Congress accuses PM of 'shielding' Sebi chief

New Delhi: Congress president Mallikarjun Kharge took direct aim at Prime Minister Narendra Modi on Tuesday, accusing him of shielding Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch amid a growing wave of allegations. “@narendramodi ji, You cannot shield the rot created in Sebi under the chairperson appointed by you. The continuing barrage of exposes makes her position untenable,” Kharge said, claiming Buch’s leadership under Modi’s protection had compromised the integrity of India’s securities market regulator. Kharge went further, accusing PM Modi of "destroying the sanctity" of Sebi and putting the financial security of millions of small investors at risk. “You have destroyed the sanctity of Sebi, painstakingly created over the years, thereby jeopardising the hard-earned savings of crores of small and medium investors.

It also unmasks how you engineered a monopoly for your dear friend Adani. A thorough JPC is required to probe every aspect of this syndicate,” he said.

Kharge’s statements follow similar calls from other pay leaders demanding accountability. Congress leader Pawan Khera shared similar concerns earlier on Tuesday, asserting that Sebi’s leadership was under “protection” from the central government.

Speaking at a press conference, Khera said, “We have another expose regarding Sebi chief Madhabi Puri Buch today. Rahul Gandhi, through his videos, is questioning what compulsions the government has in shielding the Sebi chief.

Does she blackmail the government? It is not possible for any democratically elected government to continue protecting a tainted individual, especially with public evidence surfacing.”

Adding weight to these allegations, Congress leader Rahul Gandhi also released a video on Monday, where Khera is seen detailing the accusations against Buch, raising questions over her alleged ties to powerful individuals and vested interests.

The controversy surrounding Buch first gained attention earlier this year when allegations surfaced suggesting that her position within Sebi was marred by potential conflicts of interest. In September, Buch and her husband Dhaval Buch issued a joint statement refuting these allegations, calling them “false, incorrect, malicious and motivated.” The couple claimed their income tax records were accessed illegally and used to fuel the accusations.