Congress Targets SEBI Chairperson Madhavi Puri Buch For Alleged Adani Link, Calls For Independent Inquiry

New Delhi: In yet another salvo fired at SEBI chairperson Madhavi Puri Buch, the Congress, which has been targeting her for her links with a major Indian industrial house, has demanded that she step down in order to restore market trust.

The party, citing a news item, also claimed that she was during her tenure with ICICI bank “employed” with a firm where National Security Advisor Ajit Doval’s son, Shaurya Doval, was in the leadership team.

Congress Spokesperson Praveen Chakravarty Speaks On The Issue

In a statement, Congress spokesperson Praveen Chakravarty said after Hindenburg Research had on August 10 made serious charges against Buch alleging that “SEBI’s unwillingness to take meaningful action against suspect shareholders in the Adani Group stemmed from Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani”, the party had demanded that she step down. He added that while the Congress and others had sought an immediate impartial inquiry, the BJP, its ministers, and MPs came to Buch’s rescue when the allegations were against an individual and her family.

Congress Spokesperson Praveen Chakravarty Speaks On The Documentary Evidence

Similarly, the Congress spokesperson said when on September 2, the Congress provided documentary evidence that Buch received income from ICICI stock in a “clear conflict of interest” since she was with SEBI, it was ICICI Bank which responded on her behalf while she remained silent. Chakravarty said this was in contrast to the Chanda Kochar case in which the bank had not defended her and had instead set up an independent inquiry.

Today, he said, the Congress “learnt” through a news article that “Buch, during her tenure at ICICI Bank between 2011 and 2013, was also employed at Greater Pacific Capital, a private equity fund where Mr. Shaurya Doval (son of NSA Ajit Doval), is a member of the leadership team.”

He claimed that, “given the long list of previous charges, this news today raises even further concern over Buch’s ability to function objectively and independently.”

Chakravarty added that “many internal documents are being shared by insiders on this matter” and that “there are several more in the financial industry that want to volunteer information, documents, and other evidence anonymously.”

Stating that there are “several investors, domestic and foreign, who have expressed concern” to the Congress over the “series of charges against the market regulator”, the party spokesperson said, “there is an erosion of trust and credibility of India’s stock markets.”

He, therefore, added that “the Congress Party wants a strong and robust stock market with many foreign and domestic investors’ participation. It is not in the nation’s interest to have clouds of doubt, fear, and uncertainty over the market regulator."

The Congress spokesperson finally said “only an objective, independent inquiry” and SEBI chairperson’s “stepping aside” will be able to “restore trust and confidence in India’s stock markets”.