile banking apps continue to work, even on national holidays, unless the bank informs customers in advance about maintenance or technical issues. For cash withdrawals and payments, you can rely on ATMs, internet banking, fintech apps, and UPI services, which remain available round the clock.
December 2025 Bank Holidays: State-Wise List to Keep in Mind
Here’s a quick look at bank holidays falling in different states during December 2025, so you can plan your branch visits accordingly:
December 20, 2025 (Saturday): Banks remain closed in Sikkim on account of the Losoong and Namsoong festival.
December 22, 2025 (Monday): Banks are again closed in Sikkim to mark the Losoong and Namsoong festival.
December 24, 2025 (Wednesday): Banks will be shut in Mizoram, Nagaland and Meghalaya due to Christmas Eve.
December 25, 2025 (Thursday): Banks across India remain closed to celebrate Christmas.
December 26, 2025 (Friday): Banks are closed in Mizoram, Nagaland and Meghalaya as part of Christmas celebrations.
December 27, 2025 (Saturday): Banks remain closed in Nagaland on account of Christmas.
December 30, 2025 (Tuesday): Banks are closed in Meghalaya to observe the death anniversary of U Kiang Nangbah.
December 31, 2025 (Wednesday): Banks are shut in Mizoram and Manipur for New Year’s Eve and Imoinu Iratpa festival.
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