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Bhubaneswar IIT cries for completion Benevolent businessthan... It’s Karnataka chalo for Amit Shah? Time to wake up Competing for good: Tale of two states TN to suffer serious loss Bringing magic of Rajasthan alive Wouldn’t the Mahatma like clean restrooms in our cities! State Forward SIPB clears big proposals Doubling production and tripling farmers’ income... KTR releases Annual Report TN to suffer serious loss Launch of ins vikrant, India’s first indigenous aircraft carrier Winds of change... Tasks for the new government An industrious idea Of development and welfare Infra boost to the new capital Development depends on land availability... Fanciful Rao and tech-savvy Naidu Land acquisition policy is ahead of national policy... State under siege A neta at it again! Stirring the political cauldron Miners asked to pay more Thalaivaa Reducing carbon footprint... MCL has a taste of judicial activism! Waste disposal model Come to Tamil Nadu where the action is... Pioneering education model All these happened in TN… ODISHA Monsoon fury Divide & Prosper More government apps Oh, la la. KCR’s I-day bonanza Lingayats get a reminder: it’s poll time Bus services hit It indeed is attractive for investments Inter-State boundary Global meets galore MOUs worth Rs.10.54 lakh crore signed Nod to cow slaughter bill Flurry of collaborations inked by AP Power for all Illegal mining of sand Deputy Collector Sindhu! KNPP with the grid Land scams rock AP & TS Technology has raised the bar... Enchanting and enterprising Tamil Nadu Kochi Metro Rail Project CII to set up tourism bureaus Global Investors Meet Post Poned City of foaming lakes and fire Green crimes galore Industrial corridors to boost economy Bifurcation yet to end water wars Leaky old lorries, mini cabs for techies... Homestays, a budding tourism industry Promise of a productive year A year of Telangana With agriculture at its heart... A blueprint for the future AP in better shape States - Kerala Hype on Hyperloop Info-Park, more space Strike over salary hike Vedanta to close Lanjigarh refinery Municipal Elections States - Odisha States Roundup State of the States Enticing pest traps When business flocks to MP... Infrastructure to the FORE Mango Diplomacy A giant push for millets Why the Congress won in Karnataka ‘E’ for enterprise TN can leverage NLC’s strengths...
 
Municipal Elections

In the municipal elections of Maharashtra, the BJP’s gains were spectacular. It was saffron all over. It swept Nagpur, Nashik and Pune and was behind the Shiv Sena in Mumbai metro and Thane. The Shiv Sena, which had been controlling Mumbai for more than three decades, could not get an absolute majority this time with the BJP breathing down its neck. Chief Minister Devendra Fadnavis, with his electrifying campaign established his popularity beyond doubt. Both NCP and the Congress had to eat crow.

The bitter fight between the BJP and the Shiv Sena prior to the elections notwithstanding, the BJP conceded the posts of Mayor and the Deputy Mayor to Shiv Sena without contest lest its coalition in the state and in the Centre gets jeopardised. 

The Municipal Commissioner from the IAS cadre and, not the Mayor, would exercise the real power in the corporation. The Commissioner is appointed by the state government.

The Mumbai Corporation is the wealthiest of all such civic bodies in India. But managing the Maximum City with a large contingent of migrant labour has been complex. There has been widespread corruption. The emergence of BJP with much larger numbers in the council and with the clean image of Modi and Fadnavis, there are expectations of a much cleaner administration.

 

BSE creates history

The initial public offer (IPO) of BSE Ltd., the first by a domestic stock exchange, got oversubscribed 51 times. The scrip was listed at the NSE at Rs 1085, with a 35 per cent premium over the issue price. The Bombay Stock Exchange was started under a banyan tree as an association of brokers towards the end of the 19th century. It grew steadily to become the spokesman and image of capital market in India. The Sensex has become a barometer for all investors.

For decades, the brokers owned the exchange. But with ownership resting with management, professionalism was at risk. When complaints of insider trading flew thick, the board was re-constituted with brokers removed from executive functions. I was appointed chairman of a new board with experts from banking, industry, brokers and the government, assisted and directed by SEBI. Elaborate care was bestowed on various aspects of management on the transformation into a corporate unit. 

The conversion of the BSE as an association into BSE Ltd. was achieved within two years.

- S Jambunathan, IAS (Retd)

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