Mahua Moitra of TMC moves Lokpal to file her complaint against Sebi chief Buch

Sebi Chair Madhabi Puri Buch

MP Mahua Moitra of the Trinamool Congress on September 13 said that she has filed a complaint against Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch with the anti-corruption watchdog Lokpal.

"Based on the revelations coming to light, almost on a daily basis, it appears that Buch is a serial offender, who has engaged in actions that constitute impropriety on party of a public servant and has entered into quid pro quo arrangements, which potentially threaten India’s national interests,” she wrote in the complaint.

Under the Lokpal rules, the ombudsman will have to refer the case to the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED).

"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," the Member of Parliament said in a post on X.

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. pic.twitter.com/5aZ4f2se9n Mahua Moitra (@MahuaMoitra) September 13, 2024

The West Bengal leader had filed the complaint against Buch on September 12 after several allegations of conflict of interest were made by the Congress and Hindenburg Research against the chief of the Indian markets regulator.

"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," Mitra wrote on X.

On September 10, the Congress alleged that Buch and her husband Dhaval Buch continued to earn from their advisory firm Agora, contradicting the Sebi chief's earlier claims.

In a fresh set of allegations, the opposition party accused Buch of "out and out corruption". Party spokesperson Pawan Khera alleged that Buch rented out her properties to Carol Info Services, which is part of Wockhardt, which is under the regulator's lens for various charges including that of insider trading.