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Informist, Monday, Sep 2, 2024

NEW DELHI — In a fresh attack on Securities and Exchange Board of India Chairperson Madhabi Puri Buch, the Congress party today alleged that the SEBI chief has been holding office of profit with the ICICI Bank since she took assumed office at the regulator in 2017 and received 168 mln rupees from ICICI Bank and associate companies.

"The total amount received by the SEBI chairperson from ICICI from her time of joining SEBI in 2017 up until today totals to 16,80,22,143 (168 mln) rupees, which is shockingly 5.09 times the income she received from SEBI during the same period which amounts to 3,30,28,246 (33 mln) rupees," Congress leader Pawan Khera said.

The Congress party alleged that Puri was receiving regular income from ICICI Bank, ICICI Prudential, and employee stock option plans from 2017-2024. and that she violated Section 54 of the SEBI Act.

"When you work at one company, you take a salary from there only. Someone sitting in such a higher position in a regulatory body was receiving a payment from somewhere else. You are a full-time SEBI member, then why were you taking a salary from ICICI? This is completely a violation of Section 54 of SEBI," Khera said.

"As a whole time member and chairperson of SEBI, the current SEBI chairperson was not only drawing income from ICICI but also adjudicating complaints against ICICI and its affiliates," the Congress leader said. The party also criticised Prime Minister Narendra Modi for safeguarding Buch. The Congress leader questioned whether the Appointments Committee of the Union Cabinet, headed by Modi, had gone through the "shocking" facts about the SEBI chairperson, or if it had been "completely outsourced" to the Prime Minister's Office.

"Who appoints the chairperson of SEBI? This is the Appointments Committee of the Cabinet, Prime Minister and Union Home Minister Amit Shah. There are two members in this committee for appointing the chairperson of SEBI," Khera said. "Was the prime minister aware that the SEBI chairperson was holding an office of profit and receiving salary/income from ICICI during her time at SEBI?"

Buch has been under fire lately amid several allegations of conflict of interest due to her personal holdings. In an Aug 10 report, US short-seller Hindenburg Research had alleged, among other things, egregious conflict of interest on the part of Buch in her capacity as SEBI chairperson from Mar 2, 2022, and earlier as a whole-time member from Apr 5, 2017 to Oct 4, 2021, with regard to her role in an investigation in the Adani group.  End

Reported by Kuldeep Singh

Edited by Vandana Hingorani

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