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Correspondent

23 August 2024 at 4:29:04 pm

Swift Justice

The rape and murder of a three-and-a-half-year-old girl in Maharashtra’s Nasrapur village was one of those crimes that momentarily dissolves the distinction between legal outrage and moral revulsion. Such acts seem to defy language as much as law. The Pune Special POCSO Court deserves commendation for demonstrating that justice need not be paralysed by delay. Its decision to sentence the convicted perpetrator, Bhimrao Kamble, to death within two months of the crime was notable not merely...

Swift Justice

The rape and murder of a three-and-a-half-year-old girl in Maharashtra’s Nasrapur village was one of those crimes that momentarily dissolves the distinction between legal outrage and moral revulsion. Such acts seem to defy language as much as law. The Pune Special POCSO Court deserves commendation for demonstrating that justice need not be paralysed by delay. Its decision to sentence the convicted perpetrator, Bhimrao Kamble, to death within two months of the crime was notable not merely for the punishment imposed, but for the court’s insistence on an unbroken chain of forensic and circumstantial evidence, scrupulous adherence to due process, and a reasoned application of the “rarest of rare” doctrine. The Nasrapur case demonstrates that the criminal justice system can function with remarkable efficiency when its various arms work in concert. The court proceeded without avoidable delay while ensuring due process. Conviction came within sixty days of the crime, followed swiftly by sentencing. Such timelines should be exceptional only because every criminal trial ought to aspire to them. This matters because deterrence rarely flows from the theoretical existence of the death penalty. Criminological research across jurisdictions has struggled to establish that capital punishment, by itself, prevents violent crime. A justice system that delivers certainty is a greater deterrent than one that merely promises severity. Long delays, hostile witnesses, poor investigations and collapsing prosecutions weaken public confidence far more than the absence of harsher laws. India scarcely suffers from a shortage of stringent laws. Successive amendments to criminal legislation and the Protection of Children from Sexual Offences Act have steadily increased penalties over the past decade. The larger deficit has been institutional capacity, be it competent investigation, scientific evidence gathering, witness protection and efficient adjudication. The verdict serves as a reminder that justice ultimately depends on institutions that function, not merely on laws that promise severity. The debate over the morality or efficacy of capital punishment is unlikely to disappear. But whatever one’s position on the death sentence, few could dispute the importance of a judgment rooted in painstaking evidence rather than emotional clamour. The Nasrapur case exposed the uncomfortable truth that the convicted man had acted with a sense of impunity, emboldened by his criminal history. This points to a recurring institutional failure. Dangerous repeat offenders cannot be allowed to slip repeatedly through administrative cracks. Effective policing is not merely about solving crimes after they occur; it is equally about identifying habitual offenders, monitoring them appropriately and preventing opportunities for further violence. The true precedent of Nasrapur should be that every victim, irrespective of public attention or political pressure, receives an investigation anchored in science, a prosecution built on evidence and a trial conducted without needless delay. Justice earns public confidence not because it is swift or severe in isolation, but because it is both scrupulous and certain.

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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