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By:

Correspondent

23 August 2024 at 4:29:04 pm

Monsoon Malaise

The substantial showers over Maharashtra this year have predictably demonstrated that it is not the skies but the government that has failed the state. The intense downpour once again exposed the frailty of the infrastructure that the ruling establishment has been celebrating. From Mumbai’s paralysed roads to the shocking deaths in open manholes sans guardrails, to the collapse of transport links between Mumbai and Pune, the rains have held up an unforgiving mirror to official complacency....

Monsoon Malaise

The substantial showers over Maharashtra this year have predictably demonstrated that it is not the skies but the government that has failed the state. The intense downpour once again exposed the frailty of the infrastructure that the ruling establishment has been celebrating. From Mumbai’s paralysed roads to the shocking deaths in open manholes sans guardrails, to the collapse of transport links between Mumbai and Pune, the rains have held up an unforgiving mirror to official complacency. For a city that witnesses monsoons every year, Mumbai’s monsoon paralysis can scarcely be described as inevitable. Roads have disappeared beneath the floodwaters and commuters have been left stranded. These are not natural disasters but administrative failures. The Pune-Mumbai Expressway, the state’s most important transport corridor, was partially shut after a concrete pillar fell near the newly inaugurated Missing Link section. Opened barely two months ago, the 13-km engineering showcase was presented as a symbol of Maharashtra’s modern infrastructure ambitions. It promised shorter travel times and smoother connectivity through the Sahyadris. Instead, the first meaningful encounter with the monsoon has raised uncomfortable questions over the quality of execution. Was there a comprehensive structural assessment of the project before it was opened? Were engineers confident that it could withstand the very weather conditions for which such infrastructure is designed? These are not partisan questions to be merely asked by the Opposition, but matters of public safety. More worrying is the cascading effect of these failures. With the Missing Link closed, the old Mumbai-Pune highway disrupted and Tamhini Ghat also rendered unusable, connectivity between Maharashtra’s political and commercial capitals has been severely compromised. Legislators themselves reportedly face uncertainty over reaching Mumbai for the ongoing Assembly session. If the state’s elected representatives struggle to move across Maharashtra, one can only imagine the plight of ordinary citizens whose livelihoods depend on functioning roads, reliable transport and basic civic services. Infrastructure earns its reputation during crises, not during inaugurations. Roads are built for rainy days and bridges are meant to withstand storms. Drainage systems exist precisely because monsoons are neither rare nor unexpected. Maharashtra has not been surprised by an eclipse or an earthquake. It has been visited by the same seasonal rains that return with remarkable punctuality every year. Invoking climate change cannot become an alibi for poor planning, weak oversight and inadequate maintenance. Resilient infrastructure is the minimum standard that citizens deserve. The first weeks of the monsoon have delivered an unmistakable verdict. Maharashtra’s infrastructure has failed its annual examination. The government can no longer hide behind the clouds. Monsoons are annual appointments, not surprise inspections. If the state cannot prepare for the one disaster it knows is coming every year, it forfeits the right to claim competence.

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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