Rahul Gandhi steps up attack on Buch for 'protecting Adani'

NEW DELHI: Stepping up his attack against Sebi chief Madhabi Puri Buch for conflict of interest, Congress ' Rahul Gandhi Monday alleged it was clear that Buch was "protecting Adani 's money, his valuation and reputation", and asked who was protecting her and why.

Gandhi, the leader of opposition in Lok Sabha, said the current regime was no longer merely encouraging monopolies but was actively concentrating the nation's wealth in the hands of a few.

The leader of opposition made the remarks in a post along with a video featuring him and Congress' media and publicity department head Pawan Khera on the alleged conflicts of interest of Buch.

"Institutional collapse has now given way to a more dangerous form of cronyism - Adani Bachao," Gandhi said.

The Buch scandal went deeper than was initially imagined, he said, adding that it may be that Buch, entrusted with safeguarding retail investors, had been manipulating the system to "protect" Adani's interests and his inflated valuations. Those entrusted with protecting common people and their investments had abrogated their responsibilities and were indulging in widescale corruption and malpractice, Gandhi alleged. In the video, Khera is seen explaining to Gandhi the conflicts of interest allegations against Buch and how there were powers behind her that were at work, an apparent reference to the Adani Group.

Sharing the video, the party said the role of the Sebi chairperson was to maintain the security of the stock market and to ensure that investments of common Indians were not at risk. However, when the chairperson was involved in manipulating the market to benefit a single player, like the Adani Group, everyone's money was at risk, it said.

In a post on X (formerly Twitter), Rahul Gandhi wrote, "What was Sebi chairperson Madhabi Buch taking money from ICICI for?" "It is clear that Buch is protecting Adani's money, his valuation and reputation, but who is protecting Buch and why? (sic)."