The Indian National Congress (INC), the country’s largest opposition party, made new accusations against Prime Minister Narendra Modi and SEBI head Madhabi Buch on Monday, September 2.
The party demanded an explanation from PM Modi on Buch’s appointment to lead the market regulator.
Congress leader Pawan Khera levied a slew of charges against Madhabi Puri Buch, the chairman of the Securities and Exchange Board of India (SEBI), and her relationship to ICICI Bank. According to Khera, Buch has been paid by both the government and two private institutions, ICICI Bank and ICICI Prudential. During a press conference, he revealed that Buch earned a steady income of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times her pay of Rs 3.30 crore from SEBI. He further said that Buch was paid during this period even though numerous investigations against ICICI Bank were resolved.
Allegations Raised Against The SEBI Chairperson
He claimed that in violation of Section 5 of SEBI’s Code on Conflict of Interests for Board Members (2008), which forbids full-time SEBI employees from accepting benefits from any other organisations and from engaging in activities that involve receiving a salary or fee, Buch received a salary of Rs 12.63 crores from ICICI Bank between 2017 and 2021 while serving as a full-time member of SEBI.
Additionally, Buch received an ESOP of Rs 2.84 crore from ICICI Bank between 2021 and 2023. According to Khera, the SEBI chairperson received TDS on the ESOP during that same time period, which was paid by ICICI Bank in the amount of Rs 1.10 crores.The Congress spokeswoman questioned Buch, saying, “You are also a full-time SEBI member. Why were you taking a salary from ICICI?”
Questions Raised Against PM Modi
“Was the Prime Minister aware that the SEBI chairperson was holding an office of profit and receiving salary/income from ICICI during her time at SEBI?” Khera posed a query to Prime Minister Modi. He went on to question why and by whom the SEBI chairperson is being protected.
The head of the Congress emphasised that Union Minister Amit Shah and Prime Minister Modi’s Appointments Committee of the Cabinet make the appointment of SEBI’s chairwoman.
“The people have put their trust in SEBI, whose chairman is directly appointed by the Indian Prime Minister (Annexure 1), but it seems like they have been lying to us the entire time,” he remarked.
ICICI’s statement
“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits,” claimed the bank.
“Ms. Buch received all of the payments after she retired, which had been accrued throughout her time working for the ICICI Group. Retirement benefits and ESOPs are included in these payments,” the statement continued.