TMC MP Mahua Moitra files complaint in Lokpal against SEBI chief Madhabi Puri Buch
In her complaint the TMC MP accused the SEBI chief of improper conduct and entering into quid pro quo arrangements, threatening India’s national interests
Trinamool Congress (TMC) leader Mahua Moitra has filed a complaint before the Lokpal against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband alleging misconduct and engaging in quid pro quo arrangements.
Moitra urged the Lokpal to investigate the matter for violations of prevention of corruption act.
The anti-corruption watchdog has created a diary number on Moitra’s electronic complaint and has replied that the matter is “under scrutiny”.
“My Lokpal complaint against Ms. Puri-Buch been filed electronically & in physical form. LokPal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry. Every single entity involved needs to be summoned & every link investigated,” Moitra posted on her X account.
Also Read: Hindenburg’s 1-line reply to new allegations against Sebi boss Madhabi Puri Buch
The complaint, filed on September 11, comes after US-based Hindenburg Research leveled allegations that the SEBI chairperson and her husband had investments in offshore funds which are linked to Adani group of companies while the SEBI was probing the complaints against the conglomerate.
The SEBI chief is accused of having a conflict of interest and of misconduct for not recusing herself from dealing with complaints against the Adani group.
“Madhabi Puri Buch was appointed as a Whole-Time member of the SEBI from April 2017 to October 2021 and subsequently as Chairperson of Sebi in March 2022. However, based on the revelations coming to light, almost on a daily basis, it appears that Ms Buch is a serial offender who has engaged in actions that constitute impropriety on part of a public servant and has also entered into quid pro quo arrangements, which potentially threatens India’s national interests,” Moitra said in her complaint.
Citing prevention of corruption act, Moitra said that under section 21 of the act, Buch, Dhaval Buch (her husband), Gautam Adani, Vinod Adani, Cyril Shroff are implicitly accountable.
She further claimed that “silent and absent board members of SEBI should also be held to account”.
“The Indian stock market now has roughly 10 crore citizens who are direct and/or indirect investors. Moreover, foreign investors have also expressed deep concern with the credibility and integrity of India’s stock markets and its regulator. Hence, this is a serious matter of national interest and thereby ought to be immediately investigated for violations under the PC act,” she added.
US based short-seller Hindenburg Research made allegations against Buch accusing her of conflict of interest and that she and her husband had stakes in both the obscure offshore entities used in the Adani money siphoning case.
The SEBI chairperson rejected the allegations.