Finance Minister Nirmala Sitharaman Addresses Allegations Against SEBI Chairperson Madhabi Puri Buch
In a recent interview with Network18 Group Editor-in-Chief Rahul Joshi on News18 India’s popular ‘Chaupal’ program, Finance Minister Nirmala Sitharaman spoke in defense of SEBI Chairperson Madhabi Puri Buch and her husband in light of the allegations raised by the Congress Party. Sitharaman emphasized that both Buch and her husband are proactively responding to these claims, providing substantial evidence to counter the accusations presented by Congress.
Response to Allegations
During the interview, Sitharaman stated, “Madhabi Puri Buch and her husband have responded to many allegations. Both are defending themselves and presenting such facts which expose the claims of the Congress party. Therefore, I think we have to keep the facts in mind in this regard.” When questioned about her satisfaction with the responses from the Buch couple, she refrained from making a personal judgment, highlighting the importance of establishing facts over opinions.
Details of the Controversy
The allegations against Buch include claims of receiving a salary from her previous employer, ICICI Bank, while simultaneously serving as a full-time member of the Securities and Exchange Board of India (SEBI). Buch and her husband, Dhaval Buch, have issued a joint statement addressing these charges, systematically outlining their position.
Financial Engagements
In her statement, Madhabi Puri Buch clarified that she had no involvement with any files related to Agora Advisory and Agora Partners, firms in which she held a significant 99 percent stake. Despite her role at SEBI, she reportedly continued to earn revenue from these advisory businesses since her appointment in 2017.
Accusations of Market Trading
Furthermore, the Congress Party’s media head, Pawan Khera, alleged that between 2017 and 2023, Buch conducted trades in publicly listed securities amounting to ₹36.9 crore while serving as SEBI Chairperson and Whole Time Member. Khera pointed out that this activity could potentially violate Section 6 of SEBI’s code of conduct, which addresses conflicts of interest for its members.
Conclusion
This situation highlights the intricacies of regulatory roles and the potential conflicts that may arise in the domain of finance. As the Buch couple works to clarify these allegations, it is essential for all parties involved to focus on transparency and accountability in the financial sector.
