top of page

By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Uddhav tears into BJP’s claim

Mumbai:  Shiv Sena (UBT) President Uddhav Thackeray on Tuesday launched a blistering, wide-ranging attack on the Bharatiya Janata Party-led governments at the Centre and in the state, targeting what he termed as a ‘toxic political climate’, rising crimes against women, and a ‘hire-and-fire’ culture hurting workers. Addressing the 58th annual general meeting of the Bharatiya Kamgar Sena, Thackeray delivered a strong political cocktail laced with jibes, concerns over labour rights, women’s...

Uddhav tears into BJP’s claim

Mumbai:  Shiv Sena (UBT) President Uddhav Thackeray on Tuesday launched a blistering, wide-ranging attack on the Bharatiya Janata Party-led governments at the Centre and in the state, targeting what he termed as a ‘toxic political climate’, rising crimes against women, and a ‘hire-and-fire’ culture hurting workers. Addressing the 58th annual general meeting of the Bharatiya Kamgar Sena, Thackeray delivered a strong political cocktail laced with jibes, concerns over labour rights, women’s issues, unemployment, and governance priorities. Attacking Chief Minister Devendra Fadnavis for his recent remarks about ‘tearing the burqas’ of the Opposition, Thackeray questioned sarcastically: “We are Hindus… So what ‘burqas’ are you going to rip off? Were you even present in the Lok Sabha?” Referring to atrocities on women, Thackeray sharply questioned the government’s priorities saying while the CM is campaigning in other states, women are being molested right here, fake babas are multiplying and drug rackets are flourishing in the state. On BJP’s claims of commitment to women’s reservation, the SS (UBT) chief asked “why the President (Droupadi Murmu) was not invited to key national events such as the inauguration of the new Parliament building or the consecration of the Ram Temple in Ayodhya”. “This is not a new issue. We are ready… Implement women’s reservation today,” Thackeray asserted. Veering to national politics, Thackeray said that the BJP today lacks personalities of (the late) Arun Jaitley’s stature, and described West Bengal CM Mamata Banerjee as “a fighting tigress who is bound to win”. He claimed that ‘two lakh CRPF personnel’ were deployed in West Bengal while barely 20,000 were stationed in the violence-hit Manipur. “Security forces were once used by Sardar Vallabhbhai Patel for integrating states into the Union, but now they are being used to win elections,” Thackeray said. On the alleged misuse of central security agencies, Thackeray dared the BJP to ‘set aside the CBI and ED’ and face the elections in a fair fight. “You deploy security forces to ensure your party wins as you lack the capability to win on your own merits, or unleash the ED-CBI. It is better to live like a tiger for one day than as a goat for 100 days,” said Thackeray. Alluding to the debates triggered by RSS Sarsanghchalak Mohan Bhagwat’s views on population, he asked: “Encouraging more children is fine - but who will feed them? What about unemployment problems?” Thackeray expressed concerns over delimitation based on population, warning it could skew political representation. “Some states are implementing family planning programmes quite effectively… Is practicing family planning now considered a crime?” Turning to the distress faced by the working classes, he flayed the current employment model as a ‘constant cycle of hire-and-fire’, with the government ignoring the security of workers. “Why are workers being compelled to leave the state, or even the country, for employment. They are the architects of the nation’s destiny. Now reports emerge that workers from north India are being employed in Dubai. The country is calling them to ‘return’. They ignored the calls, preferring to die by a bomb rather than returning to India only to die of unemployment,” said Thackeray, in a swipe at Prime Minister Narendra Modi. He compared the current bout of global tensions, including the ongoing Iran-United States war, as a repetitive spectacle, triggering multi-fold domestic economic anxieties.

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.

Comments

bottom of page