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By:

Abhijit Mulye

21 August 2024 at 4:59:11 pm

BJP expels Amravati rebels

Mumbai: The Bharatiya Janata Party expelled three leaders from Amravati for six years and issued show-cause notices to over 100 corporators in Pune this week for defying party directives during the Maharashtra legislative council elections. The party took these disciplinary actions to neutralize internal rebellion against Mahayuti alliance candidates and enforce organizational rules by mandating written explanations from the Pune representatives within five days. The disciplinary action in...

BJP expels Amravati rebels

Mumbai: The Bharatiya Janata Party expelled three leaders from Amravati for six years and issued show-cause notices to over 100 corporators in Pune this week for defying party directives during the Maharashtra legislative council elections. The party took these disciplinary actions to neutralize internal rebellion against Mahayuti alliance candidates and enforce organizational rules by mandating written explanations from the Pune representatives within five days. The disciplinary action in Amravati stems from the seat-sharing arrangement of the ruling Mahayuti alliance. The Amravati Teachers constituency was allocated to the Chief Minister Eknath Shinde-led Shiv Sena, which fielded sitting legislator Kiran Sarnaik. Defying this arrangement, BJP leaders Sangita Shinde, Chandrashekhar Bhoyar, and Sumit Pawar filed independent nominations. This rebellion reportedly upset Chief Minister Shinde, prompting his faction to initiate maneuvers to support independent candidate Sachin Sanap against the BJP’s official nominee, Kaustubh Gawde, in the Pune Teachers constituency. Under pressure to salvage alliance unity, the BJP expelled its three Amravati rebels for a period of six years, thereby sending a message of solidarity to the Shiv Sena and attempting to halt retaliatory political moves in Pune. Simultaneously, the BJP faced mass absenteeism in its Pune stronghold. Over 100 corporators skipped the official campaign launch event for the party’s Pune division graduates and teacher’s constituency candidates. The gathering was presided over by BJP state president Ravindra Chavan and attended by Union Minister of State Murlidhar Mohol, state minister Chandrakant Patil, and Mayor Manjusha Nagpure. Noting the empty chairs, house leader Ganesh Bidkar personally verified the attendance in the hall. The party immediately served show-cause notices to the absent corporators, instructing them to submit a formal clarification within five days. The BJP has 119 elected and seven nominated corporators in the Pune Municipal Corporation, bringing its total strength to 126. A final decision on disciplinary measures will be taken after senior leaders review the submitted explanations. Beyond party discipline, the Amravati Teachers constituency election has drawn attention for a stark shift in campaign methods. Traditionally focused on direct communication with educators regarding their grievances, the election is now characterized by large vehicle convoys, modern campaign mechanisms, and widespread allegations of cash and Paithani saree distribution among voters. A formal complaint has already been registered in Achalpur regarding voter inducement. Despite the influx of money and political muscle, the core demands of the teaching community remain centered on the old pension scheme, grants for unaided schools, and pending salary issues.

Lateral upgrade to ailing annihilation

Writer: Mangesh Kulkarni
Mangesh Kulkarni
Sep 9, 2024
3 min read

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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