Stepping up his attack on Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), Rahul Gandhi, Leader of Opposition in the Lok Sabha, on Friday alleged that India's economic framework is being hollowed out from within by a "cartel of corporate giants", enabled by those meant to guard the country's interests.

The former Congress chief said the Madhubi Buch scandal isn't just insider trading but is a revealing case of direct conflict of interest, where powerful regulators are entangled with the very corporations they're supposed to oversee.

Rahul made the remarks in his post that accompanied a YouTube video, part of a series featuring him and Pawan Khera, Congress' media and publicity head, in which the two leaders discuss various conflicts of interest allegations against Buch. There was no immediate reaction from Buch, who is facing conflict of interest allegations, on the video and the charges.

However, previously the SEBI chief has dismissed allegations of any wrongdoing. In his post he said, "India's economic framework is being hollowed out from within by a cartel of corporate giants, enabled by those meant to guard the country's interests."

This is not mere oversight but a coordinated scheme to exploit loopholes, distort regulations, and prioritise corporate profit over public interest, all while ordinary Indians pay the price, Rahul said.

In the over six-minute video, Khera briefs Rahul Gandhi about various conflict of interest allegations against Buch while travelling with him on a flight.

Khera talks about how the Congress exposed the claim that Agora Advisory Pvt Ltd became immediately dormant upon Buch joining SEBI. She still holds a 99 per cent stake in it, and the company has actively provided consultancy and advisory services, including to Mahindra & Mahindra, Khera tells the senior leader in the video. He also tells Rahul Gandhi that Buch allegedly traded and also invested in Chinese funds.

Rahul Gandhi also posted the video on X, and said, Buch Hai Toh Syndicate Safe Hai. Congress and the Opposition has been targeting the government over conflict of interest allegations against Buch and demanding that she be removed from the post.