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The Evening Wrap: Congress levels fresh conflict of interest charges against SEBI chief

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Fri, Sep 6, 2024 03:39 PM

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Levelling more conflict of interest allegations against SEBI Chairperson Madhabi Buch, Congress clai

Levelling more conflict of interest allegations against SEBI Chairperson Madhabi Buch, Congress claimed on Friday that she received rental income from an entity affiliated with a company that the capital markets regulator was investigating for various cases, including that of insider trading. Congress general secretary in-charge communications Jairam Ramesh said the question really had to be asked of Prime Minister Narendra Modi and no one else on how much more evidence was needed to show the collapse of transparency and integrity, as far as the capital markets regulator was concerned. “By the NSE’s data, there are now 10 crore Indians with unique PANs who have some form of investment in this market. Don’t they deserve better? Why does he not move? What is he afraid of?” Ramesh said in a post on X. The Congress’ media and publicity department head Pawan Khera said that between 2018 and 2024, Buch – as a whole-time member and later chairperson of the Securities and Exchange Board of India (SEBI) – had been receiving rental income amounting to ₹2.16 crore from “Carol Info Services Limited”, a company affiliated to Wockhardt Limited. Wockhardt Limited was being investigated by SEBI for various cases, including that of insider trading during 2023, he said at a press conference at the AICC headquarters in Delhi. Khera asserted that this was an outright case of corruption that invoked conflict of interest, violating sections 4, 7 and 8 of SEBI’s 2008 code on conflict of interests for members of its board. “The SEBI chairperson was appointed on March 2, 2022, by the Appointments Committee of the Cabinet, which the Prime Minister heads. Was her appointment cleared on the condition that she could maintain her previous financial relationships, provided she acted in line with the wishes of the prime minister and his close associates?” the Congress leader asked. Previous SEBI chairpersons went to great lengths to avoid even the appearance of a conflict of interest, both in their roles at SEBI and in their earlier positions, he pointed out. “For instance, M. Damodaran sold his 50 SBI shares when he took over UTI in 2001, and CB Bhave recused himself from all matters involving the National Securities Depository Limited (NSDL), where he was formerly chairman. In contrast, Buch merely transferred her investments to her spouse, which raises concerns about credibility,” Khera said. He asked why there was no effort to verify whether Buch would follow these established standards. “Or was this lack of scrutiny part of a mutually beneficial arrangement?” Khera asked. “If the head of the regulatory body is compromised, then that head becomes pliable. Perhaps that was the objective,” the Congress leader said. Khera said he was challenging the SEBI chief to come out and deny the charges against her. The Congress had on Thursday demanded an independent inquiry into the matter, asserting that it was in the national interest to have a probe as foreign investors were getting concerned and there were doubts about the integrity of India’s stock markets. Wikipedia parent’s response to Delhi High Court’s blocking threat ‘misleading’, ANI says The news agency Asian News International (ANI) on Friday issued a rebuke to the Wikimedia Foundation on the latter’s statement responding to the Delhi High Court verbally threatening a ban on Wikipedia in India. The online encyclopedia’s operator faced the court’s ire when it did not disclose details of users who had made edits to a Wikipedia entry on ANI, which the agency called “defamatory”. “It is surprising that the petitioners chose to initiate contempt proceedings before the Foundation could fully appraise the Hon’ble Court” of making a representation resisting this demand, the Foundation had said. ANI’s lawsuit is regarding language on its Wikipedia page, wherein it is stated that “accused of having served as a propaganda tool for the incumbent central government, distributing materials from a vast network of fake news websites, and misreporting events on multiple occasions”. In a statement on behalf of ANI shared with The Hindu, the agency termed the response “misleading”. “Wikimedia Foundation was duly represented before the Court when the direction for disclosure of user information was directed within two weeks i.e. September 3, 2023,” the statement said. “Wikimedia being represented by counsel at the hearing had a full opportunity to appraise the Court of its position. Wikimedia however at this stage never objected to the issuance of the direction,” the statement added. Terming the Foundation’s acts “a clear violation of a direction of the Court,” ANI said that the former had only informed the agency of its intent to “file an application