Congress fires fresh salvo at Madhabi Buch: 'Sebi chief traded in listed securities & invested in Chinese firms'

New Delhi: A day after her statement denying any wrongdoing, Congress on Saturday fired a fresh salvo at SEBI chairperson Madhabi Puri Buch claiming she traded in listed securities worth Rs 36.96 crore violating the regulator’s code besides investing in foreign companies, including those from China.

Congress Media and Publicity Department chairperson Pawan Khera asked Prime Minister Narendra Modi whether he was aware of her trading while in possession of unpublished price sensitive information, her high value investments outside India and investments in Chinese firms when India was facing geopolitical tensions with Beijing.

Addressing a press conference, Khera claimed that between 2017-18 and 2022-23 when she was either a SEBI member or chairperson, she traded in listed securities worth Rs 36.96 crore. The highest volume of trading was in 2018-19 worth Rs 19.54 crore, statistics shared by Khera claimed.

He also asked whether she had declared foreign assets she held between 2017 and 2021. He also asked whether she was involved with Singapore-based Agora Partners PTE and its bank signatory. He claimed she had investments in four foreign funds, including two from China.

Congress had earlier claimed that she had 99% stake in a firm that provided consultancy services to Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while it was under the scanner of the regulatory body. It had also accused her of conflict of interest, claiming that she continued to hold an office of profit at ICICI Bank even after taking over as a member of the regulatory body seven years ago.

In a statement on Friday, she and her husband Dhaval Buch denied the allegations, claiming she had made all necessary disclosures and complied with recusal guidelines in dealing with companies such as Mahindra Group that hired her husband. Buch rejected all allegations of impropriety as “false, malicious and motivated”.

Khera asked, “Is the Prime Minister aware that the SEBI Chairperson has been trading in listed securities while in possession of Unpublished Price Sensitive Information? Is the PM aware that Ms. Madhabi P. Buch has made high value investments outside India? If yes, what is the date of this investment and date of disclosure?”

“Is the PM aware that the SEBI chairperson has been investing in Chinese firms at a time when India is facing geopolitical tensions with China?” he added.