SEBI chief Madhabi Buch received rent from company under investigation for insider trading: Congress
The parliamentary Public Accounts Committee may summon Buch later this month in connection with the allegations against her, according to media reports.
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Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India, received rental income from a company that was under investigation by the market regulator for several violations including insider trading, the Congress alleged on Friday.
Congress spokesperson Pawan Khera told reporters that in 2018, Buch rented a property she owns in Mumbai to Carol Info Services Limited, a company affiliated with Wockhardt Limited. Khera said the companies have a common promoter.
Buch joined SEBI as a whole-time director in April 2017 and became its chairperson in March 2022.
In August 2023, SEBI imposed Rs 13 lakh in penalties on two former Wockhardt executives for engaging in insider trading between January 2012 and August 2013.
In June 2023, SEBI had barred a former executive of the company from buying, selling or dealing in the securities of Wockhardt Limited for a year.
On Thursday, Khera claimed that Buch received Rs 2.16 crore as rent from Carol Info Services Limited between 2018 and 2024.
“In 2018-’19, the rent for this property was Rs 7 lakh,” claimed the Congress leader. “In 2019-’20, it increased to Rs 36 lakh, which increased to Rs 46 lakh this year.”
He added: “Wockhardt is the same company whose complaints are being continuously dealt with by SEBI. This is completely a case...
