TMC MP Mahua Moitra has filed a complaint with the LokPal against SEBI Chief Madhabi Puri Buch, accusing her of misconduct and entering into quid pro quo arrangements that could harm India’s national interests. The complaint comes amid growing scrutiny of Buch’s role in SEBI and allegations that have surfaced about her connections with the Adani Group.
Mahua Moitra took to social media platform X to announce the filing of her complaint. In her post, she stressed that the LokPal is required to refer the matter to investigative agencies such as the CBI or ED within 30 days for a preliminary investigation, which could lead to a full FIR being lodged.
Moitra called for a thorough investigation, urging all involved entities to be summoned. She labelled Buch a "serial offender" and suggested that her actions amounted to serious misconduct for a public servant.
In her official complaint, dated September 11, Moitra provided details of Buch’s tenure as a whole-time member of SEBI, a position she held from April 2017 to October 2021, before becoming the Chairperson of SEBI in March 2022.
The complaint draws attention to recent revelations, which Moitra says suggest Buch engaged in impropriety and entered into quid pro quo deals that pose a risk to India’s interests.
One of the most damning aspects of the complaint involves allegations made by US-based firm Hindenburg Research. On August 10, 2024, the firm published a report claiming that SEBI’s reluctance to take action against certain offshore shareholders in the Adani Group was linked to Buch’s alleged involvement in using the same funds as Vinod Adani, the brother of Gautam Adani. Moitra included a copy of this report as evidence in her complaint.
This complaint follows earlier allegations from political circles regarding Buch’s conduct. On September 10, Congress President Mallikarjun Kharge accused the government of undermining the institutional integrity of SEBI to protect close allies of Prime Minister Narendra Modi.
Kharge’s remarks echoed earlier claims made by Congress on September 2, when party spokesperson Pawan Khera accused Buch of conflict of interest, alleging that she received significant income from ICICI Bank during her tenure as a SEBI member.
Hindenburg Research’s report last month added fuel to these allegations, accusing Buch and her husband, Dhaval Buch, of having stakes in offshore entities linked to the Adani Group’s financial activities.
The report, based on information provided by a whistleblower, claimed that both Buch and her husband were tied to the scandal, raising concerns about conflicts of interest.
In response to these claims, Madhabi Puri Buch and her husband issued a public statement strongly denying the accusations. The statement, issued in their personal capacity, rejected the allegations as “baseless” and lacking any factual basis.
The Buchs emphasised that their financial records are fully transparent and have been submitted to SEBI as required over the years. They expressed their willingness to cooperate with any authority requesting further disclosures, even relating to their private financial matters. In their statement, they also promised to release a detailed clarification in due course to address all concerns.
The controversy surrounding Buch has intensified with these latest developments, placing further pressure on SEBI, one of India’s key regulatory bodies. Buch has been a prominent figure in India’s financial landscape, having taken on the role of SEBI Chairperson in 2022.
Her leadership has come under scrutiny since allegations of a lack of enforcement in high-profile cases, including those involving the Adani Group, began to surface.
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