Congress levels fresh conflict of interest charges against SEBI chief, asks why PM is not acting
New Delhi (PTI): Levelling more conflict of interest allegations against SEBI Chairperson Madhabi Buch, the Congress on Friday claimed that she received rental income from an entity affiliated with a company that the capital markets regulator was investigating for various cases, including that of insider trading.
Congress general secretary in-charge communications Jairam Ramesh said the question really had to be asked of Prime Minister Narendra Modi and no one else on how much more evidence was needed to show the collapse of transparency and integrity, as far as the capital markets regulator was concerned.
"By the NSE's data, there are now 10 crore Indians with unique PANs who have some form of investment in this market. Don't they deserve better? Why does he not move? What is he afraid of?" Ramesh said in a post on X.
The Congress' media and publicity department head Pawan Khera said that between 2018 and 2024, Buch -- as a whole-time member and later chairperson of the Securities and Exchange Board of India (SEBI) -- had been receiving rental income amounting to Rs 2.16 crore from "Carol Info Services Limited", a company affiliated to Wockhardt Limited.
Wockhardt Limited was being investigated by SEBI for various cases, including that of insider trading during 2023, he said at a press conference at the AICC headquarters in Delhi.
Khera asserted that this was an outright case of corruption that invoked conflict of interest, violating sections 4, 7 and 8 of SEBI's 2008 code on conflict of interests for members of its board.
"The SEBI chairperson was appointed on March 2, 2022, by the Appointments Committee of the Cabinet, which the prime minister heads. Was her appointment cleared on the condition that she could maintain her previous financial relationships, provided she acted in line with the wishes of the prime minister and his close associates?" the Congress leader asked.
Previous SEBI chairpersons went to great lengths to avoid even the appearance of a conflict of interest, both in their roles at SEBI and in their earlier positions, he pointed out.
"For instance, M Damodaran sold his 50 SBI shares when he took over UTI in 2001, and CB Bhave recused himself from all matters involving the National Securities Depository Limited (NSDL), where he was formerly chairman. In contrast, Ms Buch merely transferred her investments to her spouse, which raises concerns about credibility," Khera said.
He asked why there was no effort to verify whether Buch would follow these established standards.
"Or was this lack of scrutiny part of a mutually beneficial arrangement?" Khera asked.
"If the head of the regulatory body is compromised, then that head becomes pliable. Perhaps that was the objective," the Congress leader said.
Khera said he was challenging the SEBI chief to come out and deny the charges against her.
The Congress had on Thursday demanded an independent inquiry into the matter, asserting that it was in the national interest to have a probe as foreign investors were getting concerned and there were doubts about the integrity of India's stock markets.
The opposition party on Monday also levelled conflict of interest allegations against SEBI Chairperson Buch and asked Modi to come clean as the head of the Appointments Committee of the Cabinet on her appointment.
The opposition party had said the Supreme Court should take cognisance of these fresh revelations and demanded that the SEBI chairperson be dismissed immediately.
The Congress had alleged that since the current SEBI chairperson took office in 2017, she was not only drawing a salary from SEBI but had also been holding an office of profit at ICICI Bank, continuing to receive income from it.
Subsequently, ICICI Bank said it had not paid any salary or granted ESOPs to Buch after her retirement on October 31, 2013, as alleged by the Congress.
The Congress, in turn, questioned ICICI Bank's assertion that it had not paid any salary or granted ESOPs to the SEBI chairperson after her retirement and asked that if the amount paid to her was her "retiral benefit", why it was non-uniform -- both in terms of its frequency and amount.
These allegations come days after Hindenburg Research launched a fresh broadside against Buch, alleging that she and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.
Buch had denied the allegations as baseless and asserted that their finances were an open book.
The Adani Group had also termed the allegations as malicious and manipulative of select public information, saying it had no commercial relationship with the SEBI chairperson or her husband.
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Kerala polls: ‘People rejected 10 years of misrule’, says AICC gen secy
Thiruvananthapuram (PTI): AICC General Secretary K C Venugopal on Monday said the Congress-led UDF’s sweeping victory in the Kerala Assembly polls was a clear verdict against the “arrogance”, corruption, and nepotism of the CPI(M)-led LDF government headed by CM Pinarayi Vijayan.
Addressing a press conference as counting of votes for all 140 Assembly constituencies neared completion, Venugopal said the outcome reflected public anger against what he termed “10 years of misrule” by the Left government.
He claimed that Vijayan’s victory in his home constituency, Dharmadam, was “only technical”, alleging that the CM trailed the UDF candidate in the initial rounds of counting and failed to secure a majority in his own village.
“He just escaped. He suffered a setback even in his home turf. He was the only person who did not realise the people’s mood in this election,” Venugopal said.
Alleging that the CPI(M) and the LDF had resorted to “communal and opportunistic politics”, he further claimed that the ruling front had entered into a “secret understanding” with the BJP in a bid to retain power for a third consecutive term.
He said that when a government driven by power and arrogance attempts to align with anyone to stay in office, even its own cadre turns against it.
Referring to the results, Venugopal said that while the UDF expected rebel CPI(M) leaders, including K Kunhikrishnan in Payyannur, to impact the vote share, their victories came as a surprise.
Describing the UDF’s performance as a “historic victory”, he attributed it to coordinated teamwork, grassroots mobilisation, and the dedication of party workers, adding that the alliance accepted the mandate “with humility”.
Venugopal also credited Rahul Gandhi’s campaign guarantees, calling them a “trump card” that helped voters focus on real issues and reject what he described as the LDF’s “false narratives”.
He claimed that the Congress witnessed one of its lowest levels of rebellion in this election, which contributed to the alliance’s strong performance.
The senior Congress leader further alleged that the BJP managed to win two seats with the help of the CPI(M), and asserted that forces attempting to divide society on communal lines should “learn a lesson” from Kerala’s verdict.
“This is the real Kerala story,” he said.
On the question of the next Chief Minister, Venugopal said the party leadership would decide at the earliest after due consultations.
The counting of votes began on Monday morning for all 140 Assembly constituencies in Kerala, where the Congress-led UDF secured a decisive majority, defeating the CPI(M)-led LDF, which was seeking an unprecedented third consecutive term in office.
Congress MP Rahul Gandhi (@RahulGandhi) posts, "Thank you to my brothers and sisters in Keralam for a truly decisive mandate. Congratulations to every UDF leader and worker for a hard-fought, well-run campaign. As I said before, Keralam has the talent, Keralam has the potential… pic.twitter.com/6T4IZbEmp4
— Press Trust of India (@PTI_News) May 4, 2026
