The Congress party has labeled the office for profit allegation against SEBI Chairperson Madhabi Puri Buch
In New Delhi on September 2, the Congress party made new allegations against SEBI Chairperson Madhabi Puri Buch, accusing her of holding an office for profit. Pawan Khera, Chairman of the Media and Publicity Department for Congress, claimed Buch received regular payments from ICICI Bank and its asset management arm, ICICI Prudential, during her tenure with SEBI.
Khera stated that between 2017 and 2024, Buch received Rs 16.80 crore from these institutions, including salary and other earnings. He detailed the amounts received each year from ICICI Bank and ICICI Prudential, and also mentioned that Buch continued to receive income from these sources while serving as a SEBI member and later as Chairperson.
The Congress also alleged that during Buch's tenure, SEBI was adjudicating several probes involving ICICI Bank, raising concerns about potential conflicts of interest. Khera questioned why Buch was receiving income from ICICI while being a full-time SEBI member, describing it as a violation of SEBI regulations and calling for her resignation.
SEBI Chairperson Madhabi Puri Buch has not yet responded to these allegations. Previously, Hindenburg Research had accused Buch of conflicts of interest related to offshore entities in the Adani money siphoning scandal. Buch and her husband have denied these accusations and offered to provide financial documents to authorities to clarify their position.