Congress Raises Conflict of Interest Allegations Against Sebi Chairperson Madhabi Puri Buch
The Congress party has recently intensified its scrutiny of Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (Sebi), accusing her of a potential conflict of interest due to her rental income from an entity linked to the pharmaceutical company Wockhardt. According to the opposition, Buch received a total of Rs 2.16 crore in rental income from Carol Info Services over the last six financial years. The Congress argues that this financial link is problematic, given Sebi’s ongoing investigations into Wockhardt for insider trading and other cases.
The allegations come amid Wockhardt’s recent legal settlements with Sebi. The company paid a total of Rs 63.7 lakh in settlements over two orders between March and July 2023. However, one of these settlements occurred before Buch’s appointment as Sebi chair, and the company was not a noticee in the other two orders. The Congress party has criticized Buch for not sufficiently distancing herself from her previous financial associations and questioned whether her appointment was contingent on maintaining such relationships.
This latest controversy is part of a broader pattern of scrutiny surrounding Buch, who has faced multiple allegations this week, including accusations from Zee Entertainment’s Subhash Chandra and criticism from Sebi employees. The Congress has also raised concerns about Buch’s financial dealings with ICICI Bank, although the bank has denied any wrongdoing.
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