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23 August 2024 at 9:59:04 pm

Edited Patriotism

Edited Patriotism In its decision to stick to the 1937 resolution and sing only the first two stanzas of Vande Mataram at party events, the Congress party has once again exposed its deep discomfort with the vocabulary of Indian nationalism. The Congress Working Committee’s reaffirmation of the 1937 position came even as the Central government moved to accord the National Song a stronger legal status. The uncomfortable question is why Congress remains so eager to preserve a concession made...

Edited Patriotism

Edited Patriotism In its decision to stick to the 1937 resolution and sing only the first two stanzas of Vande Mataram at party events, the Congress party has once again exposed its deep discomfort with the vocabulary of Indian nationalism. The Congress Working Committee’s reaffirmation of the 1937 position came even as the Central government moved to accord the National Song a stronger legal status. The uncomfortable question is why Congress remains so eager to preserve a concession made in an era when Muslim League opposition and the politics of communal appeasement exerted enormous influence over the national movement. Vande Mataram was not some obscure religious composition dragged into politics by the BJP. Bankim Chandra Chattopadhyay’s hymn is one of the great battle cries of India’s freedom struggle. Generations of freedom fighters embraced it as an expression of devotion to the motherland. Yet Congress leaders chose to dilute its public rendition after objections that references to Hindu deities could be considered objectionable or exclusionary. The present controversy has stripped away the pretence that this is merely about historical precedent. Rahul Gandhi was caught on a hot mic referring to the Congress rendition as “our version” of Vande Mataram. This is a breathtaking assumption. Vande Mataram is not Congress property, neither is it a Gandhi family possession. It is not a party anthem to be edited according to the sensitivities of its political managers. It belongs to the Indian people. What exactly does “our version” mean? Is there a Congress Mother India distinct from the India to which millions of Indians owe their allegiance? The answer lies in the Congress’s larger political ecosystem that has repeatedly treated Hindu cultural expression as something to be negotiated, diluted or apologised for, while accommodating the most regressive forms of identity politics in the name of secularism. The party, throughout its political history, has practiced appeasement dressed up as pluralism. The result has been a grotesque asymmetry where Hindu civilisational symbols were expected to become less Hindu so that nobody else would be offended, while Congress politicians cultivated constituencies through precisely the kind of communal calculations they publicly claimed to oppose. The Vande Mataram controversy is not really about whether Congress sings two stanzas or six. It is about whether the oldest national party can finally shed the political reflex that made Hindu sentiment the easiest currency of compromise. The Congress claims the legacy of the freedom struggle. It should remember that the freedom struggle was not fought to create a nation permanently apologetic about its own civilisation. India does not need Congress’s permission to love its motherland. And Vande Mataram certainly does not need Congress’s edited approval.

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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