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By:

Abhijit Mulye

21 August 2024 at 4:59:11 pm

Bhagwat to outline roadmap for next century

Mumbai: Rashtriya Swayamsevak Sangh (RSS) Sarsanghachalak Dr Mohan Bhagwat will address thousands of volunteers and key political observers at Reshimbagh grounds in Nagpur tomorrow at 7.40 am on the occasion of Vijayadashami, formally concluding the organisation’s centenary-year celebrations. He is expected to deliver an ideological and operational blueprint intended to recalibrate Hindu society, counter ongoing opposition mobilisation across India, and outline internal organisational changes...

Bhagwat to outline roadmap for next century

Mumbai: Rashtriya Swayamsevak Sangh (RSS) Sarsanghachalak Dr Mohan Bhagwat will address thousands of volunteers and key political observers at Reshimbagh grounds in Nagpur tomorrow at 7.40 am on the occasion of Vijayadashami, formally concluding the organisation’s centenary-year celebrations. He is expected to deliver an ideological and operational blueprint intended to recalibrate Hindu society, counter ongoing opposition mobilisation across India, and outline internal organisational changes through a wide-ranging policy address. The annual Vijayadashami address, historically the most definitive forum for the RSS chief to articulate the organisation’s stance on domestic policy, cultural objectives and global affairs, carries heightened significance this year. Marking the completion of 100 years since Dr K.B. Hedgewar founded the organisation on Vijayadashami in 1925, Bhagwat’s address is designed to chart the strategic framework for the RSS as it enters its second century. Over the past 12 months, Bhagwat has personally anchored a series of outreach programmes across four Indian metropolitan hubs and two global nerve centres in the United States and Europe, signalling an appetite to project ideological clarity and broaden the organisation’s institutional footprint beyond traditional shakhas. The address comes against the backdrop of sustained street agitations orchestrated by the Congress party and newly formed groups such as the CJP in the national capital and several states. These demonstrations, centred on unemployment, social justice rhetoric and institutional accountability, have explicitly targeted India’s youth demographic — a constituency that has historically formed the primary recruitment pipeline and ideological backbone of the Sangh. Political observers believe Bhagwat will offer an unyielding response to these attempts to disrupt governance and erode the social coalition, reflecting an unmistakable determination within the Sangh Parivar leadership to resist political attrition and mount an active counter-narrative. The diplomatic and constitutional significance of the event is underscored by the deliberate selection of guests. Former Vice-President Jagdeep Dhankhar and Israel’s Consul General in Mumbai, Yaniv Revach, are attending as special invitees. Revach’s presence hints at possible remarks addressing global geopolitical realignment, the rise of civilisational conflicts, cross-border terrorism and national security challenges. Dhankhar’s attendance provides a platform to reaffirm constitutional patriotism and legislative stability at a juncture marked by sharp parliamentary confrontation. Equally consequential is the invitation extended to Sanjay Gupta, Editor-in-Chief of Dainik Jagran. For an organisation that has historically maintained a measured distance from mainstream media machinery, engaging with the leadership of India’s largest Hindi daily indicates an institutional shift towards proactive public communication. The gesture suggests that the Sangh recognises that narrative warfare in its next century requires strategic engagement with popular media platforms rather than a traditional reliance on insular organisational word of mouth. Beyond external ideological positions, the Nagpur gathering is expected to provide indicators of the structural transitions under way within the RSS. The organisation has been quietly restructuring its administrative echelons, revamping functional wings and adjusting internal deployment models in recent months. With additional leadership realignments slated across key tiers in the near future, Bhagwat’s speech is expected to define the organisational ethos for these generational handovers, emphasising flexibility in outreach while preserving core organisational discipline. As dawn breaks over Reshimbagh, the address will serve both as a balance sheet of a century-old journey and as a declaration of intent for an increasingly combative political era.

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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