Congress fires fresh salvo at government; Kharge blames Modi for destroying sanctity of SEBI

PTI New Delhi: The Congress Tuesday levelled fresh conflict of interest charges against SEBI chief Madhabi Puri Buch, with Rahul Gandhi claiming a “Monopoly Bachao Syndicate” was at work, at the core of which was a “dangerous nexus” among the Adani Group, key regulatory bodies, and the BJP. Congress president Mallikarjun Kharge accused Prime Minister Narendra Modi of “destroying” the SEBI’s sanctity painstakingly created over the years, thereby jeopardising the hard-earned savings of crores of small and medium investors. “Narendra Modi ji, you cannot shield the rot created in SEBI under the chairperson appointed by you. The continuing barrage of exposes makes her position untenable.

You have destroyed the sanctity of SEBI India’s market regulator, painstakingly created over the years, thereby jeopardising the hard-earned savings of crores of small and medium investors!” he said. “It also unmasks how you engineered a monopoly for your dear friend Adani! A thorough JPC is required to probe every aspect of this syndicate!” Kharge said on X. The opposition party alleged that Buch rented out her property to a company associated with an individual connected to the IndiaBulls Group which was under the stock market regulator’s scanner.

There was no immediate reaction from either Buch or the Adani group on the allegations. However, previously both the SEBI chief and the Adani group had separately dismissed allegations of any wrongdoing. The opposition party also alleged that Buch has been associated with Predible Health Private Limited, holding equity in it, and she continued to hold shares in the company even after becoming a wholetime member of SEBI. The party further pointed out that Jacesa Investments Limited, which is based out of St Vincent and The Grenadines and invested in Predible Health Private Limited, is listed in ffshore leaks by Paradise Papers by ICIJ.