Congress Accuses SEBI Chairperson of Conflict of Interest Over Mahindra Consultancy

The Congress party has accused SEBI chairperson Madhabi Buch of having a conflict of interest in her role, alleging she has a substantial stake in a consultancy firm serving Mahindra and Mahindra Group. The party claims her husband received significant income from the conglomerate while she adjudicated related cases.

The Congress on Tuesday claimed that SEBI chairperson Madhabi Buch held a 99 per cent stake in a consultancy firm, which provided services to the Mahindra and Mahindra Group. The party also alleged her husband received Rs 4.78 crore from Mahindra & Mahindra while she adjudicated cases involving the conglomerate.

Congress President Mallikarjun Kharge accused Prime Minister Narendra Modi of tarnishing SEBI's institutional integrity to protect his 'crony friends.' He referred to the situation as the 'Mega Modi-Adani Scam,' highlighting multiple conflicts of interest involving the SEBI chairperson.

Mahindra & Mahindra Group dismissed these allegations as 'false and misleading,' stating they have always adhered to the highest standards of corporate governance. The group clarified that their SEBI interactions did not involve preferential treatment.

(With inputs from agencies.)