BJP breaks Thackeray stronghold, takes control of BMC in Maharashtra civic sweep

by Hansraj Agrawal | Jan 16, 2026 | Business

Maharashtra Chief Minister Devendra Fadnavis and Maharashtra BJP President Ravindra Chavan celebrate after the municipal elections results at the Maharashtra BJP Headquarters in Mumbai
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EMMANUAL YOGINI

The Bharatiya Janata Party (BJP) delivered a sweeping victory in Maharashtra’s municipal corporation elections, winning a majority in 25 of the 29 civic bodies that went to the polls, and bringing to an end the over two-decade-long rule of Uddhav Thackeray’s Shiv Sena in Mumbai’s Brihanmumbai Municipal Corporation (BMC), Asia’s richest civic body.

In Mumbai, the BJP emerged as the single largest party. At 9pm as counting still continued, BJP’s had won 88 seats, while its ally, the Shiv Sena (Eknath Shinde faction), secured 28 seats, together crossing the majority mark of 114 in the 227-member House.

The Shiv Sena (Uddhav Balasaheb Thackeray faction) won 66 seats, while its ally, the Maharashtra Navnirman Sena (MNS) led by Raj Thackeray, secured six seats. The Congress won 24 seats in Mumbai.

While early counting trends pointed to a decisive BJP sweep, the contest tightened by evening, with the Thackeray-led Sena recovering some ground and the Congress improving its tally in parts of the city.

Thackeray Era Ends in Mumbai

The Thackeray family has controlled the BMC since 1997, making this the first time the BJP will stake claim to the mayor’s post in Mumbai. As many as 1,700 candidates contested across 227 wards for control of the civic body, whose Budget Estimates for 2025-26 stand at ₹74,427.41 crore, larger than the annual budgets of several Indian states.

This election was also notable for the first-ever alliance between the estranged Thackeray cousins in an attempt to reclaim Mumbai.

Hindutva and Development Pitch

Reacting to the results, Chief Minister Devendra Fadnavis said that Hindutva remains the soul of the BJP and was central to the party’s success in the civic polls.

“Hindutva is the soul of the BJP. It has taken the party to the people and led us to victory,” Fadnavis said while addressing party workers in Mumbai. Emphasising the party’s ideological and governance approach, he added, “Hindutva and development are two sides of the same coin.”

Prime Minister Narendra Modi thanked the people of Maharashtra in a post on X, saying the results reflected growing public support for the NDA’s agenda of pro-people governance and development. The vote has added momentum to progress.

BJP’s Statewide March

Across Maharashtra, the BJP registered decisive victories, winning 25 municipal corporations, including landslide wins in Pune, Pimpri-Chinchwad, Nagpur, Solapur and Nanded, reinforcing its dominance in urban local bodies and reshaping the state’s civic political landscape.

Sharad Pawar’s NCP was completely decimated in the polls and the party was not even able to open its account in many cities, while Ajit Pawar’s NCP failed to win in any of the civic body. The Congress emerged victorious in Latur and Chandrapur.

Published on January 16, 2026

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We will try and keep VNB margin in 24% range by this fiscal-end: HDFC Life Executive Director Niraj Shah

by Hansraj Agrawal | Jan 16, 2026 | Business

Private sector insurer HDFC Life Insurance has managed to bring down GST changes impact on its Value of New Business (VNB) in the third quarter and is hoping to bring that down further in the four quarter this fiscal, says its Executive Director & Chief Financial Officer Niraj Shah. Shah says the insurer has introduced a clawback clause to realign its commission structure for ULIP plans with a large part of its distribution. Excerpts:

For Q3FY26, HDFC Life Insurance’s net premium income grew 8.77 per cent year-on-year at ₹18,242.39 crore. What all contributed to this growth?

