The Congress on Monday alleged that Securities and Exchange Board of India Chairperson Madhabi Puri Buch drew more than Rs 16 crore in salary from ICICI Bank between 2017 and 2024 – a period when she was either a whole time member of the regulatory body or its chairperson.
Congress spokesperson Pawan Khera claimed that Buch also received an income of Rs 22.41 crore from ICICI Prudential during the same period and received ESOP worth over Rs 2 crore from ICICI bank.
The fresh accusation comes in the wake of an ongoing row stoked by Hindenburg Research, which claimed that the SEBI chairperson might not have conducted a proper investigation into the Adani Group due to a conflict of interest.
"The role of SEBI is to regulate the share market where we all invest our money. It has a very important role to play. Who appoints the chairperson of SEBI? This is the Appointments Committee of the Cabinet, Prime Minister and Union HM Amit Shah," Khera said at a press conference in Delhi.
"There are two members in this committee for appointing the chairperson of SEBI. She (SEBI Chairperson Madhabi Puri Buch), between 2017 and 2014, was taking regular income of ₹16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member, then why were you taking a salary from ICICI," he asked.
In July, Hindenburg Research, a US-based short seller, alleged that SEBI was less than keen to act on its January 2023 report on the Adani Group due to investments by Buch and her husband, Dhaval Buch, in offshore funds linked to the Gautam Adani-led enterprise.
In January 2023, Hindenburg accused business tycoon Gautam Adani of pulling the largest con in corporate history. Although the infrastructure group denied all allegations of stock-price manipulation, undisclosed related-party transactions, and breach of public shareholding norms, the court asked the SEBI for a probe.
The court-appointed panel of experts concluded that the SEBI's investigation into the 42 offshore investors in 13 opaque vehicles that had bought chunks of the Adani empire was a "journey without a destination," according to Bloomberg.
Buch is yet to reply to the Congress's allegations.
Image Source: Securities and Exchange Board of India (GODL-India)
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