Congress alleges SEBI chief Madhabi Buch traded in listed securities
The Indian National Congress has leveled fresh allegations against Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). The party has accused Buch of trading in listed securities while having access to unpublished price-sensitive information (UPSI). This accusation was made by Congress leader Pavan Khera, who claimed that Buch traded securities valued at nearly ₹36.96 crore, during her tenure at SEBI from 2017 to 2023.
Alleged violation of code of conduct
Khera argues that Buch's alleged trading activities constitute a breach of the code of conduct and present a conflict of interest. He also raised questions about Buch's foreign assets held between 2017 and 2021, asking if the government was aware of these holdings. The Congress leader did not specify which listed securities were involved in the alleged trades by the SEBI chief.
Concerns over investments in Chinese funds
Khera alleged that Buch had investments in several foreign funds, including Vanguard Total Stock Market ETF, ARK Innovation ETF, Global X MSCI China Consumer Discretionary ETF, and Invesco China Technology ETF. He expressed concern about these investments, stating, "We are always worried about why money is coming from China. But it is very disturbing that the SEBI chairperson was investing money in Chinese funds."
Questions over Buch's connections and payments
In addition to the trading allegations, Khera questioned if Buch or her family had any dealings with companies named in the Panama Papers or Paradise Papers. He also queried why Mahindra & Mahindra (M&M) made separate payments to Buch's husband Dhaval Buch, and their consultancy firm Agora Advisory. These questions were part of a series of allegations leveled by the Congress party against the SEBI chief.
Buch refutes allegations as 'false, malicious, motivated'
In response to the allegations made by the Congress party, Buch and her husband issued a six-page letter denying the claims. They described them as "false, malicious, and motivated." The couple suggested that these accusations were being made in stages to keep the issue alive. They expressed their willingness to provide all facts at once if all allegations were presented simultaneously.
