India
TMC’s Mahua Moitra files complaint against Sebi chief at Lokpal over alleged ‘quid pro quo arrangements’ – Times of India
NEW DELHI: Trinamool Congress MP Mahua Moitra has filed a complaint with the Lokpal against the Securities & Exchange Board of India (SEBI) Chairman Madhabi Puri Buch, who alleged that there was “inappropriate behaviour” and “quid pro quo arrangements”.
“My LokPal complaint against Ms Puri-Buch has been filed electronically and in physical form. LokPal should refer it to CBI/ED within 30 days for preliminary inquiry and then full FIR investigation. Every entity involved should be summoned and every link should be investigated,” Mahua said in a post on X.
The complaint pointed out Buch’s alleged misconduct during her tenure as a full-time member of SEBI from April 2017 to October 2021 and subsequently as its chairman since March 2022. The TMC MP alleged in her complaint that Buch engaged in acts constituting irregularities and entered into quid pro quo arrangements, potentially jeopardising India’s ‘national interests’.
“Madhabi Puri Buch (Ms. Buch) was appointed as a full-time member of the Securities and Exchange Commission of India (SEBI) from April 2017 to October 2021 and subsequently as the Chairman of SEBI in March 2022. However, based on the revelations coming to light almost daily, it appears that Ms. Buch is a serial offender who has engaged in acts unbecoming of a public servant and has also entered into quid pro quo arrangements, potentially threatening the national interest of India,” the complaint said.
Moitra’s complaint also raised concerns that Buch was regularly receiving income from ICICI Bank and ICICI Prudential when he was with SEBI. Moitra has demanded an inquiry into violations of the Prevention of Corruption Act, 1988.
“On September 5, 2024, further documentary evidence revealed that during her tenure with ICICI Bank between 2011 and 2013, Ms. Buch was also employed with Greater Pacific Capital, a private equity fund where Mr. Shaurya Doval (son of NSA Ajit Doval) is a member of the leadership team9. A news report dated September 4, 2024 regarding Ms. Buch’s involvement with Greater Pacific Capital is attached to my complaint as Annexure 9,” the complaint reads.
In August, Hindenburg Research, a US short-seller, alleged that Buch and her husband had invested in the same offshore vehicles as Vinod Adani, Gautam Adani’s elder brother, to invest in Adani Group shares.
The Adani Group has refuted all of Hindenburg’s allegations.
The report alleged that Sebi had drawn a “blank” in its probe against Adani over Buch and her husband’s alleged investments in offshore funds. Meanwhile, Madhabi Puri Buch and her husband Dhaval Buch have refuted the allegations against them by Hindenburg Research.
The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They stressed that their lives and finances are transparent and that they have consistently provided all necessary information to SEBI for years.
“My LokPal complaint against Ms Puri-Buch has been filed electronically and in physical form. LokPal should refer it to CBI/ED within 30 days for preliminary inquiry and then full FIR investigation. Every entity involved should be summoned and every link should be investigated,” Mahua said in a post on X.
The complaint pointed out Buch’s alleged misconduct during her tenure as a full-time member of SEBI from April 2017 to October 2021 and subsequently as its chairman since March 2022. The TMC MP alleged in her complaint that Buch engaged in acts constituting irregularities and entered into quid pro quo arrangements, potentially jeopardising India’s ‘national interests’.
“Madhabi Puri Buch (Ms. Buch) was appointed as a full-time member of the Securities and Exchange Commission of India (SEBI) from April 2017 to October 2021 and subsequently as the Chairman of SEBI in March 2022. However, based on the revelations coming to light almost daily, it appears that Ms. Buch is a serial offender who has engaged in acts unbecoming of a public servant and has also entered into quid pro quo arrangements, potentially threatening the national interest of India,” the complaint said.
Moitra’s complaint also raised concerns that Buch was regularly receiving income from ICICI Bank and ICICI Prudential when he was with SEBI. Moitra has demanded an inquiry into violations of the Prevention of Corruption Act, 1988.
“On September 5, 2024, further documentary evidence revealed that during her tenure with ICICI Bank between 2011 and 2013, Ms. Buch was also employed with Greater Pacific Capital, a private equity fund where Mr. Shaurya Doval (son of NSA Ajit Doval) is a member of the leadership team9. A news report dated September 4, 2024 regarding Ms. Buch’s involvement with Greater Pacific Capital is attached to my complaint as Annexure 9,” the complaint reads.
In August, Hindenburg Research, a US short-seller, alleged that Buch and her husband had invested in the same offshore vehicles as Vinod Adani, Gautam Adani’s elder brother, to invest in Adani Group shares.
The Adani Group has refuted all of Hindenburg’s allegations.
The report alleged that Sebi had drawn a “blank” in its probe against Adani over Buch and her husband’s alleged investments in offshore funds. Meanwhile, Madhabi Puri Buch and her husband Dhaval Buch have refuted the allegations against them by Hindenburg Research.
The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They stressed that their lives and finances are transparent and that they have consistently provided all necessary information to SEBI for years.
