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Correspondent

23 August 2024 at 4:29:04 pm

Broken Faith

For generations, the Ram Janmabhoomi movement was about far more than bricks and mortar. It was sustained by faith, sacrifice and an unwavering belief among millions of devotees that one day a grand temple would rise at what they regarded as the birthplace of Lord Ram. After decades of political battles, social upheaval and legal contestation, that dream finally became reality. For countless Hindus, it marked the fulfilment of a civilisational aspiration. This is precisely why the allegations...

Broken Faith

For generations, the Ram Janmabhoomi movement was about far more than bricks and mortar. It was sustained by faith, sacrifice and an unwavering belief among millions of devotees that one day a grand temple would rise at what they regarded as the birthplace of Lord Ram. After decades of political battles, social upheaval and legal contestation, that dream finally became reality. For countless Hindus, it marked the fulfilment of a civilisational aspiration. This is precisely why the allegations now emerging from Ayodhya are so disturbing. The Special Investigation Team constituted by the Uttar Pradesh government is probing serious irregularities in the handling of donations offered by devotees, to the tune of Rs. 7-7.5 crores missing. Investigators are examining the procedures governing donation boxes, cash counting and the movement of personnel entrusted with handling offerings made in good faith by worshippers. The details are deeply troubling. Individuals involved in counting donations are under scrutiny for sudden and unexplained financial growth. Authorities have allegedly recovered substantial sums of cash. Questions are being asked about assets accumulated by persons linked to temple operations. When a devotee places money into a donation box, it is an act of faith. The offering is made not to an institution but to the deity. Those entrusted with managing such offerings carry a responsibility far greater than that borne by ordinary administrators. They are custodians of sacred trust. The allegations that have emerged have wounded the emotional bond that millions have forged with the temple. While a scandal in a government department is unfortunate, a scandal involving a sacred institution is even more corrosive. It risks breeding cynicism where reverence should exist. The Ram Mandir is too important an institution to be shielded from scrutiny. In fact, because of its significance, it must be subjected to higher standards of transparency than almost any other public body in the country. While the temple itself remains a symbol of faith, what requires examination are the actions of those entrusted with managing a sacred institution. For years, devotees contributed money, labour and emotional energy to a cause they believed transcended politics. They did not do so to enrich temple employees or power brokers. The SIT investigation must therefore proceed without fear or favour. Every allegation must be examined. Every financial trail must be followed. Every individual, regardless of proximity to powerful figures, must be held accountable if wrongdoing is established. The Ram Mandir was built through the devotion of millions. Its sanctity cannot be compromised by the greed of a few. The greatest threat to the temple today does not come from outside its walls. It comes from the possibility that those entrusted with protecting faith may have betrayed it. And for devotees, that is the most painful betrayal of all.

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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