RTI: SEBI refuses to divulge instances of Madhabi Buch leaving on conflict of interest

The cases in which SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest are not “readily” available and combining them would “disproportionately divert” its resources, the securities market regulator said in an RTI reply on Friday. said. In a reply to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch’s declarations to the government and the SEBI board as the financial assets and equities of her and her family members were based on “personal information” and their disclosure “threatened” personal safety. can do

He also refused to reveal the dates on which the revelations were made. The SEBI Central Public Information Officer (CPIO) used the grounds of “personal information” and “security” to reject the copying of the announcements.

“Since the information sought does not relate to you and is related to personal information, the disclosure of which has no relation to any public activity or interest and may cause undue invasion of privacy of the individual and may even endanger life or physical .Similarly exempted in terms of Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005,” the RTI reply said.

“Furthermore information on cases in which Madhabi Puri Buch recused herself due to potential conflict of interest during her tenure is not readily available and collecting it would disproportionately divert public authority resources in terms of Section 7(9) of the RTI Act,” it said.

Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life or physical safety of any person and Section 8(1)(j) allows the withholding of information which relates to personal information. . No affiliation with any public activity or interest.

The CPIO may still disclose information if the public interest in disclosure outweighs the harm to protected interests.

A SEBI press release on August 11 claimed that the chairman recused himself from matters related to potential conflicts of interest.

“It is noted that relevant announcements regarding holding of securities and their transfer have been made by the Chairman from time to time,” it said.

US-based short seller Hindenburg Research alleged that it suspected that Sebi’s reluctance to act against the Adani group could be because Buch had stakes in offshore funds linked to the group.

The short seller alleged that Butch and her husband Dhawal invested in a fund that was allegedly used by Vinod Adani. It also flagged Dhawal’s tie-up with private equity major Blackstone, promoter of multiple real estate investment trusts (REITs), and Sebi’s constant pitch for new investment avenues.

“The allegations made by Hindenburg Research against the Adani Group have been properly investigated by SEBI,” the capital markets regulator said in a statement.

The Supreme Court itself noted in an order in January that 24 out of 26 investigations against Adani have been completed, adding that one more was completed in March and the last one is nearing completion.