Congress president Mallikarjun Kharge on Tuesday accused Prime Minister Narendra Modi of destroying the sanctity of the Securities and Exchange Board of India (SEBI) by shielding its chairperson, Madhabi Puri Buch.
Kharge also accused PM Modi of engineering a monopoly for his ‘friend Adani’ and demanded a JPC to ‘probe every aspect of this syndicate’.
On social media handle X, Kharge said, “You cannot shield the rot created in SEBI under the Chairperson appointed by you. The continuing barrage of exposes makes her position untenable.”
“You have destroyed the sanctity of SEBI – India’s market regulator, painstakingly created over the years, thereby jeopardising the hard-earned savings of crores of small and medium investors!” Kharge said.
He said, “It also unmasks how you engineered a monopoly for your dear friend Adani ! A thorough JPC is required to probe every aspect of this syndicate!” the Rajya Sabha Leader of Opposition said.
Meanwhile, party spokesperson Pawan Khera, while addressing a press conference at the AICC headquarters, levelled a fresh allegation against the SEBI Chairperson.
He said that the Madhabi Puri Buch had not only violated SEBI rules but also committed many serious irregularities, but the government is not taking any action against her.
“Madhabi Buch rented out another property of hers to a company associated with an individual connected to the IndiaBulls Group, a company that is under SEBI’s scanner for various cases,” he alleged.
Khera claimed that Mukul Bansal and Vipul Bansal, the owners of the company, have spent a major part of their professional lives in the top positions at India Bulls.
He alleged that the unlisted companies in which the SEBI chief holds shares, their names have appeared in Paradise Papers.
“Predible Health Private Limited is a company incorporated on 02 May 2016. As an initial shareholder, Ms Buch has been associated with the company, holding equity in it. She continued to hold shares in the company even after becoming a whole time member of SEBI,” Khera said.
He further alleged, “Apart from Madhabi Buch, another person, Anant Narayan, is associated with SEBI. He became a whole time member of SEBI on October 10, 2022, and gave his Mumbai property to Thangam Vinod Rajakumar, who has a brokerage firm that is regulated by SEBI. That is, this is also a violation of sections 4, 7, and 8.”
He said that Ananth Narayan, being a whole time member of SEBI, holds shares worth Rs 70 crore of Incred Capital, that too when it comes under the purview of SEBI’s investigation.
Moreover, Khera questioned as to why Buch held shares in a company whose investors’ names appeared in the Paradise Papers. Why did Ananth Narayan give his property to a stock broker who is under investigation by SEBI? And why did he hold shares in a company that comes under the purview of SEBI?