During the quarter, individual APE (Annualised Premium Equivalent) growth was 13 per cent. Even for the nine-month period (9MFY26), the growth was 11 per cent. On a two-year CAGR basis, that number was 17 per cent. For the nine-month period, this is growing faster than the industry. Various lines of our business constituted the growth number for us in Q3. But the two numbers we look at are – individual APE and credit life business on the group side which grew 25 per cent. Within the individual APE, the most heartening number was individual protection, which grew 70 per cent Q3. Individual commercial also grew very strongly at 55 per cent for the quarter and 33 per cent for the nine-month period.

Was the high growth in individual protection segment due to GST exemption on policies?

Even prior to GST, we were growing protection at 27 per cent. And GST (exemption), of course, has been a fillip to that. So, for the nine months, that individual APE term growth was 42 per cent.

What other products got sales boost due to the GST cut?

Protection has seen the maximum impact. For the rest of it, I think it will take some time for customers to realise that the products are a lot better in terms of the cost – the cost to the customer is lower on account of these changes. But, it is most easily visible in a protection product. For the rest of the products, Unit Linked is also doing quite well. There is also a significant improvement because you pay lower charges. But, I would not attribute that to GST. So far, it is primarily on the individual protection side.

For Q3, VNB growth was hit on account of GST change. What is the outlook for VNB margin this fiscal?

Given the impact of GST, VNB growth for Q3FY26 was 3 per cent. Otherwise, the number would have been 13 per cent. The margin stood at 24 per cent for the quarter and for 9MFY26 it was 24.4. The GST impact on an annualised basis was 300 basis points for us, and we had said that we would try and bring down the impact to close to 200 basis points. That is what we have managed to do.

So, the GST impact, we have narrowed it down to 190 bps now, and we are hoping to bring that down further in Q4. So, if you were to take out GST impact, the margins are actually expanding. We will try and bring the margin as close to where we started the year at, but will still be lower than the starting point, given that this has been a fairly large change that happened in the middle of the year. We will try and keep the margin in the 24 per cent range by the end of this financial year.

Have the company’s interactions with distributors on revision of commission structures concluded, as insurers are now not able to claim input tax credit on commissions and brokerages?

Yes. So, we had basically said that we will do this on a selective basis. We have instituted a clawback in place for the Unit-Linked products with a large part of our distribution. And that is in line with what we had done for traditional products last year after the new surrender value norms came. Of course, there are some ongoing conversations, but a large part of the conversations have been concluded. There is no cut in commission for the ULIP plans. If the renewal premia do not come in, then the commission that was paid upfront gets clawed back. So, there is no reduction upfront. But this allows everyone to focus on persistency, so that the renewal commissions can be continued in the second year, third year onwards as well.

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Only natural diamond can be called diamond, says Indian regulator BIS

by Hansraj Agrawal | Jan 16, 2026 | Business

The Bureau of Indian Standards (BIS), the Indian regulator of quality standards, has come out with a new rule on diamonds, clarifying that only natural diamonds can be termed “diamond”.

The BIS has adopted IS 19469:2025 and modified ISO 18323:2015 – Jewellery: Consumer Confidence in the Diamond Industry.

Welcoming the new initiative, the Natural Diamond Council (NDC) said the new standard establishes a clear and enforceable framework for diamond terminology, drawing a firm distinction between natural diamonds and laboratory-grown diamonds. “This move strengthens consumer protection and supports greater transparency across the Indian diamond jewellery market,” it said.

The BIS has said the word “diamond” used alone applies exclusively to natural diamonds. Sellers may use qualifiers like “natural,” “real,” “genuine,” or “precious”.

Disclose LGD explicitly

Man-made alternatives such as lab-grown diamonds must be explicitly disclosed using only the full terms “laboratory-grown diamond” or “laboratory-created diamond”. Shortened abbreviations such as “LGD,” “lab-grown,” or “lab-diamond” are no longer permitted in disclosures.

The BIS does not allow use of terms such as “nature’s,” “pure,” “earth-friendly,” or “cultured” for laboratory-grown products. Furthermore, using brand names alone without the approved “laboratory-grown” qualifier is deemed insufficient disclosure.

