Parliamentary PAC to probe SEBI chief Madhabi Buch: Report
Updated: Sep 6th, 2024
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| Madhabi Puri Buch |
After a series of allegations against her, Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch is set to undergo a parliamentary Public Accounts Committee (PAC) probe, states a media report.
The report adds that Buch could also be summoned by the committee later this month.
This issue was reportedly brought up by the committee members, spearheaded by Congress MP K C Venugopal, after they convened on August 29.
Their meeting agenda discreetly mentioned the reason to be a performance review of “regulatory bodies established by act of parliament”.
However, sources privy to the developments stated that this issue was included on suo moto basis after many members took a serious note of the allegations lodged against SEBI chief Buch and the capital market regulator itself.
Cong raises ‘rental’ corruption
The Congress today made grave allegations against Buch, stating, “When she became a whole-time member of SEBI, Buch gave her house on rent to a company. Thereafter, she deals with the cases and conducts a probe against that company.”
Congress spokesperson Pawan Khera, levelling these allegations further, states, “A yearly rent of the property was ₹46 lakh, and Buch has taken around ₹2.16 crore from the company. We question where she has declared these amounts. Before which institutions did she disclose this data? Is it ethical that you have rented out your property and given ICICI shares to an individual from a company that is currently under probe by SEBI? Is this legal?”
Khera, in his address to the media, demanded an explanation from the Prime Minister, stating, “We ask the PM, that when you and Home Minister Amit Shah appointed Madhabi to the chairperson’s post, was there an internal understanding between you all which warrants the business associations of her family immunity from an official interference? How is it possible that Madhabi has insider information and relations with many companies, and she is appointed in the regulatory body regardless?”
LIVE: Congress party briefing by Shri @Pawankhera at AICC HQ. https://t.co/OHesoii9kA
— Congress (@INCIndia) September 6, 2024
String of allegations
Previously, Subhash Chandra, the founder of the Zee Group, levelled serious allegations against Buch, accusing her of bias, corruption and unethical behaviour.
The allegations revolved around SEBI’s role in blocking the highly anticipated merger between Zee Entertainment Enterprises Ltd and Sony Pictures Networks India.
Prior to that, a tweet by Hindenburg Research followed a serious allegation from the investor research firm, which stated Madhabi and her husband, Dhaval Buch, have stakes in Adani Group’s funds, the very firm SEBI was tasked to look into for market manipulation and insider trading.
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