The Congress party renewed its attack on SEBI Chairperson Madhabi Puri Buch on Saturday alleging that as a full-time member and later chairperson of the regulator Ms. Buch had traded in listed securities while in possession of unpublished price sensitive information and had been investing in Chinese firms at a time when India was facing geopolitical tensions with China.
The Opposition party’s attack came a day after Ms. Buch issued a detailed rebuttal of the earlier allegations made by the Congress, rejecting them as “false, malicious and motivated”.
Addressing a press conference in Delhi, party spokesperson Pawan Khera said that between 2017-23, Ms. Buch had, first as a whole-time member and later as the SEBI chairperson, traded in listed securities worth Rs 36.9 crore. This, he contended, was in violation of Section 6 of the SEBI’s Code on Conflict of Interest for the Members of Board (2008).
Mr. Khera also claimed that she had held foreign assets between 2017-21.
Listing the details of her investment in the U.S. between 2021 and 2024, Mr. Khera alleged that she had invested in Vanguard Total Stock Market ETF (VTI), ARK Innovation ETF (ARKK), Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ).
“It is deeply concerning to learn that Ms. Buch, while occupying such a sensitive position, has been investing in Chinese funds. When the Prime Minister of India can publicly give China a clean chit, it’s hardly surprising that a key regulatory figure is engaging in investments linked to China,” Mr. Khera said.
Published – September 14, 2024 09:35 pm IST