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By:

Akhilesh Sinha

25 June 2025 at 2:53:54 pm

Congress tries a ‘third’ hand

New Delhi: The BJP latest manoeuvre in elevating Nitin Nabin as the party’s national working president has had consequences in Maharashtra’s two biggest cities - Mumbai and Pune. The result has left the Congress party in a curiously ambivalent mood: quietly pleased by the opportunities created, yet wary of the turbulence ahead. In Maharashtra, the immediate beneficiary of the BJP’s move is Eknath Shinde’s Shiv Sena. The BJP’s organisational signal has strengthened its hand in the forthcoming...

Congress tries a ‘third’ hand

New Delhi: The BJP latest manoeuvre in elevating Nitin Nabin as the party’s national working president has had consequences in Maharashtra’s two biggest cities - Mumbai and Pune. The result has left the Congress party in a curiously ambivalent mood: quietly pleased by the opportunities created, yet wary of the turbulence ahead. In Maharashtra, the immediate beneficiary of the BJP’s move is Eknath Shinde’s Shiv Sena. The BJP’s organisational signal has strengthened its hand in the forthcoming elections to the BMC, Asia’s richest civic body, and in Pune, the state’s second city. For Shinde, whose legitimacy still rests on a contentious split with the party founded by Bal Thackeray, any reinforcement from the BJP’s formidable machine is welcome. For Uddhav Thackeray, who leads the rival Shiv Sena (UBT), the message is ominous. His party, once the natural custodian of Marathi pride in Mumbai, now faces the prospect of being squeezed between a BJP-backed Sena on one side and a revived Maharashtra Navnirman Sena (MNS) led by his cousin, Raj Thackeray, on the other. Shotgun Alliance That pressure has forced Thackeray into an awkward embrace with his estranged cousin. A reunion of the Thackeray clans, long rumoured and often aborted, has unsettled Thackeray’s MVA ally - the Congress. Signals from the party’s high command suggest a calculated distancing from Shiv Sena (UBT), particularly in Mumbai, where Congress leaders are exploring arrangements with smaller parties rather than committing to a Thackeray-led front. In Pune, the party’s pragmatism is even more pronounced. Quiet efforts are under way to entice Ajit Pawar’s NCP, currently aligned with the BJP, into a tactical understanding for the civic polls. Control of the municipal corporation, even without ideological harmony, is the immediate prize. For the embattled Congress, the civic polls offer a chance to do two things at once. First, by keeping a degree of separation from the Uddhav–Raj combine, it can strengthen its own organisational sinews, which have atrophied after years of playing junior partner. Secondly, it can allow the BJP–Shinde Sena and the Thackeray cousins to polarise the Marathi vote between them, leaving Congress to position itself as a ‘third pole.’ Such a strategy is particularly tempting in Mumbai. A tie-up with outfits like Prakash Ambedkar’s Vanchit Bahujan Aghadi (VBA) could help Congress consolidate minority, Dalit and tribal voters, constituencies it believes are more reliably mobilised without the ideological baggage of Thackeray’s Sena (UBT). Severing or loosening ties with Shiv Sena (UBT) would also simplify Congress’s messaging ahead of assembly elections elsewhere. In states such as West Bengal and Tamil Nadu, where polls loom next year, the party has historically preferred alliances that allow it to emphasise secular credentials and oppose the BJP without accommodating overtly Hindu nationalist partners. Mixed Signals The Congress’ internal signals, however, are mixed. When talk of a Thackeray reunion resurfaced, Maharashtra Congress leader Vijay Wadettiwar publicly welcomed it, arguing that Raj Thackeray’s limited but distinct vote share could help consolidate Marathi sentiment. Mumbai Congress chief Varsha Gaikwad was more circumspect, hinting that alliances with parties prone to street-level militancy deserved scrutiny. Wadettiwar swiftly clarified that decisions would rest with the party’s senior leadership, underscoring the centralised nature of Congress’s calculus. In Pune, meanwhile, senior leaders are reportedly engaged in discreet conversations with Ajit Pawar, whose defection from his uncle Sharad Pawar’s NCP last year still reverberates through state politics. The outline of a broader strategy is becoming visible. Congress appears content to let the BJP and Shinde’s Sena draw on non-Marathi and anti-dynasty voters, the Thackerays appeal to wounded Marathi pride while it quietly rebuilds among minorities and lower-caste groups. Mumbai Approach Mumbai’s demography lends some plausibility to this approach. Alongside its Marathi core, the city hosts millions of migrants from Uttar Pradesh, Bihar and Jharkhand, a constituency that has increasingly gravitated towards the BJP. Raj Thackeray’s strident rhetoric against North Indians, once electorally potent, now risks narrowing his appeal and complicating Uddhav Thackeray’s efforts to broaden his base. None of this guarantees success for Congress. Playing the ‘third pole’ is a delicate art. Yet, the Congress, struggling for survival, has few illusions about sweeping victories. Its aim, for now, is more modest – it is to survive, to remain relevant, and to exploit the cracks opened by its rivals’ rivalries. In Maharashtra’s civic chessboard, that may be advantage enough.

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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