cong-demands-independent-probe-into-sebi-chief-allegations

The Congress party has called for an independent investigation into allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.

 The party argues that an impartial probe is crucial to restore trust in India’s stock markets, which are facing scrutiny from foreign investors concerned about their integrity.

Praveen Chakravarty, Chairman of the Professionals' Congress and Data Analytics, highlighted a report by a foreign research firm dated 10 August, which implicated Buch and her family in allegations involving offshore funds. 

Chakravarty questioned why the Modi government responded to these allegations and why Buch herself has not addressed them.

Chakravarty also noted that 500 SEBI officers have complained of a "toxic, abusive, and fearful" work environment under Buch’s leadership. 

He pointed to reports suggesting Buch had dual employments during her time at ICICI, raising further questions about her integrity.

The Congress has criticised the lack of an objective inquiry into the matter, urging that Buch step aside until a thorough investigation is completed. 

Chakravarty expressed concern over the potential impact on foreign investment, stressing the need for transparency to maintain confidence in India’s financial markets.

He questioned the silence of the Enforcement Directorate (ED) and demanded clarity on why an impartial inquiry has not been initiated. The Congress has also directed individuals to the anonymous whistleblower portal, https://indiawhistleblower.com, for reporting evidence securely.

The party has previously accused Buch of holding a conflicting position at ICICI Bank while serving as SEBI Chairperson, a claim denied by the bank. The Congress has called for the Supreme Court to address these allegations and has demanded Buch’s dismissal.

SEBI Chairperson Buch has denied the allegations as unfounded, maintaining that her financial affairs are transparent. The Adani Group has also dismissed the claims from Hindenburg Research as malicious and unrelated to any commercial dealings with Buch or her husband.