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Correspondent

23 August 2024 at 4:29:04 pm

Missionary Masks

TU.S. Secretary of State Marco Rubio’s maiden visit to India with a symbolic pilgrimage to Missionaries of Charity in Kolkata has sent out a message whose meaning it impossible to miss. The painfully familiar script is that India is a land of eternally suffering souls awaiting Western salvation. Rubio’s visit to the order founded by Mother Teresa comes amid sustained American pressure over the Indian government’s refusal to renew the organisation’s FCRA licence since 2021. The timing is not...

Missionary Masks

TU.S. Secretary of State Marco Rubio’s maiden visit to India with a symbolic pilgrimage to Missionaries of Charity in Kolkata has sent out a message whose meaning it impossible to miss. The painfully familiar script is that India is a land of eternally suffering souls awaiting Western salvation. Rubio’s visit to the order founded by Mother Teresa comes amid sustained American pressure over the Indian government’s refusal to renew the organisation’s FCRA licence since 2021. The timing is not accidental; nor is the sudden concern from American lawmakers like Chris Smith, who now sermonise about “religious freedom” and “minority persecution” while demanding India loosen scrutiny over foreign-funded missionary organisations. India should reject this pressure outright. For decades, the Missionaries of Charity operated under a near-sacred halo carefully constructed by Western media and liberal institutions. Mother Teresa was transformed into a brand whose emotionally packaged images of wrinkled compassion amid Calcutta’s misery beamed into Western homes as proof of Christian moral superiority. Beneath the carefully cultivated mythology lay disturbing questions that were either ignored or aggressively suppressed. As the late journalist and polemicist Christopher Hitchens argued in ‘Hell’s Angel,’ Teresa’s empire was built not on solving poverty but on preserving it as spectacle. Hundreds of millions of dollars flowed into her organisation from across the globe. Yet Kolkata saw no transformation through world-class hospitals, research centres or modern public health institutions built with this money. Critics and former volunteers have repeatedly described the overcrowded facilities with poor sanitation, reused needles, inadequate medical care and even denial of pain relief. Teresa openly proclaimed that pain brought the poor closer to Christ. Naturally, this philosophy was only reserved for the destitute. When Teresa herself fell ill, she sought treatment in advanced private hospitals abroad. The contradictions did not end there. Teresa accepted honours and money from some of the world’s most unsavoury figures, including Haiti’s brutal Duvalier dictatorship. She defended fraudster Charles Keating even after prosecutors explained that his donations came from money stolen from ordinary citizens. What Rubio’s visit exposes is the deeper fraud of the global missionary industry in India. The issue is not individual Christians or genuine acts of charity. The real problem is the cynical merger of humanitarian work with religious conversion and foreign ideological influence. Schools, orphanages and charities become instruments of cultural penetration and poverty becomes an opportunity for proselytization. Vulnerable communities are taught to regard their ancestral traditions as backward relics in need of spiritual replacement. This is precisely why India’s FCRA regulations matter. No sovereign nation can allow unlimited foreign funding into opaque religious networks operating with ideological agendas. The hysteria from American politicians only confirms how deeply invested Western evangelical and church-linked ecosystems remain in India’s internal religious landscape. America lectures India on pluralism while aggressively lobbying on behalf of missionary organisations accused of financial opacity and regulatory violations. India is expected to tolerate foreign-funded religious activism indefinitely because questioning it risks offending Western ‘liberal’ sentimentality. Rubio’s Kolkata stop is a crude reminder that sections of the Western political establishment still view India through an old colonial lens - a land to be morally supervised and spiritually corrected. That door should be firmly shut.

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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