Business: The Congress party has raised serious concerns about the alleged financial controversies involving Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch. The party claims that Buch has been drawing income from ICICI Bank while working as a full-time member of SEBI, which is potentially in violation of regulatory norms. Dual income allegations During a press conference in Delhi, Congress leaders accused Buch of drawing salary from SEBI and simultaneously receiving payments from ICICI Bank. According to the Congress, Buch has been drawing income from ICICI Bank since her appointment as SEBI member in 2017, while regulations prohibit such dual income streams. Congress spokesperson Pawan Khera highlighted that Buch’s total income from ICICI Bank during this period was Rs 16.8 crore, much higher than her Rs 3.3 crore salary from SEBI. Khera asserted that Buch receiving dual payments was in violation of Section 54 of SEBI’s regulatory framework, which mandates that members should not engage in any other financial activities that may lead to a conflict of interest. The Congress has called on Prime Minister Narendra Modi to address these concerns and clarify the appointment criteria for regulatory bodies.
Demand for answer from Prime Minister
Congress general secretary in-charge of communications Jairam Ramesh stressed the gravity of the allegations, especially in view of the ongoing Supreme Court-directed probe into alleged violations by the Adani Group. Ramesh criticised the Indian government for its alleged ignorance of these serious questions and demanded a transparent review of Buch’s appointment and financial dealings. Hindenburg Research report
The Congress allegations come after recent claims made by Hindenburg Research, a US-based short-seller firm, which said that Buch and her husband Dhaval Buch had stakes in shadowy offshore entities linked to the alleged Adani money siphoning scam. Buch denied these allegations, saying that his investments in the said funds were made prior to Madhabi Buch’s tenure at SEBI. Public and business scrutiny
On the same day of the press conference, Buch attended an event of the Confederation of Indian Industry, where he discussed real estate investment trusts (REITs). Buch indicated that discussing REITs could lead to further allegations of conflict of interest, citing the investigations currently underway from various quarters, including Hindenburg Research.
Financial implications and regulatory oversight
The Congress party’s allegations and related investigations come at a time when Buch is facing criticism over important regulatory matters.
