History is replete with examples of the masses forcing a popular course correction. From the Magna Carta in 1215 to the French Revolution in 1789, and from the Berlin Wall to India’s own Independence, people power has proved a potent force. As Napoleon observed, “Public opinion is a thermometer a monarch must consult.”In financial markets as well, we have seen bond vigilantes compel US policy adjustments and retail investors shake up Wall Street with GameStop. Today, a similar pattern may be emerging in India—this time with the long-awaited initial public offering of the National Stock Exchange.
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