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By:

C.S. Krishnamurthy

21 June 2025 at 7:45:51 pm

A Spade Has No Party

There is something reassuring about a spade. It does not ask who is holding it before doing its job. It digs where it is told to dig. A hole made by a government worker is no different from one made by an opposition worker. The earth, fortunately, has no political affiliation. That simple image offers a useful way of looking at the Cockroach Janata Party, or CJP, a youth-led movement that has emerged around concerns over education, employment and accountability. Its significance may...

A Spade Has No Party

There is something reassuring about a spade. It does not ask who is holding it before doing its job. It digs where it is told to dig. A hole made by a government worker is no different from one made by an opposition worker. The earth, fortunately, has no political affiliation. That simple image offers a useful way of looking at the Cockroach Janata Party, or CJP, a youth-led movement that has emerged around concerns over education, employment and accountability. Its significance may ultimately lie less in whether it becomes a political force and more in what its emergence says about the changing relationship between young citizens and traditional politics. The CJP story reportedly began almost as a joke. But jokes sometimes possess an inconvenient habit of revealing truths that solemn speeches avoid. What began as satire attracted digital attention and developed into youth mobilisation. Beneath the humour lies something more serious: a generation that may not want another political flag, but wants existing flags to pay attention. A New Language Established political parties appear increasingly uncertain about how to speak to Gen Z. The problem may not be a lack of communication, but its direction. Traditional politics has often spent too much time speaking at the young and too little time speaking with them. Gen Z’s concerns are hardly confined to the digital world. Education, employment, security, dignity and accountability remain real-life concerns. Social media may provide the vocabulary, but the grievances are not virtual. Digital platforms have simply provided a meeting ground where concerns that conventional political structures may have failed to accommodate can find expression. This does not automatically make CJP a political party, nor does every participant necessarily subscribe to a common ideology. Its significance may instead lie in its ability to provide a forum for a generation-based articulation of concerns. We use the word “political” rather carelessly. Anything involving public affairs, government or collective decision-making is political in the broadest sense. But political does not necessarily mean partisan. A citizen demanding better examinations, employment opportunities or accountability from a minister is participating in democracy. He need not be preparing an election manifesto. This is where CJP becomes interesting. Its real test is whether it can remain an independent voice without eventually becoming another conventional political formation. Imagine a movement saying: we will criticise the government when it is wrong, the opposition when it is wrong, and ourselves when we are wrong. That would be an unusual political creature. It would also be a useful one. The real test of non-partisanship is not what a movement says about neutrality. It is whether it applies the same yardstick to everyone. If a government mishandles education, question it. If another government does the same, question it again. If a political party demands accountability in opposition but forgets the principle in power, call that out too. A spade should remain a spade even when somebody paints it in party colours. The Cricket Test The temptation to choose sides is understandable. Political discourse increasingly resembles cricket played by spectators who have forgotten that the scoreboard exists. A batsman from our team can edge the ball and we call it bad luck. The same edge by the other team becomes evidence of cheating. The problem is not cricket. It is our loyalty to the shirt. Democracy suffers from the same habit. We become so invested in who said something that we forget to ask whether it is true. An independent political voice must therefore be prepared to disappoint its own supporters. That is easier said than done. Digital technology has made mobilisation remarkably easy. But digital reach is not democratic depth. Followers are not necessarily volunteers, and viral outrage is not sustained civic engagement. The CJP’s challenge, therefore, is to convert attention into participation and measurable accountability. Every movement born outside established politics eventually encounters the gravitational pull of politics. Remaining independent is considerably harder in practice than in principle. CJP’s credibility will depend upon whether it can resist becoming what it criticises. Yet there is another, more interesting measure of success. If, a year from now, political parties begin placing education, employment and youth concerns more prominently at the centre of their agendas because they fear ignoring younger citizens, the CJP may have achieved its purpose without becoming a conventional party. Perhaps that is the deeper relevance of CJP that it may remind political forces that citizens are not permanent spectators in the democratic arena. (The writer is a retired banker and author. He can be reached at krs1957@hotmail.com. Views personal.)

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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