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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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
