‘Who is protecting SEBI Chief’?: Congress slams PM Modi’s silence

Congress General Secretary and MP Jairam Ramesh on Monday questioned Prime Minister Narendra Modi for allegedly protecting Sebi Chairperson Madhavi Puri Buch after the release of the Hindenburg Report.

He raised a bunch of questions for this Prime Minister Modi on his official X handle and said that “the latest revelation of shocking drug abuse has come to light”. Ramesh alleged that the “non-biological Prime Minister”, who is “protecting sebi The Chairperson through her silence”, must come openly and answer questions.

Here the Congress raised questions to Prime Minister Narendra Modi

“1. What are the appropriate eligibility criteria for appointment of heads of regulatory bodies?

2. Has the ACC headed by the Prime Minister investigated these shocking facts about the SEBI Chairperson, or has the ACC been completely outsourced to the PMO?” he asked.

The ACC, or Appointments Committee of the Cabinet, was established in 1950. It is headed by the Prime Minister and responsible for appointments to key posts in central government and public sector initiatives.

Home Minister is also a member of the committee. Additionally, Jairam Ramesh asked PM Modi whether he was aware of the Sebi Chairperson holding a position of profit as head of the market regulator and receiving salary from ICICI.

“3. Was PM aware that SEBI Chairperson was in position of profit and received salary/income from ICICI during his tenure at SEBI?

4. Was the Prime Minister aware that the present SEBI Chairperson of SEBI, as a full-time member of SEBI, was handling complaints against ICICI and its affiliates and was also receiving income from ICICI?

5. Why is the current SEBI chairperson continuing to receive ESOP benefits from ICICI even though they have expired long ago?

6. Who is protecting the SEBI Chairperson and why?” he further asked.

Finally, he claimed that PM Modi cannot remain silent on the matter and must answer the question.

“The inorganic prime minister cannot remain silent on these questions. How long will he remain silent on these questions? Billions are invested in the Indian stock market. They demand complete transparency and honesty from its regulator,” he said.

On August 10, Hindenburg Research released a report alleging SEBI Chairperson Madhavi Puri Buch and her husband Dhabal Buch’s stake in Adani Group-related offshore entities.