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By:

Abhijit Mulye

21 August 2024 at 4:59:11 pm

Fadnavis reins in Sena’s Marathi push

AI generated image Mumbai: The ruling Mahayuti coalition in Maharashtra is witnessing a delicate political balancing act, with Chief Minister Devendra Fadnavis increasingly overriding key decisions of alliance partners, particularly the Shiv Sena, while simultaneously attempting to placate them on other fronts. The tension within the alliance came to the fore on Thursday when Fadnavis stepped in to dilute a controversial mandate enforced by Shiv Sena Transport Minister Pratap Sarnaik, which...

Fadnavis reins in Sena’s Marathi push

AI generated image Mumbai: The ruling Mahayuti coalition in Maharashtra is witnessing a delicate political balancing act, with Chief Minister Devendra Fadnavis increasingly overriding key decisions of alliance partners, particularly the Shiv Sena, while simultaneously attempting to placate them on other fronts. The tension within the alliance came to the fore on Thursday when Fadnavis stepped in to dilute a controversial mandate enforced by Shiv Sena Transport Minister Pratap Sarnaik, which required auto-rickshaw and taxi drivers in Mumbai to possess basic Marathi language proficiency. The Transport Department’s enforcement drive, which threatened non-Marathi-speaking drivers with suspension or cancellation of their licences, sparked outrage among North Indian drivers who form a sizeable section of the public transport workforce in the Mumbai Metropolitan Region (MMR). Protests brought parts of Mumbai, including Kandivali and Malad, to a standstill. Recognising the potential electoral fallout, Fadnavis intervened, saying drivers need not be “experts” in Marathi. He also extended the grace period for drivers to acquire a working knowledge of the language to one year, effectively diluting Sarnaik’s hardline stance. Fadnavis announced the decision after a delegation of transport operators met him. The episode highlights the conflicting political compulsions of the Mahayuti partners. Eknath Shinde’s Shiv Sena is keen to pursue a pro-Marathi, “sons of the soil” agenda to consolidate its traditional voter base and counter the rival Shiv Sena (UBT) faction led by Uddhav Thackeray. The BJP, however, relies heavily on North Indian and migrant voters in the MMR, particularly as crucial civic and state elections approach. Any aggressive regional policy that alienates this constituency could have electoral consequences for the party. The Marathi language issue is not an isolated instance of Fadnavis stepping in to override decisions associated with the Shiv Sena. It fits into a broader pattern of the chief minister’s administration reviewing or reversing several initiatives of the previous government headed by Shinde. In April 2026, the BJP-led Environment Department, headed by Minister Pankaja Munde, scrapped 14 lake conservation projects, 11 of which had been cleared during Shinde’s tenure, and ordered recovery of more than Rs 73 crore. The Fadnavis government has also modified several initiatives introduced by the previous regime. In January 2025, it altered Shinde’s three-course school meal plan, placing the responsibility on local school management committees to raise funds for sweet dishes. In April 2025, the government scrapped the ‘One State, One Uniform’ policy for schools. A Rs 3,200-crore tender for mechanised housekeeping services at government hospitals, issued under the Shinde government, was also stayed. Yet, Fadnavis remains conscious of the need to preserve the fragile alliance. To manage growing resentment within the Sena, he has adopted what can be described as a ‘blow hot, blow cold’ approach — overriding decisions when they clash with the BJP’s broader political interests while offering political concessions on other fronts. One such move was the recent appointment of Shiv Sena leader Bharat Gogawale as Guardian Minister of the politically important Raigad district, ending a 19-month-long tussle over the post. At the same time, the Mahayuti government recently reduced the powers exercised by Guardian Ministers over District Planning Committee (DPC) funds, directing that 70 per cent of the funds be allocated directly to local MLAs. The move is aimed at reducing the concentration of financial powers with individual ministers. As the Mahayuti navigates these competing interests, Fadnavis has also instructed alliance partners to resolve disputes internally and avoid public sparring. However, the latest confrontation over the Marathi language requirement underscores the limits of that arrangement. While Fadnavis continues to use his authority to protect the BJP’s broader electoral interests, the Shiv Sena remains under pressure to assert its regional identity and distinguish itself from the Thackeray faction. With elections approaching, balancing these competing political priorities is likely to remain one of the biggest challenges for the Mahayuti government.

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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