Instead of SEBI or Madhabi Buch, Govt Should’ve Responded to Hindenburg: Former SEBI Chairman
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- Опубліковано 11 вер 2024
- Instead of SEBI or Madhabi Buch, government should have responded to Hindenburg allegations: former Chairman of SEBI, Chandrasekhar Bhaskar Bhave, to Karan Thapar for The Wire.
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A former Chairman of SEBI, commenting for the first time on the recent Hindenburg allegations, says that the response should not have come from SEBI or even from its Chairperson, Madhabi Puri Buch, but from the Government of India i.e. the Ministry of Finance. Chandrasekhar Bhaskar Bhave says that since SEBI and its Chairperson face serious allegations they cannot really respond and clarify their own situation. It won’t carry conviction or credibility. Instead, Mr. Bhave says, the Chairperson should have made available to the government details of all her disclosures as well as recusals and the government should then have responded as it thinks fit.
In a lengthy 35-minute interview to Karan Thapar for The Wire, which is often arguementative and perhaps even quarrelsome, Mr. Bhave was also asked about how SEBI has handled the Hindenburg allegations since they first became public 19-20 months ago in January 2023. He said if all the assumptions in the public domain about disclosures or non-disclosures and about recusals and non-recusals are correct “it wasn’t handled properly”.
I will stop there. I do not wish to convey the wrong impression by a precis or paraphrase of Mr. Bhave’s answers. As a former Chairman of SEBI you should hear his answers to a whole range of questions yourself.
However, I will point out that the recent Reuters story alleging that Madhabi Buch “continued to earn revenue from a consultancy firm during her tenure” as Chairperson of SEBI is raised at some length with Mr. Bhave. There’s a particularly arguementative/quarrelsome section, which is part of this discussion, over whether the 2008 SEBI policy which “bars officials from … receiving … professional fees from other professional activities” applies to Madhabi Buch or not. Again, I will leave you to watch the interview to get the details.
A former Finance Secretary, Subhash Garg, has told Reuters that the 2008 policy does apply and he, therefore, calls Madhabi Buch’s conduct a “very serious” breach which makes “her position untenable at the regulator”. You must see and hear for yourself what conclusion Mr. Bhave comes to or suggests by his answers to this matter.
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Love every interview by Karan thapar. Thank you sir 🙏
We all know that Madhabi Puri Buch was appointed SEBI Chairperson by "lateral entry" on recommendation of Adani himself.
If the allegations are baseless false & malafide why don't the GOI issue the notice to Hindenburg .
It's crystal clear that even our Supreme Court of India was biased on this Hindenburg research allegation. Honestly, talking SC of India tried to save Adani enterprises from this issue. Not only this particular one , even the NEET paperleak! "Justice never served " both these issues ( only recent ones, there are so many of them was previously)!
"Is this way our justice system to be served "?
@@pullanmenon1198 will it re-open things?
if supreme court wouldnt have been biosed on modani then share market could have crashed and India’s economy will collapse like humpty dumpty… Out economy is growing only in papers not in real world.
Interesting interview.
It shows how a bureaucracy fraternity united.
It's not a case, it matters not when MB is holding the post she must be presumed to be held responsible for what is going on in the organaisation i.e, SEBI
She is not bureaucrat, yet the predecessor adheres to Dharma
It is the job of the govt to answer to all such questions it has to come from the related organisation .
Karan don't invite people who cannot answer your questions without fear. This guy is fumbling wondering what to say,while you are clear what you are asking and he was a former chairman of SEBI
At 34:30 , .... he still refuses to get to the point.
@@narkelnaru2710 He is unlikely to ever
Karan Thapar.. your questions are absolutely good and pointed.. Do get someone who can speak with more conviction. Listened to 13 mins or so and the answers from Mr. Bhave is very diplomatic and evasive..
Mr Bhave was brilliant - an abject lesson in obfuscation without hurting anybody's sentiments and preserving one's skin.
Once she accepted the job she was obliged not to take any outside income, period….
