A gang of detractors and speculators are of the opinion that SEBI Chairperson Madhabi Puri Buch would not get an extension. The same lobby was in the business of predicting her resignation on daily basis. The name of former SBI Chairman Shri Dinesh Khara was floated to demean her. Now a section of media has started filing source-based story that present SEBI Chairperson Madhabi Puri Buch might not get an extension. Most often source-based stories are planted to test the waters and silence the opponents. Let me elaborate.
Capable enough to lead for one more term: Mrs. Madhabi Puri Buch was brought to SEBI by a powerful think-tank. She enjoys the blessings of a top bureaucrat stationed at PMO since 2014. Very few would question intellect and wisdom of Mrs. Buch. She has been successfully regulating world’s biggest derivative exchange over the years. Her quest for perfectionism has put her in the dock at different occasions, even by her colleagues and employees. The CEO of a fintech firm has confessed that meeting the speed of Mrs. Buch was a herculean task. One must accept the fact that securities market has evolved a lot in last 10 years. The challenges in the regime of former SEBI Chairman UK Sinha and Ajay Tyagi were quite different from as of today. Mutual fund AUM has boomed to 60 lakh crore and derivative turnover has surpassed 15lakh crore per day. Cybercriminal are hidden at every nook and corner of financial market. Mrs. Buch must be accoladed for keeping cybercriminals at bay as far as securities market is concerned. In short, the candidature of Mrs. Buch is unquestionable. She has been successful as a regulator. Then why is there murmur of Mrs. Buch not getting an extension?
In three months, the queen turned into a villain: Just three months back, everybody was swearing by the integrity of Mrs. Buch. Is it fair to malign her image due to an unsubstantiated ‘expose’ by Hindenburg. The most sought-after securities market regulator turned into a villain overnight. Hindenburg was being investigated By SEBI under leadership of Mrs. Buch. It’s but natural that it will try to derail the investigation and demoralize the investigator. To the pleasant surprise of everyone, the stock market mavericks understood the underlying and brushed aside the ‘expose’. The allegation of REIT promotion, ICICI ESOP and stake in overseas firm etc. sound so childish. Renting out house to a listed corporate at market rate doesn’t fall under corruption. Those who understand market and its potential may agree that a hurling ESOP like allegations at a celebrated SEBI Chief is just demeaning her persona. The establishment understands Mrs. Buch’s capabilities and has reposed faith in her integrity.
Timing is important: The source-based news that Mrs. Buch might not get an extension has some inherent meaning. It has been published at a time when Mrs. Buch is going to face Public Accounts Committee (PAC) on October 20, 2024. This news item will certainly calm down PAC. No political party intends to destroy the dignity of regulatory organizations. Mrs. Buch has so many feathers in her cap. The frivolous and mischievous allegations of Hindenburg are not enough to put her in the dock. The aforesaid news will help Mrs. Buch sail through PAC comfortably. Intense lobbying may start for SEBI Chairman’s post. Attention will shift to SEBI Chairman race. It will pave way for smooth functioning of Mrs. Buch.
BJP has the history of standing by its performers: Why am I so confident of Mrs. Buch’s extension? Let me tell u a story shared by a former finance secretary. He had served as finance secretary with Shri Jaswant Singh. Coal scam was making headlines and serious allegations were hurled at aforesaid finance secretary. He went to the finance minister and offered his resignation. Shri Jaswant Singh had smiled and said that the government was convinced of finance secretary’s integrity and stood undeterred by demeaning news headlines. The Bhartiya Janata Party (BJP) and especially the Modi government keeps a tab on its bureaucrats, takes note of their functioning and stands by them in time of unfounded allegations.
Keeping in view the aforesaid deliberation, I foresee a strong chance of Mrs. Buch’s extension.
