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- Madhabi Puri Buch Invested In Listed Securities And Foreign Funds, Violated SEBI Code, Alleges Congress Spokesperson Pawan Khera
New Delhi42 minutes ago
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Market regulator Securities Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.
Congress spokesperson Pawan Khera has once again made allegations against market regulator SEBI chairperson Madhabi Puri Buch. Pawan Khera said that Madhabi Puri Buch has violated the SEBI code by investing in listed securities and foreign funds. Congress and some of its allies have also made the same allegations against Madhabi.
Pawan Khera said in the press conference, ‘Madhabi Buch, as a whole-time member and SEBI chairperson, has traded in listed securities worth Rs 36.9 crore between 2017 and 2023. This is a violation of Section 6 of SEBI’s Code (2008) on conflict of interest for board members.’
Madhabi also had foreign assets
Congress has also alleged that Madhabi Buch also had foreign assets between 2017 and 2021. These include investments in Vanguard Total Stock Market ETF (VTI), ARK Innovation ETF (ARKK), Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ) in the US.
Congress spokesperson Pawan Khera made allegations against SEBI Chairperson Madhavi Buch in a press conference.
SEBI Chairperson is investing in Chinese funds, this is worrying
Congress said in the press release, ‘It is extremely worrying to know that SEBI Chairperson Madhabi Buch is investing in Chinese funds. We have some questions – when did she declare her foreign assets for the first time and to which government agency? Is it true that Madhabi Buch was actively involved in Agora Partners PTE (Singapore), as her signature was on the bank account?’
A day earlier, Buch had given clarification regarding the Agora advisory
A day earlier, Madhabi Buch and her husband Dhawal Buch had issued a statement regarding Agora Advisory and clarified that after joining SEBI, they have never seen any files related to the consultancy firm or any business group named in the recent allegations.
Madhabi Buch and Dhawal Buch had also clarified the allegations of Congress regarding rental income. In a detailed statement on Friday, Buch had said, ‘This allegation is not only insulting, false and disturbing, but is clearly motivated and full of ill intentions.’
The Buch couple rented out their luxury apartment in Mumbai to pharma company Wockhardt
In fact, Congress spokesperson Pawan Khera had alleged on Saturday (September 7) that the Buch couple in Mumbai rented one of their luxury apartments to pharma company Wockhardt. It charged rent of more than Rs 2 crore between 2018 and 2024. During this time, the company was under investigation by SEBI for insider trading. Khera claimed that the rent arrangement indicates a possible ‘quid pro quo’ i.e. benefit in exchange for benefit.
Important points of the statement issued by SEBI Chief…
- The property was leased out in the normal course and the leasing company, ‘Carol Info Services Ltd’, turned out to be linked to Walkhart.
- Madhabi Puri Buch has not dealt with any files related to Wockhardt during her tenure at SEBI.
- Investigation and surveillance are carried out by designated officers under well-defined delegation of powers.
- The rental agreement was made as per the market rules. Information about the rental income was given in it and tax was also deposited.
- A normal internet search and analysis will reveal that the rental income from the property was completely as per market rates.
- The claim that the rental rate was higher than market rates is clearly false. All the necessary information was given to SEBI since Madhabi’s appointment as a full-time member in 2017.
The Buch couple said- our IT returns were tampered with
- The accusers have obtained our income tax returns illegally.
- This is a violation of our privacy and fundamental rights and income tax rules.
- Our tax return information was tampered with to produce misrepresentations.
- Continuous allegations are being made to keep the issue alive.
Congress had said- Rent increased from Rs 7 lakh to Rs 46 lakh in four years
The Congress claimed that rental income increased from Rs 7 lakh in 2018-19 to Rs 46 lakh in 2023-24, raising questions about the timing of SEBI’s investigation into Wockhardt. According to reports, Wockhardt Hospitals Managing Director Zahabia Khorakiwala and Wockhardt Chairman Habil Khorakiwala live in a luxury apartment in Mumbai’s Vivaria Complex.
Walkhart said- the allegations are completely baseless and misleading
In response to these allegations, Walkhart has also issued a statement denying any allegations of wrongdoing. Walkhart said in its regulatory filing, these allegations are completely baseless and misleading. The company has followed and will follow all laws.
On September 10, Congress had said – SEBI Chairperson’s husband received money from Mahindra
On Tuesday (September 10), the Congress had made new allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhavi Puri Buch. The Congress said that Madhabi’s husband Dhaval Buch had received Rs 4.78 crore from automobile company Mahindra & Mahindra (M&M) between 2019 and 2021.
Last time Congress had accused him of taking advantage from 3 places
Earlier on September 2, the Congress had accused Madhavi of taking salary from 3 places including ICICI Bank while being associated with SEBI. Pawan Khera had said – Madhabi Puri Buch was a full-time member in SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI. PM Modi and Amit Shah are included in the cabinet that appoints the chairperson of SEBI.
On the other hand, ICICI denied the allegations and said- ‘After retiring from the bank, Madhavi was not given any salary or employee stock option. She only took retirement benefits.’
Know what is the controversy related to SEBI and Hindenburg Report
SEBI i.e. Securities and Exchange Board of India is an institution of the Government of India. It was established in the year 1992 to protect the investors of the stock market. In January 2023, Hindenburg accused Gautam Adani of using offshore funds to increase the prices of his group’s shares. Adani denied the allegations, but the matter reached the Supreme Court. SEBI was entrusted with the investigation of the matter.
Read this news too…
SEBI Chief said- allegation of ₹2 crore rent is baseless: Congress had said- the company under investigation collected more rent than that
SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have clarified the allegations made by Congress regarding rental income. In a detailed statement on Friday, Buch said, ‘This allegation is not only outrageous, false and disturbing, but is clearly motivated and full of ill-feeling.’ Read full news…
Congress said- SEBI Chairperson’s husband got money from Mahindra: Claim- ₹4.78 crores were received to settle the case; Company said- Dhawal Expert was appointed for this reason
The Congress on Tuesday (September 10) made fresh allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhavi Puri Buch. The Congress said that Madhabi’s husband Dhaval Buch had received Rs 4.78 crore from automobile company Mahindra & Mahindra (M&M) between 2019 and 2021. Read full news…
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