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By:

Rajendra Joshi

3 December 2024 at 9:20:26 am

Rajesh Kshirsagar walks into a political trap

The Shiv Sena MLA has chosen confrontation over the Shaktipeeth Expressway risking political isolation Kolhapur: Shiv Sena MLA Rajesh Kshirsagar’s aggressive support to the proposed Shaktipeeth Expressway has brought him face-to-face with former MP Raju Shetti. But the political fallout has not stopped there. In quick succession, he has taken on Congress leader Satej Patil, questioned the position of fellow Mahayuti legislator Chandradip Narake and criticised his own party colleague, Public...

Rajesh Kshirsagar walks into a political trap

The Shiv Sena MLA has chosen confrontation over the Shaktipeeth Expressway risking political isolation Kolhapur: Shiv Sena MLA Rajesh Kshirsagar’s aggressive support to the proposed Shaktipeeth Expressway has brought him face-to-face with former MP Raju Shetti. But the political fallout has not stopped there. In quick succession, he has taken on Congress leader Satej Patil, questioned the position of fellow Mahayuti legislator Chandradip Narake and criticised his own party colleague, Public Health Minister and Kolhapur Guardian Minister Prakash Abitkar. That is a lot of political fronts for one MLA to manage simultaneously. The immediate question, therefore, is not whether Kshirsagar has the courage to fight. He clearly does. The more important question is whether he has calculated the political cost of fighting everyone at once. The Shaktipeeth Expressway has become one of the most contentious political issues in Kolhapur district. Raju Shetti has turned the proposed acquisition of agricultural land into a farmers’ rights issue and has built a sustained campaign around it. His politics has always thrived on confrontation. His rise from the sugarcane farmers’ movement to the Assembly and then the Lok Sabha was built on his ability to convert farmers’ grievances into political mobilisation. Kshirsagar has now chosen to meet that politics head-on. His controversial warning against Shetti, in response to the latter’s aggressive rhetoric on land acquisition, transformed a policy disagreement into a personal political duel. Supporters of both sides have since taken the confrontation to the streets. This is precisely where political calculation becomes important. Supporting a flagship project backed by the Chief Minister can certainly send a message to the leadership in Mumbai. Kshirsagar is willing to stand by the government when the going gets difficult. But the same position can create political liabilities at home, particularly when the project affects constituencies where local MLAs are under pressure from farmers. Different Question Kshirsagar’s decision to attack Satej Patil raises a different question. Patil remains one of the most influential political figures in Kolhapur. Suggesting that he may struggle to win the next Assembly election is not routine political criticism. It is an open challenge. That challenge may energise Kshirsagar’s supporters. It may also consolidate his position among those within the ruling establishment who see Patil as a principal political adversary. But there is a danger in confusing political visibility with political strength. Every additional opponent creates another front that has to be managed during an election. And Kshirsagar has already opened several. The most politically revealing part of Kshirsagar’s criticism of Chandradip Narake and Prakash Abitkar. Narake represents a constituency through which the Shaktipeeth project passes. His opposition, therefore, has an obvious electoral logic: he has to respond to the concerns of his voters. Kshirsagar’s criticism of Narake puts him in a difficult position. He is effectively asking another ruling-party MLA to subordinate constituency politics to the government’s larger project. Then came the attack on Abitkar. To publicly accuse the party’s Kolhapur Guardian Minister of failing to strengthen the organisation amounts to washing the party’s dirty linen in public. Ministerial Ambition There is another possible explanation for Kshirsagar’s increasingly combative posture: the unresolved question of ministerial ambition. A three-time MLA would naturally expect that electoral experience and political seniority might eventually translate into a Cabinet berth. Instead, when the opportunity came, Eknath Shinde chose Prakash Abitkar and gave him an important Cabinet portfolio. Kshirsagar was left outside the ministry. His present position on the State Planning Board gives him a role, but it is not the same political currency as a Cabinet berth. It would be simplistic to suggest that every recent statement is merely an expression of that disappointment. But it would be equally naïve to ignore the possibility that political frustration has influenced his increasingly assertive posture. The Shaktipeeth issue may simply have provided the trigger. Kshirsagar should also be looking closely at the arithmetic of Kolhapur North. The constituency has a history of surprising political outcomes. Its old-city peth culture is blunt, politically conscious and capable of producing results that defy conventional calculations. The last Assembly election demonstrated this dramatically. Madhurimaraje Chhatrapati’s withdrawal as the Congress candidate left the Opposition scrambling just weeks before polling. Satej Patil then backed municipal corporator Rajesh Latkar, who entered the contest with barely 15 days to campaign. Yet Latkar secured nearly 81,000 votes. Kshirsagar won by around 23,000 votes, but the number that should concern his camp is not merely his winning margin.

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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