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The Indian political landscape has witnessed a new wave of controversy with the Congress party leveling serious allegations against Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). The party alleges that Buch, while holding high-ranking positions within SEBI, engaged in both trading of listed securities and investments in Chinese funds, raising concerns about potential conflicts of interest and breach of regulatory protocols. This accusation, stemming from the report by CNBC TV-18, has further escalated the already tense relationship between the ruling Bharatiya Janata Party (BJP) and the opposition Congress party.
The Congress spokesperson, Pawan Khera, elaborated on the allegations, claiming that Buch's transactions in listed securities during her tenure as a Whole-time Member and later as the Chairperson of SEBI amounted to a staggering ₹36.9 crore. Khera further alleged that Buch invested in two specific Chinese funds, Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ), while holding a position of authority in India's financial regulatory body. He asserted that these actions were a violation of Section 6 of the SEBI Code on Conflict of Interest for Members of Board (2008), raising questions about Buch's commitment to ethical financial practices.
This latest accusation from the Congress party follows a series of earlier claims alleging impropriety on the part of SEBI Chief Buch. These claims encompass a range of issues, including consulting assignments undertaken by Buch's husband after his retirement while she was at SEBI, payments received by their firm Agora Advisory from listed companies, and rental income derived from a company related to Wockhardt. Buch and her husband have vehemently denied all these allegations, labeling them as 'false, incorrect, malicious, and motivated.' They further accused the opposition party of engaging in a deliberate strategy of leveling false allegations in installments, aiming to create and maintain a constant wave of controversy.
Source: Congress accuses SEBI Chief Madhabi Buch of investing in Chinese funds: Report