Congress has intensified its accusations against Sebi chairperson Madhabi Puri Buch, alleging a serious conflict of interest. Congress spokesperson Pawan Khera claimed that Madhabi Buch received rental income from Carol Info Services Ltd, a company affiliated with Wockhardt Limited, which is currently under Sebi investigation for insider trading.
Khera highlighted that Buch rented her Mumbai property to Carol Info Services Ltd from 2018-19, receiving ₹7 lakh in the first year. The rent increased substantially over the years, reaching ₹46,05,000 in 2023-24, with a total rental income of ₹2.16 crore. He pointed out that the same promoters own both Carol Info Services Ltd and Wockhardt Limited, creating a potential conflict of interest.
“This is not just a conflict of interest but outright corruption,” Khera stated during a press conference. He questioned the ethical and legal implications of Buch’s actions, as she was a full-time member of Sebi when these transactions occurred.
The Congress’s fresh allegations come shortly after the party accused Madhabi Buch of holding an office of profit at ICICI Bank, alleging she received ₹16.80 crore from 2017 to 2024 while serving as a full-time Sebi member. While ICICI Bank has denied paying Buch any salary or ESOPs post her retirement, Buch has yet to comment on the allegations.
Amid growing scrutiny, the Public Accounts Committee of Parliament, led by Congress MP KC Venugopal, may summon Buch for a performance review of regulatory bodies. This controversy has raised serious questions about the integrity of the Sebi chairperson and the broader implications for regulatory governance in India.
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