This picture made from the video posted by the Congress shows SEBI chairperson Madhabi Puri Buch and the market regulator’s logo. Photo: X/@INCIndia

The Congress on Saturday (October 26, 2024) accused the BJP of insulating Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch from answering to the Parliament’s Public Accounts Committee (PAC) on the performance of the regulator. Ms. Buch skipped the PAC meeting on Thursday (October 24, 2024) citing personal reasons.

Sharing a video prepared by the party on the “stock scam” on social media, Leader of the Opposition in the Lok Sabha Rahul Gandhi said Ms. Buch was being protected from giving answers to Parliament, from resigning as SEBI chief and from an investigation into her alleged links with the Adani Group companies. “Who is the syndicate protecting Ms. Buch? And more importantly, why is this syndicate protecting her? Everything will be revealed soon,” he wrote.

Pawan Khera, the party chairman for media and publicity, in a statement, asked who was manipulating the hard-earned investments of 10 crore small and medium investors in the stock market. He asked why the Narendra Modi-led government was shielding the SEBI chief from parliamentary scrutiny. He said Mr. Modi and Home Minister Amit Shah have singlehandedly destroyed the sanctity and integrity of SEBI.

“In the 78 years since India’s Independence, no government has compromised the sanctity of our democratic institutions as shamelessly as the BJP government has done over the past decade,” he said, adding that SEBI’s role was deeply undermined by the present government. “Through a series of press conferences, we have exposed multiple instances of conflicts of interest involving SEBI Chairperson Ms. Buch and her family. These grave revelations have shaken the trust of India’s 11.5 crore registered investors, who count on SEBI to uphold a transparent and fair financial environment,” he said.

The senior Congress leader said the legally questionable behavior of the regulator was a serious threat to the stability of the country’s regulatory environment. “It not only instils distrust among Indian investors but also raises red flags for potential foreign investors, pushing India’s growth prospects backward,” he said.

Mr. Khera said, in light of these serious allegations, the PAC took a stand by summoning SEBI officials, including Ms. Buch. “However, just an hour before her scheduled appearance, Ms. Buch claimed an emergency, expressing her inability to attend. Meanwhile, BJP MPs protested the summons. We think this is no coincidence. We think that the government is trying to protect Ms. Buch to save the bigger players in this nexus,” he alleged.