Congress President Kharge Demands SEBI Chairperson’s Immediate Sacking
In a fresh attack on the Modi government, Congress President Mallikarjun Kharge has demanded the dismissal of SEBI chairperson Madhabi Puri Buch following allegations of a conflict of interest. Kharge accused Prime Minister Narendra Modi of undermining India’s key institutions to favour his cronies, citing the appointment of the first lateral entry chairperson of SEBI as evidence.
“For 10 years, you have tried your best to crush the autonomy and independence of India’s long-standing institutions to help your crony friends! We saw this in the case of appointments in CBI, ED, RBI, CEC; now we are facing the same in SEBI. You have appointed the first lateral entry chairperson of SEBI without any due diligence, this has put a black stain on its reputation and belittled the integrity of the market regulator. After all, SEBI protects the hard-earned money of small and middle-income investors,” Kharge said.
Kharge’s statements came after Congress leader Pawan Khera made serious accusations against Buch, linking her to ICICI Bank. Khera revealed that between 2017 and 2024, Buch earned a staggering Rs 16.80 crore from ICICI Bank and its subsidiaries, while drawing only Rs 3.30 crore from SEBI. These earnings, he claimed, raised concerns over Buch’s impartiality during adjudications involving ICICI Bank.
Khera pointed to Section 5 of SEBI’s Code on Conflict of Interests, which prohibits whole-time SEBI employees from accepting benefits from other organisations. The Congress leader further alleged that Buch had received ESOPs worth Rs 2.84 crore from ICICI Bank between 2021 and 2023, further intensifying the charges of impropriety.
“We demand that— 1. Hon’ble Supreme Court should take cognizance of these fresh revelations. 2. SEBI chairperson should be dismissed immediately. There should be a JPC investigation of the Adani Mega Scam. Since the SEBI Chairperson was appointed by Modi-Shah led committee, they cannot absolve themselves, from the new revelations involving charges of corruption!”,” Kharge demanded.
