Stepping up his attack on SEBI Chairperson Madhabi Puri Buch, Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday alleged that India's economic framework is being hollowed out from within by a "cartel of corporate giants", enabled by those meant to guard the country's interests.

The former Congress chief said "the Madhubi Buch scandal" isn't just insider trading but is a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they're supposed to oversee.

Gandhi made the remarks in his post that accompanied a YouTube video, part of a series featuring him and Congress' media and publicity head Pawan Khera, in which the two leaders discuss various conflicts of interest allegations against Buch.

There was no immediate reaction from Buch, who is facing conflict of interest allegations, on the video and the charges.

However, previously the SEBI chief has dismissed allegations of any wrongdoing.

In his post Gandhi said, "India's economic framework is being hollowed out from within by a cartel of corporate giants, enabled by those meant to guard the country's interests." "The Madhubi Buch scandal isn't just insider trading; it's a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they're supposed to oversee," he said.

"In this episode, we uncover disturbing patterns in SEBI's leadership - how cozy financial ties and rental arrangements with key corporate players have turned watchdogs into allies of cronies," he said.

This is not mere oversight but a coordinated scheme to exploit loopholes, distort regulations, and prioritise corporate profit over public interest, all while ordinary Indians pay the price, Gandhi said.

"We are determined to expose these unethical dealings and reveal how India's institutions have been weaponised to protect privileged cronies.This isn't only about monopolies; it's about safeguarding democracy, fair competition, and the voice of every Indian against a system bent on silencing them," the Leader of Opposition in the Lok Sabha asserted.

In the over six-minute video, Khera briefs Gandhi about various conflict of interest allegations against Buch while travelling with him on a flight.

Khera talks about how the Congress exposed the claim that Agora Advisory Pvt Ltd became 'immediately dormant' upon Buch joining SEBI.

She still holds a 99 per cent stake in it, and the company has actively provided consultancy/advisory services, including to Mahindra & Mahindra, Khera tells Gandhi in the video. He also tells Gandhi that Buch allegedly traded and also invested in Chinese funds.

Khera tells Gandhi that Buch rented a property to Carol Info Services Limited, an affiliate of Wockhardt Limited, from 2018 to 2024. Wockhardt reportedly has been under SEBI's investigation for cases including insider trading.

"What is a 'maharaja'. A maharaja is somebody who has full control of institutions, has full arbitrary power controls the legal and intelligence machinery and he does it not as a representative of the people but in his own interest," Gandhi says as the video shows a pictures of Prime Minister Narendra Modi meeting billionaire Gautam Adani.

Gandhi also posted the video on X, and said, "Buch Hai Toh Syndicate Safe Hai." The Congress and the Opposition has been targeting the government over conflict of interest allegations against Buch and demanding that she be removed from the post immediately.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.