 "Youth Congress demands resignation of Sebi chairperson Madhabi Puri Buch amid allegations of conflict of interest; protests lead to detentions.")
Youth Congress activists protested outside the Sebi office in Mumbai, calling for a probe into allegations against Sebi chairperson Madhabi Puri Buch and demanding her resignation. The demonstration followed claims from Hindenburg Research, which alleged conflicts of interest related to Puri Buch’s past investments and her connections with companies like ICICI and Mahindra Group. Activists, led by Mumbai Youth Congress president Akhilesh Yadav, highlighted these concerns as reasons for their demands. In response, Puri Buch and Sebi have denied all allegations, asserting that their professional conduct has been transparent and ethical. The situation has drawn significant attention as debates continue over integrity in regulatory leadership.
Youth Congress Holds Protest Demanding Sebi Chairperson’s Resignation
On September 16, 2024, activists from the Youth Congress staged a protest outside the Securities and Exchange Board of India (Sebi) office in Mumbai. They are calling for a thorough investigation into allegations against Sebi chairperson Madhabi Puri Buch and asking for her resignation.
The protest was led by Akhilesh Yadav, the president of the Mumbai Youth Congress. The activists referenced a report from US short-seller Hindenburg Research, which claimed that there are conflicts of interest involving Buch and her past investments. They specifically stated that Buch had previously invested in a fund linked to two Adani associates accused of manipulating stock prices.
“We want an inquiry into the allegations and ask for Puri Buch’s resignation,” Yadav stated, emphasizing the seriousness of the claims. In response, Puri Buch and Sebi have both denied the allegations, asserting that they will address the accusations in the future.
While Hindenburg’s report raised questions about Buch’s investment history, the Congress party also pointed out her previous ties to ICICI Bank and consulting fees received by her husband from several companies, including Mahindra Group. In defense, Puri Buch stated, “We are upright and honest professionals with a transparent work record. We will confront all motivated allegations.”
The protest concluded with police detaining several demonstrators and charging them under various sections of the Bharatiya Nyay Sanhita (BNS).
This conflict highlights ongoing concerns about governance and ethics within India’s financial regulatory framework, raising critical questions about potential conflicts of interest in the leadership of key institutions.
Published: September 16, 2024, 9:54 PM IST
Tags: Sebi, Madhabi Puri Buch, Youth Congress, protest, Hindenburg Research, conflict of interest, Mumbai news, finance.
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What was the protest about?
The protest was by Youth Congress workers who were expressing their concerns over issues related to the stock Market and its regulation by Sebi. -
Where did the protest take place?
The protest took place outside the Sebi office, which is responsible for regulating the stock Market in India. -
Who were the protesters?
The protesters were mainly young members of the Indian National Congress, known as the Youth Congress. -
Why are they protesting now?
They are protesting to highlight their grievances and demand better oversight and protection for investors in the stock Market. - What is Sebi’s role in the stock Market?
Sebi, or the Securities and Exchange Board of India, is responsible for regulating the securities Market and protecting the interests of investors.
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