In a dramatic turn of events, Akhilesh Yadav, the State President of the Mumbai Pradesh Youth Congress, was among several party members detained by the Mumbai police during a protest outside the Securities and Exchange Board of India (SEBI) office. The demonstration, which took place earlier today, was aimed at voicing grievances against SEBI Chairperson Madhabi Puri Buch. The protest, organized by the Mumbai Pradesh Youth Congress, saw a significant turnout of party workers and supporters. The demonstrators were voicing their dissatisfaction with what they describe as inadequate regulatory measures and oversight under Buch’s leadership.
Tensions escalated as the crowd grew and began to block the entrance to SEBI’s office, leading to a heavy police presence. The authorities intervened, leading to the detention of Yadav and other key figures from the protest. The police action was reportedly taken to prevent any further disruption and to ensure public order. Akhilesh Yadav, who is a prominent figure in Mumbai's political landscape, has been vocal about his concerns regarding SEBI’s performance and the broader implications for investor protection. His detention has sparked a flurry of reactions from various political quarters, with some condemning the police action as excessive and others supporting the need for maintaining order.
Few days ago, the Congress has accused Sebi chairperson Madhabi Puri-Buch of trading in listed securities while in possession of unpublished price sensitive information and funnelling money into China funds in violation of the regulator’s Code on Conflict of Interest for members of the Board. The latest Congress salvo comes a day after Puri-Buch said she had made all necessary disclosures and complied with recusal guidelines in dealing with corporate entities such as the Mahindra Group that had hired her husband and made certain payments to an advisory firm in India that she owns.
The new revelations drive another stake through Puri-Buch’s protestations of innocence and severely undermine the probity of the market regulator and its leader. Addressing a press conference at the AICC headquarters in the capital on Saturday, Pawan Khera, party spokesperson and chairman of its media and publicity department, asked Prime Minister Narendra Modi if he was aware that the Sebi chairperson “has been investing in Chinese firms at a time when India is facing geopolitical tensions with China”.Puri-Buch, who has been accused of investing in certain offshore funds based in Mauritius and Bermuda that were also used by the Adani group, may now find it harder to swat away the accusation of routing investments into Chinese funds.