What makes headline news and why? Sometimes, you have no option: Government declares war, terrorist attack kills several, cyclone destroys, Someone important assassinated and so on.
Sometimes you choose, you as in the editors in charge. The New York Times famously decided not to lead with the death of Princess Diana unlike just about every newspaper and news channel in the world. The editor felt it was not important enough to be the main story because something local was going on.
In a similar way, just about every legacy newspaper and channel has decided that the intriguing story of Madhabi Puri Buch, SEBI, Hindenburg, Adani and Zee is not just unworthy of constant lead status, but in fact unworthy of coverage. I won’t be unfair. But I will stress that what is a remarkable story of alleged chicanery and cheating, which should actually thrill every newsroom and every viewer and reader, is relegated to the shadows.
Small side note on the use of the word “alleged”. This is a massive trigger for informed readers and viewers who feel that journalists succumb to government or other pressures when they use this word about crimes committed. In fact, this is a simple safety mechanism for newsrooms. First, in Indian law, innocent until proven guilty. Secondly, this is protection against legal action against the media house. It is not a word that requires conniptions from concerned citizens. Just ignore it and carry on. Side note over.
On August 10, the US-based Hindenburg Research LLC accused Buch Puri, the head of the Securities and Exchanges Board of India, a quasi-government body, of various counts of conflict of interest. Including that she and her husband owned parts of Adani entities. Hindenburg had already accused Adani of irregularities in its offshore funding activities. Buch Puri is the first non-government employee to be made head of SEBI. She was handpicked by those at the top of the Government of India. In other words, You Know Who.
Buch Puri denied the allegations and then that was it. Radio silence from her. Vague huffing and puffing from GOI. The usual accusations that this was a conspiracy against India (Adani means India, obviously) by a conglomeration of that amorphous entity: The West, the Congress Party, George Soros (who is a sort of Commie West), Klingons and who knows what else.
Since then, though, the story has not died down. SEBI employees have protested against a toxic work culture under Buch Puri, Subhash Chandra of Zee has accused her of “bribery and corruption”, and the Congress Party has released data that she received from a higher pension from her former employer ICICI Bank, than she ever earned at the bank.
(Interestingly, the Supreme Court picked MV Kamath, formerly of ICICI Bank, as member of a committee to examine how SEBI had investigated the allegations against Adani.)
An article linked below from veteran journalist Paranjoy Guha Thakurta, who has been relentless in his coverage of corporate fraud and Adani, and paid the price from it, explains much of the conflict of interest. As well as why this case is important and why Buch Puri should resign as SEBI chairperson.
https://www.freepressjournal.in/business/why-sebi-chairperson-madhabi-buch-should-resign
These other links point to the tip of the iceberg when it comes to crimes and misdeamenours and cover ups.
https://frontline.thehindu.com/news/hindenburg-report-sebi-chief-madhabi-puri-buch-conflict-of-interest-adani-group-controversy/article68515614.ece
https://economictimes.indiatimes.com/news/politics-and-nation/icici-banks-clarification-on-sebi-chiefs-salary-raises-more-questions-congress/articleshow/113039154.cms?from=mdr
Now you may well ask, how come I state that the media is not covering this story, while I provide media links. Good question. What I am saying though is that given the importance of the story, of the links from Narendra Modi and Amit Shah downwards, of the allegations of various kinds which raise many red flags, why is the story not getting its due? Why are TV anchors not blaring irregularities nonstop the way they do about imaginary crimes against Hindus?
Where is the journalistic instinct for scandal and shenanigans?
Hah! Where indeed.
Ranjona Banerji is a senior journalist and commentator. She writes on MxMIndia on Tuesdays and Fridays. Her views here are personal.