November 05, 2024 14:28 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
'SEBI chief traded in listed securities while at regulator,' Congress targets Madhabi Puri Buch again
Madhabi Puri Buch
SEBI chief Madhabi Puri Buch. File photo by SEBI via Wikimedia Commons

'SEBI chief traded in listed securities while at regulator,' Congress targets Madhabi Puri Buch again

| @indiablooms | 14 Sep 2024, 01:54 pm

New Delhi/IBNS: The Indian National Congress (INC) has launched a fresh attack on Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), accusing her of misconduct.

The party alleges that Buch not only traded listed securities worth Rs 36.9 crore during her tenure at SEBI, the regulatory body for securities and commodity market in the country, but also invested in Chinese funds.

At a press conference on Saturday (Sept. 14), Congress spokesperson Pawan Khera claimed that these transactions occurred between 2017 and 2023, the period during which Buch served as a Wholetime Member and later as Chairperson of SEBI.

"These transactions breach Section 6 of the SEBI Code on Conflict of Interest for Members of the Board (2008)," Khera stated.

The Congress also accused Buch of holding foreign assets, including investments in Chinese funds, during the same period.

Khera demanded clarity on when Buch first declared these foreign assets to any government agency and which agency was informed.

He specifically cited investments in Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ) among the international funds involved.

This criticism follows a statement issued by Buch and her husband, Dhaval Buch, addressing allegations against them.

These allegations range from consulting assignments Dhaval Buch took after retirement while Madhabi was at SEBI, to their firm Agora Advisory, which reportedly received payments from listed companies such as Mahindra Group, Pidilite, and Dr Reddy's Labs.

Additional claims include rental income from a company linked to Wockhardt and payments from ICICI Bank even after Madhabi left the bank.

In their joint statement, the Buchs denounced the allegations as "false, incorrect, malicious, and motivated," and accused the Congress party of making false claims in stages to keep the issue alive.

Congress has rejected the Buchs' explanations as misleading and has raised further questions for both Buch and the ruling BJP government, including Prime Minister Narendra Modi —

Is the PM aware that the SEBI Chairperson has been trading in listed securities while possessing Unpublished Price Sensitive Information?

Is the PM aware of Madhabi Puri Buch's high-value investments abroad, including the dates of these investments and their disclosure?

Is the PM aware that the SEBI Chairperson has been investing in Chinese firms amidst ongoing geopolitical tensions between India and China?

The Congress has dismissed responses from companies like ICICI Bank, Mahindra Group, and Pidilite as inadequate, maintaining that payments made to Buch or her associated entities violate SEBI's Code on Conflict of Interest for Members of the Board (2008).

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.