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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Sunetra Pawar has taken charge, but challenges remain

Mumbai: Days after taking oath as Maharashtra’s first woman Deputy CM, Sunetra Ajit Pawar was unanimously elected president of the Nationalist Congress Party (NCP). This was another major responsibility on her shoulders just a month after her husband’s tragic death in the Baramati air crash. For decades, Sunetra, popular as ‘Vahini’ or just ‘Tai’, chose to be the silent force behind her husband. But she remained accessible, grounded and attentive to the people of Baramati. Sunetra quietly...

Sunetra Pawar has taken charge, but challenges remain

Mumbai: Days after taking oath as Maharashtra’s first woman Deputy CM, Sunetra Ajit Pawar was unanimously elected president of the Nationalist Congress Party (NCP). This was another major responsibility on her shoulders just a month after her husband’s tragic death in the Baramati air crash. For decades, Sunetra, popular as ‘Vahini’ or just ‘Tai’, chose to be the silent force behind her husband. But she remained accessible, grounded and attentive to the people of Baramati. Sunetra quietly built institutions of sustainability, empowering rural youth, women and farmers, and addressed environmental concerns. Earning awards and accolades, she continued in a similar vein until the NCP suddenly split apart in July 2023 and Ajit Pawar fielded her in the 2024 Lok Sabha polls from Baramati. Her opponent was her sister-in-law and the Nationalist Congress Party (SP) Working President Supriya Sule, who easily snatched victory. Barely months later, Sunetra waltzed into the Rajya Sabha with a nudge from the BJP, signalling new political equations. Challenges ahead Sunetra Pawar faces multiple challenges within the party, government, politics and family. There’s a dreaded, but not fully identified, ‘chandal chaukdi’ (gang of four), referred to by all, that’s hyper-active after Ajit Pawar’s death. This can test her authority. Here, Sunetra will have to assert herself and make efforts to carve her independent niche in politics. The sympathy factor may soon evaporate. Another question is whether Sunetra will initiate a ‘merger’ of the two NCPs. This was said to be the ‘desire’ of Ajit Pawar. A close family friend and retired IPS officer, Vikram Bokey, described Sunetra as ‘a gem of a human being, extremely poised, cultured, and with a highly educated background’. “The state witnessed her suddenly blossom into a leader after Ajit Pawar’s tragic passing… She has rekindled hopes among the masses. The people view her as the ideal candidate for the top (CM) post,” Bokey told The Perfect Voice . Sunetra – A village girl who became deputy CM Born on 18 October 1963, Sunetra hails from an influential political family. Her step-brother, Dr Padamsinh Patil, straddled state and national politics with ease for decades. She completed her BA, married Ajit Pawar in 1985, but chose to prioritise family and motherhood and only much later (2024) marked her reluctant political entry to support her spouse. She is a trustee of Vidya Pratishthan, chairperson of Baramati Hi-Tech Textile Park, and a member of the World Entrepreneurship Forum, a French think-tank. She launched the Environmental Forum of India (2010).

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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