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By:

Correspondent

23 August 2024 at 4:29:04 pm

Deadly Neglect

The deaths of three tribal girls following a snakebite at a residential school in Gadchiroli have cast a distinctly unfavourable light on the standards of care in Maharashtra’s tribal hostels. A total six girls were bitten while sleeping on the floor, raising questions about basic accommodation, preventive measures and the oversight of institutions entrusted with the care of some of Maharashtra’s most disadvantaged children. A properly maintained hostel and basic preventive measures can...

Deadly Neglect

The deaths of three tribal girls following a snakebite at a residential school in Gadchiroli have cast a distinctly unfavourable light on the standards of care in Maharashtra’s tribal hostels. A total six girls were bitten while sleeping on the floor, raising questions about basic accommodation, preventive measures and the oversight of institutions entrusted with the care of some of Maharashtra’s most disadvantaged children. A properly maintained hostel and basic preventive measures can certainly reduce the likelihood that a snakebite becomes a mass casualty event. Residential schools for tribal children exist precisely because many of their students come from remote and disadvantaged communities. The state assumes responsibility for their education, accommodation, food and safety. The inevitable official response of a detailed inquiry into the tragedy is hardly reassuring. The district administration has said it will establish whether adequate protective measures were in place and whether the school management complied with safety rules. The Maharashtra administration has conducted enough inquiries till now to know that the discovery of a lapse is not the same thing as fixing the system that produced it. The questions are elementary. Were sufficient beds available? If not, why not? Was the hostel building properly sealed? Were doors, windows and drains inspected? Was pest and snake control undertaken? Were mosquito nets and other basic protective equipment provided? Was there adequate lighting and night supervision? How frequently had the hostel been inspected? And were funds allocated for these facilities actually spent on them? The last question deserves particular attention. Tribal residential schools have for years been vulnerable to the familiar maladies of public administration, most notably gross corruption. Inadequate oversight, poor maintenance, opaque procurement and the fact that money and food intended for children disappears somewhere between the budget and the beneficiary has become all too common. More crucially, Gadchiroli is not politically ownerless. Chief Minister Devendra Fadnavis is its guardian minister, making the quality of governance in the district an especially important test of the state government’s claims about tribal development. The answer cannot be another round of condolences followed by an inquiry whose findings gather dust. The government should use this tragedy to conduct a comprehensive and independent safety audit of every tribal residential hostel in Gadchiroli, with the findings and corrective measures made public. Beds, sanitation, building maintenance, pest control, emergency medical arrangements and night-time supervision should be treated as measurable standards, not discretionary amenities. Three girls have died in the most appalling manner. The least the state can do is ensure that their deaths expose a failure that is then corrected, rather than an outrage that is briefly mourned and administratively forgotten.

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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