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The ongoing political battle between the Congress party and the ruling government has taken a new turn with the latest allegations against SEBI chairperson Madhabi Puri Buch. Congress leader Pawan Khera, in a press conference on September 6, accused Buch and her husband of receiving rental income from a company affiliated with Wockhardt Ltd, a firm that has been under scrutiny by SEBI in several cases. This accusation comes days after Congress alleged that Buch held an office of profit at ICICI Bank and received a substantial income after becoming a full-time member of the market regulator.
Khera specifically alleged that Buch and her husband own a property in Mumbai that was rented out to Carol Info Services Ltd, a subsidiary of Wockhardt Ltd. The Congress leader claimed that between 2018 and 2024, Buch received a total of Rs 2.16 crore in rent from Carol Info Services Limited, a sum that he believes constitutes a clear conflict of interest and amounts to corruption. He highlighted the significant increase in rent received over the years, pointing out that it went from Rs 7 lakh in 2018-19 to Rs 46,05,000 in 2023-24. Khera further argued that this situation creates a conflict of interest because SEBI is handling cases involving Wockhardt, including an insider trading case.
The accusations leveled by Congress against the SEBI chief have raised serious questions about her ethical conduct and potential conflicts of interest. The party's claims, while yet to be substantiated, have ignited a debate about the transparency and accountability of regulatory bodies in India. While the ICICI Bank refuted Congress's previous claims, the latest accusations concerning the rental income from a company under SEBI's probe add fuel to the fire. The Parliament's Public Accounts Committee (PAC) has decided to review the performance of regulatory bodies established by Acts of Parliament, including SEBI. This move suggests that there is growing concern over the functioning of regulatory bodies, particularly in the context of recent allegations. While the SEBI chairperson is unlikely to be called at the next PAC meeting on September 10, the investigation into the allegations will likely continue. This case could have far-reaching implications for the future of SEBI and its leadership, and the political climate in India.