Richa Singh, Managing Director, Natural Diamond Council, said: “This standard brings long-awaited clarity for consumers. When someone buys a diamond, they deserve to know exactly what it is—clearly, honestly, and without confusion. Defining what can be called a diamond strengthens trust and protects the value of a truly natural diamond.”

Brings clarity

The initiative received strong support from the jewellery trade across regions. Tarun Kanwar, Director at Navrattan Jewellers, said, “The new BIS standard strengthens that foundation by removing ambiguity in diamond terminology. We welcome this step.”

Vaibhav Saraf, Director at Aisshpra Jewellery, said, “We welcome the decision that the word ‘diamond’ should be used exclusively for natural diamonds, as this brings much-needed clarity and fairness for consumers.”

Gaurav Anand, Chairman at Anand Jewels, said, “This important BIS milestone brings greater accountability and transparency, putting consumers at the heart of the diamond ecosystem across India.”

The Natural Diamond Council said it remains committed to supporting the BIS and Indian authorities in the implementation of this framework. “By removing ambiguity and misleading terminology, the industry takes a collective step toward protecting both the emotional and financial value of every diamond purchase,” it said.

Published on January 16, 2026

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Earnings preview: ICICI Bank could report stable Q3 earnings, CEO continuation key monitorable

by Hansraj Agrawal | Jan 16, 2026 | Business

The second largest private sector lender, ICICI Bank, is likely to report stable growth in its core business in Q3FY26, but markets will keenly eye whether its incumbent MD, CEO Sandeep Bakhshi will continue as the bank chief as his tenures ends in October 2026, analysts say. The bank is set to report its Q3FY26 earnings Saturday.

Bakhshi has been the chief of ICICI Bank since October 15, 2018. For the re-appointment of a MD, CEO or whole-time Director (WTD) in private sector banks, the lender must submit the complete application to the Reserve Bank of India (RBI) at least six months before the expiry of the incumbent’s term of office. Private banks typically submit CEO re-appointment application well before six months deadline, banking industry experts say.

“ICICI Bank is likely to post yet another steady quarter, with steady loan growth and deposit growth. We expect broadly steady/improving net interest margin (NIM), largely benefiting from CRR (cash reserve ratio) cut impact. That said, we monitor the commentary on future trends,” said Elara Securities in a report. “Slippages are likely to rise marginally sequentially, driven by agriculture slippages. Commentary on softer aspects (management continuation) will be the key variable, going forward,” it added.

ICICI Bank had reported a modest 5 per cent year-on-year (y-o-y) growth in Q2FY26 with standalone net profit at Rs 12,359 crore amid a decline in provisions, including towards non-performing assets (NPAs) and further improvement in asset quality.

According to brokerage Axis Securities, ICICI Bank’s business growth is expected to remain soft and credit-deposit (CD) ratio could remain steady. Its NIM, per Axis Securities, are expected to move with a mild positive bias. The bank management’s commentary on overall growth, especially in the unsecured book will be key monitorables, the brokerage said.

BNP Paribas Research, meanwhile, says ICICI Bank’s balance sheet remains protected by heavy excess provisioning and healthy capitalisation. It currently also enjoys higher share of low cost deposits, and therefore, a funding cost edge over its nearest competitors. This has helped the bank gather loan market share in prime categories.

“ICICI Bank’s annualised ROE has broken through the 18% barrier in recent quarters, partly aided by low credit costs. It is trading at 2.3x 1-year forward core P/BV and is still attractive vis-à-vis what we see as a sustainable core ROE of 17-18%,” BNP Paribas said. ENDS

Published on January 16, 2026

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RBI ombudsman authorised to clear compensation up to ₹30 lakh

by Hansraj Agrawal | Jan 16, 2026 | Business

Additionally, the RBI Ombudsman will also have the power to provide a compensation of up to ₹3 lakh for the loss of the complainant’s time, expenses incurred, harassment/mental anguish suffered, etc., if any, by the complainant.
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There will be no limit on the amount over a dispute that can be brought by a complainant against a regulated entity before an RBI Ombudsman, for which the Ombudsman or his Deputy can facilitate a settlement or pass an Award, according to the Reserve Bank– Integrated Ombudsman Scheme (RB-IOS), 2026.

