Buch Took Salary From ICICI Bank While Serving Sebi: Congress

Voicing concerns over a potential conflict of interest involving the Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch, the Congress party spokesperson Pawan Khera has claimed that Buch was receiving regular income from ICICI bank while she was a whole time member of the Sebi. The spokesperson questioned the independence and impartiality of the market regulator.

While questioning the integrity of Sebi, Khera not only called for an investigation into the matter but also emphasised the need for transparency in Sebi. He asked, “How can one ensure fair regulation when the head of Sebi has been receiving a salary from a private entity like ICICI Bank?”

While speaking to the reporters in a press conference in Delhi on Monday, Khera claimed that this issue represents a serious breach of accountability and ethics in public service. “When you work at one company, you take a salary from there only. However, when the Sebi Chairperson was a full-time member of Sebi, she was receiving a regular income from ICICI Bank, prudential and ESOP from 2017 to 2024. Someone sitting in such a higher position in a regulatory body was receiving a payment from somewhere else. This is a complete violation of Section 54 of Sebi,” said Khera.

The congress spokesperson also questioned the Prime Minister and Home Minister by stating, “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 Home Minister Amit Shah. There are two members in this committee for appointing the chairperson of Sebi…When she between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI bank. You are also a full-time Sebi member. Why were you taking a salary from ICICI? ”

The Sebi Chairperson has yet not responded to these allegations as Congress has demanded an investigation to ensure that the regulatory frameworks remain independent of any external influence.