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Mumbai, Jun 19 (PTI) Lakhs of commuters in the city are likely to face another day of hardship on Saturday as employee unions of the Brihanmumbai Electric Supply and Transport (BEST) undertaking said they will continue their strike due to the administration's failure to give a concrete assurance regarding their demands.

The strike nearly brought the civic-run bus service, which ferries around 25 lakh people every day, to a halt, and forced commuters to rely on Metro, taxis and auto rickshaws.

"In the absence of any concrete decision, we have decided to continue our agitation," Uday Ambonkar, convenor, BEST Sanyukt Kamgar Kruti Samiti (joint action committee of unions), told PTI late on Friday night.

Earlier, apologising to Mumbai residents for the inconvenience, Shiv Sena leader Sachin Ahir, coordinator of the Joint Action Committee, had appealed to the state government to take a decision on the unions' demands without testing the patience of employees.

"This fight is not only for our issues, but also for saving BEST," Ahir said at a press conference after meeting Transport Minister Pratap Sarnaik.

The government is making Mumbai a smart city by collecting crores of rupees in taxes and should therefore provide free public bus services on the lines of Luxembourg, Ahir said.

The Joint Action Committee alleged that Mumbai Police had detained several of its leaders since morning.

Nitin Nandgaonkar, a union leader and BEST Committee member, said the strike was spontaneous and 100 per cent successful.

"An indefinite strike could cause severe hardship to commuters, including students, office-goers, senior citizens and patients. Discussions are progressing in a positive atmosphere, and employees should consider public interest and withdraw the strike," minister Sarnaik said at a press conference earlier in the evening.

Mumbai Metro Rail Corporation (MMRC) said that over 2.17 lakh passengers travelled on its underground metro corridor between Colaba-BKC-Aarey JVRL on Friday till 9 pm, as against 1.51 lakh a day before. Other Metro lines reported a similar surge in ridership.

Only 48 of BEST’s 2,766 buses plied on the roads on Friday after the employees went on a indefinite strike. Some buses were forced to return to depots after incidents of stone-pelting and obstruction by striking employees.

Many passengers were forced to rely on alternative modes of transport, such as suburban trains, Metro services, autorickshaws, taxis, and app-based cabs, while others reported delays in reaching their workplaces and educational institutions.

Among the key demands of the employees are the merger of BEST's budget with that of the BMC (Brihanmumbai Municipal Corporation), a one-time settlement of legal dues of retired employees, implementation of the Seventh Pay Commission recommendations for the 2016-2026 period, abolition of contractual arrangements in the transport and electricity departments, and absorption of wet-lease bus workers into BEST.

The strike commenced despite an ad-interim order passed by an industrial court restraining employees from resorting to a strike and the Maharashtra government's invocation of the Maharashtra Essential Services Maintenance Act (MESMA), which prohibits the disruption of essential services.

Sarnaik, along with Urban Transport Department secretary Aseem Gupta, BEST general manager Sonia Sethi, and other officials met the union leaders.

The minister said he has directed the BEST general manager to resolve issues that could be addressed at the undertaking level and asked secretary Gupta to submit a report on the long-pending demand for the merger of BEST with its parent body, the BMC.

Gupta has been asked to examine the proposal pending with the Urban Development Department and submit his findings within the next 8-10 days. Based on the report, a meeting chaired by Chief Minister Devendra Fadnavis and to be attended by the deputy CMs and other senior officials, is expected to be convened to take a final view on the issue, he said.

He said general manager Sethi has been asked to resolve the pending issues at BEST administration level after holding discussions with the BMC Commissioner.

The civic undertaking currently operates over 2,766 buses, most of which are hired from private operators on a wet-lease basis.

The Shramik Utkarsh Sabha and the BEST Kamgar Union, which represent a section of BEST employees, have distanced themselves from the agitation, saying discussions with the administration and the state government were underway to resolve workers’ grievances. KK NR RSY KRK

Agra (UP), Jun 19 (PTI) India on Friday said that the cooperation among BRICS nations can help strengthen micro, small and medium enterprises, support weaker sections and contribute to the economic growth of member countries.