to seek directions”. A Wikimedia Foundation spokesperson did not immediately respond to ANI’s statement. In its earlier statement, the Foundation said that the ANI entry on Wikipedia is backed up by news reports from outlets that users have voted as reliable, and that any user is free to “improve” the page. Currently, the page is locked due to rapid editing attempts, and only users with a minimum of 300 contributions to Wikipedia are permitted to make changes. The High Court’s threat of a ban on Wikipedia drew worried reactions from the legal community. Constitutional scholar Gautam Bhatia termed the order, which has not yet been uploaded on the court’s website in full, “a complete overreach”. “If you don’t like India, please don’t work in India,” the court had remarked. Delhi government proposes ₹7.5 lakh compensation for families of prisoners who die in custody The Delhi government has proposed a compensation of ₹7.5 lakh for the families of prisoners who die due to unnatural causes while in custody in the city’s jails. According to a statement, the proposal, aimed at addressing grievances and upholding human rights within the prison system, has been submitted to the lieutenant governor for approval. “Unnatural custodial deaths, as defined by the policy, may occur due to incidents such as quarrels between inmates, mistreatment or torture by prison staff, or negligence by medical officers,” the statement said. However, the compensation will not apply in cases of death by suicide, escape attempts, natural causes or disasters. Commenting on the policy, Delhi Home Minister Kailash Gahlot said, “This initiative underscores our commitment to ensuring justice and accountability within the prison system. Providing compensation to the families of prisoners who suffer unnatural deaths in custody is a step towards addressing their grievances and upholding human rights.” The home minister emphasised that the policy aims to foster accountability and serve as a preventive measure against misconduct. Additionally, the proposal also includes provisions for recovering the compensation amount from the salaries of prison staff found responsible for custodial deaths, according to the statement. A committee, led by the director general of prisons, will investigate such incidents and determine whether to recover compensation from the officials at fault. To ensure transparency, a detailed report, including the magisterial inquiry report, post-mortem findings, and the deceased’s medical history, will be submitted by the jail superintendent to the director general of prisons and forwarded to the National Human Rights Commission (NHRC), the statement added. Over 85% of Indian districts exposed to extreme climate events: Study More than 85% of districts in India are exposed to extreme climate events such as floods, droughts and cyclones, according to a new study. The study by IPE Global and Esri India also found that 45% of the districts were experiencing a “swapping” trend, where traditionally flood-prone areas were becoming drought-prone and vice versa. Using a penta-decadal analysis, the study compiled a catalogue of extreme climate events during a 50-year period from 1973 to 2023, employing spatial and temporal modelling. The last decade alone saw a five-fold increase in these climate extremes, with a four-fold increase in extreme flood events, it said. Districts in eastern India are more prone to extreme flood events, followed closely by the country’s northeastern and southern parts. The study also shows there has been a two-fold increase in drought events, especially agricultural and meteorological droughts, and a four-fold increase in cyclone events. It found that more than 60% of districts in Bihar, Andhra Pradesh, Odisha, Gujarat, Rajasthan, Uttarakhand, Himachal Pradesh, Maharashtra, Uttar Pradesh and Assam were experiencing more than one extreme climate event. Abinash Mohanty, head of climate change and sustainability practice at IPE Global and the study’s author said, “The current trend of catastrophic climate extremes that makes nine out of 10 Indians exposed to extreme climate events is a result of a 0.6 degree Celsius temperature rise in the last century.” “Recent Kerala landslides triggered by incessant and erratic rainfall episodes, floods in Gujarat, the disappearance of Om Parvat’s snow cover, and cities getting paralysed with sudden and abrupt downpours is a testament that climate is changed. Our analysis suggests that more than 1.47 billion Indians will be highly exposed to climate extremes by 2036,” he said. The study revealed that more than 45% of districts were experiencing a swapping trend, some flood-prone districts were becoming more susceptible to droughts and vice versa. The number of districts that have transitioned from experiencing floods to facing droughts surpassed those that have shifted from droughts to floods. Districts in Tripura, Kerala, Bihar, Punjab and Jharkhand exhibit the most prominent swapping trends, it said. The study recommended establishing a Climate Risk Observatory, a risk-informed decision-making