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By:

Akhilesh Sinha

25 June 2025 at 2:53:54 pm

External involvement in Chandranath’s murder

Political and Geopolitical forces behind the killing in West Bengal New Delhi: The 2026 West Bengal Assembly elections have not only signaled a new trajectory in Indian politics but have also stirred ripples in global geopolitics. The unprecedented victory of the BJP in the state brought to light events that reveal how the long-standing cycle of political power struggles and violence is now emerging in a new form. The most alarming manifestation of this shift came late Wednesday night with...

External involvement in Chandranath’s murder

Political and Geopolitical forces behind the killing in West Bengal New Delhi: The 2026 West Bengal Assembly elections have not only signaled a new trajectory in Indian politics but have also stirred ripples in global geopolitics. The unprecedented victory of the BJP in the state brought to light events that reveal how the long-standing cycle of political power struggles and violence is now emerging in a new form. The most alarming manifestation of this shift came late Wednesday night with the murder of Chandranath Rath, personal secretary to senior BJP leader Shuvendu Adhikari. Chandranath Rath, a veteran who served 15 years in the Indian Air Force, was closely working with his family friend and senior BJP leader, Shuvendu Adhikari. His killing is more than an isolated personal attack and it signals a disturbing new dimension of political violence. Historically, electoral violence in West Bengal has targeted the workers of losing parties. This time, however, even the leaders and workers of the winning side have fallen victim. The implications of this violence extend beyond the state's borders. Following the BJP's landslide victory in West Bengal, the activity of anti-India elements in neighboring countries has intensified. Bangladesh and Pakistan have expressed concern over the party's victory, while China and the United States are also closely monitoring its implications. This highlights that election results in border states now carry geopolitical significance far beyond local politics. For decades, West Bengal and Assam have been treated as strategic zones in broader geopolitical games, with external forces allegedly attempting to maintain unrest in these regions over the past seven decades, like Jammu-Kashmir. Investigations into Chandranath Rath's murder indicate a pre-meditated conspiracy. The assailants used advanced Glock 47X firearms, suggesting that the plot was not confined to local planning alone. The crime occurred just 60 kilometers from Basirhat, near the Bangladesh border, which strengthens the likelihood of external involvement. Violent History History shows that violence and muscle power have always been intertwined with West Bengal politics. From the "Khaddo Movement" of the 1960s to slogans like "Dam Dam Dawai," political action was often synonymous with coercion, intimidation and murder. During the Left Front era, strategies like "scientific rigging," booth capture, and leveraging local goons became commonplace. Later, the Trinamool Congress inherited these structures and kept them under its control. Today's events demonstrate that this system remains alive. Border Dynamics The complexity of border areas and communal dynamics further complicates the scenario. In constituencies along the West Bengal and Assam borders, Muslim candidates secured victories, while regions adjacent to West Bengal in Bangladesh are represented by members of Jamaat-e-Islami. Groups like Jamaat-e-Islami have long pursued anti-India agendas, and their influence can be seen in electoral outcomes across these areas. The BJP's recent victory, and the violence that ensued, draw attention to geopolitics. The President of the United States congratulated Prime Minister Narendra Modi, marking an unprecedented acknowledgment of a state-level BJP win. In contrast, Pakistani and Bangladeshi media have reacted with alarm, while discussions in Bangladesh's parliament highlight concern for the Muslim communities in these regions. Local outbreaks of violence further underline that West Bengal is no longer merely a domestic political theatre, however, this is a hub of geopolitical activity, where external forces seek to keep unstable and chaotic. This cycle of political violence extends beyond individual acts. It has become a complex mix of administrative inefficiency, local political rivalry, and external interference. The immediate presence of DGP Siddh Nath Gupta and CRPF DG Gyanendra Pratap Singh at the crime scene underscores the gravity of the situation. Chandranath Rath's murder is not merely a personal tragedy but a broader political and societal security challenge. The events echo the 1970s when Naxalism emerged in West Bengal, eventually spreading across India's "Red Corridor." Rath's assassination makes it clear that politics in West Bengal is no longer limited to electoral competition or local governance. The incident lays bare the intertwined realities of political violence, international geopolitics, and social security concerns. If the current trends continue, West Bengal may evolve into a region sensitive not only to national politics but also to global strategic interests.

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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