Essel Group's Subhash Chandra Accuses SEBI Chairperson Of Corruption

Essel Group Chairman and former Rajya Sabha MP Dr Subhash Chandra has accused Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), of corruption and abuse of power. He claims that Buch's actions led to the collapse of the Zee-Sony deal and harmed his conglomerate.

Dr Chandra alleges that Buch ignored his requests for more time to repay debts, resulting in fines for two mutual funds that had granted him extensions. He also claims that in September 2021, Buch targeted him and pushed SEBI for a swift response.

Allegations of Corruption

According to Dr Chandra, a person named Manjit Singh offered to resolve the issue with Buch for a significant sum of money. He suggests there might be a connection between Buch and former ICICI Bank CEO Chanda Kochhar.

The Indian National Congress has also levelled accusations against Buch, claiming she illegally received salary and ESOPs from ICICI Bank while serving as a full-time SEBI member. These allegations have raised concerns among finance experts and foreign investors about their potential impact on investor confidence.

Calls for Investigation

Dr Chandra is calling for an investigation into Buch's conduct and has stated he is prepared to face any consequences. The allegations come after a report by Hindenburg Research suggested that Buch and her husband had previously invested in offshore funds used by the Adani group, which Buch has denied.

"I am ready to face any consequences," said Dr Chandra, emphasising his willingness to cooperate with any investigation into these matters.

The situation has drawn attention from various stakeholders in the financial sector, who are concerned about the implications for market stability and investor trust. The allegations against Buch have sparked debates on regulatory integrity and transparency within India's financial markets.

As this story unfolds, it remains crucial for authorities to address these serious accusations promptly to maintain confidence in regulatory bodies. The outcome of any investigations will likely have significant repercussions for both SEBI and the broader financial community in India.