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By:

Rajendra Joshi

3 December 2024 at 9:20:26 am

Blocked roads take life

Kolhapur: Ten minutes. That is the gap the family of Nalini Ganesh Mainkar says may have separated life from death. On Tuesday, as preparations for Ganeshotsav gathered pace in Kolhapur, Mainkar, a resident of Wangibol in Shivaji Peth, suddenly fell critically ill after her blood pressure dropped. Her family immediately called an ambulance. The ambulance came. But it could not reach her home without delay. According to the family and the ambulance driver, roads were blocked at two or three...

Blocked roads take life

Kolhapur: Ten minutes. That is the gap the family of Nalini Ganesh Mainkar says may have separated life from death. On Tuesday, as preparations for Ganeshotsav gathered pace in Kolhapur, Mainkar, a resident of Wangibol in Shivaji Peth, suddenly fell critically ill after her blood pressure dropped. Her family immediately called an ambulance. The ambulance came. But it could not reach her home without delay. According to the family and the ambulance driver, roads were blocked at two or three locations by festival pandals, forcing the ambulance to negotiate alternative routes. By the time Mainkar was taken to hospital, doctors reportedly told the family that she had arrived about 10 minutes late. She died soon afterwards. For the Mainkar family, those 10 minutes are now an unbearable question: could she have survived if the ambulance had reached her on time? No medical conclusion establishing that link has been made public. But the incident has exposed a larger and recurring civic failure—the vulnerability of emergency services when public roads are allowed to become festival spaces. Mainkar lived barely a few minutes away from the Ambabai temple and had served there as a sevekari for several years. On Tuesday, her family watched helplessly as her condition deteriorated while the ambulance struggled to reach the house. The ambulance driver, the family said, acknowledged that the vehicle was delayed because of obstructions created by pandals at multiple points. No Implementation The Kolhapur Municipal Corporation has stipulated that a public festival pandal cannot occupy more than 25 per cent of the width of a road. The regulation is intended to ensure that traffic, pedestrians and emergency vehicles can continue to move. But on the ground, residents say, the distinction between a permitted pandal and a blocked road often disappears. In several parts of the old city, particularly the gaothan areas, festival structures have narrowed or closed roads. In other places, roads have been dug up for drainage and civic works. The result is a maze of bottlenecks at precisely the time when emergency vehicles need unobstructed access. The problem does not end with pandals. During festival processions, arrangements for dedicated passage of ambulances and fire engines are often inadequate. A traffic diversion that causes a commuter a few minutes of inconvenience can have an entirely different consequence for a patient suffering a cardiac emergency, major trauma or respiratory distress.

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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