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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

MPs rebellion ‘splits’ even some families

Mumbai: Amid the rebellion by 6 Shiv Sena (UBT) MPs, at least two of them have shot into the spotlight, but for entirely different and non-political reasons – Nagesh Patil-Ashtikar (Hingoli) and Sanjay Dina-Patil (Mumbai North-East). Despite their fathers currently in the process of shifting loyalties to the Shiv Sena headed by Deputy CM Eknath Shinde, the son and daughter, respectively, of both these MPs have chosen to stay anchored firmly with SS (UBT) President and ex-CM Uddhav Thackeray....

MPs rebellion ‘splits’ even some families

Mumbai: Amid the rebellion by 6 Shiv Sena (UBT) MPs, at least two of them have shot into the spotlight, but for entirely different and non-political reasons – Nagesh Patil-Ashtikar (Hingoli) and Sanjay Dina-Patil (Mumbai North-East). Despite their fathers currently in the process of shifting loyalties to the Shiv Sena headed by Deputy CM Eknath Shinde, the son and daughter, respectively, of both these MPs have chosen to stay anchored firmly with SS (UBT) President and ex-CM Uddhav Thackeray. They are Krishna Nagesh Patil-Ashtikar and Rajool Sanjay Patil and both are emerging politicians in their own right and with politically bright prospects. Rajool is a SS (UBT) Municipal Corporator from Ward No. 114 (Bhandup) in her father’ constituency, and Krishna is the official Maha Vikas Aghadi (MVA) candidate for the Nanded Local Authorities constituency in the Maharashtra Legislature’s upper house. However, the abrupt rebellion by their fathers - along with four other SS (UBT) MPs has raised question marks on their own loyalties and political moorings – with the MLCs election results scheduled on Monday. A Deputy Leader from Pune guardedly said that “the same norms under the anti-defection laws for parliament would apply” at all levels, preventing the duo (Krishna and Rajool) from following in their fathers’ footsteps. “After all, there are many examples where in the same family, different members owe allegiance to different political parties. They may have made their personal political calculations and survival before taking any plunge blindly in the name of ideology,” the leader told ‘The Perfect Voice’, requesting anonymity. A Mumbai leader averred that in case the political sand slips - for whatever reasons - in the ongoing defection drama, at least all in the family may not have to pay the price for a botch-up, as “these youngsters still have a long road ahead in politics”. On June 18, when Ashtikar’s name came among the six potential turncoats, Krishna faced an embarrassing situation as the MLC polling was underway that day. Krishna quickly mouthed bites to proclaim his allegiance to Thackeray and an equally bewildered Rajool - elected as a BMC corporator just six months ago - instantly declared her support to SS (UBT) and even joined a protest against her father’s decision. Both the youngsters confronting a peculiar family-cum-political divide put up brave faces and publicly claimed that they had “absolutely no inkling” of the political coup currently underway and are firmly with Thackeray. For the present, however, the SS (UBT) camp is somewhat relieved that the damage caused by the proposed exit of the 6 MPs has not percolated to their family members, affording it time to take some proactive measures to prevent a similar scenario in the coming times. SS (UBT) Deputy Leader dares MP’s son A skeptical SS (UBT) Deputy Leader Sushma Andhare and others immediately pounced on Krishna Ashtikar, questioning the credibility of his words after his father and party MP from Hingoli Nagesh Patil-Ashtikar’s plans to switch sides. “Go and perform your father’s funeral rituals (pind-daan) immediately to prove your claims that you are different from your father…” a livid Andhare dared Krishna, who retorted by saying that he is “answerable only to the SS (UBT) supremo and none else”.

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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