SEBI Chief Buch And Husband Deny Allegations Of Conflict Of Interest, Call Claims 'Defamatory'

SEBI scandal: The Buchs stated that the allegations were based on their Income Tax returns, which they claimed had been obtained through fraudulent means

TMC MP Mahua Moitra on Friday said that she had filed a complaint against Madhabi Puri Buch with the Lokpal, calling for an investigation by the ED or CBI.

Source : PTI

Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, strongly refuted allegations of impropriety and conflict of interest raised by the Congress party. The couple described the claims as "incorrect, motivated, and defamatory" in a statement issued on Friday.

The Buchs stated that the allegations were based on their Income Tax returns, which they claimed had been obtained through fraudulent means. "Our income tax returns have been illegally accessed. This is a violation of our fundamental right to privacy and breaches the Income Tax Act," their statement read. They also emphasized that all required information had been fully disclosed, and all taxes duly paid.

The Congress party recently accused the SEBI chief of a conflict of interest, citing links between Dhaval Buch and a consultancy firm, Agora Advisory, which allegedly worked with companies under SEBI scrutiny. One of the central claims was that Dhaval Buch had earned Rs 4.78 crore from the Mahindra Group during a period when SEBI was investigating the company for market infractions.

In response, the Buchs clarified that Madhabi Puri Buch had no involvement in any files related to Agora Advisory or several other entities, including Mahindra Group, Pidilite, Dr. Reddy’s, and ICICI Bank, during her tenure at SEBI. "The allegations are entirely false, malicious, and defamatory. Madhabi has followed all disclosure and recusal guidelines set by SEBI and has maintained a proactive recusal list beyond the regulatory requirements," the statement added.

Meanwhile, Trinamool Congress MP Mahua Moitra announced on Friday that she had filed a complaint against Madhabi Puri Buch with the Lokpal, calling for an investigation by the Enforcement Directorate (ED) or Central Bureau of Investigation (CBI). Moitra shared a screenshot of her complaint submission and urged the Lokpal to act within 30 days.

"My Lokpal complaint has been filed both electronically and physically. The Lokpal must refer it to the CBI or ED for a preliminary investigation, followed by a full FIR enquiry," Moitra said, tagging Congress leaders Jairam Ramesh and Pawan Khera in her post.