The Congress Party has escalated its scrutiny of Madhabi Puri Buch, the head of the Securities and Exchange Board of India (SEBI), with new allegations of impropriety. Congress spokesperson Pawan Khera revealed during a press conference on September 14 that Buch had made substantial investments in Chinese funds, amounting to Rs 36.9 crores, while serving as both the Chairperson and Wholetime Member of SEBI between 2017 and 2023.

Khera asserted that these transactions contravene the SEBI Code on Conflict of Interest for Members of the Board (2008). ?These transactions are in violation of SEBI?s regulations,? Khera stated, highlighting the significant foreign investments made by Buch. Among the foreign funds Khera mentioned are the Global X MSCI China Consumer (CHIQ) and the Invesco China Technology ETF (CQQQ), which are among the four funds in which Buch allegedly invested.

The Congress is demanding transparency regarding Buch?s disclosure of these foreign assets. ?We want to know which government agency was notified about these assets and when,? Khera emphasized. The party is seeking clarity on when Buch first disclosed her foreign assets and the specifics of her notifications to government agencies.

The accusations against Buch come amid broader controversy involving SEBI?s leadership. Dhaval Buch, SEBI's chief, had previously issued a detailed response addressing the allegations, including concerns about his post-retirement consulting work and his 99 percent ownership of Agora Advisory. This firm reportedly received payments from notable companies such as Mahindra Group, Pidilite, and Dr. Reddy's Labs.

Additionally, the Congress has raised concerns about Buch?s financial dealings, including alleged payments from ICICI Bank long after her tenure with the bank and rental income related to Wockhardt, a business connected to her spouse. Buch and her husband have categorically denied these claims, labeling them as ?false, incorrect, malicious, and motivated.? They have accused the Congress Party of fabricating allegations to ?keep the pot boiling.?

The Congress Party has criticized the explanations provided by Buch and the responses from companies like ICICI Bank and Mahindra Group as insufficient. They have asserted that the payments received by Buch or her associated entities violate SEBI?s Code on Conflict of Interest.

As the controversy unfolds, the scrutiny on SEBI?s leadership continues to intensify, with both political and public interest keenly focused on the outcome of these allegations.