Addressing the BRICS MSME Forum here, Union Minister Jitan Ram Manjhi said that the Prime Minister Narendra Modi-led government has taken several steps to promote the MSME sector.

Referring to BRICS cooperation, Manjhi said the grouping, which earlier had seven countries and has now expanded to 21 nations, could help strengthen MSMEs, support weaker sections and contribute to the economic growth of member countries.

He said around 8.5 crore MSME units are currently functioning in the country, providing employment to nearly 40 crore people.

The three-day BRICS MSME Forum began on Friday with participation from around 60 delegates from BRICS nations and 150 officials associated with the MSME sector.

Addressing the forum, Uttar Pradesh MSME Minister Bhupendra Chaudhary said the MSME sector in the state was a key pillar of employment, innovation and economic development.

He said around 96 lakh MSME units are operational in Uttar Pradesh, providing employment to nearly 1.65 crore people.

The minister highlighted initiatives including the One District One Product (ODOP) scheme, the Youth Entrepreneur Development Campaign and industrial policies aimed at connecting local products and traditional crafts with global markets.

The delegates are also scheduled to visit the Taj Mahal, Agra Fort and a footwear manufacturing unit to understand the city's export-oriented shoe industry.

BRICS countries include Brazil, Russia, India, China, and South Africa as founding members, along with Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). Besides, the grouping also has partner countries, including Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam.

Apart from India and other BRICS nations, policymakers, industry leaders, entrepreneurs, and other stakeholders from partner countries have also gathered to deliberate on strengthening global MSME ecosystems, fostering sustainability and enhancing international cooperation. PTI COR KIS HVA

New Delhi, Jun 19 (PTI) The government has asked the global internet body, ICANN, to set up root servers in India, a senior government official said on Friday.

Speaking at the NIXI event, Ministry of Electronics and IT Secretary S Krishnan said there should be one root server in India to cater to the needs of the huge population of the country.

"We have been pushing for locating a root server in India given the number of people who use the internet and in terms of long-term resilience of the internet system itself," Krishnan said.

A root server is the core part of the internet that connects users to websites.

Whenever any user on the internet types the name of a website, sends an email to any particular address or carries out any search on the internet, the query goes to root servers located in the US, which, like an exchange, search the location of a website or URL on the World Wide Web and then connect the user with them.

Most governments have been demanding that root servers should be located in their countries. Some governments have also raised concerns about security threats and cyber espionage because the servers are located in only one country.

When asked about the development and ICANN’s response, Krishnan said it is a long process to ensure that servers can be located in India.

"There are other ways in which we are making sure that adequate memory is there, mirror sites are there. We are building resilience, it's not that we are dependent only on that resilience, but I think it's important from the overall internet governance point of view that the infrastructure is spread throughout the world," Krishnan said. PTI ANK PRS SHM

New Delhi, Jun 19 (PTI) Noting that the internet has become a lifeline for business and commerce, IT Secretary S Krishnan on Friday said government policy must now shift from merely popularising digital access to actively safeguarding users and ensuring resilient infrastructure.

Speaking at the 23rd Foundation Day of the National Internet Exchange of India (NIXI), the IT secretary said while the earlier objective was to ensure infrastructure and enable access, the current era demands a proactive approach to user protection.

"From a time when the basic objective was to popularise the use of digital means, making sure that people start using it more, to a time when ensuring that adequate infrastructure and other facilities were available to enable access, we've reached a time when we have to actually actively protect the users," the Secretary said.

He attributed this shift to the emergence of an all-consuming virtual world that has become integral to economic productivity and efficiency.

Krishnan stated that technology must be harnessed to "halt what could potentially be harmful".

He called for a multi-stakeholder approach to internet governance, involving academic institutions, users, and private companies to ensure "distinct stakeholder voices are clearly heard."

He warned that institutions do not run on autopilot and require continuous engagement and intervention to move in the desired direction.

NIXI on Friday launched four digital platforms -- IX Portal, myIRINN Portal, and .IN Auction Portal, and an AI-powered WHOIS screening platform -- to enhance efficiency, transparency, and security across India's internet ecosystem. PTI ANK TRB

Mumbai, Jun 19 (PTI) Markets regulator Sebi on Friday approved the reintroduction of share buybacks through stock exchanges, allowing companies to repurchase their own shares in the open market starting August 1, while capping the execution period at 66 working days.

