Everyone knows how politically well-connected Jignesh Shah, Managing Director of MCX Stock Exchange (MCX-SX), is and he is also a celebrity in India’s financial circles. So the rejection of MCX-SX’s application to run stock exchanges offering trading in equity and derivatives by SEBI Chairman CB Bhave has come as a surprise to most.
The application was rejected on the grounds of protecting trade interests as well as public interests. The stock exchanges, considered the grass-roots regulators, cannot simply be handed over to the kind of people who lack transparency in functioning and repose faith in their financial and political muscle.
Shah is a confidant of Maratha leader Sharad Pawar and harbours a long-cherished dream – along with his political mentors – of making MCX-SX the biggest and richest stock exchange of the country. But Finance Minister Pranab Mukherjee keeps a tab on how and where his party’s detractors are making their moves in the financial world. As long as MCX-SX does not put on even a semblance of transparency, it is doubtful that Pranabbabu will open the door for Shah to become the richest man in the country.
Mayawati in a cage
police keeps dalits away
Is there a threat to Uttar Pradesh Chief Minister Mayawati’s life in her own State? Yes, if the UP police is to be believed. This police force unearthed a threat letter somewhere in the Kanpur-Allahabad region after a massive search operation lasting a month or two.
Promptly, an investigation was started, meetings were held and a new strategy to protect the Chief Minister was planned. The best the police could come up with was, let the Chief Minister not move out from her house. Now, she walks out the back of her house and enters a lift, which takes her straight to her office on the famous pancham tal (fifth floor) of the Secretariat.
However, Mayawati is now surrounded only with babus. Dalit workers of the Bahujan Samaj Party are kept out of the charmed circle as they might pose a danger to her life.
No-show to Gadkari show
Iftar do turns tables
Though BJP chief Nitin Gadkari is keen to make inroads into the minority community, its representatives among the party leadership view this as a threat. The party has two influential leaders, Mukhtar Abbas Naqvi and Shahnawaz Hussain, in its minority community panel but Gadkari, it seems, does not want to utilize them.
Gadkari organized an iftar party at the Ashoka Road party office in Delhi with the help of a media baron, an RSS worker, and a surgeon. On the day of the party, Hussain rsvped that he would not be able to attend. Naqvi was in the party office when the party was on and was asked to participate but pretended to be busy.
Insiders say the episode actually helped Gadkari prove his acumen by showing that he could manage the show at, of all things, an iftar party without the help of these stalwarts.
Chauhan’s better half
sadhna governing mp
For all his placid composure in public, Madhya Pradesh CM Shivraj Singh Chauhan is turning out to be a smart strategist. He has strategically divided his work in the state. He deals effectively with political opponents like Kailash Vijayvargiya and has blocked Uma Bharti’s efforts to make a comeback in State BJP politics. Of course, Nitin Gadkari’s appointment as BJP boss came as a blessing in disguise for Chauhan.
The CM also tours a lot. So the real business of governance has been assigned to wife Sadhana Singh. In the corridors of the Secretariat, every Minister and babu knows where the file will go for final approval. So, whether it is mine projects, construction work, road repair, purchase of vehicles et al, Sadhana enquires, verifies, and, if need be, “holds” the files before giving the final nod.