toolkit for policymakers at the national, state, district and city levels under its National Resilience Programme, and the creation of an Infrastructure Climate Fund to support sustained investment in climate-resilient critical infrastructure and foster locally-led climate actions. Ashwajit Singh, founder and managing director of IPE Global, said, “To meet climate goals, India must shift its budget focus from mitigation to adaptation. Current practices underfund climate resilience, risking long-term sustainability. India, in particular, experienced an 8% GDP loss in 2022 and a cumulative capital wealth decrease of 7.5% due to climate impacts.” In Brief:Vinesh Phogat, Bajrang Punia join Congress Former India wrestler Vinesh Phogat on Friday resigned from the Indian Railways citing personal reasons. She officially joined the Congress after meeting party chief Mallikarjun Kharge along with Bajrang Punia. “Serving Indian Railways has been a memorable and proud time of my life,” she posted on X with a picture of her resignation letter. She was employed as an Officer on Special Duty (OSD) with Northern Railways. “At this point in my life, I have decided to separate myself from the railway service and have submitted my resignation to the competent authorities of the Indian Railways. Disproportionate asset cases: Supreme Court stays restoration of trials against T.N. Ministers The Supreme Court on Friday stayed the operation of an August 9 judgment of the Madras High Court reviving the criminal prosecution of Tamil Nadu Ministers K.K.S.S.R. Ramachandran and Thangam Thenarasu in separate disproportionate assets cases. A Bench headed by Justice Hrishikesh Roy froze the implementation of the judgment by the High Court’s Single Judge Bench of Justice N. Anand Venkatesh, which had invoked suo motu powers of revision under Section 397 of the Code of Criminal Procedure to set aside a Special MP/MLA Court’s decision to accept the closure report submitted by the Directorate of Vigilance and Anti-Corruption (DVAC) and consequently discharge the two Ministers from all charges. Evening Wrap will return tomorrow. [logo] The Evening Wrap 06 September 2024 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [View in browser]( [More newsletters]( Congress levels fresh conflict of interest charges against SEBI chief, questions PM’s inaction Levelling more conflict of interest allegations against SEBI Chairperson Madhabi Buch, [Congress claimed]( on Friday that she received rental income from an entity affiliated with a company that the capital markets regulator was investigating for various cases, including that of insider trading. Congress general secretary in-charge communications Jairam Ramesh said the question really had to be asked of Prime Minister Narendra Modi and no one else on how much more evidence was needed to show the collapse of transparency and integrity, as far as the capital markets regulator was concerned. “By the NSE’s data, there are now 10 crore Indians with unique PANs who have some form of investment in this market. Don’t they deserve better? Why does he not move? What is he afraid of?” Ramesh said in a post on X. The Congress’ media and publicity department head Pawan Khera said that between 2018 and 2024, Buch – as a whole-time member and later chairperson of the Securities and Exchange Board of India (SEBI) – had been receiving rental income amounting to ₹2.16 crore from “Carol Info Services Limited”, a company affiliated to Wockhardt Limited. Wockhardt Limited was being investigated by SEBI for various cases, including that of insider trading during 2023, he said at a press conference at the AICC headquarters in Delhi. Khera asserted that this was an outright case of corruption that invoked conflict of interest, violating sections 4, 7 and 8 of SEBI’s 2008 code on conflict of interests for members of its board. “The SEBI chairperson was appointed on March 2, 2022, by the Appointments Committee of the Cabinet, which the Prime Minister heads. Was her appointment cleared on the condition that she could maintain her previous financial relationships, provided she acted in line with the wishes of the prime minister and his close associates?” the Congress leader asked. Previous SEBI chairpersons went to great lengths to avoid even the appearance of a conflict of interest, both in their roles at SEBI and in their earlier positions, he pointed out. “For instance, M. Damodaran sold his 50 SBI shares when he took over UTI in 2001, and CB Bhave recused himself from all matters involving the National Securities Depository Limited (NSDL), where he was formerly chairman. In contrast, Buch merely transferred her investments to her spouse, which raises concerns about credibility,” Khera said. He asked why there was no effort to verify whether Buch would follow these established standards. “Or was this lack of scrutiny part of a mutually beneficial arrangement?” Khera asked. “If the head of the regulatory body is compromised, then that head becomes pliable. Perhaps that was the objective,” the Congress leader said. Khera said he was