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Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

Capital markets regulator <keyword id="20378396" type="General" weightage="20" keywordseo="Sebi-Chief" source="keywords">SEBI Chief</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword> on Monday refrained from commenting on the investment vehicle, <keyword id="20024284" type="General" weightage="20" keywordseo="real-estate-investment-trusts" source="keywords">Real Estate Investment Trusts</keyword> (REITs), saying if she comments on the subject, she will be accused of <keyword id="20339010" type="General" weightage="20" keywordseo="conflict-of-interest" source="keywords">conflict of interest</keyword>. The remarks came as US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> raised questions about a potential conflict of interest involving Buch and private equity major <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>. Her husband Dhaval Buch is a senior advisor with Blackstone, a major player in the <keyword id="20009947" type="General" weightage="100" keywordseo="REIT" source="keywords">REIT</keyword> space. However, the couple refuted the allegations. Also, Hindenburg alleged that SEBI's recent amendments to REIT regulations 2014 favoured a specific financial conglomerate, which the markets regulator denied. Speaking at an event organised by industry body CII, Buch said," If I utter the word REITs, I am accused of conflict of interest". REITs are a new concept in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out. Meanwhile, the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Monday levelled fresh conflict of interest allegations against Buch and asked Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> to come clean as the head of the appointments committee of the cabinet on her appointment. At a press conference, the Congress alleged that since the current SEBI chairperson took office in 2017, she has not only been drawing a salary from SEBI but has also been holding an office of profit at the ICICI Bank, continuing to receive income from them to this very day. SEBI didn't make any comment on the allegations made by the Congress. Last week, the SEBI Chief stated that there has been a positive response to small and medium REITS (real estate investment trusts) and industry players came forward for regulations on such entities. Recently, the Securities and Exchange Board of India (SEBI) implemented regulations for small and medium real estate investment trusts (SM REITS) aimed at significantly increasing investor interest in fractional ownership of real estate assets.

If I say anything on REITs, will get accused of conflict of interest, says SEBI Chief

On Monday, capital markets regulator SEBI Chief <keyword id="198572" type="General" weightage="100" keywordseo="Madhabi-Puri-Buch" source="Orion">Madhabi Puri Buch</keyword> said a single disclosure by listed companies on one stock exchange will soon be automatically uploaded on the other bourse. This comes after the Securities and Exchange Board of India (SEBI) recently proposed sweeping changes to disclosure, as well as listing requirements by listed companies based on recommendations from a committee led by S K Mohanty, former whole-time member of SEBI. Speaking at a CII event, SEBI chairperson said, "a single filing with the exchange will be a reality very soon". As part of the proposed changes, a filing made on one exchange will automatically collate on the other exchange, she said. Additionally, Buch said soon investors will be able to start <keyword id="19956399" type="General" weightage="20" keywordseo="SIP" source="keywords">SIP</keyword> (Systematic Investment Plan) with as low as Rs 250 per month. "We are on the way of Rs 250 SIP becoming a reality," she said. Buch avoided commenting on <keyword id="6425721" type="General" weightage="20" keywordseo="Real-Estate-Investment-Trusts" source="Orion">Real Estate Investment Trusts</keyword> (<keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword>), but said there are regulations simplifying such entities. "If I utter a word on REITs, I will be accused of conflict of interest," she added. The remarks came as US short-seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword> Research raised questions about a potential conflict of interest involving Buch and private equity major Blackstone. Her husband Dhaval Buch is a senior advisor with Blackstone, a major player in the REIT space. However, the couple refuted the allegations. Also, Hindenburg alleged that SEBI's recent amendments to REIT regulations 2014 favoured a specific financial conglomerate, which SEBI denied. The SEBI chief highlighted plans to make <keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword> documents available in multiple languages to remove language barriers and increase <keyword id="22504349" type="General" weightage="20" keywordseo="investor-awareness" source="keywords">investor awareness</keyword>. Also, she emphasised on the importance of the inclusion. Additionally, she said that creating capital for the industry and wealth creation for the citizens of the country are two very important areas of the regulator. Buch stressed on the need of adoption of technology in markets, complexity of the market (right product for the right person) and co-creation with the industry. On co-creation, Buch said, "It is not because that regulator is magnanimous, it's out of sheer necessity, which will actually serve the market".

Single filing with exchange to be reality very soon, says SEBI chief Madhabi Puri Buch

<keyword id="22223326" type="General" weightage="20" keywordseo="street-food-lovers" source="keywords">Street food lovers</keyword> in Karnataka, particularly <keyword id="21301713" type="General" weightage="20" keywordseo="pani-puri" source="keywords">pani puri</keyword> enthusiasts, have reason to be cautious. A recent inspection by the Food Safety and Standards Authority of India (<keyword id="20225209" type="General" weightage="20" keywordseo="FSSAI" source="keywords">FSSAI</keyword>) has revealed concerning results. Nearly 22% of pani puri samples collected from across the state failed to meet safety standards. A few days after banning artificial food colouring in kebabs across Karnataka, <keyword id="21070182" type="General" weightage="20" keywordseo="food-safety-officials" source="keywords">food safety officials</keyword> went after the pani puri stalls littered throughout the state and even more established eateries. FSSAI reportedly collected pani puri samples randomly from 79 places across Karnataka, with 49 of them being from various parts of Bengaluru. The FSSAI received numerous complaints regarding the quality of pani puri being sold across Karnataka, said Srinivas K, Commissioner of Food Safety, in a press release. To address these concerns, we conducted inspections at various eateries, from roadside stalls to established restaurants. RELATED: <a href="https://www.businessinsider.in/science/health/news/karnataka-health-department-bans-use-of-artificial-food-colouring-in-kebabs-imposes-hefty-fine-of-10-lakhs/articleshow/111250040.cms">Karnataka Health Department bans use of artificial food colouring in kebabs; imposes hefty fine of 10 lakhs!</a> The inspections resulted in a worrying discovery. Of the 260 samples collected, 41 were found to contain artificial colouring agents and potentially cancer-causing chemicals in the sauce and meetha chilli powder, rendering them unfit for consumption. An additional 18 samples were deemed to be of poor quality. The FSSAI identified chemicals like brilliant blue, sunset yellow, and tartrazine as the primary culprits in the unsafe pani puri. Experts have spoken about the potential health risks associated with these artificial colorings, suggesting that exposure to these chemicals can lead to a range of health problems. These can range from simple stomach upsets to more serious conditions like heart disease and even some autoimmune disorders. The FSSAI is currently analysing the test results to understand the full impact of these chemicals on public health. They are also collaborating with the Karnataka Health Department to explore potential enforcement measures against offenders. Srinivas K said that they are committed to ensuring food safety across the state, and are studying the data and exploring various options to improve food safety standards, particularly at smaller eateries. This pani puri incident is not an isolated case. The FSSAI had previously banned the use of artificial colours in kebabs, gobi manchurian, and cotton candy due to similar concerns. The FSSAI advises consumers to exercise caution when purchasing street food and inquire about ingredients before consumption. They are also encouraging the public to report any suspected violations of food safety standards.

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India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

PTI

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

ANI

If I say anything on REITs, will get accused of conflict of interest, says SEBI Chief

PTI

Single filing with exchange to be reality very soon, says SEBI chief Madhabi Puri Buch

PTI

Food safety officials in Karnataka report cancer-causing agents and artificial colours in pani puri samples

BI India Bureau

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