The Congress party has launched fresh allegations against Madhabi Puri Buch, the current Chairperson of the Securities and Exchange Board of India (SEBI). Congress claims that Buch violated SEBI’s Code of Conflict of Interest by trading in listed securities worth ₹36.9 crore during her tenure as a full-time SEBI member and later as its chairperson from 2017 to 2023.
Congress spokesperson Pawan Khera highlighted that this trading activity, which is prohibited under Section 6 of SEBI’s conflict of interest code, raises serious ethical concerns. The opposition also accused Buch of having investments in Chinese firms, questioning the timing of such investments amid geopolitical tensions between India and China. They argue that Buch’s actions are in conflict with her regulatory role, especially when SEBI has been overseeing matters involving some of the firms with which she or her family has ties.
In response, Buch and her husband Dhaval Buch issued a statement, denying the allegations and clarifying that all necessary disclosures were made and that Buch had adhered to SEBI’s guidelines regarding recusals and conflict of interest. The couple refuted claims regarding impropriety, labeling them as “false, malicious, and motivated.” They also addressed concerns about past payments from ICICI Bank, as well as Buch’s continued involvement in Agora Advisory, a firm where she holds significant ownership.
These allegations come at a sensitive time for SEBI, especially following previous criticisms regarding its handling of regulatory investigations and high-profile financial matters.
The Congress has demanded an inquiry into the matter and raised questions directly to Prime Minister Narendra Modi, asking if he was aware of these alleged violations by SEBI’s head.
This development has sparked widespread debate, with concerns over transparency and accountability in India’s financial regulatory bodies being at the forefront.
Comments 2