Conflict of Interest Allegations Rock SEBI Leadership

Congress has raised serious conflict of interest allegations against SEBI chairperson Madhabi Buch. It claims Buch had a significant stake in a consultancy firm offering services to Mahindra and Mahindra Group while her husband received substantial income from the same conglomerate. Mahindra and Mahindra Group denies any wrongdoing.

In a significant development on Tuesday, the Congress accused SEBI chairperson Madhabi Buch of a severe conflict of interest, alleging she held a 99% stake in a consultancy firm that provided services to Mahindra and Mahindra Group while her husband earned substantial income from the conglomerate.

Congress president Mallikarjun Kharge stated that the credibility of SEBI as an impartial market regulator has been compromised by Prime Minister Narendra Modi to protect his associates. The Mahindra and Mahindra Group, however, dismissed these claims as baseless and asserted their adherence to high standards of corporate governance.

In a social media post, Kharge questioned the integrity of the SEBI Chairperson appointment process, suggesting that the appointment was intentionally made to benefit close allies of the Prime Minister. Mahindra and Mahindra retorted that none of the SEBI orders mentioned in the allegations were influenced by Buch's consultancy and emphasized Dhaval Buch's appointment was based on merit.