The move by the Securities and Exchange Board of India (Sebi) allows firms to carry out buybacks through regular trading mechanisms without a dedicated buyback window, streamlining the process and reducing procedural requirements.

The decision, taken in the board meeting, aims to improve flexibility and execution efficiency, while potentially enhancing the attractiveness of buybacks as a capital allocation tool for listed companies.

Sebi had phased out open-market buybacks in 2025, citing concerns over uneven treatment of shareholders and tax-related distortions, as the mechanism was seen as favouring select investors.

The reintroduction is expected to revive a capital management route widely used by corporates to return surplus cash to shareholders and support stock prices, particularly in periods of market weakness.

In addition, the board relaxed mutual fund borrowing norms, simplified securities transmission procedures and approved a green-channel mechanism for alternative investment funds (AIFs).

The board also approved a new Code of Conduct for Sebi members and amendments to the Sebi (Employees' Service) Regulations, 2001, to strengthen the framework governing conflict of interest and disclosure requirements.

The changes follow recommendations of a high-level committee constituted to review the regulator's governance framework.

Regarding mutual funds, Sebi eased intra-day borrowing norms for mutual funds by allowing schemes to use intra-day borrowing lines for a wider range of cash management requirements beyond redemption payouts.

The amendment to the Mutual Funds Regulations, 2026, will permit mutual funds to avail of intra-day borrowings to bridge timing mismatches arising from pay-in and payout settlements, foreign exchange obligations and mark-to-market payments on derivative positions, among others.

Sebi Chairman Tuhin Kanta Pandey said the move is aimed at helping fund managers manage daily liquidity mismatches more efficiently while ensuring that such borrowings are repaid by the end of the day.

Besides restoring the buyback route, the board approved measures to simplify the transmission of securities following an investor's death, making it easier and faster for nominees and legal heirs to claim financial assets.

The regulator introduced a new category of Quick Transmission Processing (QTP) for small-value claims and enhanced thresholds for simplified documentation. Under the new framework, QTP will be available for claims of up to Rs 10,000 for physical securities and Rs 30,000 for dematerialised securities.

Further, the threshold for transmission through simplified documentation has been doubled to Rs 10 lakh for physical holdings per listed company and Rs 30 lakh for demat holdings per beneficial owner.

The board also cleared a new green-channel mechanism called GARUDA -- Green-Channel -- AIF Rollout Upon Document Acknowledgement -- to speed up launches of schemes by alternative investment funds.

The framework will allow eligible AIF schemes to begin fundraising within 10 working days of filing their placement memorandums, compared with the current waiting period of 30 days.

Sebi said the move is expected to facilitate faster and more efficient deployment of capital amid rapid growth in the AIF industry.

As of March 31, 2026, the number of registered AIFs stood at 1,849, while cumulative commitments had reached Rs 15.74 lakh crore.

For accredited investor-only schemes and angel funds, the regulator has removed the requirement of filing placement memorandums through merchant bankers. Such schemes will now be allowed to launch immediately upon filing the documents with Sebi, subject to prescribed undertakings by fund managers.

Additionally, the board approved the transfer of the balance amount, administration and management of the capacity building fund for the Social Stock Exchange (SSE) from NABARD to the newly incorporated Social Stock Exchange-Capacity Building Foundation, a Section 8 company.

The fund is currently used for capacity-building initiatives across the social enterprise ecosystem and will now be managed by the newly established foundation.

The regulator also approved an evidence-based review of the SME capital-raising framework as part of a broader exercise to assess the effectiveness of existing market regulations.

The review follows the Union Budget 2025-26 announcement on establishing a mechanism to evaluate the impact of financial sector regulations and improve regulatory responsiveness. An External Experts Advisory Committee had recommended SME capital raising as a key theme for independent review during FY27.

Also, the board approved amendments to the framework governing securitised debt instruments (SDIs) and municipal debt securities.

The decisions are aimed at strengthening market efficiency, improving investor convenience, facilitating capital formation and enhancing regulatory governance across India's securities market ecosystem. PTI MSU SP ANZ TRB

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