Madhabi Puri
The Congress party alleged on Friday that SEBI chairperson Madhabi Puri Buch received rental income from an entity linked to Wockhardt Limited, a company under SEBI investigation for insider trading and other violations. Congress claims this violates SEBI’s 2008 Code on Conflict of Interests for Board Members.
Pawan Khera, head of Congress’ media and publicity department, stated that between 2018 and 2024, Buch, first as a whole-time member and later as SEBI chairperson Madhabi Puri, received ₹2.16 crore from Carol Info Services, a company affiliated with Wockhardt. Congress argued that Buch maintained this financial relationship while overseeing SEBI’s investigation into Wockhardt, creating a clear conflict of interest.
Khera questioned whether Buch’s appointment as SEBI chair in March 2022 by the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi, was contingent on her maintaining her previous financial ties while acting in accordance with the prime minister’s interests.
Congress is now calling for Buch’s dismissal and an independent investigation into her actions, raising concerns about her impartiality and SEBI’s transparency. Congress general secretary Jairam Ramesh emphasized that the responsibility lies with the prime minister, questioning why he has not addressed these concerns and stating that with 10 crore Indians investing in the market, they deserve better.
Amid the controversy, the Public Accounts Committee (PAC) has decided to investigate regulatory bodies established by Parliament, including SEBI. PAC Chairman K C Venugopal said the Committee will consider summoning Buch to address the allegations, while Congress has also questioned payments Buch allegedly received from ICICI Bank after joining SEBI, calling for an independent probe into the matter.