challenging the SEBI chief to come out and deny the charges against her. The Congress had on Thursday demanded an independent inquiry into the matter, asserting that it was in the national interest to have a probe as foreign investors were getting concerned and there were doubts about the integrity of India’s stock markets. Wikipedia parent’s response to Delhi High Court’s blocking threat ‘misleading’, ANI says The news agency Asian News International (ANI) on Friday [issued a rebuke to the Wikimedia Foundation]( on the latter’s statement responding to the Delhi High Court verbally threatening a ban on Wikipedia in India. The online encyclopedia’s operator faced the court’s ire when it did not disclose details of users who had made edits to a Wikipedia entry on ANI, which the agency called “defamatory”. “It is surprising that the petitioners chose to initiate contempt proceedings before the Foundation could fully appraise the Hon’ble Court” of making a representation resisting this demand, the Foundation had said. ANI’s lawsuit is regarding language on its Wikipedia page, wherein it is stated that “accused of having served as a propaganda tool for the incumbent central government, distributing materials from a vast network of fake news websites, and misreporting events on multiple occasions”. In a statement on behalf of ANI shared with The Hindu, the agency termed the response “misleading”. “Wikimedia Foundation was duly represented before the Court when the direction for disclosure of user information was directed within two weeks i.e. September 3, 2023,” the statement said. “Wikimedia being represented by counsel at the hearing had a full opportunity to appraise the Court of its position. Wikimedia however at this stage never objected to the issuance of the direction,” the statement added. Terming the Foundation’s acts “a clear violation of a direction of the Court,” ANI said that the former had only informed the agency of its intent to “file an application to seek directions”. A Wikimedia Foundation spokesperson did not immediately respond to ANI’s statement. In its earlier statement, the Foundation said that the ANI entry on Wikipedia is backed up by news reports from outlets that users have voted as reliable, and that any user is free to “improve” the page. Currently, the page is locked due to rapid editing attempts, and only users with a minimum of 300 contributions to Wikipedia are permitted to make changes. The High Court’s threat of a ban on Wikipedia drew worried reactions from the legal community. Constitutional scholar Gautam Bhatia termed the order, which has not yet been uploaded on the court’s website in full, “a complete overreach”. “If you don’t like India, please don’t work in India,” the court had remarked. Delhi government proposes ₹7.5 lakh compensation for families of prisoners who die in custody The Delhi government [has proposed a compensation of ₹7.5 lakh]( for the families of prisoners who die due to unnatural causes while in custody in the city’s jails. According to a statement, the proposal, aimed at addressing grievances and upholding human rights within the prison system, has been submitted to the lieutenant governor for approval. “Unnatural custodial deaths, as defined by the policy, may occur due to incidents such as quarrels between inmates, mistreatment or torture by prison staff, or negligence by medical officers,” the statement said. However, the compensation will not apply in cases of death by suicide, escape attempts, natural causes or disasters. Commenting on the policy, Delhi Home Minister Kailash Gahlot said, “This initiative underscores our commitment to ensuring justice and accountability within the prison system. Providing compensation to the families of prisoners who suffer unnatural deaths in custody is a step towards addressing their grievances and upholding human rights.” The home minister emphasised that the policy aims to foster accountability and serve as a preventive measure against misconduct. Additionally, the proposal also includes provisions for recovering the compensation amount from the salaries of prison staff found responsible for custodial deaths, according to the statement. A committee, led by the director general of prisons, will investigate such incidents and determine whether to recover compensation from the officials at fault. To ensure transparency, a detailed report, including the magisterial inquiry report, post-mortem findings, and the deceased’s medical history, will be submitted by the jail superintendent to the director general of prisons and forwarded to the National Human Rights Commission (NHRC), the statement added. Over 85% of Indian districts exposed to extreme climate events: Study [More than 85% of districts in India are exposed to extreme climate events]( such as floods, droughts and cyclones, according to a new study. The study by IPE Global and Esri India also found that 45% of the districts were experiencing a “swapping” trend, where traditionally flood-prone areas were becoming drought-prone and vice versa. Using a penta-decadal analysis, the