Fresh allegations against Madhabi Puri Buch: Congress says SEBI chief drew income from ICICI Bank, eased norms

Congress spokesperson Pawan Khera alleged that SEBI Chairperson Madhabi Puri Buch received income from ICICI Bank Ltd during her tenure as capital markets regulator, raising fresh scrutiny about potential conflict of interest.

Madhabi Puri Buch took an income of Rs 16.8 crore from ICICI Bank group during 2017-2024, Pawan Khera told reporters at a press briefing. Khera said that Buch received income from the group unit ICICI Prudential as well.

Khera said that several probes on ICICI Bank were being adjudicated while Madhabi Puri Buch was receiving the income from the group. He cited unnamed reports that suggest that SEBI chief relaxed norms for ICICI Bank.

However, ICICI Bank has dismissed all the allegations against Buch stating that neither the bank nor its group companies have paid any salary or granted any employee stock options plans (ESOPs) to her.

“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013,” the bank said in a statement to the media.

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The fresh allegations on SEBI boss follow a recent report by US short seller Hindenburg, which claimed that Madhabi Puri Buch may not have conducted a proper investigation into the Adani group due to a conflict of interest, as she was invested in the same complex funds used for money laundering.

“The role of SEBI is to regulate the share market where we all invest our money. It has a very important role to play,” said Khera in his attack on Madhabi Puri Buch, questioning why she drew income from ICICI Bank while being a full-time SEBI member.

He then targeted Prime Minister Narendra Modi and Home Minister Amit Shah, for appointing Buch. “Who appoints the chairperson of SEBI? This is the Appointments Committee of the Cabinet, Prime Minister and Union HM Amit Shah. There are two members in this committee for appointing the chairperson of SEBI,” he said.

Senior Congress leader Jairam Ramesh also posted a series of questions attacking PM Modi. "Has the ACC, headed by the PM, gone through these shocking facts about the SEBI Chairperson or is the ACC completely outsourced to the PMO," Ramesh asked in his post on X. In another question, he asked, "Who is protecting the SEBI Chairperson and why?"