'She was receiving regular…': Congress accuses SEBI chairperson Madhabi Buch of conflict of interest

Congress has sharply criticised the SEBI Chairperson Madhabi Puri Buch for allegedly receiving dual salary from the government as well as from the private companies including ICICI Bank and ICICI Prudential. This revelation has led to a controversy over possible conflict of interest and credibility of the Indian financial system.

At a press conference, Pawan Khera accused Buch, who joined SEBI in 2017 and became its chairperson in 2022, of drawing a salary from ICICI Bank while being a full-time SEBI member.

Khera asked, “How can one ensure fair regulation when the head of SEBI has been receiving a salary from a private entity like ICICI Bank?” He also mentioned that between 2017 and 2024, Buch had received frequent income from ICICI Bank, prudential, and ESOPs of Rs 16.80 crore. This, Khera said, is a clear violation of Section 54 of SEBI regulations.

His allegations also pointed out that several investigations related to ICICI Bank were concluded during the period when Buch was receiving this income, which makes the question of bias even more questionable. “When you work at one company, you draw your pay from there alone,” Khera said.

#WATCH | Congress leader Pawan Khera says "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… pic.twitter.com/aEYLPLe7gL

— ANI (@ANI) September 2, 2024

The Congress leader also directed his ire at Prime Minister Narendra Modi and Home Minister Amit Shah over the procedure of selection of the SEBI chairperson.

“The SEBI is the regulator of the share market where all of us invest our money,” Khera said, adding that the Appointments Committee of the Cabinet, Prime Minister and Union Home Minister Amit Shah decide who gets appointed as the chairperson of SEBI. “There are two members in this committee for the appointment of the chairperson of SEBI,” he said, hinting that the government’s decision to appoint Buch raises more questions about

While the debate goes on, it is yet to be seen how SEBI and the government will react to such serious accusations and whether they will act on the issues raised by the Congress party.