Well, here’s a financial thriller twist no one saw coming — a Mumbai court has ordered an FIR against former Sebi chief Madhabi Puri Buch over alleged regulatory lapses in a case that dates back to 1994! Talk about digging deep. But this isn’t just about an old IPO listing. Ms Buch has been in the limelight recently for all the wrong reasons. First, Hindenburg Research alleged that she and her husband held stakes in offshore entities linked to the Adani Group — raising questions about whether Sebi’s investigations into the conglomerate were truly independent. She called the allegations baseless. Then came fresh political heat. The Congress claimed Ms Buch earned rental income from a company under Sebi’s scrutiny while still benefiting from ICICI Bank stock options long after leaving the bank. ICICI quickly denied making any payments beyond standard retirement benefits. And even inside Sebi, things weren’t exactly smooth sailing. Reports suggest that towards the end of her tenure, employees staged protests over “unfair work practices”, and when she left, there was no farewell — just the door. So, is this FIR a long-overdue reckoning or a convenient distraction? Why unearth a 30-year-old case now? And how much of this is about regulatory lapses versus the bigger power struggles at play? Two women at the helm — what changes? Delhi’s corridors of power just got a fresh dynamic — chief minister Rekha Gupta now has IAS officer Madhu Rani Teotia as her secretary. With two women in key leadership roles, does this signal a shift in governance style? Or will the city’s political and bureaucratic machinery continue business as usual? Strong leadership is key for a city as complex as Delhi, where governance has often been a battleground between the state and the Centre. That may not be an issue now with a BJP “double-engine” sarkar. Also, Rekha Gupta, known for her sharp political instincts, now has an experienced bureaucrat by her side. Teotia’s track record in public administration, particularly in health policy, could bring a more hands-on, policy-driven approach to governance. But will that translate into real change? Historically, the presence of women in leadership has been linked to better policy outcomes in areas like healthcare, education, and social welfare. Will this duo prioritise these issues, or will the daily tug-of-war of Delhi politics dilute any potential impact? Also, will their leadership style differ from their predecessors? Women in power are often expected to bring a collaborative, inclusive approach, but politics doesn’t always reward that. Another question looms: Will having two women in charge challenge entrenched bureaucratic and political hierarchies, or will it reinforce them? Leadership in Delhi is as much about navigating power struggles as it is about policy. Gupta and Teotia may set a new precedent — or they may find themselves playing the same old game, just with new players. For now, Delhi watches. What’s the PMO’s game plan? The appointment of former RBI governor Shaktikanta Das as principal secretary-2 (PS-2) to Prime Minister Narendra Modi, alongside Dr P.K. Mishra as principal secretary-1 (PS-1), has set babu circles abuzz. Seasoned babus are wondering whether this signals a gradual transition, with Mr Das eventually stepping into Dr Mishra’s shoes, or if it simply reinforces Mishra’s position as the key figure in personnel affairs, with Das as a trusted lieutenant. Despite its opacity, so-called pundits believe the move strengthens the PMO by bringing in a macroeconomic expert with a solid track record in finance and administration. Mr Das’ linguistic versatility may also help navigate the complex power dynamics at the top. While some speculate that this could dilute the finance ministry’s influence, others suggest that with Mr Das and Cabinet secretary Dr T.V. Somanathan — both from the Tamil Nadu cadre — working in tandem, coordination between the PMO and the bureaucracy may only improve. As for the PMO’s advisers, their role is unlikely to be diminished, though there may be a realignment of responsibilities. In the larger scheme of things, this development appears to be part of the Modi government’s ongoing efforts to streamline and consolidate governance within the PMO, ensuring that efficiency takes precedence over individual positioning.
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