Mahua Moitra files complaint with Lokpal against SEBI chief Madhabi Puri Buch alleging quid pro quo arrangement

TMC MP Mahua Moitra has filed a complaint with the Lokpal against SEBI Chairperson Madhabi Puri Buch over allegations of misconduct and financial irregularities. 

The complaint, filed on September 11, accuses Buch of improper conduct and engaging in quid pro quo arrangements that allegedly threaten India's national interests. 

“Filed complaint in LokPal against Chairperson @SEBI_India. Nearly 9.5 crore Indians & 10,000 foreign funds have investments in stock markets. SEBI regulates market capital of $6 trillion. Imperative sanctity of regulator is maintained,” Moitra wrote in a post on X (formally Twitter). 

“My LokPal complaint against Ms Puri-Buch been filed electronically & in physical form. LokPal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry. Every single entity involved needs to be summoned & every link investigated,” Moitra added. 

Allegations against SEBI chief 

In its latest salvo at the SEBI chief, Congress alleged that Buch and her consulting firm Agora Private Limited received nearly Rs 2.95 crore between 2016 and 2024 from six companies, including Mahindra & Mahindra, ICICI Bank, Dr Reddy’s, and Pidilite.  

Mahindra Group and Dr Reddy’s rejected allegations raised by the party in statements filed to the stock exchanges.  

Earlier, Congress leader Pawan Khera on September 6 alleged that Buch and her husband received rental income from a company affiliated Wockhardt Ltd, a firm that SEBI has been involved with in multiple cases. 

Before that, Khera had accused Buch of holding an office of profit at ICICI Bank and receiving an income of Rs 16.80 crore between 2017 and 2024 after she became a full-time member of the market regulator.   

ICICI Bank had refuted the claims and said that it did not pay any salary or granted ESOPs to Buch after her retirement on October 31, 2013, as alleged by Congress. 

After its hit job on the Adani Group in January last year, Hindenburg has launched a direct attack on SEBI Chairperson Madhabi Puri Buch and the regulatory body, alleging that SEBI has shown a lack of interest in probing the Adani Group’s alleged undisclosed network of shell entities. SEBI, Buch, and the Adani Group have all refuted the latest allegations. The US shortseller connected the alleged links of the SEBI chief’s family with the Adani Group as reason for the delay in the investigation.