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Correspondent

21 August 2024 at 10:20:16 am

Imperilled Indians

The death of 13 Indians and the disappearance of three others in the unabating US-Iran conflict should end any illusion that this is merely another distant geopolitical crisis. For India, West Asia is not an abstract theatre of great-power rivalry but home to nearly nine million Indian expatriates. Every missile fired across the Strait of Hormuz carries the potential to claim Indian lives. While the Ministry of External Affairs has expressed concern, called for uninterrupted navigation and...

Imperilled Indians

The death of 13 Indians and the disappearance of three others in the unabating US-Iran conflict should end any illusion that this is merely another distant geopolitical crisis. For India, West Asia is not an abstract theatre of great-power rivalry but home to nearly nine million Indian expatriates. Every missile fired across the Strait of Hormuz carries the potential to claim Indian lives. While the Ministry of External Affairs has expressed concern, called for uninterrupted navigation and condemned attacks on commercial shipping, these statements are not enough. Indian seafarers have reportedly suffered the highest number of fatalities among all nationalities serving aboard commercial vessels caught in the conflict. Merchant sailors have become unwilling participants in a war that is not theirs. They continue to crew ships because global commerce cannot simply pause when missiles begin to fly. The burden of that reality now falls disproportionately on Indian workers. India’s foreign policy has long prided itself on strategic autonomy. In theory, that means avoiding entanglement in rival blocs while maintaining cordial relations with all sides. In practice, however, neutrality cannot become passivity when Indian citizens are paying with their lives. Protecting nationals abroad is not incompatible with diplomatic balance. It is among the first duties of any state. The conflict has also exposed a larger vulnerability. India’s dependence on the Gulf extends far beyond oil. Millions of Indians work across the region in construction, healthcare, shipping, logistics and services. Their labour underpins both Gulf economies and countless households back home. Every escalation places these workers at risk. Waiting until evacuations become necessary is an admission that diplomacy has already failed. New Delhi should therefore adopt a more assertive posture. It should intensify engagement not only with Washington and Tehran but also with Gulf capitals, pressing collectively for the protection of civilian shipping and maritime workers. It should work more actively through multilateral forums to reinforce international maritime law and freedom of navigation. Most importantly, it should make the safety of Indian nationals a central element of every diplomatic conversation concerning the conflict, rather than a humanitarian afterthought. India has legitimate strategic partnerships with the United States, Israel, Iran and the Arab Gulf states alike. Those relationships should provide leverage, not excuses for silence. Friends should be told uncomfortable truths when their actions endanger innocent civilians. The deaths of Indian seafarers are not collateral statistics to be acknowledged at weekly briefings before the news cycle moves on. They are evidence that global conflicts increasingly reach India’s doorstep through its citizens overseas. A nation aspiring to global influence cannot speak softly when its own people bear the costs of others’ wars. India has every reason to call for peace. It now has an even greater obligation to demand it with urgency, clarity and far greater diplomatic weight.

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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