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By:

Akhilesh Sinha

25 June 2025 at 2:53:54 pm

Ideology, Illusion, and the Politics of Power

Leader of Opposition in the Lok Sabha Rahul Gandhi greets supporters during a roadshow ahead of the Kerala assembly polls, in Kozhikode district on Tuesday. | Pic: PTI New Delhi:  At a critical electoral juncture in Kerala, the political contest being waged in the name of ideology appears less about public welfare and more like a renewed struggle for the division of power. Kerala's electoral battle exposes contradictions between ideology and alliances, as BJP, Congress, and Left trade...

Ideology, Illusion, and the Politics of Power

Leader of Opposition in the Lok Sabha Rahul Gandhi greets supporters during a roadshow ahead of the Kerala assembly polls, in Kozhikode district on Tuesday. | Pic: PTI New Delhi:  At a critical electoral juncture in Kerala, the political contest being waged in the name of ideology appears less about public welfare and more like a renewed struggle for the division of power. Kerala's electoral battle exposes contradictions between ideology and alliances, as BJP, Congress, and Left trade accusations while prioritizing power, leaving voters questioning credibility, governance plans, and commitment to justice.   At the national level, the Congress and the Left position themselves as opponents of the Bharatiya Janata Party and Prime Minister Narendra Modi. Yet before the public, they often appear equally eager to undercut one another. In Parliament, they join hands to bring no-confidence motions and accuse the government of misusing investigative agencies. However, at the state level, this coordination is conspicuously absent. In Kerala, Congress leader Rahul Gandhi has alleged a nexus between the CPI(M) and the SDPI, even hinting at tacit understandings between the BJP and the Left. Meanwhile, LDF Chief Minister Pinarayi Vijayan has dismissed these claims as "entirely baseless."   This persistent friction reinforces the impression that ideology has become largely symbolic, while the real contest revolves around consolidating vote banks and securing seats. The Left, invoking the language of "pragmatic alliances," signals readiness to align with the Congress at the national level. Yet in Kerala, it faces accusations of straying from its foundational principles, even as it projects itself as the principal alternative to the BJP.   Conspiracy factor Congress leader Rahul Gandhi has repeatedly asserted in his campaign rallies that this election is a contest between two ideologies-the Left and the UDF. Yet, he claims, for the first time there is an "unprecedented partnership" emerging between the Left and the BJP. He alleges that the CPI(M) can be easily controlled by the BJP, whereas the Congress-led UDF would not play into its hands. Such assertions risk creating the impression that ideological confrontation has now given way to a politics of expedient compromises.   On the other hand, CM Pinarayi Vijayan firmly maintains that his party neither seeks support from the SDPI nor engages in any covert understanding with communal forces. He portrays the Left Democratic Front as a formation grounded in "clear ideological principles" and resolutely opposed to communal politics. The contradiction here is striking that just as the BJP accuses the Congress and the Left of collusion, the Congress and the Left, in turn, level similar charges of "compromise" against each other.   Confused Electorate In Kerala's electoral theatre, PM Modi has branded both the UDF and the LDF as "each other's B team," while projecting the BJP as the only genuine "A team." His argument rests on the claim that the state has, for decades, been trapped between two traditional power blocs, one corrupt and the other allegedly even more so. He contends that both alliances have deceived the public through vote-bank politics, whereas the BJP now promises to "expose" their corruption and deliver "justice."   The larger question remains, when the Left and the Congress join hands in Parliament to oppose the BJP, is their unity rooted in a principled stand against the ruling party BJP/NDA, or is it merely political theatre calibrated for electoral convenience? If both claim to be ideologically committed formations, what justifies their readiness to confront each other in the states and often aggressively over vote banks?   Real Issues At the national level, the Left often raises its voice on substantive constitutional and economic questions; corruption, public debt, privatization, and decentralization. Yet, in the heat of elections, these very debates are reduced to the arithmetic of vote banks and seat shares. The BJP, as the ruling party, seeks to anchor its campaign in development metrics, flagship projects like the Vizhinjam Port, and symbolic initiatives such as the Nari Shakti Vandan Act, presenting them as tangible achievements before the electorate. The opposition, in turn, attempts to recast these same initiatives as narratives of "debt" and "plunder."

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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