Congress demands impartial probe into allegations against SEBI chief Buch

Hyderabad: Congress leader Praveen Chakravarty demanded that SEBI chairperson Madhabi Puri Buch step down from her post followed by an objective and independent inquiry into the allegations against SEBI and the Adani Group.

“The Congress party wants a strong and robust stock market with many foreign and domestic investors’ participation. It is not in the nation’s interest to have clouds of doubt, fear and uncertainty over the market regulator,” the Congress leader said in a public statement.

Praveen Chakravarty said that the Union government must take a look into the charges made by an American research firm against the chairperson of SEBI Madhabi Puri Buch.

The firm had alleged ‘SEBI’s unwillingness to take meaningful action against suspect shareholders in the Adani Group stemmed from Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani’, the Congress leader said in the statement.

“The Congress party, along with several other voices including journalists and other professionals, demanded the SEBI chairperson to step aside while urging an immediate impartial enquiry into the matter,” the leader said.

He said it was wrong that the Cabinet ministers and BJP MPs came in support of Buch instead of launching an enquiry.

Chanda Kochar case

Referring to the Chanda Kochar case, the Congress leader asked the ICICI bank why a similar probe was not launched against the actions of Madhabi Puri Buch.

“On September 2, the Congress party revealed with documentary evidence that Buch was eligible to receive income from ICICI stock, which was regulated by SEBI, a clear conflict of interest. Again, ICICI Bank which is indirectly implicated, responded to this charge while Buch, the primary accused, remained silent. Why did ICICI respond on behalf of Buch, when in a similar case with Chanda Kochar, it did not defend her and instead set up an independent inquiry?” he questioned.

The Congress leader also expressed concerns over Madhabi Puri Buch’s ‘ability to function objectively and independently.’

“On Thursday, we learnt through a news article that Buch, during her tenure at ICICI Bank between 2011 and 2013, was also employed at Greater Pacific Capital, a private equity fund where Shaurya Doval (son of NSA Ajit Doval), is a member of the leadership team. Given the long list of previous charges, this news today raises even further concern over Buch’s ability to function objectively and independently,” he said in the statement.

Whistleblower website

Praveen Chakravarty also informed the public that many from the financial industry are ready to volunteer information, documents and other evidence anonymously regarding the issue. He mentioned an Indian whistleblower website which collects documents 100 per cent securely and anonymously which can be useful for independent investigative journalists.

“There is an erosion of trust and credibility of India’s stock markets,” he said and added that only an independent enquiry and SEBI chairperson Buch stepping aside will restore trust and confidence in India’s stock markets and the economy.