Winning Bizness Desk
Mumbai: Union Finance Minister Nirmala Sitharaman addressed the ongoing controversy surrounding SEBI Chief Madhabi Puri Buch, following a series of allegations made by the Congress party. Speaking at a news channel event, Sitharaman acknowledged the accusations but noted that Buch and her husband have responded to the claims, providing facts that contradict the allegations. Sitharaman stated, "Both [Madhabi Puri Buch] and her husband are defending themselves and putting forward facts that are contrary to what the Congress is alleging. I think it's important to keep these facts in mind." When asked if she was satisfied with their responses, the Finance Minister clarified, "I am not here to decide that."
Allegations Against SEBI Chief
On September 14, the Congress party leveled new accusations against Madhabi Puri Buch, claiming that she engaged in trading in listed companies while serving as SEBI Chief. Additionally, the party alleged that Buch invested in Chinese funds during a period of heightened geopolitical tensions between India and China. These recent claims follow earlier accusations made by Congress. On September 2, Pawan Khera, the party’s media department chairman, alleged that Buch was drawing salaries from three different sources simultaneously—ICICI Bank, ICICI Prudential, and SEBI. The Congress party has questioned whether such a financial arrangement posed a conflict of interest, further intensifying the scrutiny on Buch.
SEBI Chief's Response
Although Madhabi Puri Buch has not publicly addressed each specific allegation, both she and her husband have reportedly taken steps to clarify the situation. Their defense has focused on providing documentation and facts to counter the claims made by Congress.
Political Implications
The controversy surrounding Buch, who is the first woman to head SEBI, comes at a time when regulatory bodies in India are under increased public scrutiny. The Finance Minister's statement suggests that the government is allowing the facts to speak for themselves, without jumping to conclusions. While Sitharaman did not take a firm stance on the issue, her comments signal that the government expects a resolution based on evidence rather than political rhetoric. As the matter develops, both sides will likely continue to present their narratives, with the outcome having potential implications for SEBI’s leadership and credibility. The controversy adds to the ongoing debate over transparency and accountability within India’s financial regulatory framework, with many watching closely to see how the situation unfolds.
