SEBI chief Madhabi Puri BuchImage credit source: Facebook
Recently, the Congress has levelled serious allegations against the Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch and some companies. The Congress alleges that Madhabi Puri’s company Agora earned crores of rupees from MM Sembcorp, Dr. Reddy’s and three other listed companies. Due to these allegations, the political atmosphere has heated up and many doubts have arisen as to whether there has been any irregularity in this.
Let us tell you that Madhabi Puri Buch is the first woman Chairperson of the Securities and Exchange Board of India (SEBI), who was appointed in 2022. She is known for her expertise and impressive working style in this position. Before joining SEBI, she worked in various fields including investment management and finance.
What are the charges?
According to the allegations by the Congress, Madhabi Puri Buch’s company Agora worked with some listed companies and earned crores of rupees from it. Sembcorp, Dr. Reddy’s and three other major companies have been named in these allegations. The Congress has claimed that the source and use of funds received from these companies may be questionable and hence a detailed investigation should be conducted.
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Sembcorp is an energy and water management company working on several large projects in Asia. Dr. Reddy’s is a major Indian pharmaceutical company that manufactures and distributes medicines worldwide. There have been allegations of a lack of transparency in the shareholding and financial dealings of these companies.
What is the demand of Congress?
The Congress has demanded an impartial and detailed inquiry into the entire matter. According to it, the financial transactions between Agora and listed companies should be thoroughly investigated so that any irregularities can be exposed. Considering the gravity of this matter, it is demanded that action be taken against the Chairman to maintain the impartiality of SEBI.
