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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

BJP’s zilla parishad surge leaves Shinde Sena sidelined

Mumbai: The political friction within Maharashtra’s ruling alliance has moved from hushed corridors to a public power struggle following Deputy Chief Minister Eknath Shinde’s recent high-profile dash to the national capital. While Shinde spent his Delhi visit in closed-door deliberations with Prime Minister Narendra Modi and Union Home Minister Amit Shah—purportedly to protest being marginalised in regional power-sharing—the state BJP responded on Wednesday with a series of aggressive...

BJP’s zilla parishad surge leaves Shinde Sena sidelined

Mumbai: The political friction within Maharashtra’s ruling alliance has moved from hushed corridors to a public power struggle following Deputy Chief Minister Eknath Shinde’s recent high-profile dash to the national capital. While Shinde spent his Delhi visit in closed-door deliberations with Prime Minister Narendra Modi and Union Home Minister Amit Shah—purportedly to protest being marginalised in regional power-sharing—the state BJP responded on Wednesday with a series of aggressive manoeuvres. Instead of a reconciliation, Shinde got a reality check in which his Shiv Sena was systematically outmanoeuvred and isolated across key zilla parishads (ZPs) in Chhatrapati Sambhajinagar, Parbhani, and Sangli. This latest sequence of events underscores a rapidly changing dynamic in Maharashtra politics. Ever since Devendra Fadnavis assumed the Chief Minister’s office in December 2024, the BJP has adopted an increasingly assertive posture. Shinde and his camp are visibly struggling to counter this dominance. The political manoeuvring in Parbhani perfectly illustrates the BJP’s new strategy. The BJP emerged as the single largest party with 24 seats. The Nationalist Congress Party (NCP) secured 15 seats, followed by the Shiv Sena with five. The opposition consisted of Shiv Sena (UBT) (six seats), Congress (three seats), and one independent candidate. Guardian Minister Meghana Borikar had initially indicated a plan to seize power alongside Shinde’s Shiv Sena while keeping the NCP out. Silent Moves However, the Congress silently attempted to engineer a broad anti-BJP coalition, trying to unite the NCP, both Sena factions, and the independent member. Sensing the threat, the BJP went into a huddle with NCP leadership for a counter-strategy. Clear directives were sent to the district level. The BJP abruptly formed an alliance with the NCP. Consequently, the Shiv Sena, which had been aggressively eyeing the ZP chairperson’s post, was unceremoniously shown the door. Tight Race A similar drama unfolded in Sambhajinagar. The alliance broke down at the very last moment. Local leaders failed to reach a consensus about the chairperson post. Numbers were extremely tight. The BJP held 23 members, while the Shiv Sena commanded 22. When state-level power-sharing formulas were rejected locally, the BJP took drastic action. Leveraging assistance from the NCP, the BJP successfully engineered a split within the opposition alliance. It managed to win over the crucial votes of three UBT members and one NCP-Sharad Pawar member. On Wednesday, both the BJP and the Shiv Sena filed rival nominations for the top post. Ultimately, the BJP’s tactical cross-voting strategy prevailed. The party walked away with both the chairperson and deputy chairperson positions, leaving the Sena empty-handed. The situation in Sangli further damaged the fragile relationship between the two ruling partners. In Sangli, the NCP-SP successfully bagged the chairperson post. The Shiv Sena accused the BJP of sabotage. It was claimed that the BJP deliberately refused to back the Sena candidate and decided to field its own candidate at the eleventh hour. The last-minute entry split the votes of the ruling alliance and turned the regional equations decisively in favour of the NCP-SP.

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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