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Correspondent

23 August 2024 at 4:29:04 pm

Crossing Lines

A protest for a genuine cause or problem earns public sympathy by appealing to the nation’s conscience. It begins to lose it the moment its members indiscriminately start abusing the nation’s institutions. That is where the CJP agitation now stands. It has outlived its purpose. The movement began with a legitimate grievance against the NEET paper leak and demanded some systemic education reforms. Millions of students deserve an examination system that is transparent, secure and immune to...

Crossing Lines

A protest for a genuine cause or problem earns public sympathy by appealing to the nation’s conscience. It begins to lose it the moment its members indiscriminately start abusing the nation’s institutions. That is where the CJP agitation now stands. It has outlived its purpose. The movement began with a legitimate grievance against the NEET paper leak and demanded some systemic education reforms. Millions of students deserve an examination system that is transparent, secure and immune to manipulation. The government has acknowledged that imperative. Activists Sonam Wangchuk has ended his fast after receiving assurances that the Centre is prepared to engage. The issue has dominated headlines for weeks. But success in a democracy is not merely forcing the government to listen, it is also knowing when to stop shouting. The CJP agitation has disturbingly drifted into something altogether different. What started as a student movement has resembled a full-blown political mobilisation with students as its public face. For nearly three weeks the protests remained largely peaceful. The escalation coincided with Parliament’s session and the arrival of political parties eager to turn a campus issue into a national confrontation. Equally disturbing was the descent in public discourse. Protesters were heard using obscene and deeply offensive abuse against Prime Minister Narendra Modi. In any democracy, citizens are free to criticise their elected leaders in the strongest political terms. But vulgar personal abuse is not dissent. The inevitable question now is whether this remains a movement of students or one increasingly directed by professional agitators and political interests. How many of those leading confrontations are candidates anxious about competitive examinations? How many are seasoned protesters who migrate from one agitation to another, regardless of the issue? Those are legitimate questions that deserve answers. The law must distinguish carefully between peaceful dissent and criminal violence. Students marching peacefully deserve protection. Those who assaulted police personnel, vandalised public property or incited violence deserve prosecution. Organisers who encouraged lawlessness should face accountability irrespective of their political affiliations. Governments, too, have obligations. They must deliver credible examination reforms, prosecute those responsible for paper leaks and restore confidence in institutions that determine the futures of millions of young Indians. But the protesters have an obligation as well. A movement that has secured national attention, compelled governmental engagement and placed its concerns firmly on the public agenda has achieved its strategic objective. Persisting with confrontation serves diminishing public interest and growing political opportunism. Every successful protest reaches a moment when continuing becomes counterproductive. The CJP agitation has reached that moment. It should end before history remembers it not for the students who began it, but for the disorder that consumed it.

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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