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23 August 2024 at 4:29:04 pm

Guru of Gurus: Tribute to M.M. Sharma

Luminaries of science and industry at the launch of "Guru of Gurus" at the ICT in Mumabi. Mumbai: In an evening marked by deep reverence and scientific celebration, eminent scientist Dr. Raghunath Anant Mashelkar paid a moving tribute to his mentor, Padma Vibhushan awardee Prof. Man Mohan Sharma. The heartfelt reverence took center stage at the K.V. Auditorium of the Institute of Chemical Technology (ICT), where academicians, students, and industry leaders gathered to honor one of India’s...

Guru of Gurus: Tribute to M.M. Sharma

Luminaries of science and industry at the launch of "Guru of Gurus" at the ICT in Mumabi. Mumbai: In an evening marked by deep reverence and scientific celebration, eminent scientist Dr. Raghunath Anant Mashelkar paid a moving tribute to his mentor, Padma Vibhushan awardee Prof. Man Mohan Sharma. The heartfelt reverence took center stage at the K.V. Auditorium of the Institute of Chemical Technology (ICT), where academicians, students, and industry leaders gathered to honor one of India’s most distinguished chemical engineers. Speaking passionately at the event, Dr. Mashelkar affectionately addressed Prof. Sharma as his revered "guru." He reflected extensively on Prof. Sharma's pioneering contributions to chemical engineering, placing special emphasis on his unique and visionary approach to science. Dr. Mashelkar noted that his mentor possessed the rare ability to seamlessly bridge the gap between complex fundamental research and tangible, real-world industrial applications. For Dr. Mashelkar, the occasion was not just a formal celebration, but a deeply personal reflection on a mentor whose teachings have left an indelible mark on both academia and the broader industrial landscape of the nation. This gathering of scientific and industrial minds was organized to mark the launch of two significant publications that encapsulate Prof. Sharma’s extraordinary legacy. The releases included a newly penned Gujarati biography and a beautifully curated coffee table book aptly titled "Guru of Gurus," published by Sundaram Digital Publication House. Both works chronicle his unparalleled contributions to science, his philosophy of knowledge-sharing, and his lifelong dedication to mentoring generations of talent. The sentiment of deep respect initiated by Dr. Mashelkar was echoed by other dignitaries throughout the evening. Guest of Honour Madhukar Parekh, Chairman of Pidilite Industries, expanded on this narrative by highlighting Prof. Sharma’s profound structural influence on India’s scientific framework. Parekh emphasized how Prof. Sharma’s steadfast commitment to innovation and his role as an institution-builder have actively shaped countless leaders, entrepreneurs, and technologists across various sectors. Taking the podium amidst the tributes, Prof. Man Mohan Sharma looked toward the future rather than simply reflecting on his past achievements. He shared his enduring dream of elevating ICT to the prestigious status of a Central University, underscoring the institute's immense potential to evolve into a world-class, globally competitive center for science and engineering. Ultimately, the event stood as a fitting and intellectually enriching celebration of a legendary figure. Through the poignant reflections of esteemed peers like Dr. Mashelkar and the launch of these new literary works, the gathering immortalized Prof. Sharma not just for his scientific brilliance, but for his profound dedication to nation-building and his lifelong, guiding role as the ultimate "guru of gurus."

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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