Why hasn’t action been taken against SEBI chief: Congress

Venugopal pointed out that Sitharaman was not present in the House.

Congress MP K C Venugopal

TARGETING THE government over allegations of financial misconduct against SEBI chief Madhabi Puri Buch, the Congress on Monday asked Finance Minister Nirmala Sitharaman why action has not been taken against her, and demanded a Joint Parliamentary Committee probe.

Participating in the debate on Supplementary Demands for Grants in the Lok Sabha, Congress MP K C Venugopal said serious allegations have been made against the SEBI Chairperson. “Despite these revelations, the Finance Minister neither initiated an independent inquiry nor took any disciplinary action… I want to ask the Finance Minister specifically six questions,” he said.

“Why has the Finance Ministry not initiated any disciplinary or legal action against the SEBI Chairperson despite clear conflict of interest that undermines the integrity of the regulatory bodies,” he asked.

“Does the Finance Ministry acknowledge and take responsibility for the damage caused to investor confidence… due to lack of timely action…? Can the Finance Minister clarify whether the government is willing to accept responsibility for the uncertainty and volatility in the stock market stemming from the alleged conflict of interest of the SEBI Chairperson? What action does the Finance Ministry intend to take to ensure transparency and accountability in the SEBI leadership? Does the ministry believe that retaining a Chairperson under such circumstances sends wrong signals about India’s commitment to corporate governance and the regulatory transparency?”

“The Finance Minister’s failure to act decisively not only tarnishes the credibility of the government but also jeopardises the national financial governance framework,” he said. He asked the Finance Minister whether she is going to order a JPC inquiry.

Venugopal pointed out that Sitharaman was not present in the House. “When Finance Minister is not there, what is the point of discussion,” he said. The Ministers of State for Finance, however, were present.

Venugopal also mentioned an industrialist to target the government, to which Parliamentary Affairs Minister Kiren Rijiju said, “The name of the person you are mentioning, you people (Congress) have made him a billionaire. All the business, including ports and airports, were given by you (Congress).”

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BJP’s Sanjay Jaiswal hit out at the Congress for corruption cases during the UPA’s tenure. He said the government is spending Rs 4.5 lakh crore on subsidies for the poor during 2024-25.

SP’s Lalji Verma highlighted inequalities, saying that 50 per cent of the population have only 4 per cent of wealth. NCP (SP) MP Supriya Sule said growth has come down to 5.4 per cent which is alarming. She asked the government what steps were being taken for job creation.

Harikishan Sharma

Harikishan Sharma, Senior Assistant Editor at The Indian Express' National Bureau, specializes in reporting on governance, policy, and data. He covers the Prime Minister’s Office and pivotal central ministries, such as the Ministry of Agriculture & Farmers’ Welfare, Ministry of Cooperation, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Rural Development, and Ministry of Jal Shakti. His work primarily revolves around reporting and policy analysis. In addition to this, he authors a weekly column titled "STATE-ISTICALLY SPEAKING," which is prominently featured on The Indian Express website. In this column, he immerses readers in narratives deeply rooted in socio-economic, political, and electoral data, providing insightful perspectives on these critical aspects of governance and society. ... Read More

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