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According to Congress spokesperson Pawan Khera, Buch reportedly earned over ₹12 crore in salary from ICICI Bank between 2017 and 2024 and an additional ₹22.41 crore from ICICI Prudential during the same period.
NEW DELHI: The Congress party accused Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), of potential conflicts of interest linked to her past financial ties with ICICI Bank and ICICI Prudential.
According to Congress spokesperson Pawan Khera, Buch reportedly earned over ₹12 crore in salary from ICICI Bank between 2017 and 2024 and an additional ₹22.41 crore from ICICI Prudential during the same period. Khera further alleged that she received employee stock ownership plans (ESOPs) worth over ₹2 crore from ICICI Bank.
These accusations follow a report by Hindenburg Research, which claimed that SEBI may have failed to conduct a proper investigation into the Adani Group due to Buch’s potential conflicts of interest. Hindenburg’s report suggested that Buch and her husband, Dhaval Buch, might have investments in offshore funds linked to the Gautam Adani-led conglomerate, raising questions about SEBI’s impartiality.
At a press conference on Monday, Khera questioned the integrity of SEBI’s regulatory role under Buch’s leadership. “SEBI’s role is crucial in regulating the share market, where millions of Indians invest their money. The chairperson of SEBI is appointed by the Appointments Committee of the Cabinet, which includes the Prime Minister and the Union Home Minister,” he said. He expressed concern over Buch’s dual role as a SEBI member and a salaried executive at ICICI Bank, asking, “Why was she taking a salary from ICICI while serving as a full-time SEBI member?”
The allegations come in the wake of the ongoing Adani-Hindenburg controversy. In January 2023, Hindenburg accused Adani Group of engaging in massive corporate fraud, including stock-price manipulation and undisclosed related-party transactions. While Adani Group has denied the allegations, the Supreme Court ordered SEBI to investigate the matter and appointed a panel of experts to assess potential regulatory lapses. The expert panel later described SEBI’s probe into offshore investors linked to the Adani Group as a “journey without a destination.”
