Congress General Secretary Jairam Ramesh has hailed the government’s recent notification inviting applications for the post of SEBI Chairperson as a “vindication” of his party’s long-standing campaign. Ramesh stated that the Congress had consistently exposed the shortcomings of the current SEBI Chairperson, Madhabi Puri Buch, and highlighted the need for an impartial leader to protect middle-class investors and address controversies surrounding the Adani Group. He expressed hope that the new appointee would act without fear or favour, prioritising the integrity of the capital markets.
The government announced the opening as Buch’s term is set to conclude in February 2025. Appointed in March 2022, Buch became the first woman to lead the Securities and Exchange Board of India (SEBI). Her tenure, however, has been clouded by allegations of conflicts of interest, especially following a report by US-based Hindenburg Research alleging stock manipulation by the Adani Group. The Department of Economic Affairs has invited eligible candidates to apply for the Mumbai-based role by 17 February 2025. The successful candidate will serve a five-year term or until reaching the age of 65, with a fixed monthly salary of ₹5,62,500 or equivalent to that of a government secretary.
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“The Modi Government has just invited applications for the post of SEBI Chairperson. This is a vindication of the INC’s sustained, facts-based campaign that highlighted how severely compromised the present Chairperson has been. The INC hopes that the new Chairperson will protect the interests of crores of middle-class investors in the capital market, summon the courage to stand up to the Modani enterprise, and deal with all revelations of the transactions of the Adani Group without fear or favour,” Jairam Ramesh said in an X post.
The Congress party has been vocal about its criticisms of Buch. In September 2024, spokesperson Pawan Khera accused her of trading securities worth ₹36.9 crore between 2017 and 2023, in violation of SEBI’s conflict of interest guidelines. He also raised concerns about her foreign assets and alleged investments in Chinese funds. Khera questioned whether Prime Minister Narendra Modi was aware of these issues and alleged that Buch had undisclosed stakes in Agora Partners, a Singapore-based consultancy firm.
By September 2025, Congress leaders, including Ramesh, intensified their allegations, accusing Buch of trading securities while possessing unpublished price-sensitive information and making high-value investments in Chinese firms at a time of heightened geopolitical tensions with China. They also pointed to Buch’s alleged failure to disclose certain financial activities, further questioning her impartiality and adherence to SEBI regulations.
Responding to these allegations, Buch and her husband, Dhaval Buch, issued a joint statement rejecting the claims as “motivated and defamatory.” The statement clarified that Dhaval’s consulting roles with firms such as Mahindra & Mahindra, Dr Reddy’s, and Pidilite were based purely on his professional expertise and had no connection to SEBI investigations.
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They further stated that all earnings from these roles were fully disclosed. The Buchs also addressed concerns about their rental income from a Wockhardt-associated property, asserting that it was compliant with SEBI protocols and unrelated to any investigations. Regarding allegations about ICICI Bank Employee Stock Options, Buch clarified that her actions complied with the bank’s policies for retired employees, dismissing claims of irregularities.
The joint statement criticised Congress for spreading what it called a “false narrative” and argued that the allegations were aimed at undermining Buch’s credibility. The couple stated that all necessary disclosures and recusal protocols were followed throughout her tenure.
