The State Bank of India (SBI) yesterday provided details of electoral bonds (EB) to the Election Commission (EC). These details include the purchase date of each EB, the name of the purchaser and the amount of the bond. Additionally, the details of EB contributions received by each political party were also required.
What did SC direct to EC?
SC directed EC to undertake two significant tasks in response. First, EC must upload its own data on EB contributions to parties on its website today. Secondly, by 5 pm on March 15, EC was instructed to upload the SBI data on EBs. This move aims to consolidate all EB-related data into a single accessible platform.
What does the SBI donor list contain?
Once the data is available, the public will gain access to a comprehensive list of EB buyers, along with purchase dates and amounts. In addition, a detailed list of recipients will be provided.
However, the revelation of who contributed how much to which party may not be simple for several reasons. First, SC clarified that it does not seek to directly match donors with recipients. Thus, the purchase of EB by a company does not necessarily imply a gift to a specific party.
Complexities in Identifying Donors
Second, the details provided by SBI may or may not include the “unique number” assigned to each bond. This unique identifier is crucial to accurately matching gifts to parties.
Voting Bond: Corporate Identity Challenges
Third, even if unique numbers are available, determining the “true” corporate identity of the donor remains difficult. Amendments to the Companies Act allowed any company, regardless of its size or financial status, to purchase EBs. Consequently, this provision facilitated the establishment of “shell companies” of major corporations for political financing purposes. Identifying the real corporate entity behind a company that appears to be a major donor, but is apparently obscure, presents a significant challenge.