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Correspondent

23 August 2024 at 4:29:04 pm

Nordic Narcissism

There is something uniquely comical about a tiny, insulated European Scandinavian country like Norway lecturing a rich civilisation like India on morality. The latest specimen comes from Helle Lyng, a purported journalist from an obscure Oslo-based daily Dagsavisen, who interrupted a tightly choreographed bilateral media interaction during Narendra Modi’s visit to Norway to shout about India’s allegedly dismal human rights record and low press freedom index. It was crude theatre masquerading...

Nordic Narcissism

There is something uniquely comical about a tiny, insulated European Scandinavian country like Norway lecturing a rich civilisation like India on morality. The latest specimen comes from Helle Lyng, a purported journalist from an obscure Oslo-based daily Dagsavisen, who interrupted a tightly choreographed bilateral media interaction during Narendra Modi’s visit to Norway to shout about India’s allegedly dismal human rights record and low press freedom index. It was crude theatre masquerading as journalism. The Indian and Norwegian Prime Ministers were not scheduled to take questions to begin with. Yet Lyng behaved less like a reporter seeking answers than an activist seeking virality. Within hours, India’s Opposition ecosystem and professional Modi-baiters within Indian media elevated Lyng into a democratic Joan of Arc. Her social-media footprint, dormant for months, burst into life. Whether coordinated or merely opportunistic, the spectacle had all the subtlety of a pre-packaged outrage campaign. Then, Aftenposten, Norway’s largest broadsheet, went one better with a crude illustration straight from the attic of colonial caricature when it rendered Modi as a snake charmer beneath the sneering caption, “A sneaky and slightly annoying man.” This is no satire but a stale racial cliché embalmed in Scandinavian self-righteousness. The affair revealed not just the shallowness of a section of Norwegian journalism, but also the extraordinary moral vanity of modern northern Europe. Norway is a country of 5.6 million people whose most enduring contribution to the political lexicon remains the surname of Vidkun Quisling, the traitor whose collaboration with Adolf Hitler during the Nazi occupation of Norway was so notorious that “quisling” entered the English language as shorthand for traitor and collaborator. Yet, contemporary Norway today floats about the world dispensing ethical report cards to postcolonial democracies infinitely more diverse and politically complicated than anything it has ever governed. Norway’s moral vanity would be easier to tolerate if its own recent history were not stained by horrors of its own. In 2011, right-wing racist Anders Behring Breivik murdered 77 people in one of Europe’s worst modern massacres. Norway, like every Western society, has grappled with extremism, racism and democratic tensions. Yet somehow these complexities never seem to invalidate its standing in the fashionable “freedom indices” endlessly weaponised against countries such as India. India, a deafeningly argumentative democracy of 1.4 billion people with thousands of newspapers, television channels and digital platforms attacking the government daily, is routinely portrayed as ‘authoritarian’ by opaque Western metrics. But countries inflicting chronic violence against journalists somehow fare better. This bizarre methodology reflects a closed loop of Western NGOs, advocacy networks and self-certifying liberal institutions validating one another’s prejudices. The real story was not Norway’s predictable condescension, but the speed with which sections of India’s own elite genuflected before it. The Scandinavian sneer found eager amplification from India’s own salon of professional Modi-baiters, whose instinctive reflex is to applaud any foreign sneer at India so long as it embarrasses the man they loathe.

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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