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By:

Quaid Najmi

4 January 2025 at 8:56:24 pm

Raj snarls at Mumbai traffic chaos

Mumbai: Coming down heavily on Mumbai’s traffic woes, Maharashtra Navnirman Sena (MNS) President Raj Thackeray said India may boast of a 7.8 pc GDP growth, but what use is a booming economy if citizens struggle to even walk safely on the roads, here on Monday. In scathing inaugural address of the MNS Vahatuk Sena conference in Navi Mumbai, Raj took in a bird’ eye-view and took potshots at the city, state and Centre on urban traffic problems, vanishing footpaths, incessant number of vehicles...

Raj snarls at Mumbai traffic chaos

Mumbai: Coming down heavily on Mumbai’s traffic woes, Maharashtra Navnirman Sena (MNS) President Raj Thackeray said India may boast of a 7.8 pc GDP growth, but what use is a booming economy if citizens struggle to even walk safely on the roads, here on Monday. In scathing inaugural address of the MNS Vahatuk Sena conference in Navi Mumbai, Raj took in a bird’ eye-view and took potshots at the city, state and Centre on urban traffic problems, vanishing footpaths, incessant number of vehicles spilling onto the already clogged roads, lack of civic or traffic disciplines and unplanned development activities in cities. “Norms stipulate that road should account for 15pc of a city’s total area. But, for example, in Pune, roads comprise barely 7pc of the landscape,” Raj pointed out, slamming the local and state governments for doling out FSI indiscriminately and permitting buildings to mushroom without matching infrastructure. “We have development plans that cater to builders’ interests, but there is no town planning… This is why we are suffering… Should be lick the GDP growth?” he asked sarcastically. Raj claimed that we are busy building bridges and flyovers in the name of development but without adequately assessing the actual requirements, roads are built to last only two years after which they need repairs, natural lakes are being filled up and replaced with skyscrapers, damaging the cityscape, and leading to water shortages. Dwelling on traffic discipline and the government’s apparent inability to enforce it, the MNS chief point out how trucks and tempos routinely ply on the extreme right (fast) lane flouting rules mandating them to be on the left (slow) lanes, how vehicles are randomly parked at street corners obstructing traffic and posing accident hazards, and how intrepid two-wheeler riders believe “that traffic signals are meant for four-wheelers alone”. “When there are traffic signals everywhere, there are also traffic cops… What is the need for this? Why can’t we learn from developed countries where everybody scrupulously adheres to road discipline... I have instructed all my drivers including the police escort vehicles to stick to traffic discipline, come what may,” Raj declared. He shuddered at the mere thought that if Mumbai’s local train networks ever collapsed – there have been many instances in the past – lakhs of commuters would be forced to take out their own vehicles and the city could be completely paralysed. “I have already written to the CM, Deputy CMs and the BMC authorities on the need to curb illegal parking on roads/pavements, demarcate parking zones with red-blue or yellow-black stripes, and make the people aware of it. But nothing has been done on this,” he rued. “Citizens fail to follow traffic rules, the government fails to enforce them, new vehicles are coming onto the roads daily but when there are traffic jams, fingers are pointed at the traffic police,” said Raj. Give me power Ending on a stark political track, Thackeray said creating an orderly civic structure was hardly “rocket science”. “I am eagerly waiting to see the day when the people of Maharashtra will hand over the reins of power to me. I will bring in true order to the state. Enforcing discipline is not a rocket science, it just requires political will,” Raj concluded in a dare.

Lateral upgrade to ailing annihilation

Writer: Mangesh Kulkarni
Mangesh Kulkarni
Sep 9, 2024
3 min read

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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