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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Resorts, Rallies, and Rebellion

Inside Mahayuti’s high-stakes firefighting for legislative council polls Mumbai: The public posture of ruling Mahayuti alliance radiates supreme confidence. Leaders from the BJP, Shiv Sena led by Eknath Shinde, and NCP led by Sunetra Pawar are predicting a clean sweep. Voting is scheduled for Thursday. Yet, beneath this calm exterior lies intense backstage panic. None of the alliance constituents are leaving any loose ends. No leader wants to take any risks, as everybody is trying to ensure...

Resorts, Rallies, and Rebellion

Inside Mahayuti’s high-stakes firefighting for legislative council polls Mumbai: The public posture of ruling Mahayuti alliance radiates supreme confidence. Leaders from the BJP, Shiv Sena led by Eknath Shinde, and NCP led by Sunetra Pawar are predicting a clean sweep. Voting is scheduled for Thursday. Yet, beneath this calm exterior lies intense backstage panic. None of the alliance constituents are leaving any loose ends. No leader wants to take any risks, as everybody is trying to ensure their real value is recognized and past political scores are waiting to be settled. This volatile environment has triggered widespread fears of cross-voting. It has given a massive boost to resort politics across the state. The upcoming contest spans 17 local self-government constituencies. The unique composition of this electorate makes the election highly unpredictable. The voters are not regular citizens. They are elected corporators, municipal councillors, and Zilla Parishad members. This setup makes the election hyper-localized. It offers a perfect shadow arena for local politicians to exercise leverage. Consequently, ruling alliance leaders are taking extraordinary measures to protect their flocks. Every single vote is being heavily guarded. Poaching Game Political parties have quickly locked down their voters to prevent poaching. Sources reveal that local body members from Sangli, Nanded, and Nagpur are already gone. They have been taken on special tours to Goa under tight supervision. Meanwhile, corporators from Nashik have been moved elsewhere. They are currently staying at a secluded luxury resort near Bhiwandi. These defensive tactics show how deeply the party bosses distrust their own members. Political managers are monitoring every voter’s movement around the clock. The ground reality across key cities highlights this deep regional friction. In Nagpur, the stakes are incredibly high. This by-election became necessary after state BJP chief Chandrashekhar Bawankule vacated the seat. He did so after winning his election to the state assembly. The BJP cannot afford a defeat in its primary ideological stronghold. Similarly, the Wardha-Chandrapur-Gadchiroli constituency presents a tough challenge. The BJP has fielded Arun Lakhani for this crucial seat. However, managing the intricate web of local body representatives in Chandrapur is testing the party machinery. Shifting Loyalties Other regions show similar vulnerability. In seats like Jalgaon, Nanded, and Sangli, traditional political loyalties are shifting. Compounding these internal threats is the BJP’s aggressive campaign strategy. The party chose to treat this council election as an opportunity. They wanted to expand their standalone organisational footprint across the state. Instead of relying on traditional top-down bulk voting through alliance bosses, the BJP targeted the electorate directly. The party organised an array of localised rallies, town hall meetings, and gatherings of the electorate. Some of these events registered an excellent response. However, this unilateral approach deeply irritated their alliance partners and many of these events saw dismal attendance by BJP’s alliance partners. Apart from this general apathy, the real challenge was that of open rebellion within the ruling alliance’s internal ranks. Disgruntled local leaders, disappointed ticket seekers, and ignored district presidents had expressed loud resentment. Even sitting MLAs and MLCs have signaled their displeasure over candidate choices. State BJP leaders had to spend considerable energy for the firefighting and ensuring that rebellion is contained. Yet many leaders are still unhappy with current regional power equations. Frantic Firefighting Fearing massive internal sabotage, the BJP top brass has launched a frantic firefighting operation. Senior leaders have been entrusted with strict responsibilities to oversee specific seats. They are managing all local arrangements personally. Top party managers are literally crisscrossing the state using helicopters and chartered flights. They are conducting last-minute pacification drives in every sensitive district. These leaders are holding urgent, closed-door meetings to placate angry regional chieftains. They are working hard to neutralize rebel factions. No disgruntled leader is being left unattended before Thursday morning. Promises of future political rewards are being distributed generously. Leaders are promising state-run board appointments and fresh development funds to buy peace. The frantic resort lockdowns and endless late-night negotiations reveal the true story of this election. The Mahayuti may still win a majority of these 17 seats through sheer resource dominance. However, the visible fractures in cities like Nashik, Sangli, Chandrapur, and Jalgaon reveal a fragile coalition. This council election has ceased to be a routine legislative exercise. It has mutated into a brutal internal audit of the ruling alliance’s unity. The final results will offer a definitive look at who holds the real power.

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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