Going one step ahead by sharing dates related to the appointment of Madhabi Puri Buch as chairperson of Securities & Exchange Board of India (SEBI), the Union ministry of finance (FinMin) denied sharing information on dates when Ms Buch and her family declared their financial assets. This was in response to an application filed under the Right to Information (RTI) Act.
Delhi-based RTI activist commodore (Cmde) Lokesh Batra (retd) had filed the application seeking information on the appointment of Ms Buch and dates when the SEBI chairperson declared details of financial assets and equities held by her and her family members to the government.
In response, Jasvinder Singh, under secretary to the government of India and central public information officer (CPIO) of department of economic affairs (DEA) under the FinMin says, "The disclosures to be made by the members and chairman of the board are governed by the code of conflict of interests for members of board, which may be accessed at https://www.sebi.gov.in/commondata/conf.pdf."
Here is the information asked by Cmde Batra from FinMin...
(a) Provide me the information on the ‘laid down act/ rules/ process / procedure’ followed for the appointment of chairperson / chairman of SEBI.
(b) Provide me the date when Ms Madhabi Puri Buch had applied for the post of chairperson of SEBI.
(c) Provide me the date when the current chairperson Ms Madhabi Puri Buch was appointed as chairperson of SEBI.
(d) Provide me the date/dates when the current chairperson of the SEBI, Ms Madhabi Puri Buch had made declaration(s) of complete details of ‘financial assets and equities’ held by her (Ms Madhabi Puri Buch) to the government of India. Copies of the said declaration(s) are also requested.
(e) Provide me the date/dates when the current chairperson of the SEBI, Ms Madhabi Puri Buch had made declaration(s) of complete details of ‘financial assets and equities’ held by her concerned family members to the government of India. Copies of the said declaration(s) are also requested.
Here is information provided by the CPIO...
(a) The chairman and every whole-time member (WTM) is appointed by the Central government on the recommendation of the financial sector regulatory appointments search committee in accordance with the provisions mentioned in the Rule 3(5) of the SEBI (Terms and Conditions of Service) Rules, 1992.
(b) DEA received the application of Ms Madhabi Puri Buch dated 12 November 2021 for the post of chairperson, SEBI.
(c) Ms Madhabi Puri Buch got appointed as chairperson, SEBI vide the gazette notification dated 28 February 2022. Ms Madhabi Puri Buch assumed charge as chairperson, SEBI on 2 March 2022.
(d) and (e) The disclosures to be made by the members and chairman of the board are governed by the code of conflict of interests for members of board, which may be accessed at https://www.sebi.gov.in/commondata/conf.pdf.
As reported by Moneylife, last week, except sharing dates of appointment of Ms Buch, SEBI did not provide any information on the appointment, her application for the post, declaration of assets and cases where she had recused herself due to conflicts of interest. In fact, by denying the information, SEBI contradicted its statement issued on 11 August 2022.
Please investigate the fraud committed by private banks, SAT and SEBI on Karvy stockbroker investors. You may recall that the investors shares were pledged by Karvy and took 1300 crores from banks with the active connivance of crooked bank officials who never asked Karvy the question whether it was legal to pledge without the consent
Most of the shares pledged were that of Blue chip companies like Reliance, HUL, Asian Paints, Tata Steel etc.
The banks are going to benefit a big way because the share of Reliance was 1700 rupees four years ago. Today it's 3000 rupees. Tata Steel, which split its share 1:10, was 300 rupees four years ago. Today it is 170 rupees. Besides Reliance Industries declared bonus shares of 1:1 and also gave 1:1 share of Jio Financial Services as a reward to investors. Imagine the windfall for these crooked banks. Please expose these scoundrels
India is Not Free Yet how much it punished for any of the Violations at Small Amount , Small Violations are Common in Industries? It's usually why not in reports
Looks India is running like Russian Oligarchs FIIs are taking this note and therefore not investing in India
Bad for Reputation of Indian Stock Market
What happens when Mutual Funds SIPs Stops in Indian Market due to Job Loss due to AI
To the best of my knowledge, those who are employed by govt and semi -government agencies have to submit declarations every year. Those declarations are available for audit and vigilance arms of the govt. But, I don't think they are meant for public disclosure under RTI.
But, any citizen of India can complain about any govt servant to CVC, and without a strong basis, CVC can't deny acting on the complaint.
This is probably with the intention of protecting those in the sensitive positions from malafide and frivolous complaints and probes.
So, while it makes a good headline for newspapers, there isn't much there.