Congress has made very serious allegations against SEBI chief Madhabi Puri Buch. In a press conference on Monday, Congress alleged that the SEBI chief misused his position while holding a government post. She took a salary from the government, and on the other hand, she also took more than Rs 16 crore from ICICI Bank and ICICI Prudential.
Hindenburg had earlier accused the SEBI chief of misusing his position. But the allegations made by Congress spokesperson Pawan Khera kare a direct violation of Section 54 of SEBI and a case of 'Office of Profit'.
In 2017, Buch became the Whole Time Director of SEBI, and in 2022, Buch was made SEBI Chairman for 3 years. Congress alleges that from 2017 to 2024, the SEBI chief took money from ICICI Bank and ICICI Prudential in different ways.
Congress alleges that SEBI chief took Rs 12.63 crore as salary from ICICI Bank from 2017 to 2021. From 2017 to 2024, she took Rs 22.41 lakh from ICICI Prudential. From 2021 to 2023, the SEBI chief took Rs 2.84 crore from ICICI Bank through ESOP. ICICI Bank also paid TDS on ESOP given by ICICI, which is more than Rs 1.10 crore. In total, from 2017 till date, the SEBI chief took Rs 16,80,22,143 from ICICI. During this period, while being the SEBI chief, she took Rs 3,30,28,246 crore as salary from 2021 till now. That is, she took a salary as well as money from another company.
Congress's serious allegations against SEBI chief Madhabi Puri Buch includes:
- Violated section 54 of SEBI
- Violated section 5 related to the code of conduct
- Misused position while being the head of SEBI
- Took money from another company along with government salary
- Resolved complaints of ICICI Bank and its associate companies
- Evaded tax worth about Rs 50 lakh
The SEBI chief has a long association with ICICI Group. Buch has been an executive director on the board of ICICI Bank and has also been the CEO of ICICI Securities. ICICI Securities is a stock market and works in the financial sector. Madhuri Puri Buch is the chairperson of SEBI, the largest government organization that monitors the country's financial sector. In such a situation, the allegations levelled by Congress on Madhuri Puri Buch are very serious.
However, ICICI Bank on Monday said it has not paid any salary or granted ESOPs to Sebi chairperson Madhabi Puri Buch after her retirement on October 31, 2013, as alleged by the Congress.
Congress' fresh allegations come days after Hindenburg Research launched a fresh broadside against market regulator Sebi chairperson Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. Buch had denied the allegations levelled against them as baseless and asserted that their finances are an open book.
