– Abdul Bari Masoud
New Delhi: The Congress has presented fresh allegations of misconduct against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, questioning why the government continues to protect her despite the severity of the charges. At a press conference held at AICC headquarters, Congress spokesperson and Media and Publicity Department chairman, Pawan Khera, raised concerns over the protection granted to Buch, hinting that her backing might come from high-level influences, possibly linked to her initial appointment.
The allegations against Buch, according to Khera, include renting her property to a company associated with Indiabulls, an entity that not only falls under SEBI’s regulation but has been under its investigation for multiple cases. Khera argued that this action violates Sections 4, 7, and 8 of SEBI’s Code of Conflict of Interest, pointing to a potential conflict given SEBI’s oversight of Indiabulls.
Furthermore, Khera revealed that Buch retained shares in a controversial entity tied to Paradise Papers leak, indicating offshore connections even after those revelations came to light. He alleged that this represents another serious breach of SEBI’s code of conduct.
In another alleged violation, SEBI Whole Time Member Ananth Narayan has reportedly rented his property to a stockbroker and holds shares in a major financial service provider that SEBI regulates. Khera emphasised that Narayan’s actions also violate the same sections of SEBI’s Conflict of Interest Code, questioning why he remains in his role despite these accusations.
Khera pressed the government on its reluctance to take action against Buch, asking, “What is the compulsion for retaining her as SEBI Chief when irrefutable evidence exists against her?” He speculated whether the chairperson might be withholding information as leverage to avoid removal, which he suggested could be a form of “blackmail.”
The Congress spokesperson also drew comparisons between the current NDA government led by PM Narendra Modi and the previous UPA administration, stating that Congress had been swift to seek resignations even of those later cleared of wrongdoing. Under Modi’s leadership, however, Khera argued, “all are being protected,” asserting that the Prime Minister lacks the courage to remove tainted officials from his administration.
In support of his claims, Khera referred to regular revelations made by Rahul Gandhi through his YouTube channel, reiterating why action has still not been taken. He also shared further allegations about Ms. Buch’s property dealings, stating she rented a second property to Green World Buildcon and Infra Private Limited, another firm with ties to Indiabulls. The property, a flat in Mumbai, reportedly generated rental income for Buch from 2021 to 2022, with the lease attributed to Mukul and Vipul Bansal, who have longstanding associations with Indiabulls.
Khera claimed that Indiabulls, where Mukul Bansal has held senior positions, has faced regulatory actions and multiple adjudications by SEBI between 2021 and 2022, representing another potential conflict of interest for Buch under SEBI’s regulations.
In closing, Khera highlighted that Ananth Narayan, another SEBI official, had received rental income from a stockbroker linked to a brokerage firm overseen by SEBI’s market intermediaries department. He stressed that this, too, contravenes the board’s Conflict of Interest Code, questioning how SEBI’s top officials are permitted to remain in their positions despite alleged breaches.
“Who is shielding these officials when so much is already public?” asked Khera, pressing the Prime Minister to address the allegations and take action.
