The Congress on Friday accused Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch of corruption saying she received rental income of Rs 2.16 crore from an entity affiliated with a company that the capital markets regulator was investigating for various cases, including that of insider trading.

Addressing a press conference, the Congress’ media and publicity department head Pawan Khera said that between 2018 and 2024, Buch, as a whole-time member and later chairperson of the SEBI, had been receiving rental income amounting to Rs 2.16 crore from Carol Info Services Limited, a company affiliated to Wockhardt Limited.

Wockhardt Limited was being investigated by SEBI for various cases, including that of insider trading during 2023, Khera said at a press conference at the AICC headquarters in Delhi.

The Congress leader asserted that this was an outright case of corruption that invoked conflict of interest, violating sections 4, 7 and 8 of SEBI’s 2008 code on conflict of interests for members of its board.

Khera further informed that the SEBI chairperson was appointed on March 2, 2022, by the Appointments Committee of the Cabinet, which the Prime Minister heads. Was her appointment cleared on the condition that she could maintain her previous financial relationships, provided she acted in line with the wishes of the prime minister and his close associates, the Congress leader asked.

He pointed out that the previous SEBI chairpersons went to great lengths to avoid even the appearance of a conflict of interest, both in their roles at Sebi and in their earlier positions.

“For instance, M Damodaran sold his 50 SBI shares when he took over UTI in 2001, and CB Bhave recused himself from all matters involving the National Securities Depository Limited (NSDL), where he was formerly chairman. In contrast, Buch merely transferred her investments to her spouse, which raises concerns about credibility,” Khera said.

He asked why there was no effort to verify whether Buch would follow these established standards. “Or was this lack of scrutiny part of a mutually beneficial arrangement?” Khera asked.

“If the head of the regulatory body is compromised, then that head becomes pliable. Perhaps that was the objective,” the Congress leader said. Khera said he was challenging the SEBI chief to come out and deny the charges against her.

Congress general secretary in-charge communications Jairam Ramesh said the question really had to be asked of Prime Minister Narendra Modi and no one else on how much more evidence was needed to show the collapse of transparency and integrity, as far as the capital markets regulator was concerned.

“By the NSE’s data, there are now 10 crore Indians with unique PANs who have some form of investment in this market. Don’t they deserve better? Why does he not move? What is he afraid of?” Ramesh said in a post on X.

On Friday, the Supreme Court sought responses from the Centre and the State government on a plea of Rashtriya Janata Dal (RJD) against a Patna High Court order setting aside the amended reservation laws in Bihar that had led to hiking of quotas for Dalits, tribals and backward classes from 50 per cent to 65 percent.

A three-judge bench of Chief Justice D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra took note of the submissions of senior advocate P Wilson, appearing for RJD, that the plea needed to be decided. “Issue notice and tag with the pending pleas,” the CJI said.

The top court on July 29 this year, while hearing other similar 10 pleas, had refused to stay the High Court order that set aside the amended reservation laws in Bihar that enabled the Chief Minister Nitish Kumar government to increase quotas from 50 per cent to 65.

The bench, however, had agreed to hear the petitions of the Bihar government against the verdict. The State government has also moved the top court against the High Court judgement.

The High Court, in its June 20 verdict, declared that the amendments, passed unanimously by the State’s bicameral legislature in November last year, were ultra vires of the Constitution, bad in law and violative of the equality clause.

A division bench of the High Court had allowed a bunch of petitions challenging the Bihar Reservation of Vacancies in Posts and Services (for Scheduled Castes, Scheduled Tribes and Other Backward Classes) (Amendment) Act, 2023 and the Bihar (in admission in educational institutions) Reservation (Amendment) Act, 2023, while leaving the parties to suffer their respective costs.

In an 87-page judgement, the High Court had made it clear that it saw no extenuating circumstance enabling the State to breach the 50-per cent cap on reservations laid down by the Supreme Court in the Indra Sawhney case.

Wrestlers Vinesh Phogat and Bajrang Punia on Friday joined the Congress party in the presence of party general secretary KC Venugopal, party leader Pawan Khera, Haryana Congress chief Udai Bhan and AICC in-charge of Haryana, Deepak Babaria.

Speaking to media after joining the grand old party, Phogat expressed her gratitude to the party and said in Hindi, ‘Kehte hain na ki bure time mein pata lagta hai ki apna kaun hai’ (It is said that in bad times we find out who is ours).

She added saying when they were being dragged on the road, all parties except BJP were with them. “I feel proud that I have joined a party that stands with women and is ready to fight from ‘sadak to sansad'”, Phogat said.

The wrestler said the fight is continuing, it hasn’t ended yet. It’s in Court. “We will win that fight as well. With the new platform that we are getting today, we will work for the service of the nation”, she added.

She said, “The way we played our game with heart, we will give our best to work for our people. I want to tell my sisters, that I am with them. If there will be no one for you, I will be there, the Congress party will be there. I have felt this, and I can assure you that we will be there for sure.”

Punia, the fellow wrestler who also joined the party, said: “What BJP IT Cell is saying today is that we just wanted to do politics. We had written to all women BJP MPs to stand with us but they still didn’t come.”

He added, “We are paying to raise the voices of women but now we know that BJP stands with atrocities against women, and all other parties stand with us.” He promised to work hard to strengthen the Congress party and the nation. The day Vinesh qualified for finals the country was happy but the next day everyone was sad, Punia said, at that time, one IT Cell was celebrating.

Before joining the Congress today, they met with party chief Mallikarjun Kharge at his residence in New Delhi. Sharing a picture on social media platform X, Kharge said in Hindi: “Chak de India, Chak de Haryana! Meeting our talented champions Vinesh Phogat and Bajrang Punia who have made India proud in the world at 10 Rajaji Marg. We are proud of both of you.”