Congress Accuses PM Modi of Compromising SEBI Integrity for Cronyism

Congress leader Mallikarjun Kharge has accused Prime Minister Narendra Modi of compromising SEBI's integrity to protect his allies. Allegations of conflict of interest have been raised against SEBI Chairperson Madhabi Puri Buch. Both Buch and her husband have denied the claims in a joint statement.

Congress President Mallikarjun Kharge on Tuesday charged Prime Minister Narendra Modi with undermining the institutional integrity of the Securities and Exchange Board of India (SEBI) to protect his cronies. Kharge alleged that SEBI's authority as a market regulator has been compromised amidst the ongoing Mega Modi-Adani scandal investigation.

According to Kharge, SEBI Chairperson Madhabi Puri Buch has multiple conflicts of interest. He questioned whether Buch was appointed by the Modi-Shah-led committee to benefit their friends or if they were unaware of her controversial financial dealings. Kharge highlighted that orders on regulated companies could be influenced by Buch's consultancy fees.

Congress leader Pawan Khera also emphasized the party's efforts in exposing Buch's financial ties and conflict of interest, pointing out that neither SEBI nor the Prime Minister have addressed these accusations. Despite Buch's clarification that her company's operations ceased upon her SEBI appointment, Congress claims she still holds a significant stake. Khera accused her of willful concealment of her financial interests.

Khera revealed Buch had received substantial income from ICICI Bank, raising questions about her impartiality. Hindenburg Research recently implicated Buch and her husband in the Adani money siphoning scandal. In response, Buch and her husband issued a strong denial, vowing complete transparency.

(With inputs from agencies.)