Protected by whom? Rahul Gandhi after Sebi chief skips parliamentary panel meet

The Congress on Saturday, 26 October, intensified its offensive against SEBI chief Madhabi Puri Buch, asking what was keeping her from appearing before a parliamentary panel.

Shortly after Congress leader Rahul Gandhi, in an Instagram video, flagged "risks to billions of retail investors in the stock market", the party posed three questions on Buch, who skipped a recent appearance before the Public Accounts Committee by citing a last-minute emergency.

"Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee (PAC) of Parliament? Who is behind the plan to protect her from being answerable to the PAC? Is there a well-thought-out conspiracy to risk the hard-earned investments of crores of small-medium investors and benefit Modi ji's dear friend Adani?" the Congress' media department chairman Pawan Khera asked in a statement.

Rahul Gandhi earlier posted a video on Instagram in which he is heard speaking to Khera on the phone and urging him to devise innovative ways of cautioning retail investors against "the space of risk", a term he used for the Indian stock markets.

He also told Khera that he was willing to get involved in the party's communications campaign to help small investors guard their money.

"Who is protecting the syndicate committing this fraud?" Rahul Gandhi captioned the Instagram video.

The Congress soon floated a video, titled "Buch Bachao Syndicate", with Khera alleging that SEBI's credibility had been undermined under the BJP-led National Democratic Alliance.

"The Congress has consistently voiced its concerns over the erosion of SEBI's independence and powers. Through a series of press conferences, we have exposed multiple instances of conflicts of interest involving SEBI Chairperson Ms Madhabi Puri Buch and her family. These grave revelations have shaken the trust of India's 11.5 crore registered investors, who count on SEBI to uphold a transparent and fair financial environment. This government has left India's investors vulnerable, compromising the very institution meant to safeguard their life savings and aspirations," Khera said.

He said, "It was deeply troubling that SEBI's leadership, which publicly champions measures to boost transparency in the investment sector, has failed to adhere to these very standards within their own practices."

"Such de facto unethical conduct -- and possibly legally questionable behaviour -- by one of India's primary regulators is a serious threat to the stability of our regulatory environment. It not only shows distrust among Indian investors but also raises red flags for potential foreign investors, pushing India's growth prospects backward," according to the statement.

Rahul Gandhi later shared the video on his X handle and alleged that the government was saving the SEBI chief from an investigation.

He said, "Save from answering the PAC. Save from resigning from SEBI. Save Adani from investigation."

"Which is this syndicate that is 'protecting Buch'? And most importantly, why is it protecting her?" the former Congress chief asked.

In the Congress statement, Khera said the PAC took a stand by summoning SEBI officials, including Buch, who, "just an hour before her scheduled appearance, claimed an emergency, expressing her inability to attend".

BJP MPs protested the summonses, the Congress spokesperson claimed.

"We think this is no coincidence. We think that the government is trying to protect Ms Buch to save the bigger players in this nexus," Khera alleged.