Govt not taking action against Hindenberg. That silence creates more suspecions.
Hindenberg does not report to the Indian govt- in fact the govt is terrified of the short seller 😅😅.
Ex Chairman is going round and round bend he is insulting our intelligence. Typical bureaucrat!!!
Not acceptable
Well maybe he is scared . Most the bureaucrats are simple people and are scared. Very few of them had courage to tell the truth and stand against the authority.
Brilliant obfuscatory tactics in the nature of 'Yes Minister' .
What a wishy-washy former sebi chairman
Instead of SEBI or Madhabi Buch, Govt should’ve responded to Hindenburg: Former SEBI Chairman
Agreed... it was a waste of time. I stopped watching it after just 15 minutes."
In his time he was active and part of Mkt reforms
Only a fool would be forthcoming in such a situation - innocents get victimized when powerful interests are involved.
The guest made it clear that everything is fishy but don't have any guts to admit.
And karan sir 🙏🏻🔥
He can't, or his pension & perks will be stopped using some small excuse for past actions. Standard government procedure from decades back.
I have no sympathies with Ms Buch but I also appreciate Mr. Bhave's measured responses .
Mr. Bhave avoided embarrassing his colleagues of his former employer. He tried to dodge questions or muddy the discussion. Karan Thapar was absolutely very incisive to get to the truth.
Oh god... What a clueless man he is . Got so irritated I don't know how Karan sir endured this .
Oh dear understand the life cycle
Adani finance modi election
Modi appointed Finance minister
Finance minister approve & appointe SEBI Chief
SEBI chief under whom sebi carried out an investigation against adani for manipulation of share prices
And again adani finance modi election.
This is a adani cycle of life
There is also a Modi life cycle, in which modi appointe election commissioner, and election commissioner make modi win, don't ask me how, those silly questions will not help you to become a Sherlock Holmes
😂😂😂
Buch, Adani aur Modi … JAIL
How fortunate were we Indians we had Honest SEBI Chairperson from the time it was installed ? From UK Sinha the SEBI has gone for Dogs and the Country
C. B. Bhave 18 February 2008 18 February 2011
M. Damodaran 18 February 2005 18 February 2008
G. N. Bajpai 20 February 2002 18 February 2005
D. R. Mehta 21 February 1995 20 February 2002
S. S. Nadkarni 17 January 1994 31 January 1995
G. V. Ramakrishna 24 August 1990 17 January 1994
Dr. S. A. Dave 12 April 1988 23 August 1990
Short sellers are naturally attracted to over INFLATED company values.
Hindenburg Research on Jan 2023 held that the Adani Group's shares were over-valued on the Indian stock exchange by 85%.
This over valuation, that report said, was attributed to alleged manipulation of the Group's share prices.
Perfect
It does not stop there . As per reports in the media they inflated coal price and charged more from government. They over invoiced their purchases and made payments to the offshore companies who invested again buying their shares by creating and demand and controlling the supplies.
With a majority of the shares held by the promoters and family members and an abundance of shell companies in orchestration what else can be expected . Not to be left out Sebi and SC too are in helpful attendance .
❤I agree that the Regulator need not have replied at all
But a SEBI or a Committee of the Board should have examined all disclosures given by Buch along with her clarifications if needed and put out a statement affirming that her disclosures were adequate and are satisfactory
Plus the allegation by HINDENBURG might be noted in the context that SEBI has not yet got its response to the pending notice
Neither the Govt nor the SUPREME COURT has any role or answerability to enter the debate now
HINDEN has enough Indian lawyers to file POL in any court and get fat fee
PM Modi can answer all your questions
The guest is going in
‘Circles’ on a very important issue of SEBI debarring employees from engaging in alternate income activity while in service . Not a satisfactory answer !!!!
