- LATEST
- WEBSTORY
- TRENDING
INDIA
Another conflict of interest? Sebi chief Madhabi Puri Buch's past association with Max Healthcare questioned in...
Sebi Chief previously served as a director at Max Healthcare Institute Ltd for over 2 years.
Updated : Aug 20, 2024, 06:16 PM IST
 "Another conflict of interest? Sebi chief Madhabi Puri Buch's past association with Max Healthcare questioned in...")
TRENDING NOW
)
Shruthi Narayanan lashes out at netizens for 'spreading' her leaked MMS, warns legal action: 'Go and enjoy your mother, sister videos'
)
Sikandar box office collection day 7: Salman Khan, Rashmika Mandanna film fails to cross Rs 100 crore mark by...
)
Casting couch scandals resurface: Tamil actress Shruthi Narayanan's viral video sparks fresh debate in film industry
)
SRH vs GT IPL 2025 Dream11 prediction: Fantasy cricket tips, probable playing XIs, team news, injury updates for Sunrisers Hyderabad vs Gujarat Titans
)
Throwback video: Mukesh Ambani would want to go on date with this actress, while Nita Ambani with this politician
)
Forget Aabha Paul, check out 5 hot pics, videos of Kangana Sharma
)
After leaked casting couch video, Shruthi Narayanan's old statement about social media goes viral: 'You can't share everything, it might...'
)
Meet OYO founder Ritesh Agarwal's wife Geetansha Sood, supported him when he had only Rs 30 in his pocket, she is director of...
)
Who is Rishi Parti, man who bought most expensive penthouse at Gurugram's DLF Camellias for Rs 190 crore, built company at 24, his business is...
)
Meet Chandrakumari Raghuram Shetty, wife of BR Shetty, Dubai billionaire who had to sell his company for just Rs 74
)
Panchayat Season 4 release date: Jitendra Kumar aka Abhishek Tripathi is back as Sachiv ji; Prime Video's hit show to release on...
)
10 most handsome men in the World: This BTS member beats Hrithik Roshan, Chris Evans, Brad Pitt
)
XXX actress Aabha Paul looks sizzling in sexy photos
)
This superstar 'lost control' during intimate scene with Madhuri Dixit, bit her lip, left her bleeding, in tears, film became superhit, it was..
)
'You don't have image or talent': Meet 'average actor' who was insulted by Rishi Kapoor, he later became star with.., has net worth of...
Former Union Minister Subramanian Swamy made allegations against SEBI chief Madhabi Puri Buch in relation to the Axis-Max Life deal. In a recent hearing at the Delhi High Court regarding the case, Swamy alleged a lack of action from the market regulator due to potential conflicts of interest. The case involves regulatory scrutiny of transactions between Axis Bank and Max Life Insurance. It came into the limelight due to allegations that SEBI's actions might be compromised.
In an affidavit dated March 13, Swamy highlighted that the SEBI chairperson previously served as a director at Max Healthcare Institute Ltd. from February 2015 to April 2017. He argued that this past affiliation might have contributed to a delay in SEBI’s investigation into the alleged misconduct. Moreover, Axis Bank has denied the allegations, reaffirming its commitment to transparency and fairness.
Sebi's response
SEBI has maintained that its inquiry is progressing. In an affidavit, it asserted that a preliminary examination, prompted by IRDAI, is at an advanced stage. The regulator also acknowledged forwarding a letter from the petitioner, dated October 19, 2023, to RBI for further consideration, given the involvement of Axis Bank and its subsidiaries.
What did the court say?
The court noted that, despite this personal allegation against the SEBI chairperson, she had not been named as a respondent in the petition. The court emphasized that despite any prior professional connections, SEBI remains obligated to regulate the case according to legal standards. The court also dismissed Swamy's PIL but directed the regulatory bodies to expedite their investigations and ensure compliance with the law.
Swamy's allegations
The BJP leader and former Union minister has accused Axis Bank and its affiliates of attempting to acquire a controlling stake in Max Life Insurance through unfair means. He claimed that Axis Bank’s board approved a preferential allotment of Rs 1,612 crore to Max Life, which increased the bank’s stake in the insurer to 16.22 percent, with a collective stake of 19.02 per cent among Axis entities.
