Monopoly Bachao Syndicate: Rahul Gandhi alleges 'nexus' among Adani Group, key regulatory bodies, BJP

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 BJPCongress president Mallikarjun Kharge accused Prime Minister Narendra Modi of destroying the SEBIs sanctity painstakingly created over the years thereby jeopardising the hardearned savings of crores of small and medium investorsNarendra Modi ji you cannot shield the rot created in SEBI under the chairperson appointed by you The continuing barrage of exposes makes her position untenable You have destroyed the sanctity of SEBI Indias market regulator painstakingly created over the years thereby jeopardising the hardearned savings of crores of small and medium investors he saidIt also unmasks how you engineered a monopoly for your dear friend Adani A thorough JPC is required to probe every aspect of this syndicate Kharge said on XThe 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 regulators scannerThere 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 wrongdoingThe 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 SEBIThe 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 ICIJAddressing a press conference at the party headquarters here the Congress media and publicity department head Pawan Khera also alleged that Ananth Narayan 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 648 lakh in rentSimultaneously 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 foreignmade weaponsIn his post on YouTube along with the video Gandhi said The rot in Indias 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 Modiled BJP The Adani Defence website reveals how the company profits by merely rebranding foreignmade weapons while crucial funds meant for training pensions and the welfare of young soldiers and their families are diverted through schemes like Agniveer he allegedThis betrayal compromises national security and jeopardises our youths future Gandhi saidPreviously 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 Adanis inflated valuations he saidGandhi said Buchs role raises serious questions about regulatory capture and the erosion of institutional integrity in favour of corporate interestsThe 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 saidIn 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 Kehras allegations Congress general secretary incharge 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 nonbiological PM has in the meantime been conspicuously silent on this matter perhaps due to Ms Buchs association with the Adani Group Ramesh saidPosing 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 SEBIs scanner for various casesWhy did Madhabi Buch hold shares in a conflicted entity that has its connections to the Paradise Papers he askedWhy did a SEBI wholetime 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 saidSEBI 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 addedRamesh asserted that the nation wants clear answers not evasions and silenceIn 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 2024Wockhardt reportedly has been under SEBIs investigation for cases including insider tradingIn fresh allegations Khera claimed Buch owns another flat in Mumbai and in 202122 she earned rental income from the property rented out to a company called Green World Buildcon and Infra Private LimitedThis 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 saidIndiabulls 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 outKhera also claimed that Narayan another wholetime member of SEBI has shares in unlisted companiesSince Ananth Narayan is a WholeTime 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 claimedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever