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Informist, Thursday, Sep 5, 2024

NEW DELHI - The Congress party today demanded that Securities and Exchange Board of India Chairperson Madhabi Puri Buch step aside to facilitate an impartial inquiry into the charges of conflict of interest against her.

Referring to a media report alleging that during her tenure at ICICI Bank between 2011 and 2013, Buch was also employed at Greater Pacific Capital, Congress leader Praveen Chakravarty said National Security Adviser Ajit Doval’s son Shaurya Doval is part of the leadership team of Greater Pacific Capital, a private equity fund.

“Given the long list of previous charges, this news today raises even further concern over Buch’s ability to function objectively and independently. Many internal documents are being shared by insiders on this matter,” the Congress leader said.

The Congress alleged that there has been a series of charges against Buch which are not in the interests of the nation. “There is an erosion of trust and credibility of India’s stock markets,” the opposition party said.

Referring to the allegations made by the party against Buch on Monday, Chakravarty asked why ICICI Bank responded on Buch's behalf, when in a similar case involving the bank's former managing director Chanda Kochar, it did not defend her but set up an independent enquiry instead.

“The Congress party wants a strong and robust stock market with many foreign and domestic investors’ participation. Only an objective, independent inquiry with Buch stepping aside until then can restore trust and confidence in India’s stock markets and hence the economy,” the Congress leader said.

Buch has been under fire of late with allegations of conflict of interest stemming from her personal holdings. In an Aug 10 report, US-based short-seller Hindenburg Research accused her of, among other things, egregious conflict of interest in her capacity as SEBI chairperson from Mar 2, 2022, and earlier as a whole-time member of the market regulator from Apr 5, 2017, to Oct 4, 2021, in connection with her role in an investigation into the Adani Group. Hindenburg alleged that SEBI’s unwillingness to take meaningful action against suspect shareholders in the Adani Group stemmed from Buch’s complicity in using the same funds used by Vinod Adani, brother of Gautam Adani.

On Monday, the Congress alleged that the SEBI chief had been holding an office of profit with ICICI Bank even after assuming office as whole-time member at the regulator in 2017 and received 168 mln rupees from ICICI Bank and associate companies.  End

Reported by Kuldeep Singh

Edited by Rajeev Pai

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