They are missing the woods for the trees. Instead of SEBI, Buch, Adani brother, Hindenburg etc. the finance ministry and its pet the ED must answer the following questions:
How did the Adani group grow from 165 in the world to the top 5 within such a short period? Meaning did they grossly inflate their share prices by nefarious means? Second, did Indian banks lend to Adani on the basis of the share values? Third, is all the money invested in the group by the promoters, especially in the last ten years, legitimate or did it come from abroad with dubious sources or havala? Why did the Modi government openly side with Adani instead of ordering an inquiry by parliament in 2022? Why has the finance minister and others in the cabinet tried to shoot the messenger, Hinderburg, instead of distancing themselves from the matter? How did Adani recover share prices after a massive fall in 2022? Who pumped in the money for this apart from SBI and LIC? Was it from other public sector companies or cronies like Ambani in other names? Like front or benami companies. Final question, while the black clouds were looming over Adani and his possible malfeasance why did the Modi government continue giving his group major businesses such as ports and airports? This gentleman beating around the bush is a typical beaurocrat evading the difficult questions. Why has this lady not been suspended so far?
The guest is going around in circles, all he had to do was to say that she should have closed her agency, As there was bound be conflict of interest.
Right, it's clear case of confilect of interests
Mr Bhave clearly avoided giving a sraight forward answer about the earnings of the so called dormant consultancy firm owned by Ms Buch.
Becuse he doesn't have complete access to relevant papers in this case
@@anandkumarmaurya9191. What papers does he need ? Ministry of corporate affairs maintains a database of financials and shareholding of all companies incorporated. The info pertaining to Agora is in the public domain. An ex chairman of SEBI can easily access this data. Prior to and immediately after joining SEBI , she was holding 99% of the shares and the firm was earning revenues during the initial period of her tenure.
Karan you are doing a great service to the nation. My request to you: Please allow the interviewees to speak... one question less will not make a major difference....
Pakka IAS beaurocratic language. (safeplay all the way ! ).
Fine interview. Towards the close, Interviewer and Guest were reaching the same conclusion. However, as a lifelong distinguished mandarin, Mr Bhave was framing the answers with greater nuance and caution.
Great listening, particularly the last reply extracted inspite of multiple refusals.
Current Union & specially Ministry of Fiancé has no understanding of any ethical Business and running a country economically, defense , home etc Total failure in every spear of Governance
Nobody knows anything, and the govt is too glad that nobody should know anything. Sabh changasee.
Why Supreme Court is silent
on the SEBI issue?
People are loosing hope on every independent organization
Excellent interview. Mr Bhave very measured, balanced, cool and composed as always.
@@shubhashishsharma4037 Is he? Pray what exactly has he answered? And also Thapar. Does he even understand the enormity of this problem? Please read my queries above.
Buch is an Adani appointee.Thats the elephant in the room.
MB should have stepped down already. What a disgraceful thing to hold on .
Absolutly ture to some extent
follow the leader - theres nothing shameful or disgraceful or dishonorable in the rss-bjp handbook. all actions are to cow down and bludgeon all institutions and observers - 'u guys can do nothing to us, go to hell '
Mr Bhave responses show how the Agency was rotten from get go…
Fantastic job mr Thappar…
Thanks
Mr. Bhave was very defensive in his answers. Even for a breach of conduct he could not say, it was. Hindenburg provided proofs. It seems they are not acceptable for Bhave
Great KT, Appreciate Mr Bhave views with complete clarity
Isleya Bank ma paisa nahi ha... Bharat ka paisa bedesh ma transfer ho rahaha... 😕
They are busy focusing on West Bengal. This news is not anywhere now. Shows how politicians work together ruling and opposition for their money masters.
SEBI chief has lost the moral ground to continue...but even if she wishes to quit, she will not be allowed to do so as it would expose Modi's game plan to protect Adani
Knowing the choke hold of #RangaBilla and their owners/Keepers in MoShah-MoBani-MoDani-MoRss , it is refreshing there brave enough in retd. govt services who could speak their minds.
SEBI actions against the Sahara were so different even though they were incapable of taking those actions and had to take the accused help.
