The Congress Tuesday levelled fresh conflict of interest charges against SEBI chief Madhabi Puri Buch, with Rahul Gandhi claiming a "Monopoly Bachao Syndicate" was at work, at the core of which was a "dangerous nexus" among the Adani Group, key regulatory bodies, and the BJP. The opposition party alleged that Buch rented out her property to a company associated with an individual connected to the IndiaBulls Group which was under the stock market regulator's scanner.

There was no immediate reaction from either Buch or the Adani group on the allegations. However, previously both the SEBI chief and the Adani group had separately dismissed allegations of any wrongdoing.

The Opposition party also alleged that Buch has been associated with Predible Health Private Limited, holding equity in it, and she continued to hold shares in the company even after becoming a wholetime member of SEBI.

The party further pointed out that Jacesa Investments Limited, which is based out of St Vincent and The Grenadines and invested in Predible Health Private Limited, is listed in offshore leaks by Paradise Papers shared by ICIJ.

Addressing a press conference at the party headquarters here, the Congress' media and publicity department head Pawan Khera also alleged that Ananth Narayan Gopalkrishnan, who became a Whole Time Member at SEBI on October 10, 2022, also rented out his property in Mumbai to a stockbroker hired by a brokerage firm called IMC India Securities, which is regulated by SEBI, and received Rs 64.8 lakhs in rent.

Simultaneously, the party put out a video, the third in a series featuring Gandhi and Khera, in which the leader of the opposition in the Lok Sabha talks about how the Adani Defence website allegedly reveals how the company profits by "merely rebranding" foreign-made weapons.

In his post along with the video, Gandhi said, "The rot in India's institutional framework has reached alarming depths with the rise of a 'Monopoly Bachao Syndicate'. At the core of this syndicate is a dangerous nexus between Adani, key regulatory bodies, and the Modi-led BJP." The Adani Defence website reveals how the company profits by merely rebranding foreign-made weapons, while crucial funds meant for training, pensions and the welfare of young soldiers and their families are diverted through schemes like Agniveer, he alleged.

"This betrayal compromises national security and jeopardises our youth's future," Gandhi said.

"Previously, we exposed how the 'Adani Bachao Syndicate' thrives through the complicity of institutions like SEBI under Madhubi Buch, who is accused of manipulating the system to protect Adani's inflated valuations," he said.

Gandhi said Buch's role raises serious questions about regulatory capture and the erosion of institutional integrity in favour of corporate interests.

"The Congress party has consistently raised alarms about this growing syndicate, exposing how Buch and others are consolidating power in the hands of a few, serving those in authority. We all know who is behind this 'Monopoly Bachao Syndicate'," he said.

In a post on X, Gandhi said, "Monopoly Bachao Syndicate! Monopoly in Airports. Monopoly in Ports. Monopoly in Cement. Monopoly in Power. Monopoly in Defence too. Whatever sector Adani wants, Syndicate tries to get him a monopoly." Referring to the allegations made by Khera, Congress general secretary in-charge communications Jairam Ramesh said, "This is just the latest disclosure in a string of such irregularities that have come to light, beginning with evidence that Ms Buch had links with the Adani Group." "The non-biological PM has in the meantime been conspicuously silent on this matter, perhaps due to Ms Buch's association with the Adani Group," Ramesh said.

Posing questions to the prime minister, Ramesh asked why Madhabi Buch rented out her property to a company associated with IndiaBulls, which is not only regulated by SEBI but is under SEBI's scanner for various cases.

Why did Madhabi Buch hold shares in a conflicted entity that has its connections to the Paradise Papers, he asked.

"Why did a SEBI whole-time member, Mr Ananth Narayan, rent out his property to a stockbroker? Why does Mr Narayan hold shares in a company that is a major financial service provider regulated by SEBI?" Ramesh said.

"SEBI is the custodian of the interests of crores of families. But what is the protection against the custodian itself? Quis custodiet ipsos custodes (Who will guard the guards themselves)?" he added.

Ramesh asserted that the nation wants clear answers, not evasions and silence.

In his press conference, Khera recapped the conflicts of interest allegations that the Congress has made against Buch since September 2, including that she rented her 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.

In fresh allegations, Khera claimed Buch owns another flat in Mumbai and in 2021-22 she earned rental income from the property rented out to a company called Green World Buildcon and Infra Private Limited.

"This company is owned by Mukul and Vipul Bansal. Mukul Bansal has a significant background with Indiabulls Group, being part of its senior management and on the board of several related companies," Khera said.

Indiabulls Group, where Mukul Bansal has been involved, has faced several cases with SEBI, with multiple adjudication orders and regulatory actions between 2021 and 2022, he pointed out.

Besides SEBI actions, the company has also been involved in cases before other regulators and courts, and SEBI has provided affidavits in those cases, Khera said.

He said this was a violation of SEBI's Code on Conflict of Interest for Members of Board (2008).

Khera further alleged that Buch was an initial shareholder of Predible Health and continued to hold equity in it even after becoming a Whole Time Member of SEBI.

He said one of the investors in Predible Health, M/S Jacesa Investments Limited is based out of St. Vincent and The Grenadines which is in the Eastern Caribbean Sea.

"M/s Jacesa is mentioned in off-shore leaks by Paradise Papers shared with the International Consortium of Investigative Journalists (ICIJ)," he pointed out.

Khera also pointed out that Ananth Narayan Gopalkrishnan became a Whole Time Member at SEBI on October 10, 2022, handling various regulatory departments.

The Congress leader alleged that Narayan received rental income after joining the regulator to the tune of Rs 64.8 lakhs in rent from a property he owns in Mumbai with the tenant being Thangam Vinod Rajakumar, a stockbroker hired by a brokerage firm called IMC India Securities, which is regulated by SEBI.

"This suggests a potential conflict of interest since Narayan oversees the regulation of brokers by virtue of being a member of the Market Intermediaries Regulation and Supervision Department," he said.

Khera said this violates SEBI's Code on Conflict of Interest for Members of Board (2008).

He also claimed that Gopalkrishnan has shares in unlisted companies.

"Incred's valuation is over Rs 8,800 crores, giving his stake a value of around Rs 70 crores (0.76% of total equity)," Khera claimed.

"Since Ananth Narayan is a Whole-Time Member of SEBI, and Incred Capital is a market participant regulated by SEBI, holding shares in Incred presents a conflict of interest," the Congress leader claimed.

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