‘Madhabi Puri Buch’s actions indicate deep compromise’: Congress’ fresh podcast salvo at Sebi chief

The Congress party has ramped up its criticism of Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch. On Saturday, the party unveiled a new podcast titled "Buch Bachao Syndicate," featuring prominent leaders Rahul Gandhi and Pawan Khera. During the podcast, Gandhi and Khera highlighted concerns regarding Buch's tenure, alleging a series of missteps and conflicts of interest in her approach to market regulations.

In the podcast, Khera said, “40 crore people of this country get directly affected by the stock market and the stock market regulator which is Sebi is completely compromised in the hands of one to three corporates. So, she (Buch) as a regulator will only safeguard the interest of these corporates and not the overall market.”

Rahul Gandhi, who joins the podcast, tells Khera, “You have enough paperwork to bring down the government.”

“Madhabi Buch’s actions indicate a deep compromise,” Khera added.

The party also released a statement on X wherein they asked three questions. “Who is manipulating the hard-earned investments of 10 crore small and medium investors in the Stock Market? Why is Modi Govt shielding Sebi Chairman from Parliamentary Scrutiny? Modi+Shah have single-handedly destroyed the sanctity and integrity of a robust market regulator - Sebi,” the party said.

This is not the first time the party or Rahul Gandhi raised questions on Buch. Earlier on October 24, Gandhi launched a scathing attack against Buch after the Sebi chief failed to appear before a Parliamentary committee. The meeting was part of the influential parliamentary panel’s performance review of regulatory bodies established by Acts of Parliament.

The Leader of Opposition also sought to know who was “behind the plan” to protect her from being answerable to the panel. “Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee of Parliament? Who is behind the plan to protect her from being answerable to the PAC?” the Congress leader asked.