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Madhabi Puri Butch accused of illegal business: The steps of Madhabi Puri Buch, the Chairman of the Securities and Exchange Board of India (SEBI) of the Congress party are not stopping. On 14 September 2024, the Congress has once again made a new allegation against Madhabi Buch.
What did Congress allege?
Congress spokesperson Pawan Khera alleged in a press conference that Madhavi Buch has violated key SEBI rules by trading Rs 36.9 crore in listed securities during her tenure at SEBI. Khera claimed that this trading activity took place between the years 2017 and 2023, with a total transaction of Rs 19.54 crore in the financial year 2018-19.
There is also an allegation of foreign investment
Congress also accused Buch of investing in other countries including China. Kheda said that Buch had allegedly invested in four international funds, two others named 'Global X MSCI China Consumer' and 'Invesco China Technology ETF' (Invesco China Technology ETF). He questioned, 'When did Buch announce this foreign investment? And which government agency was informed about this investment?'
Explanation sought from Prime Minister Modi
Congress sought clarification from Prime Minister Narendra Modi on this issue and said, 'Is the Prime Minister aware that SEBI Chairman is trading huge amounts of undeclared money in listed securities?' He also asked, 'Does the Prime Minister know that Ms. Madhabi Buch has invested such a huge amount outside India? If he knows, when was this investment made and what are the dates of its declaration?' Apart from this, Kheda questioned, 'Was the Prime Minister aware of Buch's investment in Chinese companies at a time when there is geopolitical tension between India and China?'
What did Madhavi Buch say against the allegations?
Madhabi Puri Buch and her husband Dhaval Buch denied the allegations levelled by the Congress while ringing the permanent bell. They termed the Congress claims as 'false, false, malicious and malicious'. They called it a 'Congress ploy'. In the statement of Buche M, 'Mahindra Group', 'Pidilite' and 'Dr. He also denied earlier allegations that his firm Agora Advisory received consultancy payments from companies such as Reddy's Labs. He also denied any irregularities related to rental income with 'Wockhardt' and claims of money received from ICICI Bank.
Congress criticised the reactions
Congress rejected Buch's responses. Congress rejected the explanations given by companies like ICICI Bank and Mahindra Group as inadequate. Congress argues that payments made to Buch or entities linked to him are in violation of SEBI rules.