In a striking display of political opposition, Congress President Mallikarjun Kharge has levied serious accusations against Prime Minister Narendra Modi, claiming that he is protecting SEBI Chairperson Madhabi Puri Buch amidst a string of troubling allegations. Kharge’s critique, delivered via a post on social media platform X, contends that Modi’s endorsement of Buch has allowed a “rot” to flourish within the Securities and Exchange Board of India (SEBI), jeopardizing the integrity of India’s financial regulatory framework.

Kharge emphasized that the sanctity of SEBI, established through years of diligent governance, has been compromised, endangering the investments of millions of small and medium investors across the nation. He further suggested that the situation necessitates a Joint Parliamentary Committee (JPC) inquiry, asserting that it would reveal how the government has allegedly facilitated monopolistic practices benefiting the Adani Group.

At a press conference in New Delhi, Congress spokesperson Pawan Khera echoed Kharge’s sentiments, accusing the NDA government of “protecting” the SEBI chairperson. He questioned the rationale behind this protection, implying that Buch’s tenure is fraught with questionable conduct. Khera highlighted that Rahul Gandhi had previously addressed these concerns in a video, calling for accountability and transparency.

This political firestorm ignited earlier this year when Madhabi Puri Buch and her husband, Dhaval Buch, vehemently denied allegations levelled against them, describing these claims as “false, incorrect, malicious, and motivated.” They asserted that their income tax returns had been illegally accessed by their accusers, raising concerns about privacy and misuse of information.

As the political drama unfolds, the future of SEBI and its leadership remains under intense scrutiny, with calls for reform and accountability echoing throughout the political landscape. The Congress party is poised to leverage this issue to challenge the Modi administration’s governance practices, particularly in the realm of financial regulation, as the nation approaches crucial electoral milestones.