Congress levels fresh charges against Buch, Adani & BJP

The Indian National Congress (INC)—the country's main opposition—held a press conference on Tuesday (Tuesday, October 29, 2024) leveling a series of serious allegations against the SEBI chief, the Adani group and the central government, claiming that a "monopoly bachao syndicate" has been engaging in a string of illegal activities. In its press conference, which continued for more than 30 minutes, INC spokesperson Pawan Khera alleged that the central government has been protecting SEBI Chairperson Madhabi Puri Buch.

The development comes at a time when the Grand Old Party has leveled a series of charges against the SEBI chief over the past two months and has demanded the formation of a joint parliamentary committee (JPC) to investigate the matter in detail. Meanwhile, the SEBI Chairperson and the Adani group have repeatedly denied any wrongdoing.

Here are a few takeaways from the opposition party’s October 29 press conference:

“Monopoly Bachao Syndicate”

Congress leader Rahul Gandhi has claimed that a ‘monopoly bachao syndicate” operates at the core of an allegedly dangerous tripartite nexus comprising the Adani group, some of the main regulatory bodies, and the centre-ruling Bharatiya Janata Party (BJP). In a video released on his YouTube channel, and featured in the October 29 press conference, Gandhi, the Leader of the Opposition in the Lok Sabha, alleged that the regime is not only promoting monopolies but also participating in concentrating the country’s wealth in the hands of a few.

Monopoly Bachao Syndicate!

Airports में Monopoly
Ports में Monopoly
Cement में Monopoly
Power में Monopoly
Defence में भी Monopoly

अडानी जो भी सेक्टर चाहे, Syndicate उसे monopoly दिलाने में लग जाता है। pic.twitter.com/8n2fPNQzCD

— Rahul Gandhi (@RahulGandhi) October 29, 2024

The fresh charges against the SEBI chief comes days after Buch refused to appear before a meeting convened by Parliament’s Public Accounts Committee (PAC). Buch expressed inability to attend the meeting, which was aimed at reviewing the functioning of the regulatory body.

Alleged conflict of interest, and more…

Alleging that Buch’s association with Predible Health Pvt Ltd is a case of misuse of taxpayers’ money, the INC claimed that the SEBI Chairperson (an initial shareholder in Predible Health) continued to hold its shares even after assuming charge as a Whole-time Member of the regulator. Predible Health was granted Rs 1.85 crore under the government's Startup India programme.

Buch allegedly rented her property to Carol Info Services Ltd, an affiliate of Wockhardt, from 2018 to 2024. In an earlier press conference, the Congress party alleged that Wockhardt, a regulated entity, was under SEBI’s investigation during 2023 for various cases including insider trading.

The Congress party also alleged that Buch rented out her property to a firm associated with a person connected to IndiaBulls Group, which was under SEBI’s scanner.

Alleged misuse of power

Reiterating various serious allegations leveled against Buch last month, the Congress party spokesperson alleged that ICICI Bank was paying Buch while she was serving as a Whole-time Member at SEBI. The money has sometimes been described as retirement money and sometimes as pension money, said Khera.

A sum of Rs 16.8 crore was given to her in the form of salaries, ESOPs, etc., he claimed.

Alleged involvement of another Whole-time Member…

The INC’s Khera also mentioned Ananth Narayan Gopalkrishnan, who became a Whole-time Member at the regulator in October 2022. The Congress spokesperson alleged that Gopalkrishnan rented out his property in Mumbai to a stockbroker hired by brokerage IMC India Securities, an entity regulated by SEBI. The official received a sum of Rs 64.8 lakh in rent through this arrangement, according to Khera.

Adani Defence allegedly manufactures labels, not original products

According to the INC, Adani Defence’s website allegedly reveals how the company profits by "merely rebranding" foreign-made weapons. Crucial funds meant for training, pensions and the welfare of young soldiers and their families are diverted through schemes like Agniveer, the Grand Old Party alleged.

"Previously, we exposed how the 'Adani Bachao Syndicate' thrives through the complicity of institutions like SEBI under Madhubi Buch, who is accused of manipulating the system to protect Adani's inflated valuations,” said Gandhi.

Buch's role raises serious questions about regulatory capture and the erosion of institutional integrity in favour of corporate interests, according to the Congress leader.

Adani Bachao Syndicate pic.twitter.com/vQKHumzVCN

— Rahul Gandhi (@RahulGandhi) October 28, 2024

Today, my colleague @Pawankhera held an explosive press conference unearthing new information on the conflict of interests surrounding Ms. Madhabi Puri Buch, the Chairperson of SEBI. This is just the latest disclosure in a string of such irregularities that have come to light,… pic.twitter.com/moEsZ6hyM6

— Jairam Ramesh (@Jairam_Ramesh) October 29, 2024

.@narendramodi ji,

You cannot shield the rot created in SEBI under the Chairperson appointed by you.

The continuing barrage of expose makes her position untenable.

You have destroyed the sanctity of SEBI - India's market regulator, painstakingly created over the years,…

— Mallikarjun Kharge (@kharge) October 29, 2024