Trouble Mounts For Madhabi Puri Buch: Congress' Pawan Khera Alleges SEBI Chief Drew Salary From ICICI Bank

Congress leader Pawan Khera has alleged that SEBI Chairperson Madhabi Puri Buch was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank between 2017 and 2014.

New Delhi: Fresh troubles seem to be brewing for Sebi Chairman Madhabi Puri Buch, with Congress spokesperson Pawan Khera levelling allegations that the chief of SEBI drew salary from ICICI Bank, and eased norms for it.

Congress leader Pawan Khera said, "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 Amit Shah. There are two members in this committee for appointing the chairperson of SEBI...She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2014 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member, then why were you taking a salary from ICICI?..."

Buch is already in the eye of the storm, following fresh rounds of allegations by Hindenburg. The Hindenburg report published last month, alleged that Madhabi Buch, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal, a claim outrightly rejected by Sebi, its Chief and the Adani group.

Following the release of the Hindenburg on August 10, Buchs and SEBI had released their response via a press release, their only response till date, rebutting all the claims made by the US-based short seller. Added to that, the silence from Sebi's board of directors, Indian market regulator's credibility has taken a nosedive. 

Leader of Opposition in the Lok Sabha, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) probe into the charges against Madhabi Puri Buch flowing the series of allegations levelled against the Sebi chief by Hindenburg report. 

The ICICI Bank, however, rejected the allegation saying that no extra payments were made to Buch.

ICICI issues statement - It has come to our attention that there are certain reports in media alleging payment of salary by ICICI Group to Madhabi Puri Buch, Chairperson, SEBI. In this connection, we would like to clarify as follows: “ICICI Bank or its group companies have not… https://t.co/Hrw8hRuSuo pic.twitter.com/YJTghSH59H

— ANI (@ANI) September 2, 2024

The ruling BJP has however dismissed the claims calling it a "sham" aimed at undermining the Indian economy.