'Madhabi Puri Buch was employed at a PE firm during her ICICI Bank tenure': Congress' fresh charge against Sebi chief

Amid the row over allegations against SEBI chairperson Madhabi Buch, the Congress has demanded an independent inquiry into the matter, asserting that it is in national interest to have a probe as foreign investors were getting concerned and there were doubts about the integrity of India's stock markets.

The opposition party said only an objective, independent inquiry with the SEBI Chairperson Buch stepping aside was needed until then can restore trust and confidence in India's stock markets and hence the economy. Chairman of Professionals' Congress and Data Analytics Praveen Chakravarty claimed that lots of skeletons are tumbling out of the cupboard of SEBI, which is one of the nation's most important institutions.

"On 10 August, a foreign research firm issued a report with allegations against the SEBI chairperson and her family regarding offshore funds, for which they claimed to have documentary evidence. This allegation was made by a research firm, not by any political party. In response, a cabinet minister of the Modi government addressed the issue," he said at a press conference at the AICC headquarters.

"SEBI Chairperson Madhabi Puri Buch is not responding, but ICICI is. Why?" he said. Why did they respond to the allegation made by a foreign research firm against an individual at SEBI, Chakravarty asked.  Chakravarty also pointed out that 500 SEBI officers have written a letter to the Government of India alleging that the work environment under Buch's leadership is "toxic, abusive and fearful".

"Today, a news report says that Ms. Madhabi Puri Buch did have two employments when she was at ICICI. She was also employed in a private equity fund called Greater Pacific Capital... Ms. Buch may have been recruited as a finance professional, but this raises a long list of allegations and questions. Doesn't it raise more concern?" he said.

SEBI Chairperson Madhabi Puri Buch is not responding, but ICICI is. Why?

500 SEBI officers have written a letter to the Government of India alleging that the work environment under Madhabi Puri Buch's leadership is toxic, abusive and fearful.

: Chairman of Professionals’… pic.twitter.com/ZrH8J24YaM

— Congress (@INCIndia) September 5, 2024

These allegations come days after Hindenburg Research launched a fresh broadside against Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.

SEBI Chairman Buch had denied the allegations levelled against them as baseless and asserted that their finances are an open book. Adani Group had also termed Hindenburg allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the SEBI chairperson or her husband.

(Except for the headline, this story has not been edited by DNA staff and is published from PTI)