Congress Leader Jairam Ramesh demanded accountability from Prime Minister Narendra Modi, questioning how much evidence is needed to prove the lack of transparency and integrity within the capital markets regulator. Ramesh also highlighted that there are now 10 million Indians with unique PANs investing in the market, stating that they deserve better oversight and questioning why Modi has not taken action.
Read also | Parliamentary panel may summon SEBI chief Madhabi Buch
The Congress party held that Buch’s rental income from Carol Info Services Limited represents a conflict of interest, violating SEBI 2008 Code on conflicts of interest of board members. They argued that this situation raises serious concerns about corruption and the integrity of the capital markets regulator.
The party further criticised Buch’s appointment, which was made on March 2, 2022, by the Appointments Committee of the Cabinet, chaired by Modi. It questioned whether his appointment was conditional on him maintaining his previous financial connections and aligning himself with the wishes of the Prime Minister and his associates.
Congress spokesperson Pawan Khera challenged Buch to publicly refute the allegations. The party has further accused Buch of holding a profit-making position at ICICI Bank and continuing to receive income from the bank since 2017. In response, ICICI Bank clarified that Buch had not received any salary or stock options after his retirement on October 31, 2013, contrary to the allegations by the Congress.
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