Congress targets Madhabi Puri Buch
Continuing the charges against tainted SEBI Chairperson Madhabi Buch, the main Opposition party Congress on Saturday claimed that she traded in listed securities while in possession of unpublished price-sensitive information and has been investing in the Chinese firms at a time when India is facing geopolitical tensions with China. Congress general secretary Jairam Ramesh pointed to “fresh conflict of interest allegations” against Buch, claiming that she, as a whole-time member and later as the SEBI chairperson, traded in listed securities worth Rs.36.9 crore.
Congress president Mallikarjun Kharge, in a post on X, said it is not surprising that the “government’s favourite, the SEBI chairperson, is also not behind in investing in Chinese companies”. The new revelations prove that there are many things that are kept secret, he added.
Posing questions to Prime Minister Narendra Modi, Ramesh asked if he is aware that the SEBI chairperson has been trading in listed securities while in possession of unpublished price-sensitive information. “Is the PM aware that Madhabi Buch has made high-value investments outside India? If yes, what is the date of this investment and date of disclosure?” Ramesh asked.
Is the PM aware that the SEBI chairperson has been investing in Chinese firms at a time when India is facing geopolitical tensions with China, the Congress leader asked. Addressing a press conference at the AICC headquarters, Congress’ media and publicity department head Pawan Khera alleged that between 2017-2023, Buch, as a whole-time member and later as the SEBI chairperson, traded in listed securities worth Rs.36.9 crore.
This violates Section 6 of the SEBI’s Code on Conflict of Interest for the Members of the Board (2008), he said. He also gave a year-wise break up of the total trading in securities which in total amounted to over Rs.36.9 crore.
In addition to that, Khera said, “We have information that between 2017-2021, Madhabi Buch held foreign assets.” “We hereby ask: When was the first time she declared the foreign assets and to which agency of the government? Is it true that Ms. Madhabi P Buch was actively involved in Agora Partners PTE (Singapore) as she was a signatory to the bank account?” he said.
Listing the details of her investment in the US between 2021 and 2024, Khera claimed that she had invested in Vanguard Total Stock Market ETF (VTI), ARK Innovation ETF (ARKK), Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ). “It is deeply concerning to learn that Madhabi Buch, the SEBI chairperson, has been investing in Chinese funds. When the Prime Minister of India can publicly give China a clean chit, it’s hardly surprising that a key regulatory figure is engaging in investments linked to China,” Khera said
For all the latest updates, download PGurus App.
- Agencies flag massive money laundering and fund parking in religious trusts across Andhra, Karnataka, Kerala & Punjab - October 5, 2024
- Tirupati Laddu controversy: Supreme Court orders probe by SIT under CBI supervision - October 4, 2024
- India rejects USCIRF report. Says US Commission is a biased organization with a political agenda - October 3, 2024
She only invested, if story is true, else Pappu family even got married & had exchanged signed contract with Chinese. What to say on that ?