- No harm in reiterating that the bane of corruption in India has extended its tentacles far and wide that it won’t be surprising to common citizens having been brought up on a steady dose with such perpetuity in our lives to be nonchalant. Irrespective of the political parties assuming power at the Centre and the States, and their promises to eradicate the malaise, the bane of corruption has so deeply entrenched in our society that nothing moves without greasing the palms of the officials at every level of administration. Of course, some people would not wish to be a part of the despicable process and are prepared to fight it out by spending a tremendous amount of time on getting their stuff cleared. But how many people can afford to keep making those rounds?
PC: The Ethical Skeptic
- Not a day passes without news about corruption hitting the headlines in one or the other form. The latest news headlines are all about allegations of conflict of interest/corruption revolving around the finance regulator like Sebi and its chief. Needless to mention, the Sebi chief has a special responsibility to stay above suspicion for the good of the institution. For the uninitiated, Madhabi Puri Buch came to the job of Sebi chief with almost a halo around her – the first woman in this high profile, high responsibility post, a bright finance pro from the private sector who can make the regulator less fusty. However, when she leaves the office at the end of her term, a cloud of intense suspicion will have replaced the halo.
- The only way she can change how this story ends is by voluntarily stepping aside, pending the results of an impartial inquiry she should ask herself to clear the allegations. Most public office holders, and indeed many in the high-profile private sector jobs, in this country, view such a response as a strategic defeat. But if you are not guilty – Buch has insisted her financial transactions do not imply impropriety or conflict of interest – stepping aside is a strategic win. It shows confidence. Staying on the job as more and more questions of integrity swirl around strengthens perceptions that something’s off. Nonetheless, the bigger reason Buch should take this course of action is that it is expected of a person tasked with keeping markets clean.
PC: Times Of India
- Mind you, regulatory jobs in high finance have a sharper version of the Caesar’s Wife principle built into them. Even suspicions about the possibility of a conflict of interest must be avoided by those with power over market rules. The very nature of Buch’s job demands that she stop doing it for now. There are already three sets of questions on potential conflict of interest around three different business entities – Adani group Wockhardt, ICICI – that were put under the regulatory lens by Buch-led Sebi. Perhaps, Buch’s actions in all cases were free of any bias, as she has insisted. The best way to demonstrate that is by allowing an impartial inquiry to look into Sebi’s workings. As such, a Buch-free Sebi is a precondition for a fair probe. The chief should be obliging here.
