Buch earned Rs 2.16 cr rental income from firm under probe by Sebi: Cong

In his latest salvo against Sebi chief Madhabi Puri Buch, Congress leader Pawan Khera on Friday alleged that she and her husband had received rental income from a company affiliated Wockhardt Ltd, a firm that the market regulator had been probing in connection with multiple cases.

Addressing a press conference, Khera said: “This is not just conflict of interest, but a case of out-and-out corruption.” Khera alleged that a property in Mumbai owned by Buch and her husband was given on rent to a company called Carol Info Services Ltd, which is affiliated to Wockhardt Ltd.

Will take call on summoning her: PAC

• The Public Accounts Committee (PAC) of Parliament will take a call on summoning the Sebi chief after consulting its members, Congress MP and chairman of the panel KC Venugopal said
• The panel has powers to suo motu take up any subject related to financial irregularities and can also summon any official

Khera claimed that between 2018 and 2024, Buch, as a whole-time member and later, chief of Sebi, had been receiving rental income from Carol Info Services Limited. The income counted to a total of Rs 2.16 crore.

Giving a break-up of the rent received by Buch, Khera said: “In 2018-19, the rent for this property was Rs 7 lakh. In 2019-20, it increased to Rs 36 lakh. In 2023-24, she received a rent of Rs 46,05,000 from the firm.”

“Buch is the chairperson of the same organisation (Sebi) which has complaints against Wockhardt before it. There was a case of insider trading too: Sebi dealt with insider trading case of Wockhardt. This is not just conflict of interest, this is out-and-out corruption,” Khera said.

Today’s press conference was the third in a series addressed by Khera since Monday (September 2) to highlight alleged improprieties by the Sebi chief who has been also accused by US-based short seller Hindenburg Research of slowing down probe related to the Adani Group.

Khera said on Friday what he had revealed so far was “only the tip of the iceberg” and more such revelations by him with regard to the SEBI chairperson’s dealings would follow.

On Monday, Khera had alleged Buch of receiving salary simultaneously from the ICICI Bank and SEBI. On Tuesday, Khera came up with the disclosure that payment made by ICICI Bank to Buch in the name of post-retirement benefit annually since 2016-17 — when she joined SEBI as a whole-time member — was more than the salary she got when she was an employee of the bank.