TMC MP Mahua Moitra Files Complaint Against SEBI Chief Madhabi Puri Buch
New Delhi, India – Trinamool Congress (TMC) Member of Parliament (MP) Mahua Moitra has lodged a complaint with the LokPal against Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). Moitra has accused Buch of improper conduct and entering into quid pro quo arrangements that threaten India’s national interests.
Details of the Complaint
In a social media post, Moitra stated, “My LokPal complaint against Ms. Puri-Buch has been filed electronically and in physical form. LokPal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry. Every single entity involved needs to be summoned and every link investigated.”
Moitra called Buch a “serial offender” and alleged that she engaged in actions constituting impropriety as a public servant. The complaint letter, dated September 11, details Buch’s tenure at SEBI and accuses her of entering into arrangements that potentially threaten national interests.
Allegations by Hindenburg Research
On August 10, 2024, US-based firm Hindenburg Research made serious allegations against Buch, including claims that SEBI’s reluctance to act against suspect offshore shareholders in the Adani Group was due to Buch’s complicity. Hindenburg Research’s report is included in Moitra’s complaint.
Congress Party’s Allegations
Earlier, Congress chief Mallikarjun Kharge and spokesperson Pawan Khera also accused Buch of compromising SEBI’s integrity. Khera alleged that Buch received regular income from ICICI Bank while serving at SEBI.
Response from Madhabi Puri Buch
Madhabi Puri Buch and her husband Dhaval Buch have denied the allegations. In a joint statement, they called the claims baseless and stated that their finances are transparent. They expressed willingness to disclose all financial documents to any authority.
Doubts Revealed
TMC -: TMC stands for Trinamool Congress, a political party in India, mainly active in the state of West Bengal.
MP -: MP stands for Member of Parliament, a person elected to represent the people in the Parliament of India.
SEBI -: SEBI stands for Securities and Exchange Board of India, which is a government agency that regulates the stock market and protects investors.
LokPal -: LokPal is an anti-corruption authority in India that investigates complaints against public officials.
quid pro quo -: Quid pro quo is a Latin term meaning ‘something for something,’ where one thing is given in return for another, often implying a corrupt deal.
Hindenburg Research -: Hindenburg Research is a financial research firm that investigates and reports on companies it believes are involved in fraud or other wrongdoing.
Adani Group -: Adani Group is a large Indian multinational conglomerate with businesses in various sectors like energy, resources, logistics, and agriculture.
Congress leaders -: Congress leaders are members of the Indian National Congress, one of the major political parties in India.
integrity -: Integrity means being honest and having strong moral principles.
transparent -: Transparent means being open and clear, without hiding anything.
scrutiny -: Scrutiny means careful and detailed examination or inspection.
