INSUBCONTINENT EXCLUSIVE:
Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch (File Photo: PTI)4 min read Last Updated : Sep 06 2024 | 8:18
PM IST
The Congress party on Friday levelled fresh allegations against chairperson of the Securities and Exchange Board of India (Sebi)
Madhabi Puri Buch, claiming that she received rental income from an entity affiliated with a company the market regulator was probing for
Buch earned a total rental income of Rs 2.16 crore from Carol Info Services, a company linked to Wockhardt that Sebi has been involved with
constituted a conflict of interest.
Neither the market regulator nor Buch have responded to the latest allegations leveled by
roles at Sebi and in their previous positions...In contrast, Ms Buch merely transferred her investments to her spouse, which raises concerns
orders, Wochardt paid Rs 27 lakh in February 2023 to Sebi as recommended by a high-powered advisory committee of the market
regulator.
The second settlement order was issued in May 2023, where Wockhardt paid Rs 36.7 lakh as the settlement
amount.
However, the other two orders the Congress party mentioned in its release pertain to the same matter
The orders were issued at different stages of the probe
The noticees were executives of Wockhardt, who were accused of insider trading.
Sebi had ordered a disgorgement of Rs 14.23 lakh along
with 4 per cent interest for the previous 10 years on a former executive of Wockhardt for flouting insider trading norms
condition that she could maintain her previous financial relationships, provided she acted in line with the wishes of the prime minister and
her income and alleged associations.
Earlier this week, the Congress party raised questions on the alleged payments and ESOPs to Buch
from her former employer ICICI Bank, both in terms of the amount and the frequency of payouts.
The private lender denied those claims,
saying Buch was not paid a salary or granted any ESOPs after her retirement in October 2013.
The bank added that its employees had the
choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting.
Buch found herself in the eye of a storm
Hindenburg Research launched a fresh broadside against Buch, alleging that she and her husband had stakes in obscure offshore funds used in
disclosures and adhered to a recusal list.
Adani group had also termed the allegations malicious and manipulative of select public
information, saying it had no commercial relationship with the Sebi chairperson or her husband.First Published: Sep 06 2024 | 5:26 PMIST
