Trinamool Congress (TMC) MP Mahua Moitra has filed a complaint in the LokPal against SEBI (Securities and Exchange Board of India) Chief Madhabi Puri Buch.
In her complaint the TMC MP accused the SEBI Chief of improper conduct and entering into quid pro quo arrangements, threatening India’s national interests.
In a social media post on X, Mahua Moitra wrote, “My LokPal complaint against Ms. Puri-Buch been filed electronically & in physical form. LokPal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry. Every single entity involved needs to be summoned & every link investigated.”
Moitra called the SEBI chief a “serial offender” and alleged that she was engaged in actions that constitute impropriety on the part of a public servant.
The complaint letter dated September 11, reads, “Madhabi Puri Buch (Ms Buch) was appointed as a whole-time member of the Securities and Exchange Commission of India (SEBI) from April 2017 to October 2021 and subsequently as the Chairperson of SEBI in March 2022. However, based on the revelations coming to light, almost on a daily basis, it appears that Ms Buch is a serial offender who has engaged in actions that constitute impropriety on part of a public servant and has also entered into quid pro quo arrangements, which potentially threaten India’s national interests.”
“On 10 August 2024, a US-based firm – Hindenburg Research made serious allegations and charges against Ms Buch, including the allegation that – SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group stemmed from Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani.1 A copy of the report published by Hindenburg Research on Ms Buch on 10 August 2024 is enclosed along with my complaint as Enclosure 1,” it added.
Earlier on September 10, Congress chief Mallikarjun Kharge alleged that the institutional integrity of SEBI as a robust market regulator has been “tarnished by Prime Minister Narendra Modi to save his crony friends.”
On September 2, Congress labelled fresh allegations against SEBI Chairperson and accused her of office for profit.
“She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakh from ICICI Bank,” alleged Pawan Khera, at the press briefing.
Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI.
Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in “both the obscure offshore entities used in the Adani money siphoning scandal.” Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities.
Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations.
In the joint statement released to the media they said, “In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.”