Government notification on finding next SEBI chief vindicates its stand, says Congress

Congress claims vindication as government seeks successor for SEBI Chairperson amid conflict of interest allegations.

As the Union government took out an advertisement to find a successor for the Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, the Congress on Monday (January 27, 2025) claimed it was a vindication of the party’s stand.

“This is a vindication of the INC’s (Indian National Congress) sustained, facts-based campaign that highlighted how severely compromised the present Chairperson has been,” Congress’s communication chief Jairam Ramesh said in a post on social media platform X.

“The INC (Indian National Congress) hopes that the new Chairperson will protect the interests of crores of middle-class investors in the capital market, summon the courage to stand up to the Modani enterprise, and deal with all revelations of the transactions of the Adani Group without fear or favour,” he said.

On Monday (January 27, 2025), the government initiated the process to find a successor for Ms. Buch, who was involved in an alleged conflict of interest row. Her three year-term as the SEBI Chairperson ends on February 28, 2025.

Following a report last August by Hindenburg Research, the Congress has been demanding the resignation of Ms. Buch, alleging conflict of interest. The Hindenburg Research report had stated that the SEBI Chairperson and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius.