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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Plea in HC for fresh polls, new body

Dr. Rumi F. Beramji Mumbai : A senior medical practitioner has knocked on the doors of the Bombay High Court, alleging serious irregularities in the functioning of the Maharashtra Council of Acupuncture (MCA) and challenging the continuation of its current Administrator.   In a petition filed through Advocate Sharad V. Natu, Dr. Laxman Bhimrao Sawant has termed the appointment and prolonged tenure of former MCA Chairman as “illegal and arbitrary,”  and detrimental to the cause of Acupuncture....

Plea in HC for fresh polls, new body

Dr. Rumi F. Beramji Mumbai : A senior medical practitioner has knocked on the doors of the Bombay High Court, alleging serious irregularities in the functioning of the Maharashtra Council of Acupuncture (MCA) and challenging the continuation of its current Administrator.   In a petition filed through Advocate Sharad V. Natu, Dr. Laxman Bhimrao Sawant has termed the appointment and prolonged tenure of former MCA Chairman as “illegal and arbitrary,”  and detrimental to the cause of Acupuncture.   Dr. Beramji, who headed the five-member statutory body 's inaugural term (from May 2018 to May 2023), was subsequently appointed as its Administrator after the council’s term expired.   According to Dr. Sawant’s plea, the Administrator’s appointment was initially meant to be a stop-gap arrangement for one year, and it was ‘extended’ later. However, nearly three years later, the position continues without fresh elections being conducted, raising questions over adherence to statutory norms and principles of governance.   Dr. Sawant has further contended that while Dr. Beramji was installed as Administrator, the remaining members of the council were effectively superseded, leaving the regulatory body without its mandated collective structure, and over 6500-members directionless.   The petition claims that the delay in conducting elections was justified on the grounds of an incomplete voter list, but this reason was flimsy considering the extended time lapse.   The petition, likely to come up for hearing on Tuesday (April 21), also levelled serious allegations regarding the manner in which the MCA has been run under the Administrator. It claims decisions have been taken unilaterally, whimsically and without transparency or institutional accountability.   Besides, Dr. Sawant has made allegations of selective targeting of certain members who have attempted to raise valid issues, including the globally-renowned noted acupuncture expert Dr. P. B. Lohiya of Chhatrapati Sambhajinagar.   Adding to the controversy, a former MCA office-bearer has claimed that over the past three years, approvals were granted to more than a dozen acupuncture colleges in undue haste, purportedly in violation of prescribed norms and alleged shady deals.   These institutions, it is claimed, either exist only on paper or lack essential infrastructure, faculty, and facilities. In addition, around two dozen Continuous Acupuncture Education (CAE) centres were also cleared during this period.   In his multiple prayers to the high court, Dr. Sawant has sought quashing Dr. Beramji’s appointment as MCA Administrator and setting aside all policy decisions taken during his tenure in that capacity in the last three years.   The petition also urged the court to direct the state government to conduct elections to elect and reconstitute a new five-member MCA within two months.   Pending this, the plea seeks an order restraining the Administrator from continuing in office or interfering in the functioning of the MCA or the CAEs in the interest of free and fair elections or the cause of Acupuncture.   Sources within the MCA have described the situation as “deeply concerning,” alleging that individuals of international standing, such as Dr. Lohiya - who has treated prominent personalities like Sachin Tendulkar, the late Manoj Kumar, state and central ministers and other public figures - are being unfairly hounded.   The petition has called for a comprehensive review of all decisions taken during the Administrator’s tenure, a financial audit of the MCA’s financial affairs, and an independent probe by the Medical Education & Drugs Department (MEDD) into the approvals granted to the institutions in recent years.   Despite repeated attempts by  ‘ The Perfect Voice’ , top MCA officials like the Administrator or the Registrar Narayan Nawale, were not available for their comments.

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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