Trinamool Congress’s Member of Parliament Mahua Moitra has filed a complaint in the Lokpal against SEBI Chairperson Madhabi Puri Buch.

This complaint comes amid ongoing allegations of conflict of interest made by the opposition Congress Party. While she had issued a statement addressing similar allegations made by Hindenburg Research, the SEBI Chief has since remained silent on the Congress Party’s allegations.

In a post in social media platform ‘X’, Moitra revealed the actual complaint letter dated September 11 filed by her in Lokpal. The complaint against SEBI Chairperson Buch was for “improper conduct and entering into quid pro quo arrangements, which threatens India’s national interests”.

Moitra highlighted in the complaint that Indian stock market now has roughly 10 crore citizens who are direct and/or indirect investors. Moreover, foreign investors have also expressed deep concern with the credibility and integrity of India’s stock markets and its regulator, Moitra noted.

“Hence, this is a serious matter of national interest and thereby ought to be immediately investigated for violations under Prevention of Corruption Act 1988”, said Moitra’s complaint letter. 

“Under Section 21 of the Prevention of Corruption Act 1988, the following people apart from Ms Madhabi Buch are implicitly accountable—Dhaval Buch, husband of Madhabhi Buch, Gautam Adani—Chairman Adani Group, Vinod Adani—brother of Gautam Adani, Cyril Shroff (father-in-law of son of Gautam Adani and Corporate Governance Board Member of SEBI) , Management of 360 One WAM Limited role in the matter has to be reviewed”, Moitra’s complaint letter said. Further, under Section 21 of the Act, management of ICICI Bank should also be affected.

Moitra also said that the silent and absent board members of SEBI should be held to account. 

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