जिस तरह से कृष्ण ने गोवर्धन पर्वत को *एक उंगली* पे उठा के रखा था उसी तरह से मोदि और बुच्च अदानी को अपनी *उंगली से* उपर उठाकर रखे हैं,
But question is कबतक? कबतक उंगली से काम चलेगा, ☝
दर्द सबको होता हैं, गला सबका सुखता हैं 😂
When I was a utility regulator it was strictly prohibited to seek employment with any of the regulated entity. If there was an incidental conflict then it must be disclosed. Our staff had to fill out annual form declaring any inflict of interest
Shldnt Buch resign in the aftermath if this-isnt this brazen in the face of corruption and wrongdoing?
Can we expect any such respectful behaviour ( responsible reply of Govt) from this irresponsible, ethics less , reckless Union Govt, as we have experienced with this Govt in the past ?
It's most corrupt & most shameless government Promoting the corruption & legalising the fraud & loot, cheating done by Madhabi buch of SEBI.
Excellent chat! Technically informative.
Who believes the govt? Independent auditor is needed.
Thanks to You Karan Sir & the Wire🙏
Why PM is insensitive to his status and his closeness to defend adani is costing BJP too much in hindenberg adani kaand. Common customer of share market faith is eroding.
If the government would have responded INDIA CREDIT RATINGS WOULD HAVE TANKED DOWN SUCH FOOLS ARE CURSE TO THE PLANET EARTH REGARDLESS OF WHICH COUNTRY THEY LIVE & WORK
If there were any actual disclosures or refusals they should have been placed on the SEBI public record when they were made..
Recusals
We are looking forward to clear and bold opinion not beating about the bush. It is shear waste of time.
Its obvious that PM will not order JPC in hindenberg adani kaand.
Every institution in India has lost credibility under Modi's India. Unless CB Naidu and Nitish Kumar bring this up in parliament, nothing will change.
To sum it up. It was Kejariwal , who told to us all last year while presiding on his Delhi VSabha head chair - It is Ranga dough. Rest all are his Hench (wo)men- Gautum-Vindo-MMB-Billa-Bhagwat-Nita-Anil-Mukesh-... To great extent as well!
Denied is denied. Why Karan ji appears to be helpless?
Does the government or the Finance Minister have any credibility at all?
In the garb of being measured and responsible, Mr Bhave was being evasive, non-committal and if I may say so then he was trying to raise doubts in favor of MPB. Furthermore, he didn't remotely attempt to hold finance ministry accountable.
Our FM has the least knowledge as to what is going on in SEBI. How will she reply to Hindenburg allegations? Poor lady should resign as she is not even an elected MP. FM is expert in making Sambar and Uppams.
Have pity on Amma - she is just a history graduate ,Saar ! .In tune with Modi's policy of hiring candidates without any background or connection to the field , Madam has been flattered to serve the nation like Smriti babu.
Just let the guest finish his point. Let the audience decide whether the answer is fair. You're wasting more time by interrupting.
his questions are leading. He is very vile!
@@jitkr1489 he sometimes bases his questions on assumptions that are his own subjective opinions. But I wouldn't say he is vile, just not as objective as he could be. He's not intentionally biased like majority of media.
SEBI scam must be Probed.
this scam also involved the public money of LIC,IDBI,& SBI,& other public sector also hence madhabi buch must be dismissed.
& Probed must be initiated.
Credibility is the most important for SEBI head. which madhabi buch failed to maintain hence must be dismissed.
Stonewalled after all he is from SEBI.
KT….please have one more occasion for us to hear “dosti bani rahe”
Waste conversation due to aggression of the anchor.
