 "Congress alleges Sebi Chairperson Madhabi Puri Buch traded sensitive securities worth ₹36.96 crore, sparking a dramatic conflict of interest scandal.")
The Congress party has intensified its criticism of Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), claiming she traded nearly Rs 36.96 crore in securities while in her position, potentially violating ethical codes. Congress leader Pavan Khera raised concerns about Buch’s investments in foreign funds, including several Chinese ETFs, and questioned whether the government was aware of her foreign asset holdings from 2017 to 2021. Buch and her husband have denied the allegations, describing them as false and malicious. They expressed concern over the piecemeal nature of the accusations, suggesting a deliberate attempt to distort facts rather than seek the truth. The controversy continues to unfold as more revelations are anticipated.
Title: Congress Accuses SEBI Chairperson of Conflicts of Interest in Trading Allegations
The Congress Party has intensified its criticism of Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), for allegedly trading in listed securities while holding key positions in the regulator. Congress leader Pavan Khera claims that Buch engaged in trades worth nearly Rs 36.96 crore between 2017 and 2023, suggesting violations of professional conduct and conflicts of interest due to her access to unpublished price-sensitive information.
Khera raised concerns about Buch’s foreign investments during this period, specifically mentioning her holdings in several international funds, including the Vanguard Total Stock Market ETF and ARK Innovation ETF. He expressed alarm about the potential implications of these investments, particularly in light of ongoing scrutiny regarding financial dealings with China.
Despite Congress’s serious accusations, the party has not disclosed the specific listed securities involved in Buch’s alleged trades. Khera also questioned whether Buch or her family members had any connections to companies implicated in the Panama or Paradise Papers.
The allegations surface just after Buch and her husband Dhaval refuted earlier claims made by the opposition. In a detailed six-page letter, they condemned the accusations as false and part of a politically motivated campaign. The couple suggested that the piecemeal nature of the allegations raises questions about the intentions behind them, hinting at a broader effort to distort the truth rather than seek accountability.
With these developments, the political landscape surrounding SEBI and its leadership could see significant repercussions as both sides prepare for further discourse on the matter.
Tags: SEBI, Madhabi Puri Buch, Congress, trading allegations, conflict of interest, financial regulation, unpublished price-sensitive information.
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What is the main issue between Congress and Sebi Chairperson Madhabi Puri Buch?
The Congress party is criticizing Madhabi Puri Buch for her performance and decisions as the head of Sebi, the Market regulator. -
Why is Congress concerned about Sebi’s actions?
Congress believes that Sebi’s actions may not be in the best interest of investors and the financial Market, raising questions about regulatory oversight. -
What specific actions is Congress pointing out?
They are highlighting concerns over how Sebi handles Market regulations and investor protection, suggesting that changes are needed. -
How has Madhabi Puri Buch responded to these criticisms?
At this time, Madhabi Puri Buch has not made a public statement addressing the Congress party’s criticisms. - What could be the impact of this conflict on investors?
If the conflict continues, it could affect investor confidence in Sebi and the overall stability of the financial markets.
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