study compiled a catalogue of extreme climate events during a 50-year period from 1973 to 2023, employing spatial and temporal modelling. The last decade alone saw a five-fold increase in these climate extremes, with a four-fold increase in extreme flood events, it said. Districts in eastern India are more prone to extreme flood events, followed closely by the country’s northeastern and southern parts. The study also shows there has been a two-fold increase in drought events, especially agricultural and meteorological droughts, and a four-fold increase in cyclone events. It found that more than 60% of districts in Bihar, Andhra Pradesh, Odisha, Gujarat, Rajasthan, Uttarakhand, Himachal Pradesh, Maharashtra, Uttar Pradesh and Assam were experiencing more than one extreme climate event. Abinash Mohanty, head of climate change and sustainability practice at IPE Global and the study’s author said, “The current trend of catastrophic climate extremes that makes nine out of 10 Indians exposed to extreme climate events is a result of a 0.6 degree Celsius temperature rise in the last century.” “Recent Kerala landslides triggered by incessant and erratic rainfall episodes, floods in Gujarat, the disappearance of Om Parvat’s snow cover, and cities getting paralysed with sudden and abrupt downpours is a testament that climate is changed. Our analysis suggests that more than 1.47 billion Indians will be highly exposed to climate extremes by 2036,” he said. The study revealed that more than 45% of districts were experiencing a swapping trend, some flood-prone districts were becoming more susceptible to droughts and vice versa. The number of districts that have transitioned from experiencing floods to facing droughts surpassed those that have shifted from droughts to floods. Districts in Tripura, Kerala, Bihar, Punjab and Jharkhand exhibit the most prominent swapping trends, it said. The study recommended establishing a Climate Risk Observatory, a risk-informed decision-making toolkit for policymakers at the national, state, district and city levels under its National Resilience Programme, and the creation of an Infrastructure Climate Fund to support sustained investment in climate-resilient critical infrastructure and foster locally-led climate actions. Ashwajit Singh, founder and managing director of IPE Global, said, “To meet climate goals, India must shift its budget focus from mitigation to adaptation. Current practices underfund climate resilience, risking long-term sustainability. India, in particular, experienced an 8% GDP loss in 2022 and a cumulative capital wealth decrease of 7.5% due to climate impacts.” In Brief: Vinesh Phogat, Bajrang Punia join Congress Former India wrestler Vinesh Phogat on Friday [resigned from the Indian Railways]( citing personal reasons. [She officially joined the Congress]( after meeting party chief Mallikarjun Kharge along with Bajrang Punia. “Serving Indian Railways has been a memorable and proud time of my life,” she posted on X with a picture of her resignation letter. She was employed as an Officer on Special Duty (OSD) with Northern Railways. “At this point in my life, I have decided to separate myself from the railway service and have submitted my resignation to the competent authorities of the Indian Railways. Disproportionate asset cases: Supreme Court stays restoration of trials against T.N. Ministers The Supreme Court on Friday [stayed the operation of an August 9 judgment of the Madras High Court]( reviving the criminal prosecution of Tamil Nadu Ministers K.K.S.S.R. Ramachandran and Thangam Thenarasu in separate disproportionate assets cases. A Bench headed by Justice Hrishikesh Roy froze the implementation of the judgment by the High Court’s Single Judge Bench of Justice N. Anand Venkatesh, which had invoked suo motu powers of revision under Section 397 of the Code of Criminal Procedure to set aside a Special MP/MLA Court’s decision to accept the closure report submitted by the Directorate of Vigilance and Anti-Corruption (DVAC) and consequently discharge the two Ministers from all charges. Evening Wrap will return tomorrow. Today’s Top Picks [[Paralympic Games: Praveen Kumar strikes gold in T64 high jump with Asian record] Paralympic Games: Praveen Kumar strikes gold in T64 high jump with Asian record]( [[Row over ‘spiritual’ event in T.N.: Principals of two Chennai government schools transferred] Row over ‘spiritual’ event in T.N.: Principals of two Chennai government schools transferred]( [[Article 370 is history, buried forever: Amit Shah at BJP’s J&K manifesto release] Article 370 is history, buried forever: Amit Shah at BJP’s J&K manifesto release]( [[Kolkata doctor rape and murder: If you have any evidence, please come forward, victim’s mother appeals to people] Kolkata doctor rape and murder: If you have any evidence, please come forward, victim’s mother appeals to people]( Copyright© 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please [click here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails [go here](

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