@29:15 brilliant of @karanthaper
कोई government authority का former Chief ये accept / कुबूल नहीं करता, कि उस संस्था में जो वर्तमान में head कर रहा हैं, वो गलत हैं,
आप former election commissioner को interview करो वो बोलेते हैं कि होसकता हैं उनसे गलती हो गई हो लेकिन मुझे लगता हैं वो निश़्चित सुधार करेंगे
आप former Judge को interview करो तो वो बोलेंगे कि मुझे इन CJI से बहुत hope हैं, मुझे लगता हैं वो हमें निराश नहीं करेंगे
And now this former SBI chief,
They all government pensioner
अपने present Chief का criticism करने से बचते हुए, टिका टिप्पणी करने से भागते हुए नज़र आते हैं
शायद पेन्शन का मामला हो, या क्या पता कोई पुराने मामले को लेकर ED CBI हि कल सवेरे दरवाजे पे आ जाए 😂😂😂
Proper red-tapism from the former Chairman in giving a clear answer.
MB is only responsible only to appointing authority ie GoI
ऐसे ऐसे लोगों को संस्थाओं में बिठाने कि वजह से हि देश का ये हाल हैं, उनको पुछो दिन हैं क्या वो बोलेंगे ह$$$ रात तो नहीं लग रही, लेकिन जबतक zee news पे नहीं बताएगा, मोदि नहीं बोलेगा तबतक *definitive* नहीं कह सकते कि दिन हैं या रात
@33:00 ... If government doesn't do it's on its own, than a appointee should bring it to notice to the government that look here I have a conflict of interest there for I am not fit for this post
अरे भैया पहले तो जाँच कर सही व्यक्ति को appointe करना नियुक्ति करने वाले का employee का काम हैं, आजतक के इतिहास में ऐसे कितने उदाहरण हैं, जिन्होंने अपने conflict of interest के चलते appointment अस्वीकार कि बताओ?
Government के पास investigating agencies होती हैं, appointment के पहले scrutiny होती हैं, तब भी अगर कोई conflict of interest वाला व्यक्ति appointment पाता हैं, *तो वो गलती से नहीं बल्कि जान बूझकर एक preplanned तरीके से नियुक्ति पाया हुआ इंसान हैं*
SEBI and CBI lost trust
Karan I am a big fan of you. But please be little patient with your guest like ex chairman . His points before coming to conclusive answer were very thought provoking 😊😊
Being v careful n trying to cover his hind side . Well aware of what has happened.
I think Mr Bhave is lucid and does not require rephrasing by Mr Thapar--"In other words-----"
kp should wait for the gentleman to answer it his way instd of trying to bully him to accuse ms. buch et al.
🐅Karan of True Journalist.
The guest is terrified to speak up and was trying hard to not to answer directly but beat around the bush.Gutless
Why MB not resigning from the post of SEBI in order to have an impartial investigation in the case ?
I am really amazed at the way the ex Chairman of SEBI in running around in circles avoiding the issues. I wonder how he functioned as SEBI chairman in his time where some tough issues would be at stake. Absolutely pathetic.
Your interpretation is wrong
Mr. Bhave trying to hide Madhuri Kuch
Karan, please hear your guest out without repeatedly interruptions. It's very unpleasant and unproductive.
Was I watching Arnab in Republic TV?
Otherwise your other discussions are always a pleasure 🙏
I congratulate Mr Bhave for displaying so much patience and Providing sensible insight.
What you have found emerged from Arnab Show in this issue ?
His responses are also as vague as SEBI. Maybe everyone is protecting their positions and futures
Looks like Mr. Bhave is either over cautious, or he is protecting his own kind. He continuously said "we just do not know..." But as citizens we have a right to know about SEBIs activities, the government's activities as well as the SC's findings and disclosures. However, Karan should exercise a little more restraint.
Hindenburg should share few pennys with The Liar which it earned through the short selling of the Adani shares last time. This time The Liar and Hindenburg both failed to earn some free money. 😂😂😂
Snake is appointed to secure rats from colleague snakes.
It is an organized CRIME with full involvement of Modi govt... so what the ex SEBI sir is saying here ? Govt should enquire ask questions etc 😅
Regarding Hindenberg govt needs to answer Karan you are still taking this issue that's correct.
Why haven't you questioned and not Interviewed about the West Bengal situation?
You talk only about the Modi Government alone.
Anchor should be measured. Remember Nick Gowing of the BBC.
