June 22nd 2024.
In a bold move to uphold corporate governance, the Securities and Exchange Board of India (SEBI) has taken strict action against two top executives of PTC India and its subsidiary, PTC India Financial Services. Rajib Kumar Mishra, who serves as the Chairman and Managing Director of PTC India and as a Director of PFS, has been fined Rs 10 lakh. Meanwhile, Pawan Singh, former Managing Director and CEO of PFS, has been hit with an even steeper penalty of Rs 25 lakh.
But SEBI's actions did not stop there. Mishra and Singh have also been prohibited from holding any board or key managerial positions in any listed company. They are also not allowed to associate with any listed entity that is looking to raise funds from the public.
This crackdown comes after the Reserve Bank of India's directive in June 2023, which forced Singh to take a leave of absence until his retirement. Mishra, who still holds roles as the non-executive chairman of PFS and CMD of PTC India, will now have to step down from these positions as well.
SEBI's actions serve as a stern warning to corporate leaders that they must adhere to the rules and regulations. By holding these two senior officials accountable, SEBI is making it clear that any lapses in governance will not be tolerated. The regulator is working to protect investors and maintain trust in the financial markets. This is a necessary step to ensure transparency and integrity in corporate India, creating a healthier business environment for all.
There is also news that the government is considering increasing the annual intake of Indian Administrative Service (IAS) officers from 180 to 210. This potential policy change is based on a report by a departmental committee and the Indian Institute of Public Administration.
If this plan is implemented, it would be a reversal from the first term of the Modi government, which saw a significant decrease in civil services and All India Services recruitment. One of the reasons for this proposed increase is the need for more officers due to the high number of vacancies across various government levels. The addition of nearly 100 new districts since 2014 has only exacerbated this issue. Currently, there are over 1,300 vacancies for IAS officers nationwide, which is a growing concern. This situation may prompt the government to reconsider the limit it had previously set for the annual intake of IAS officers. The prevailing belief was that increasing the intake above 180 could compromise the quality and career progression of these officers, but that view seems to have changed.
In light of this urgent need for officers, sources have informed us that the government is planning to fill 51 deputy secretary, director, and joint secretary positions through lateral entry to address the gaps quickly. This increase in the intake of IAS officers would be similar to the increase in the number of Indian Police Service (IPS) and Indian Forest Service officers in recent years. We will continue to provide updates on this development.
On a different note, have you noticed how some babus are now using social media to announce their promotions and empanelments? While it's great to celebrate achievements, it seems a bit unusual. Traditionally, promotions and transfers in the IAS and other civil services were not a big deal, almost routine. The public would hear about them through official channels or in the news, but now it seems like officers are posting celebratory updates on Twitter or LinkedIn almost every day.
What's even more interesting is the outpouring of congratulations from followers and well-wishers in response to these announcements. It's like every officer suddenly has their own fan club cheering them on for what used to be considered a normal career progression.
Perhaps it's just a sign of the times. Social media has become a platform for sharing every little life update, so why not professional milestones as well? It's definitely a departure from the past, and it could even promote transparency and public engagement. Still, it does feel a bit strange to see something so routine getting the social media treatment. Will we soon start seeing hashtags for transfers too? #JustPromoted #NextPosting.
But in the end, if it makes people happy and doesn't harm anyone, why not? After all, as the saying goes, "To each their own."
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