SEBI Chief Drawing Salary From ICICI: Congress’ “Big Expose” On Madhabi Puri Buch
Congress leader Pawan Khera came out with a bag of accusations against Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her connection with ICICI Bank. Khera alleged that Buch has been receiving salary from the government but also from ICICI Bank and ICICI Prudential—both private banks.
In a press conference, he stated that between 2017-2024, Buch drew a regular income from ICICI Bank amounting to Rs 16.80 crore, which is five times the salary she received from SEBI (Rs 3.30 crore). He further alleged that during this time, many probes on ICICI Bank were adjudicated while Buch drew salary from it.
Read Also: SEBI Chief Buch Earns Revenue In Potential Rules Violation: Report
Allegations Raised Against The SEBI Chairperson
He alleged that between 2017-2021, as a whole-time member of SEBI, Buch received a salary from ICICI Bank amounting to Rs 12.63 crores, violating Section 5 of SEBI’s Code on Conflict of Interests for Board Members (2008), which prohibits whole-time SEBI employees from taking benefit from any other organisations and engaging in activities that include receiving a salary or fee.
Between 2021 and 2023, Buch was also in receipt of an ESOP from ICICI Bank amounting to Rs 2.84 crore. During the same period, the SEBI chairperson was also in receipt of TDS on the ESOP that was paid by ICICI Bank totalling to Rs 1.10 crores, Khera claimed.
To Buch, the Congress spokesperson asked, “You are also a full-time SEBI member. Why were you taking a salary from ICICI?”
Questions Raised Against PM Modi
Directing questions to Prime Minister Modi, Khera asked, “Was the Prime Minister aware that the SEBI chairperson was holding an office of profit and receiving salary/income from ICICI during her time at SEBI?” He further asked who is protecting the SEBI chairperson and why.
The Congress leader highlighted that the appointment of the chairperson of SEBI is undertaken by the Appointments Committee of the Cabinet, comprising PM Modi and Union Minister Amit Shah.
He said, “While the people place their hopes in SEBI, whose chairperson is appointed directly by the Prime Minister of India (Annexure 1), they appear to have been conning us all along.”
Read Also: “Buch’s Response Confirms Her Investment In Obscure Fund”: Hindenburg Responds
According to Reuters, Buch earned whopping revenue from a consultancy firm during her tenure of seven years, potentially violating the 2008 SEBI policy. These allegations follow the ones raised by Hindenburg Research against the SEBI chairperson and her husband Dhaval Buch which claims that they held investments in offshore funds allegedly tied to the Adani money-laundering scandal. While many called for her resignation from the chairperson role of the regulatory body, Buch denied all allegations.
