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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Old stone Shivalinga unearthed in Trimbakeshwar

Mumbai: The Archaeological Survey of India is going places, literally. Barely a week after unearthing rare copper plates linked to two powerful ancient dynasties, the ASI struck ‘history’ again - this time at the famed Trimbakeshwar Temple in Nashik district, officials said. In a stunning discovery during an ongoing conservation drive, ASI archaeologists found an old stone Shivalinga resting in the silent depths of the temple’s historic Amrit Kund, a massive water reservoir where it...

Old stone Shivalinga unearthed in Trimbakeshwar

Mumbai: The Archaeological Survey of India is going places, literally. Barely a week after unearthing rare copper plates linked to two powerful ancient dynasties, the ASI struck ‘history’ again - this time at the famed Trimbakeshwar Temple in Nashik district, officials said. In a stunning discovery during an ongoing conservation drive, ASI archaeologists found an old stone Shivalinga resting in the silent depths of the temple’s historic Amrit Kund, a massive water reservoir where it remained submerged beneath years of silt, mud and stagnant water. The Shivlinga emerged into view only after the ASI team drained the lakhs of litres of water and undertook an extensive desilting operation in the Amrit Kund. Resting silently at the bottom of the nearly 20-metre-deep reservoir, the ancient relic left conservation experts plus archaeologists astonished and the locals excited. Since it was lying at the bottom of the 65-feet (20-metre) deep Amrit Kund, it is not immediately clear if the Shivalinga will be extricated from there and relocated to a new terrestrial site, or make its way to some other location or a museum. The water tank will be again filled up to the brim as the current monsoon gets underway. It was constructed by Peshwa Balaji Bajirao-III, revered as Nana Saheb, between 1755-1786 AD along with the reconstruction of the main Trimbakeshwar Jyotirlinga Temple that was destroyed by the Mughal army between 1680-1690 AD. The discovery marks the second major archaeological breakthrough by the ASI in a week. Last week, the ASI had announced the recovery of two rare copper plates belonging to the Chalukyas of Navasarika (655–750 AD) and the Traikutaka dynasty (388–495 AD), from the World Heritage site of Elephanta Island off Mumbai, shedding fresh light on western India’s ancient political and cultural history. ASI to revamp Red Fort The ASI this week announced that it will carry out major restoration drives at 140 of Delhi’s 170 protected historical monuments, including the historic Red Fort from where the Prime Minister addresses the nation on Independence Day (Aug. 15) every year. The other sites are: Humayun’s Tomb, Purana Qila, Begumpur Mosque, Kotla Maqbara, City Wall and Hauz Khas complex. The works will comprise big and small repairs and conservation at all these monuments over the next few years.

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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