However, for any consequential loss suffered by the complainant, the RBI Ombudsman will have the power to provide a compensation of up to ₹30 lakh.

Revised rules

The revised RB-IOS, which will be applicable to all banks, non-banking financial companies, non-bank prepaid payment instruments issuers, and credit information companies, that will come into force from July 1, 2026, is expected to strengthen the Reserve Bank Ombudsman framework and bring about further efficiency in resolution of complaints, per a Central bank statement.

“It aims to provide a cost-effective, expeditious, non-adversarial alternate grievance redress mechanism for the resolution of complaints against regulated entities covered under the Scheme,” RBI said.

The Central bank can appoint one or more of its officers as RBI Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme.

The appointment of RBI Ombudsman or Deputy Ombudsman, as the case may be, will be made generally for a period of three years at a time.

In order to expedite disposal of the complaints, the RBI Ombudsman may hold sittings at such places and in such manner as may be considered necessary and proper in respect of a complaint.

The Reserve Bank will establish the Centralised Receipt and Processing Centre at one or more places, as may be decided by it, to receive the complaints filed under the scheme and process them.

Further, the complaints under the scheme made online will be registered on the portal (https://cms.rbi.org.in). Complaints received through e-mail and physical form, including postal and hand-delivered complaints, shall be addressed and sent to the Centralised Receipt and Processing Centre of the Reserve Bank.

Published on January 16, 2026

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SEBI to sharpen focus on capital formation, market depth: Tuhin Kanta Pandey

by Hansraj Agrawal | Jan 16, 2026 | Business

SEBI Chairman Tuhin Kanta Pandey

India’s market regulator is preparing a fresh round of policy and market-structure reforms aimed at sustaining capital formation and reducing friction for issuers and investors as capital markets assume a larger role in funding economic growth, Securities and Exchange Board of India (SEBI) chairman Tuhin Kanta Pandey said on Friday.

Speaking at SEBI’s Samvad 2026 symposium, Pandey said the regulator’s focus going ahead will be on easing fund-raising processes, deepening debt and private capital markets, widening investor participation and strengthening market infrastructure through technology-led measures.

“Indian markets should be rigorous in standards, but reasonable in processes,” Pandey said, outlining SEBI’s regulatory philosophy of enabling growth while safeguarding market integrity.

Pandey said SEBI is continuing its review of key regulations, including listing obligations, settlement norms and frameworks governing mutual funds and stock brokers, to make them more coherent and contemporary. Recent and ongoing measures include streamlining IPO processes, simplifying compliance pathways and recommending changes to minimum public shareholding thresholds and timelines, particularly for large issuers.

For companies tapping markets, SEBI has also introduced practical flexibilities, including facilitating compliance with lock-in norms even when shares are pledged and allowing founders to retain certain ESOPs post-listing without compromising disclosure standards. “Access to capital must be efficient and predictable,” Pandey said.

Debt deepening

Deepening market depth, especially in debt, remains a priority. Pandey said SEBI has lowered thresholds under the electronic book mechanism and expanded its scope to include REITs and InvITs. For foreign portfolio investors, SEBI is moving towards unified registration and simplified documentation under the SWAGAT–FIs framework. “We are also progressing towards fully paperless, digitally signed onboarding for FPIs, reducing compliance friction while maintaining regulatory oversight,” Pandey said.

Pandey said expanding participation remains critical to sustaining growth. Distributor incentives have been redesigned to encourage onboarding of first-time investors from smaller towns and increase participation by women. SEBI has also eased KYC norms for non-resident Indians and is considering greater use of shared KRA data to reduce repetitive documentation

Published on January 16, 2026

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