Congress Alleges Conflict of Interest in SEBI Chairperson’s Income
Image Source: Business Today
The Congress party has raised genuine concerns with respect to Madhabi Puri Buch, the current Chairperson of the Securities and Exchange Board of India (SEBI). The party charges that Buch has been receiving a considerable pay from ICICI Bank while holding a full-time position at SEBI, which they contend constitutes a conflict of interest.
Allegations of Double Income
During a press conference in Delhi, Congress representative Pawan Khera claimed that since Buch took office as a whole-time member of SEBI in 2017, she has been drawing a regular compensation not only from SEBI but also from ICICI Bank and its subsidiaries. Khera expressed that this practice violates Section 54 of the SEBI Act, which prohibits SEBI members from holding any office of profit elsewhere. According to Congress, Buch received a total of Rs 16.8 crore from ICICI Bank between 2017 and 2024. This amount is supposedly 5.09 times her SEBI wage of Rs 3.3 crore during the same period.
Questions Surrounding SEBI’s Integrity
The Congress party further criticized Prime Minister Narendra Modi for not addressing these concerns and demanded transparency in the appointment process of regulatory heads. Congress general secretary Jairam Ramesh expressed alarm over the alleged conflict of interest, especially in light of SEBI’s ongoing investigations into the Adani Group, a case mandated by the Supreme Court. Ramesh accused the government of disregarding these serious issues, which could undermine public trust in SEBI’s impartiality.
Additionally, the controversy surrounding Buch expanded after U.S.-based Hindenburg Research accused her and her husband, Dhaval Buch, of having stakes in offshore entities involved in the alleged Adani stock manipulation scandal. Both Buch and her husband have denied these claims, stating that their investment in the fund in question occurred two years before Buch joined SEBI.
Madhabi Puri Buch responded to these charges at a Confederation of Indian Industry event, where she indicated that investigating certain investment subjects might lead to allegations of a conflict of interest, indirectly referencing the Hindenburg Research claims.
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