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In fresh attack on Sebi chief, Congress releases podcast over ‘missteps’
“You have enough paperwork to bring down the government,” Rahul Gandhi said to Pawan Khera during the podcast.
The Congress on Saturday launched a podcast, “Buch Bachao Syndicate”, targeting Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch, with the leader of the opposition in the Lok Sabha Rahul Gandhi and party spokesperson Pawan Khera outlining a series of alleged missteps and conflicts of interest involving Buch’s handling of market regulations.
The first episode featured the Congress’s allegations of Buch’s supposed partiality towards certain corporate entities, arguing that SEBI’s regulatory framework has weakened under her leadership, leaving millions of investors at risk. Congress leaders claim Buch allowed corporate influence to shape SEBI’s actions, a matter they insist holds serious implications for India’s stock market, which impacts over 400 million people.
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“You have enough paperwork to bring down the government,” Rahul Gandhi said to Pawan Khera during the podcast.
“Madhabi Buch’s actions indicate a deep compromise,” said Khera. He expressed concerns over SEBI’s role in protecting investor interests, highlighting that “10 crore people invest in the stock market — their money is at stake.” Khera argued that “SEBI’s current leadership is safeguarding corporate interests, particularly in relation to big names.”
The Congress spokesperson pointed to recent developments that, according to the party, reveal Buch’s bias.
“Fighting corruption in India cannot happen without a commitment from the government,” said Rahul Gandhi, arguing that the political climate enables figures like Buch to allegedly pursue corporate agendas unchecked. He claimed to have ample evidence of wrongdoing and vowed, “I am here defending the democratic rights of the Indian people,” adding that he remained undeterred by “threats, disqualifications, allegations, or prison sentences”.
Also read | Political row erupts as Sebi chief Madhabi Puri Buch skips Public Accounts Committee meeting
Buchs’s rise in 2022 to the position of SEBI chairperson made her the first from the private sector to hold the post, a milestone Congress leaders allege has led to favourable treatment of corporations.
Khera also criticised Prime Minister Narendra Modi, saying, “The PM seems unconcerned about the country’s image and the well being of the people in the stock market.” He underscored that the Congress’s concerns stem from “a responsibility to the middle class”, a demographic he said was significantly impacted by stock market volatility.
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The podcast came after Buchs’s skipping of a Public Accounts Committee meeting on Thursday, citing a “personal exigency”, prompting panel chief and Congress lawmaker KC Venugopal to postpone the sitting. Soon after the meeting was deferred, panel members from the Bharatiya Janata Party (BJP) lodged a protest with Lok Sabha Speaker Om Birla, accusing Venugopal of making unilateral decisions.
Also read | PAC calls SEBI for performance review amid allegations against Madhabi Buch
The SEBI chief is under fire over US short-seller Hindenburg Research’s report that alleged that she and her husband Dhaval Buch owned stakes in offshore entities linked to businessman Vinod Adani.
The couple, however, had dismissed the allegations saying, “Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course.”
