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By:

Rajendra Pandharpure

15 April 2025 at 7:55:54 pm

Congress Shakes Off Its Lethargy

Rahul Gandhi’s student outreach is giving the Congress a boost in western Maharashtra but converting street energy into electoral momentum will be the harder task. Pune: For a party that has spent much of the past dozen years looking politically exhausted, the Congress is finally showing signs of life. It appears that Rahul Gandhi’s Chhatron Ki Goonj (“Voice of Students”) campaign, which brought him to Pune has provided Maharashtra Congress workers with a much-needed sense of political...

Congress Shakes Off Its Lethargy

Rahul Gandhi’s student outreach is giving the Congress a boost in western Maharashtra but converting street energy into electoral momentum will be the harder task. Pune: For a party that has spent much of the past dozen years looking politically exhausted, the Congress is finally showing signs of life. It appears that Rahul Gandhi’s Chhatron Ki Goonj (“Voice of Students”) campaign, which brought him to Pune has provided Maharashtra Congress workers with a much-needed sense of political purpose. The Congress’s student wing had already been demanding an inquiry into the NEET examination controversy and the resignation of the Union education minister. After the lathi-charge on students on July 20, the party shifted into a more combative mode with Gandhi attempting to turn the episode into a broader political campaign. He staged a sit-in outside Prime Minister Narendra Modi’s residence and was removed by police. He subsequently appeared at press conferences alongside students injured during the protests and recently accompanied students wounded by pellet guns while filing an FIR with the Delhi Police. Politics of Confrontation By placing students at the centre of his campaign, Gandhi is seeking to reposition himself as a political interlocutor for younger Indians. The response at the Chhatron Ki Goonj gathering in Prayagraj suggested that the message had found an audience. Pune was the next stop. The August 22 gathering brought the campaign to western Maharashtra, a region where the Congress has traditionally had a substantial political footprint but where its organisational machinery has lost much of its old vitality. The event offered Gandhi an opportunity to reconnect with students and young voters while simultaneously energising a state unit that has often appeared trapped between organisational inertia and the dominance of its allies. The significance of the Pune event therefore extends beyond the size of the crowd. For much of the Congress’s recent history, that belief has been in short supply. A high-energy campaign centred on students, examinations, jobs and institutional accountability gives the party a simpler proposition to sell. There is also a wider political calculation. Western Maharashtra remains one of the most politically competitive regions in the state, shaped by the fortunes of the Congress, the Nationalist Congress Party factions and the BJP. The Congress cannot afford to surrender the region to its rivals if it wants to rebuild itself in Maharashtra. Nor can it rely indefinitely on alliances to compensate for weak grassroots mobilisation. Gandhi’s intervention may thus be less about an immediate electoral breakthrough than about rebuilding political muscle. Student politics provides a useful entry point because grievances over examinations, recruitment and employment cut across caste and party affiliations. They also offer the Congress an issue on which it can attack the government without being trapped in the familiar ideological contests of Indian politics. But a crowd at a political event can only demonstrate mood; it cannot by itself produce votes. The real test for the Congress will be whether the energy generated by Chhatron Ki Goonj survives after the microphones are switched off. Can student mobilisation be converted into campus networks, local campaigns and eventually a durable cadre? Can the Maharashtra unit turn Mr Gandhi’s visibility into sustained activity in constituencies where the party has been eclipsed? Those are harder questions. The Congress’s challenge is to ensure that the goonj does not fade once the rally is over.

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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