Congress Alleges SEBI Chief Madhabi Puri Buch Earned Income from ICICI Bank While in Office

Fresh allegations have surfaced against Madhabi Puri Buch, the current Chairperson of the Securities and Exchange Board of India (SEBI), with the Congress party accusing her of drawing income from ICICI Bank Ltd while serving as the capital markets regulator. At a recent press conference, Congress spokesperson Pawan Khera claimed that Buch received Rs 16.8 crore from ICICI Bank during her tenure from 2017 to 2024. Additionally, he stated that she also earned from ICICI Prudential, the bank's asset management arm.

Khera raised concerns about a potential conflict of interest, noting that multiple probes involving ICICI Bank were being adjudicated by SEBI while Buch was reportedly receiving income from the bank and its affiliates. He further alleged that the SEBI chief may have relaxed certain norms favouring ICICI Bank during her tenure. "This is a clear conflict of interest," Khera argued, pointing out that SEBI is responsible for regulating the share market to protect investor interests.

The fresh allegations add to the controversy following a recent report by US-based short-seller Hindenburg Research, which suggested that Buch may not have conducted a thorough investigation into the Adani Group due to her financial interests. According to the report, Buch was allegedly invested in the same complex funds implicated in money laundering activities involving the Adani Group.

Khera also targeted Prime Minister Narendra Modi and Home Minister Amit Shah, who are members of the Appointments Committee responsible for selecting the SEBI Chairperson. “Why was Buch appointed despite such conflicts?” he questioned, urging the government to clarify its stance on the matter.

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These allegations could potentially impact the credibility and transparency of SEBI, which is tasked with regulating India's financial markets and ensuring the protection of investors.

[Disclaimer: This article is intended for informational purposes only and does not constitute professional advice. Readers should consult relevant authorities for further information.]