SEBI Chief Madhabi Puri Buch Accused of Receiving ₹16.8 Crore from ICICI Bank Despite Being a Full-Time Member
In a shocking revelation, the Congress party has accused Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch of receiving a staggering ₹16.8 crore from ICICI Bank while serving as a full-time member of SEBI. The party has demanded Buch’s resignation, alleging a blatant conflict of interest and violation of SEBI’s own regulations.
According to Congress leader Pawan Khera, between 2017 and 2024, Buch received ₹12.63 crore from ICICI Bank, ₹22.41 lakh from ICICI Prudential, ₹2.84 crore from Employee Stock Ownership Plans (ESOPs), and ₹1.10 crore in Tax Deducted at Source (TDS) payments from ICICI, in addition to her salary from SEBI, which totaled ₹3.3 crore. Khera questioned how the top authority of a regulatory body could ethically take income from an entity it regulates, stating, “This is not just impropriety; this is illegality.
The Congress leader highlighted specific instances of the payments, noting that in 2017-2018, Buch received ₹2.06 crore from ICICI Bank, ₹7 lakh from ICICI Prudential, and ₹35.26 lakh from SEBI. These payments continued annually, with amounts allegedly coming from ICICI Bank, ICICI Prudential, and ESOPs, even after Buch assumed the role of SEBI chairperson.
Khera also accused SEBI of changing its guidelines to support ICICI, citing a report from the Economic Times. He challenged SEBI to disclose if any other companies were providing similar benefits to SEBI members or their family members.
The Congress party has stepped up its attack on SEBI chief after Hindenburg Research last month claimed Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. Buch and her husband have denied the allegations as baseless and asserted that their finances are an open book.
However, the BJP has attacked the Congress for backing Hindenburg’s charges, with MP Sudhanshu Trivedi alleging that the opposition has some connections with abroad to create instability and anarchy during every Parliament session of India.
ICICI Bank has clarified that it did not pay any salary or ESOPs to Buch during her tenure as SEBI chief. The bank stated, “ICICI Bank categorically denies the allegations made by the Congress party against Madhabi Puri Buch, Chairperson of SEBI, regarding payments made to her by the bank.”
The allegations have raised serious questions about the integrity of SEBI’s leadership and the regulatory body’s ability to function independently. The Congress has demanded answers not just from SEBI and ICICI but also from the highest levels of government, including Prime Minister Narendra Modi and Home Minister Amit Shah, who were part of the Appointment Committee of the Cabinet (ACC) that appointed Buch as SEBI chairperson.
As the controversy continues to unfold, it remains to be seen whether Buch will address the allegations directly and whether an independent investigation will be launched to determine the veracity of the claims. The credibility of SEBI and the Indian financial markets is at stake, and the government must act swiftly to restore public trust in the regulatory framework.
