Madhabi Buch drew income of 16.8 crore from ICICI Bank despite being SEBI member, alleges Congress
Party leader Pawan Khera claimed that Buch held an office of profit in violation of regulations, and asked if Prime Minister Narendra Modi was aware of this.
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The Congress on Monday alleged that Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India, drew an income of Rs 16.8 crore from the ICICI Bank from 2017 to 2024, and said that this represented a conflict of interest.
This amount, the party alleged, was 5.09 times the income of Rs 3.3 crore that Buch received from SEBI.
Congress spokesperson Pawan Khera alleged that Buch held an office of profit while being a member of the market regulator, thus violating Section 54 of the SEBI Employees’ Service Regulations, 2001. He further claimed that her actions violated the market regulator’s Code on Conflict of Interest for Board Members.
The Congress further alleged that Buch adjudicated complaints against ICICI and its affiliates, which it said amounted to a conflict of interest. The party claimed that this was an instance of quid pro quo favours, pointing to an exemption granted by the market regulator to the ICICI Group in a merger and acquisition case.
The SEBI chairperson, however, said last month that she recuses herself from any proceedings involving the ICICI Group.
Khera on Monday asked Prime Minister Narendra Modi to state whether the Appointments Committee of Cabinet, which he heads, knew about these “shocking facts” about the SEBI chief. The Congress also...
