top of page

By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Comatose to combat-ready

Congress takes on the government with a new zeal Mumbai Youth Congress workers organise 'Yuva Akrosh Morcha' in Dadar, Mumbai, on Tuesday to protest against the NEET and CBSE examination scams. Pic: Bhushan Koyande Mumbai: For over a decade since it was eased out of power, the Maharashtra Congress faced a series of electoral debacles, a demoralised organisation and receding visibility – the last which mattered most. That perception is apparently changing as the state and city units have...

Comatose to combat-ready

Congress takes on the government with a new zeal Mumbai Youth Congress workers organise 'Yuva Akrosh Morcha' in Dadar, Mumbai, on Tuesday to protest against the NEET and CBSE examination scams. Pic: Bhushan Koyande Mumbai: For over a decade since it was eased out of power, the Maharashtra Congress faced a series of electoral debacles, a demoralised organisation and receding visibility – the last which mattered most. That perception is apparently changing as the state and city units have gone on the offensive with a series of agitations or protests, raising issues that directly affect the ordinary citizens. Though it has been a key constituent of the Maharashtra Vikas Aghadi (MVA) since 2019, it clawed to retain its identity as a national party and an independent political force locking horns with the Bharatiya Janata Party (BJP). Raising a Storm In the past few months, either independently, with Vanchit Bahujan Aghadi or in alliance with MVA constituents like Nationalist Congress Party (SP) and Shiv Sena (UBT), the Congress is raising a storm with major issues that rule headlines. These include soaring inflation, fuel price hikes and shortage of gas, petrol or diesel, water crises in many parts, farmers distress, examination paper leak controversies, etc. These are not only winning hearts but grabbing eyeballs in Mumbai, Thane, Palghar, Nashik, Pune, Nagpur and other regions with massive grassroots participation and public mobilisation – proving the party is reading the peoples’ pulse correctly – rather than confining itself to media or online crusades. Rahul’s Credit The transformation is largely credited to Leader of Opposition in Lok Sabha Rahul Gandhi, which the state chief Sapkal – who took charge in Feb. 2025 – taking it forward passionately to the rank and file, spread in the remotest corners of Maharashtra. “He took over the onerous responsibility when the party morale was at its lowest. He launched the ‘Sapkal Pattern’, focussing on energizing the crucial booth-level workers who have direct connect with the ordinary voters, reconnected with local-level issues to keep up the tempo between two elections,” said a Mumbai-based senior leader. On his part, Sapkal has repeatedly given booster doses to the workers, saying the Congress has been a ‘fighter party’ and never shies from taking up issues concerning the common masses. Opposition Space Chief Spokesperson Atul Londhe said the party is implementing the wishes of Rahul Gandhi and the central leadership, handling key states personally and the “changes are visible”. “We shall not allow BJP to get a walkover in anything through its bulldozer tactics. We are with the people of the country and raise their concerns through campaigns and agitations. We will safeguard the Opposition space which is being blatantly encroached upon by the ruling party at all levels,” said a determined Londhe. A Mumbai frontal organisation vice-president said since long, the grassroots cadres of the Congress felt ignored as burning problems of the ordinary masses were not effectively highlighted by the party which seemed to wake up only when the poll bugles were sounded. “Not anymore… We are present everywhere. The people are suffering because of the BJP’s policies. The youth are frustrated as the government doesn’t listen to them and instead labels them as parasites or cockroaches,” said the leader, preferring anonymity. Vocal, visible streetfighter The Congress recently carried out a series of aggressive people-oriented protests - roadblocks against fuel price hikes, bicycle and motorcycle rallies organised by the Youth Congress, demonstrations highlighting inflation, protests over onion prices and farmers woes, ‘handa morcha’ against water scarcity in Mumbai, agitations over examination paper leaks and other irregularities. Positioning itself as the prominent voice of public discontent, the Congress campaigns spanned the state, involving all classes and communities while identifying with the voters who are desperately struggling for survival. While MVA allies also challenge the government, many say the Congress is seen as leading from the front to gradually emerge as the Opposition’s most visible and vocal street-fighting force, setting the agenda for other parties to become an election-ready entity by 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