'Madhubi Buch scandal' is not just insider trading, it is case of direct conflict of interest: Rahul
New Delhi (PTI): Stepping up his attack on SEBI Chairperson Madhabi Puri Buch, Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday alleged that India's economic framework is being hollowed out from within by a "cartel of corporate giants", enabled by those meant to guard the country's interests.
The former Congress chief said "the Madhubi Buch scandal" isn't just insider trading but is a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they're supposed to oversee.
Gandhi made the remarks in his post that accompanied a YouTube video, part of a series featuring him and Congress' media and publicity head Pawan Khera, in which the two leaders discuss various conflicts of interest allegations against Buch.
There was no immediate reaction from Buch, who is facing conflict of interest allegations, on the video and the charges.
However, previously the SEBI chief has dismissed allegations of any wrongdoing.
In his post Gandhi said, "India's economic framework is being hollowed out from within by a cartel of corporate giants, enabled by those meant to guard the country's interests."
"The Madhubi Buch scandal isn't just insider trading; it's a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they're supposed to oversee," he said.
"In this episode, we uncover disturbing patterns in SEBI's leadership - how cozy financial ties and rental arrangements with key corporate players have turned watchdogs into allies of cronies," he said.
This is not mere oversight but a coordinated scheme to exploit loopholes, distort regulations, and prioritise corporate profit over public interest, all while ordinary Indians pay the price, Gandhi said.
"We are determined to expose these unethical dealings and reveal how India's institutions have been weaponised to protect privileged cronies.This isn't only about monopolies; it's about safeguarding democracy, fair competition, and the voice of every Indian against a system bent on silencing them," the Leader of Opposition in the Lok Sabha asserted.
In the over six-minute video, Khera briefs Gandhi about various conflict of interest allegations against Buch while travelling with him on a flight.
Khera talks about how the Congress exposed the claim that Agora Advisory Pvt Ltd became 'immediately dormant' upon Buch joining SEBI.
She still holds a 99 per cent stake in it, and the company has actively provided consultancy/advisory services, including to Mahindra & Mahindra, Khera tells Gandhi in the video.
He also tells Gandhi that Buch allegedly traded and also invested in Chinese funds.
Khera tells Gandhi that Buch rented a property to Carol Info Services Limited, an affiliate of Wockhardt Limited, from 2018 to 2024. Wockhardt reportedly has been under SEBI's investigation for cases including insider trading.
"What is a 'maharaja'. A maharaja is somebody who has full control of institutions, has full arbitrary power controls the legal and intelligence machinery and he does it not as a representative of the people but in his own interest," Gandhi says as the video shows a pictures of Prime Minister Narendra Modi meeting billionaire Gautam Adani.
Gandhi also posted the video on X, and said, "Buch Hai Toh Syndicate Safe Hai."
The Congress and the Opposition has been targeting the government over conflict of interest allegations against Buch and demanding that she be removed from the post immediately.
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Sharad Pawar confirms 2019 meeting with Amit Shah at Adani's residence, fueling political controvers
Mumbai: In an interview with NewsLaundry and The News Minute, NCP(SP) leader Sharad Pawar confirmed that a high-level meeting took place in 2019 at industrialist Gautam Adani’s residence in Delhi. Pawar stated that Union Home Minister Amit Shah was also present at the meeting.
The timing and location of this gathering have raised several questions, especially with Adani’s involvement in a political discussion. Ajit Pawar had earlier revealed that this meeting took place after the 2019 Maharashtra Assembly elections, where talks were held regarding a potential government alliance between BJP and NCP, and Adani was also in attendance.
Sharad Pawar has now acknowledged Ajit Pawar’s statement, affirming that the meeting did occur at Adani’s residence, though he noted that Adani was not actively involved in the political discussions.
This revelation has intensified political debates in Maharashtra, with opposition parties criticising the BJP over alleged ties with Adani. Rahul Gandhi and other opposition leaders have often claimed that the Modi government works in favour of industrialists like Adani and Ambani. This recent disclosure has added weight to those criticisms, sparking renewed discussions on Adani’s role and influence in BJP’s key decisions.
The opposition has questioned why a private industrialist’s residence was chosen for a political discussion and what role Adani had in the deliberations. This controversy comes amid ongoing campaigns for the upcoming Maharashtra elections scheduled for November 20.
