Sitharaman's failure to act against Madhabi Puri Buch tarnished govt's credibility: Congress

New Delhi: Bringing SEBI Chairperson Madhabi Puri Buch in the line of fire in Parliament on charges of conflict of interest, Congress on Monday claimed that Finance Minister Nirmala Sitharaman's “failure” to act decisively to take action has “not only tarnished” the credibility of the government but also “jeopardised” the financial governance framework.

Participating in the debate on Supplementary Demands for Grants in the Lower House, senior Congress MP KC Venugopal reiterated the Congress' demand for a Joint Parliamentary Committee probe into the Adani Group as well as Buch's alleged involvement in helping the conglomerate while alleging that it is a government “by Adani, of Adani, for Adani”.

He alleged that Buch received over Rs 16.4 crore from ICICI bank while serving as a SEBI member, which was five times her salary as well as conflict of interest, traded in securities worth of Rs 36.9 crore while holding access to unpublished price-sensitive information and failed to disclose assets in Singapore and the US between 2017-21 despite being obligated to do so.

“Why has the Finance Ministry not initiated any disciplinary or legal proceedings against the SEBI chairperson despite clear evidence of a conflict of interest that undermines the integrity of the regulatory body? Does the Finance Ministry believe that retaining a chairperson under such circumstances sends the wrong signal about India’s commitment to corporate governance and regulatory transparency?” he asked.

“Can the Finance Minister clarify whether the government is willing to accept responsibility for the uncertainty and volatility of the stock market, stemming from the conflict of interest involving the SEBI chairperson,” he said.

Claiming that the name of Adani Group figured in stock manipulation, Venugopal, who is also Public Accounts Committee Chairman, questioned how the SEBI chairperson can investigate that when “she is part of the scandal”.

Parliamentary Affairs Minister Kiren Rijiju shot back at Venugopal, “the person you are talking about again and again, Modi-ji did not make him a crorepati, you made him a crorepati. We came up with Start Up (India), Stand Up (India). We made unicorns. These ports and airports have been given by you, don't defame us.”

Venugopal also said corporate profits have multiplied but the lack of equitable growth and failure to translate corporate success into prosperity for workers is a tragedy.

On joblessness, he reiterated Leader of Opposition Rahul Gandhi’s assertion that the government has cut the thumbs of small businesses and crushed the dreams of youths.