Jairam Ramesh Slams SEBI for Withholding Madhabi Buch Recusal Details
Congress leader Jairam Ramesh criticised the Securities and Exchange Board of India (SEBI) for its refusal to disclose instances where its chairperson, Madhabi Puri Buch, recused herself due to conflicts of interest. Ramesh termed this refusal as a “mockery of public accountability and transparency.” His remarks come after an RTI request by transparency activist Commodore Lokesh Batra (retd) was denied by SEBI.
SEBI stated that information on Buch’s recusals was not “readily available” and compiling it would “disproportionately divert” resources. The regulator also refused to share details of Buch’s financial declarations, citing concerns over privacy and safety under provisions of the RTI Act. SEBI’s Central Public Information Officer justified withholding the information by invoking exemptions related to personal safety and the invasion of privacy.
“The multiple conflicts of interest of the SEBI Chairperson that have been revealed so far are shocking in themselves. Now in a move that adds more fuel to the raging fire, SEBI has simply refused to divulge information to a RTI activist on instances of the SEBI Chairperson recusing herself on issues where there have been potential conflicts of interest. This makes a mockery of public accountability and transparency as far as SEBI is concerned,” the Rajya Sabha MP said in an X post.
This decision follows allegations raised by opposition parties and activist groups, particularly after the Hindenburg Research report. The report accused Buch and her husband of holding stakes in offshore funds linked to the Adani scandal. It also alleged that Buch earned significant income from a consultancy firm, which was not fully disclosed.
Adding to these controversies, Zee Entertainment’s Subhash Chandra has accused Buch of corruption and biased behaviour, particularly in stalling the Zee-Sony merger. Meanwhile, Congress has pointed out potential violations of SEBI’s conflict of interest code, questioning Buch’s overseas investments and dealings with Chinese firms.
Despite these allegations, SEBI has continued to defend Buch, and she has denied all claims of wrongdoing. However, the opposition, led by Congress, is demanding an investigation, particularly into Buch’s foreign assets and her involvement in trading while in possession of sensitive information.
Congress spokesperson Pawan Khera has further pressed Prime Minister Narendra Modi to address these concerns, questioning whether he was aware of the various conflicts of interest surrounding Buch.
