Market regulator SEBI’s chairperson Madhabi Puri Buch now seems to be embroiled in a new controversy. The main opposition party Congress has brought a new case against her. Congress’s new allegation is that the head of the regulator was earning money from the company against which the regulator was investigating.
Congress alleges rental income
According to the Congress, SEBI Chairperson Madhabi Puri Buch received about Rs 2.17 crore from a company named Carol Info Services Limited during the financial year 2018-19 to FY 2023-24. She received this money as rent. Carol Info Services has stated in its annual report for 2022-23 that it is a subsidiary of Khorakiwala Holdings and Investments Private Limited and Wockhardt Hospitals Limited is an associate company.
SEBI investigated Wockhardt last year
Wockhardt’s name becomes notable because SEBI was investigating him last year for insider trading. A Mint report quoted Toffler as saying that Habil Khorakiwala, founder and chairman of pharmaceutical company Wockhardt, is listed as a director of Khorakiwala Holdings and Investments Private Limited.
Wockhardt’s case is more than 10 years old
The investigation against the pharmaceutical company Wockhardt does not directly reveal any connection with the current chairperson of SEBI, Madhabi Puri Buch. Wockhardt’s insider trading case is related to a disclosure of 2013. SEBI gave its order in this case in March 2023, which was heard by Single Adjudicating Officer Vijayant Kumar Verma.
SEBI chairperson is already involved in these controversies
This case against the SEBI chief has come up at a time when there are already many allegations against him. First of all, Hindenburg Research accused him of having commercial relations with the Adani Group, which was denied by both the Adani Group and the SEBI chief. Then the Congress raised the issue of ICICI Bank, which the bank denied by issuing a statement. Now the matter of the pharmaceutical company has been raised. On the other hand, Zee Group founder Subhash Chandra has also accused Buch of corruption. At the same time, almost half of the employees of SEBI have written a letter to the government accusing Buch of toxic work culture.
Also read: SEBI Chairperson’s troubles are going to increase, PAC will investigate all the allegations including corruption, summons will be received soon
