‘Madhabi Buch Defending Herself, Putting Out Facts That Contradict Congress’ Claims’: FM Nirmala Sitharaman

Reported By: Mohammad HarisLast Updated: September 16, 2024, 19:29 ISTFinance Minister Nirmala Sitharaman at the News18 India Chaupal.Both Sebi Chairperson Madhabi Puri Buch and her husband are putting out facts that contradict those which are being alleged by the Congress party. So, I think the facts will have to be taken on board, says FM Nirmala Sitharaman.On the conflict of interest row involving Sebi Chairperson Madhabi Puri Buch following the Congress party’s allegations, Finance Minister Nirmala Sitharaman on Monday said Buch and her husband are answering the allegations and putting out facts that contradict those which the Congress party is alleging.Talking to Rahul Joshi, Group Editor-in-Chief, Network18, at the News18 India Chaupal event, the finance minister said, “I think quite a few of the allegations are being answered by her (Madhabi Puri Buch) and by her husband. Both of them are together defending themselves and putting out facts that contradict those which are being alleged by the Congress party. So, I think the facts will have to be taken on board.”On asked if she is satisfied with her answers, Sitharaman said, “Well, I am not here to judge that.”Buch and her husband Dhaval Buch in a joint statement addressed issues raised by the opposition Congress over receiving payments from her previous employer the ICICI Bank while being a whole time member of the SEBI. This was the second statement since US-based short seller Hindenburg Research recently charged her of not being motivated enough to act on allegations against the Adani group due to conflict of interest.The statement said Buch never dealt with any file involving Agora Advisory and Agora Partners — the advisories where she held 99 per cent and continued to earn revenue even after she joined the market regulator body Sebi in 2017.Earlier, at a press conference at the All India Congress Committee (AICC) headquarters, Congress’ media and publicity department head Pawan Khera alleged that between 2017 and 2023, Buch, as a whole-time member and later as the SEBI chairperson, traded in listed securities worth Rs 36.9 crore.This is in violation of Section 6 of the SEBI’s Code on Conflict of Interest for the Members of Board (2008), he said.He also gave a year-wise break up of the total trading in securities which in total amounted to over Rs 36.9 crore.In addition to that, Khera said, “We have information that between 2017-2021, Madhabi Buch held foreign assets.” “We hereby ask: When was the first time she declared the foreign assets and to which agency of the government? Is it true that Ms. Madhabi P. Buch was actively involved in Agora Partners PTE (Singapore) as she was a signatory to the bank account?” he said.The Congress also claimed SEBI chairperson Madhabi Buch had a 99 per cent stake in a firm when it provided consultancy services to the Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while she was adjudicating cases of the same group.The Mahindra and Mahindra Group dismissed the allegations as “false and misleading in nature”. The group categorically stated that it had not at any point requested SEBI for any preferential treatment. “We maintain the highest standards of corporate governance,” a spokesperson of the Mahindra and Mahindra Group has said.Mohammad HarisHaris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More