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By:

Rajendra Joshi

3 December 2024 at 3:50:26 am

Kolhapur’s Pilgrimage Paradox

Kolhapur: Even as the state government clears the first tranche of Rs 1,500 crore under an ambitious Rs 5,000-crore plan for the development of Kolhapur as a major pilgrimage centre, the ground reality for devotees tells a far less reassuring story. Each month, the temple’s donation boxes swell by an estimated Rs two crore, while crores more lie parked in bank deposits earning interest. Yet, for the thousands who arrive daily to seek the blessings of Goddess Ambabai, the journey to the...

Kolhapur’s Pilgrimage Paradox

Kolhapur: Even as the state government clears the first tranche of Rs 1,500 crore under an ambitious Rs 5,000-crore plan for the development of Kolhapur as a major pilgrimage centre, the ground reality for devotees tells a far less reassuring story. Each month, the temple’s donation boxes swell by an estimated Rs two crore, while crores more lie parked in bank deposits earning interest. Yet, for the thousands who arrive daily to seek the blessings of Goddess Ambabai, the journey to the sanctum begins with an ordeal—walking barefoot on scorching roads under an unforgiving sun. With temperatures in Kolhapur soaring past 40°C, asphalt and concrete roads leading to the temple radiate intense heat. For devotees—many of whom travel hundreds of kilometres—this translates into a painful trek, quite literally. The situation is particularly harsh for senior citizens, who are often seen hopping from one foot to another in a desperate attempt to avoid the burning surface. In such conditions, the absence of even basic protective arrangements raises uncomfortable questions about priorities in pilgrimage infrastructure. Stark Irony The irony is stark. While policy blueprints and financial approvals move through bureaucratic channels, immediate, low-cost interventions remain unaddressed. Simple measures—laying heat-resistant carpets along key approach roads, ensuring regular water sprinkling to cool surfaces, and erecting temporary shaded canopies—could significantly ease the devotees’ distress. Such steps do not demand massive outlays, only administrative initiative. As chairperson of the temple trust, the Kolhapur District Collector is uniquely positioned to catalyse this response. The summer vacation period only amplifies the challenge. Families flock to Kolhapur in large numbers, often combining visits to Ambabai temple with pilgrimages to nearby shrines such as Jyotiba. The surge in footfall transforms the temple precinct into a sea of humanity. Yet, the infrastructure has failed to keep pace. A similar concern was flagged last year as well, with limited, ad hoc relief provided by a few local traders who laid makeshift carpets for their customers. This year, however, little appears to have changed. Humane Pilgrimage The issue, therefore, is not merely administrative—it is collective. The responsibility to ensure a humane pilgrimage experience cannot rest solely with the temple trust or the municipal corporation. Traders and business associations operating in the temple vicinity, who benefit from the steady influx of devotees, must also step forward. Kolhapur has historically demonstrated remarkable civic spirit during festivals such as Navratri and the Rathotsav. Extending that ethos to provide shaded pathways during peak summer would be a meaningful gesture of reciprocity. Across India, leading pilgrimage centres have invested in visitor comfort—air-conditioned waiting areas, chilled drinking water, and clean sanitation facilities are increasingly the norm. In many cases, nominal user charges are levied, and devotees are willing to pay for such services. Kolhapur risks falling behind if it does not address these gaps with urgency. At its core, the issue is one of dignity. Devotion should not come at the cost of physical distress. Until basic amenities are ensured, the promise of transforming Kolhapur into a premier religious tourism hub will remain incomplete. For now, the pilgrim’s experience continues to echo a troubling refrain: first the searing heat beneath the feet, and only then, the grace of the goddess.

Lateral upgrade to ailing annihilation

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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