Who is protecting SEBI Chief?: Cong slams PM Modi’s silence amid ‘conflict of interest’ allegations against Madhabi Puri

Congress general secretary and MP Jairam Ramesh on Monday questioned Prime Minister Narendra Modi about allegedly protecting the Sebi chairperson Madhabi Puri Buch after the Hindenburg report revelations.

He posed a set of questions for PM Modi on his official X handle and said that the “latest revelation of shocking malpractice has come to light”. Ramesh alleged that the “non-biological Prime Minister”, who is “protecting the SEBI Chairperson through his silence”, must come out in the open and answer the questions.

Here are the questions Congress posed to PM Modi

“1. What are the appropriate qualification criteria for the appointment of heads of regulatory bodies?

2. Has the ACC headed by the Prime Minister investigated these shocking facts about the SEBI Chairperson, or has the ACC been completely outsourced to the PMO?” he asked.

ACC, or the Appointments Committee of the Cabinet, was established in 1950. It is headed by the Prime Minister and is responsible for appointments to key positions in the central government and public sector undertakings.

The Home Minister is also a part of the Committee. Additionally, Jairam Ramesh asked PM Modi if he was aware of the Sebi Chairperson holding the office of profit and getting a salary from ICICI during her term as the head of the market regulator.

“3. Was the Prime Minister aware that the SEBI Chairperson held a position of profit and received salary/income from ICICI during her tenure at SEBI?

4. Was the Prime Minister aware that the current SEBI Chairperson, as a full-time member of SEBI, was handling complaints against ICICI and its affiliates and also receiving income from ICICI?

5. Why did the current SEBI Chairperson continue to receive ESOP benefits from ICICI even though they had lapsed long ago?

6. Who is protecting the SEBI Chairperson and why?” he further asked.

Lastly, he demanded that PM Modi cannot stay quiet on the issue and must answer these questions.

“The non-biological Prime Minister cannot remain silent on these questions. How long will he remain silent on these questions? Crores of Indians invest in the capital market. They demand complete transparency and honesty from its regulator,” he said.

On August 10, Hindenburg Research released a report on Sebi Chairperson Madhabi Puri Buch and her husband Dhaval Buch's alleged involvement in having stakes in Adani Group-related offshore entities.