“Need To Consider Facts”: Nirmala Sitharaman On Allegations Against SEBI Head Madhabi Buch

For the first time, Finance Minister Nirmala Sitharaman on Monday addressed the allegations levelled against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch over the alleged conflict of interest. Sitharaman stated that both Buch and her husband Dhaval Buch were responding to the allegations with factual clarifications.

The Congress claimed that during her tenure as the SEBI chief, Buch engaged in investments in listed securities and foreign funds, including some Chinese funds. During a press conference, party spokesperson Pawan Khera accused Buch of violating Section 6 of SEBI’s Code on Conflict of Interest for Members of the Board.

Read Also | Congress Accuses SEBI Chief Madhabi Buch Of Investing In Chinese Firms

During the News18 India Chaupal event, Sitharaman stated, “I think a few of the allegations are being answered by the Buchs. They are putting out facts to contradict the allegations by Congress. I think the facts are to be taken on board. Madhabi Buch and her husband are putting out facts to contradict the allegations.”

Congress also raised questions against PM Modi, asking if he was aware that the SEBI head has been trading in listed securities while in possession of unpublished price-sensitive information. It also asked if the PM was aware that the SEBI chairperson has been investing in Chinese firms at a time when India is facing geopolitical tensions with China.

Reacting to the finance minister’s remarks, Congress leader Jairam Ramesh clarified that the facts have not been contradicted by anyone.

“The facts that have been put out on the financial dealings of the SEBI Chairperson and her husband have NOT been contradicted so far by anyone. The question now is whether the Finance Minister and the non-biological PM were aware of these facts since 2022 at least,” stated Ramesh in an X post.

Read Also | SEBI Chief Madhabi Buch, Husband Deny Allegations; Issue 3 Key Clarifications

Emphasising the gravity of the allegations, the Congress leader asked, “Do they really think that these facts are trivial and do not, in any way, compromise the functioning of the capital markets regulator? Has the Supreme Court-mandated SEBI investigation into the Adani Group really been fair, impartial, and complete?”

Denying a series of allegations raised by the grand old party, the Buchs issued a joint statement calling the accusations “incorrect, motivated, and defamatory.”  Addressing them, the Buchs stated that the sole intention behind the accusations is to “keep distorting facts, to keep making false allegations again and again to build a false narrative. Clearly, arriving at the truth is not the objective.”