Cong levels fresh allegations against Madhabi Buch: traded in listed securities worth ₹36 cr
Updated: Sep 14th, 2024
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| Madhabi Congress allegations |
Congress has levelled fresh allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI).
In a press conference, Congress spokesperson Pawan Khera alleged that Buch had violated crucial SEBI regulations by trading in listed securities worth ₹36.9 crore during her tenure. Khera claimed that these trades were executed between 2017 and 2023, with a total transaction value of ₹19.54 crore in the financial year 2018-19.
Congress also accused Buch of investing in companies in countries like China. Khera named four international funds, including ‘Global X MSCI China Consumer’ and ‘Invesco China Technology ETF’, in which Buch allegedly invested.
The party questioned when Buch had disclosed these foreign investments and which government agency had been informed.
Congress demanded a clarification from Prime Minister Narendra Modi as well, asking if he was aware that the SEBI chairperson was trading in listed securities without disclosure. They also enquired if Modi was aware of Buch’s substantial investments abroad and when these investments were made.
Khera further questioned if Modi was aware of Buch’s investments in Chinese companies, especially given the geopolitical tensions between India and China.
Madhabi Puri Buch and her husband, Dhaval Buch, have refuted these allegations, calling them “false, baseless, malicious, and motivated”. They termed Congress’s claims “tactic”.
Buch also denied allegations related to rental income from Wockhardt and funds received from ICICI Bank.
Congress has dismissed Buch’s response. The party refused to accept the clarifications provided by companies like ICICI Bank and the Mahindra Group, arguing that the payments made to Buch or entities associated with her violated SEBI regulations.
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