Feel sad for KT, hardly anyone listen's to him seriously anymore..is he a Drunk Advocate now, shitting around the same bush😢
Karan, as your fan and wishing to see more interviews, I wish to say that your interruptions are short of good manners. You may interrupt to make a point, to correct to clarify; but to interrupt with an undertone of rudeness, arrogance may provoke the interviewer but will turn the audience away from the opinion they need to form, or you may intend them to form. That said, congratulations on great interviews
@33:45 onward - We beating around the bush. What do you if the numero Uno in govt instilled his hench person in Sebi MMB, in Gautum-Vinod MoDani, in Anil-Mukesh-Nita MoBani, in Billa MoShah, in Bhagwat MoRss, and Ratan MoTata and Mo- WhomSoEver? What do you do???
Mr. bhave does not have the gut to come clear he is afraid Karan should call such a guest who fears so much.
@22:45 Talking about rules and/or In our times - Have we learned any thing in 10+ stolen era of INDIA and its 1.46 billions INDIANs - Rules are imposed on the fly for the benefit of MoShah-MoDani-MoBani-MoRss-Mo...While typing this, Ranga changed the rule of MoDani loot from 3rd grade coal (excise free for favor to Aus govt ) w/inflated invoiced to States (by falsifying that it was "A" grade coal) import power generation exported to Hasina govt - A new rule was imposed (for Gautum back then in 2017). Fast forward in Aug-2024 (After BDesh students gave their lives for MoDani crimes in their country) Ranga changed the rule again for Gautum to sell this power back to Indian States!!!
Karan 👏👏👏
Two three things for audience to know whether wrong or TRUE that I heard madhabi puri buch sebi head 's daughter married to adani 's son , supreme court as well as appointed committee come forward to disclose the facts about recusals and disclosed facts about Madhavi puri buch and even finding it has disclosed then why she has been appointed as a head of sebi (conflicts issue) thirdly supreme court hastly actions in regard to Rafale case pegasus case and hindenburg case are now and may pressure supreme court to think again and act wisely. The people of this country are supposed to know the facts and reality of such cases which ultimately are causing great concerns and severe disappointments. In this very case of recent hindenburg's revelation about sebi and its chief and her association with adani also the ruling regime's total blind support over adani saga.
Were you trying to make a point by inviting an ex-bureaucrat who was so vague and tentative that he was as good as stonewalling ? In such cases kindly do turn up the volume Karan ji
इस वरहिबचाऐ इसरबरादयालुहै अलाही गफुरुरहीम है अलाही हीफाजतफरमाऐ☝🤲
could it be that the NSE co-location issue be the Damocles sword leading the interviewee to be 'cautious' ?
The present allegations by Hindenburg are devoid of any objective evidence (data/facts) or marks of traceability. It is just speculative and doesn't qualify as a researched report.
In India under the PC Act 2018, to prosecute a sitting or past people's representative (MP/MLA/...) and incumbent or retired govt official, Governer's or Govt clearence needed. Not anybody can at random frame allegations and demand investigation or trial.
Adani is not protected. Ms. Buch and SEBI do qualify as entitled figures to claim protection under the law. Even Adani group cannot be treated unfairly as Guilty Unless Proven Innocent. Govt need not respond if the matter is not fit. However, if govt chose to respond then explanation is reqd as to why?
What would be the implication of the law when the alleging entity is of foreign origin with questionable reputation and has the track record of profiteering by Whistle Blowing? Moreover Hindenburg is neither investor nor stake holder. It gambles in the stock market by inducing instability. It is just a fly by night type rogue player.
Mr bhawe is always hesitant
He is not giving one final opnion
His answer dwell between may be and may not be ,,which is creating confusion to viewers as how to evaluate or judge sebi or to understand which situation is faulty?
Although karan ji is trying to reach Some conclusive ideas but mr bhawe is not giving one final opinion.
Ultimately in principle jpc is only solution to unearthen the mysteries, so at the first place JPC is only answer of all doubts.