Who is saving SEBI chief, asks Congress; Rahul flags stock market risks to small investors
New Delhi (PTI): The Congress on Saturday intensified its offensive against SEBI chief Madhabi Puri Buch, asking what was keeping her from appearing before a parliamentary panel.
Shortly after Congress leader Rahul Gandhi, in an Instagram video, flagged "risks to billions of retail investors in the stock market", the party posed three questions on Buch, who skipped a recent appearance before the Public Accounts Committee by citing a last-minute emergency.
"Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee (PAC) of Parliament? Who is behind the plan to protect her from being answerable to the PAC? Is there a well-thought-out conspiracy to risk the hard-earned investments of crores of small-medium investors and benefit Modi ji's dear friend Adani?" the Congress' media department chairman Pawan Khera asked in a statement.
Gandhi earlier posted a video on Instagram in which he is heard speaking to Khera on the phone and urging him to devise innovative ways of cautioning retail investors against "the space of risk", a term he used for the Indian stock markets.
He also told Khera that he was willing to get involved in the party's communications campaign to help small investors guard their money.
"Who is protecting the syndicate committing this fraud?" Gandhi captioned the Instagram video.
The Congress soon floated a video, titled "Buch Bachao Syndicate", with Khera alleging that SEBI's credibility had been undermined under the BJP-led National Democratic Alliance.
"The Congress has consistently voiced its concerns over the erosion of SEBI's independence and powers. Through a series of press conferences, we have exposed multiple instances of conflicts of interest involving SEBI Chairperson Ms Madhabi Puri Buch and her family. These grave revelations have shaken the trust of India's 11.5 crore registered investors, who count on SEBI to uphold a transparent and fair financial environment. This government has left India's investors vulnerable, compromising the very institution meant to safeguard their life savings and aspirations," Khera said.
He said, "It was deeply troubling that SEBI's leadership, which publicly champions measures to boost transparency in the investment sector, has failed to adhere to these very standards within their own practices."
"Such de facto unethical conduct -- and possibly legally questionable behaviour -- by one of India's primary regulators is a serious threat to the stability of our regulatory environment. It not only shows distrust among Indian investors but also raises red flags for potential foreign investors, pushing India's growth prospects backward," according to the statement.
Gandhi later shared the video on his X handle and alleged that the government was saving the SEBI chief from an investigation.
He said, "Save from answering the PAC. Save from resigning from SEBI. Save Adani from investigation."
"Which is this syndicate that is 'protecting Buch'? And most importantly, why is it protecting her?" the former Congress chief asked.
In the Congress statement, Khera said the PAC took a stand by summoning SEBI officials, including Buch, who, "just an hour before her scheduled appearance, claimed an emergency, expressing her inability to attend".
BJP MPs protested the summonses, the Congress spokesperson claimed.
"We think this is no coincidence. We think that the government is trying to protect Ms Buch to save the bigger players in this nexus," Khera alleged.
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Real Madrid fines Valverde and Tchouaméni half a million euros each for altercation
Barcelona (AP): Real Madrid slapped players Federico Valverde and Aurélien Tchouaméni with half-a-million-euro ($588,000) fines on Friday for their altercation during practice.
The massive fines came a day after the midfielders tussled when the team trained. Valverde said in a post on social media on Thursday that no punches were thrown. But Valverde knocked his head on a table and he suffered a small cut that required a brief hospital visit.
On social media, Valverde initially called it a “meaningless fight” with a teammate and said “everything has been blown out of proportion."
His employers, however, considered it a significant enough breach of team discipline to nail both Valverde and Tchouaméni with fines that bite even the bank account of a top soccer player. The half-a-million euro penalties reflect the reputational damage the club was enduring in a chaotic end to a disappointing season.
In a statement, the 15-time European champion said its disciplinary action was concluded after both players expressed to the club “their complete remorse for what happened and apologized to one another.”
Madrid added they also apologized to their teammates, the coaching staff and club supporters, as well as showing their willingness to accept whatever disciplinary action the club deemed “opportune.”
Tchouaméni was back training with Madrid on Friday, two days before they play at Barcelona in a clasico. Madrid has to win otherwise Barcelona will be crowned La Liga champion.
After being notified of the fine, he posted a public apology to the club and its fans on social media.
“What happened this week in training is unacceptable,” Tchouaméni wrote. "I say this while thinking about the example we are expected to set for young people, whether in football or at school.
“Above all, I am sorry for the image we projected of the club.”
Valverde was not at practice due to the head knock.
Both players are set to play in the World Cup next month, with Tchouaméni playing for France and Valverde for Uruguay.
Chaotic end to a poor season
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The run-in between the players, who for seasons have played side by side in Madrid's midfield, came after they argued this week in previous training sessions. But tempers boiled over on Thursday. Spanish media was rife with reports that the players previously disagreed over the club's decision to let coach Xabi Alonso go after just months on the job.
It was not the only altercation involving Madrid players during training this week. Álvaro Carreras confirmed he was in a “minor” incident with a teammate. Spanish media said he and fellow defender Antonio Rüdiger got into a scuffle.
Álvaro Arbeloa, the coach who was promoted from Madrid's reserve team when Alonso was fired in January, will face tough questions on what went wrong inside the changing room when he gives a press conference on Saturday ahead of the clasico at Camp Nou.
Madrid is facing a second consecutive campaign without a major trophy amid rumors in the Spanish media that club president Florentino Pérez is considering bringing back Jose Mourinho to straighten out his underperforming team.
