top of page

By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

High-stakes chess beneath the surface

BJP Candidates coming out after filing their nomination for the upcoming Legislative Council Polls from Vidhan Bhavan in Mumbai on Thursday. Pic: Bhushan Koyande Mumbai: Typically, when a ruling coalition enjoys a formidable and comfortable majority, elections to the Rajya Sabha and the State Legislative Council are quiet, predictable affairs. They are often viewed as mere formalities, rarely capturing the public imagination or dominating front-page headlines. Historically, these indirect...

High-stakes chess beneath the surface

BJP Candidates coming out after filing their nomination for the upcoming Legislative Council Polls from Vidhan Bhavan in Mumbai on Thursday. Pic: Bhushan Koyande Mumbai: Typically, when a ruling coalition enjoys a formidable and comfortable majority, elections to the Rajya Sabha and the State Legislative Council are quiet, predictable affairs. They are often viewed as mere formalities, rarely capturing the public imagination or dominating front-page headlines. Historically, these indirect elections only become newsworthy under specific conditions: either the ruling coalition is plagued by internal fissures, or the opposition is too fragmented to put up a united front. In Maharashtra, however, the political landscape remains highly volatile. Recently, the Rajya Sabha elections became the center of intense media scrutiny, and over the past week, the Legislative Council polls followed suit. Although all ten candidates—nine from the ruling alliance and one from the opposition Maha Vikas Aghadi (MVA)—are now set to be elected unopposed, the intricate backroom maneuvers that led to this truce kept the state’s political circles buzzing. Interestingly, the reason for this heightened news value can be traced to both a subtle tug-of-war within the ruling combine and a visibly weakened opposition. Shifting Strategy The maneuvering within the opposition ranks has been particularly telling. A major focal point of the election buildup was the anticipated candidacy of Shiv Sena (UBT) Chief Uddhav Thackeray. After generating considerable hype and speculation about a potential return to the legislature, Thackeray ultimately chose to withdraw from the electoral fray. This sudden pullback forced a rapid recalibration within the MVA. Initially, the Congress party had adopted an aggressive posture, declaring its intention to field a candidate if Thackeray decided against contesting. However, following closed-door deliberations with Shiv Sena (UBT) leadership, the Congress quietly backed down. Why the state Congress leadership so readily acquiesced to this sudden change in strategy, sacrificing a potential seat, remains a mystery and a subject of intense debate among political observers. On the other side of the aisle, the ruling Mahayuti coalition maximized this electoral opportunity to consolidate its political base, reward loyalists, and balance complex regional equations. The Nationalist Congress Party (NCP) strategically paved the way for the political rehabilitation of former Congress legislator Zishan Siddique by nominating him to the Legislative Council. This calculated move introduces a prominent new Muslim face for the party, likely intended to fill the leadership vacuum in Mumbai left by veteran leader Nawab Malik. Meanwhile, Chief Minister Eknath Shinde used his nominations to send a definitive message about the premium he places on loyalty. By securing another term for Dr. Neelam Gorhe, Shinde demonstrated that those who stood by his faction would be adequately rewarded. Furthermore, by bringing Vidarbha strongman Bachchu Kadu into the fold, Shinde has attempted to anchor his party’s future and expand its footprint in a region predominantly controlled by his senior alliance partner, the BJP. The Bharatiya Janata Party, playing its characteristic long game, meticulously ensured that its list of six candidates struck the perfect organizational, social, and political balance. Battle for LOP Despite these broader alliance strategies, the most consequential nomination in this electoral cycle is arguably that of Ambadas Danve. Barely six months after completing his tenure in the Upper House and stepping down from the prestigious post of Leader of the Opposition in the Legislative Council, Danve has been nominated once again by the Shiv Sena (UBT). With his return to the house, there is a strong possibility that he will reclaim his former post. This specific development highlights a much deeper crisis within the Congress. Following Danve’s brief retirement, the Congress had naturally emerged as the largest opposition party in the Upper House. This mathematical advantage theoretically paved the way for their Kolhapur strongman, Satej “Banti” Patil, to lay claim to the Leader of the Opposition’s chair. However, the sudden defection of Congress MLC Pradnya Satav, who switched loyalties to the BJP, severely dented the party’s numbers. Her departure brought the Congress’s strength in the house just below that of the Shiv Sena (UBT). Stripped of its numerical superiority overnight, the Congress was relegated to being a mute spectator, unable to assert its rightful claim. Internal Dissent This series of tactical defeats has triggered palpable frustration within the Congress’s state unit. One senior Congress leader, speaking on the condition of anonymity, expressed deep disappointment with the state leadership’s inability to protect the party’s interests. “Everyone has personal political ambitions, but leaders must learn the ways to collectively move ahead and strategize,” the leader remarked, attributing the party’s current stagnation in Maharashtra to this lack of cohesive vision. In short, these Legislative Council elections have delivered one message loud and clear: even when everything appears calm and stable on the surface, the relentless machinery of politics continues to churn behind the scenes. No political player in Maharashtra can afford to rest assured or sit idle under the illusion that there are no major state elections until 2029.

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.

Comments

bottom of page