A class action suit.

Did Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch formally recuse herself from "SEBI's investigation of the offshore entities used by the Adani Group to allegedly manipulate its stock prices"? A SEBI board member has anonymously revealed that "Buch, in fact, oversaw SEBI's Adani probe because it was ordered by the Supreme Court." The Wire. On 10 August, short-seller Hindenburgh Research reacted to SEBI's 'show cause' notice by further revealing, "Whistle-blower documents show that Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal." Ms Buch denied Hindenburg's allegations, terming them "baseless" and an attempted "character assassination". Mint. In a breach of SEBI rules, "According to the documents cited by Reuters, Agora Advisory Pvt Ltd in which 99% of shares are held by Madhabi Buch, earned Rs 37.1 million in seven years." Outlook. An old proverb says, "It needs a hundred lies to cover a single lie". Dictionary. "Separately, the SEBI is also facing criticism from some aggrieved shareholders for its role in the merger between ICICI Bank Ltd and ICICI Securities, a subsidiary in which the lender owns almost 75%." Now, "More than 100 public, non-institutional investors have come together in what is still a novelty for the Indian securities market: a class-action suit." As "aggrieved shareholders claim that a skewed swap ratio has cost their class of investors more than $200 million. In a raging bull market, the bank is helping itself to the broker's 116 billion rupee ($1.4 billion) pile of cash and short-term investments on the cheap." ET. "Congress spokesperson Pawan Khera on Monday (yesterday) alleged that Buch continued to draw a salary from ICICI Bank while she was at SEBI which, according to him, represents a serious breach of ethics and accountability in public service." ET. As well as a serious conflict of interest. "In theory, regulatory bodies such as SEBI operate independently, uphold high ethical standards, and resist influence." "Constitutional independence alone though, is not enough. Independence must be bolstered with mechanisms to guarantee strong public accountability, and transparency. The role of stakeholders and whistle-blowers  must be stepped up as a check and balance on regulatory governance standards allowing the reporting of unethical practices without fear of retaliation," wrote Udaibir Das. Das is asking for the centuries old Latin saying, 'Quis custodiet ipsos custodes,' which means 'who will guard the guards themselves'. "Publicity is the very soul of justice." iclr.co.uk. Not going to happen in India. We still don't know how many millions died due to Covid. The government counts several hundreds. BBC. When, hundreds of dead bodies were floating down the holy River Ganga and crematoriums had run out of space. BBC. What is the point of rising to high positions if you have to explain yourself? Issue a show cause notice. Case closed.