Off the Record: Ahmedabad pharma merger, vacant finance secretary, exchange rivalry...

Off the Record: Welcome back to 'Off the Record'—your weekly window into the conversations and updates that rarely make it into formal files but often influence how those files eventually move.

This week, a controversial pharma merger draws the regulator into uncharted territory after top-level intervention, an unusual delay in appointing a finance secretary shifts focus away from the Budget, and a high-profile brokers’ meet in Delhi lays bare simmering rivalry between exchanges.

1. Regulatory scrutiny, top-level intervention and a deal that changed the playbook

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Merger of Ahmedabad based pharma company with Mumbai based pharma company is redefining the rules of competition law. Regulator attempted the raising issue in merger reaches top office of the country. After top office intervention in merger, regulator approved the deal in expedited mode.

Not only this, regulator is planning to change the rules of merger of pharma companies. Regulator is whispering about Ahmedabad effect in this deal.

2. Budget Watch in Lutyens: Attention shifts to who will be the next finance secretary

Union budget is around the corner, but this time discussion is more on post of finance secretary in Lutyens than any main measures in budget. Finance Secretary post is vacant more than 11 months after Tuhin Kanta Pandey became Sebi Chairman.

Both contender of finance secretary sits in same building which is separate building and not in Kartvya Bhavan, new office of finance ministry.

Mostly finance secretary becomes who is the senior most secretary in finance ministry.

But this time is exceptional when this post is vacant for very long time.

3. Tensions surface at brokers’ event as exchange rivalry spills into the open

In Delhi, brokers event became show point of the exchanges in front of minister and sebi chairman. One of the exchange senior official left the venue early as he got the late chance to speak in session. Junior official of that exchange raised concern with the event management that how come junior officer of the exchange share the Dias with MDs and get the chance to give speech before the MDs.

Along with this, another exchange official also miffed that he has waited for more than 15 minutes nobody was there to attend him.

Two exchange rivalry is evident in public.