TMC’s Mahua Moitra files LokPal complaint against SEBI’s Madhabi Buch alleging impropriety, quid pro quo arrangement

Trinamool Congress (TMC) Member of Parliament Mahua Moitra has lodged a formal complaint with the Lokpal against Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (SEBI). The complaint, filed on September 11, accuses Buch of improper conduct and engaging in quid pro quo arrangements that allegedly threaten India's national interests.

Moitra took to social media platform X to announce her action, stating, "My LokPal complaint against Ms. Puri-Buch been filed electronically & 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 & every link investigated [sic]."

In her complaint, Moitra labels Buch as a “serial offender” and alleges impropriety during her tenure as a public servant. The complaint references Buch's appointment as a whole-time member of SEBI from April 2017 to October 2021 and her subsequent elevation to chairperson in March 2022.

The TMC MP's complaint cites allegations made by Hindenburg Research, a US-based firm, on August 10, 2024. These allegations question SEBI's handling of investigations into the Adani Group's offshore shareholders and suggest potential conflicts of interest.

This complaint follows recent criticisms from other political figures. On September 10, Congress chief Mallikarjun Kharge accused Prime Minister Narendra Modi of compromising SEBI's integrity to protect his allies. Earlier, on September 2, Congress spokesperson Pawan Khera raised questions about Buch's financial dealings, claiming she received substantial income from ICICI Bank between 2017 and 2024.

What is the controversy about?

The controversy intensified last month when Hindenburg Research alleged that Buch and her husband had stakes in offshore entities linked to the Adani Group. In response, the couple issued a joint statement strongly denying these allegations, calling them “baseless” and “devoid of any truth.” They expressed that they have disclosed all their financial documents to relevant authorities.