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23 August 2024 at 9:59:04 pm

Liberal Hypocrisy

A revealing test of liberalism is whether it can condemn an idea when it comes from someone it considers politically useful. A recent interview given by controversial former student activist Sharjeel Imam to a supposedly progressive portal has put sections of India’s self-proclaimed liberal establishment in a right quandary. In his interview, Imam outrageously questioned the democratic framework as a means of securing Muslim political rights, portrayed secularism as a majoritarian stratagem...

Liberal Hypocrisy

A revealing test of liberalism is whether it can condemn an idea when it comes from someone it considers politically useful. A recent interview given by controversial former student activist Sharjeel Imam to a supposedly progressive portal has put sections of India’s self-proclaimed liberal establishment in a right quandary. In his interview, Imam outrageously questioned the democratic framework as a means of securing Muslim political rights, portrayed secularism as a majoritarian stratagem and challenged the idea of a unified Indian nation while going so far as to label the Constitution a trap and denouncing parliamentary democracy itself The point is not what Imam believes; radical fundamentalism has always worn its extremism on its sleeve. The real issue is why his pronouncements have not provoked the kind of hysterical moral outrage routinely directed at Hindu nationalism. Imam, who became a prominent face of the anti-Citizenship Amendment Act protests of 2019–20, faces serious charges under the Unlawful Activities (Prevention) Act (UAPA) in connection with the Delhi riots conspiracy case and remains in judicial custody without conviction. The point is why are the voices, that routinely lecture the country on secularism, pluralism and constitutional morality, so conspicuously silent after Imam’s brazen statements. Figures like Imam have never existed in an ideological vacuum. Sections of the activist, academic and media elite gave the anti-CAA movement considerable moral and political support, and some commentators treated its more radical voices primarily through the prism of resistance to the Modi government, while wilfully sanitizing bigotry as 'dissent' and dressing up open sedition as mere political grievance When Hindu nationalist figures speak, their statements are meticulously dissected, parsed, and condemned for their threat to minority rights and secularism. Yet, when comparable or worse challenges to national cohesion, territorial integrity, and democratic principles emanate from minority or Islamist quarters, the same commentators suddenly discover the virtues of nuance, context and restraint. They retreat into a cowardly fence-sitting, desperate to avoid alienating a vocal constituency in their anti-regime coalition. Anything less than equal scrutiny turns universal principles into mere instruments of partisan convenience. This reveals a deeper, more embarrassing pathology among sections of the liberal establishment to conflate opposition to the government with absolute moral virtue. It exposes an unseemly willingness to forge Faustian bargains with extremist elements, operating on the crude and dangerous logic that the enemy of my enemy must be my ideological ally. An individual does not become a defender of democracy merely by opposing Narendra Modi, just as criticism of Islamist politics does not automatically make someone a Hindu nationalist. Ideological arguments must be judged by consistent standards rather than convenient labels. Liberalism that cannot confront illiberalism among its own ideological fellow-travellers is not principled liberalism. It then devolves into mere partisan hypocrisy and a hollow exercise in selective outrage that ultimately destroys the very democratic values it claims to defend.

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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