Sebi chief Madhabi Puri Buch drew Rs 16.8 cr from ICICI Bank, alleges Congress

Buch is already in the eye of the storm, following allegations by the US-based shortseller Hindenburg Research last month which alleged that she and her husband Dhawal had stakes in the obscure offshore funds used in the Adani money siphoning scandal, a claim outrightly rejected by Sebi, its chief and the Adani group.

Khera also sought her immediate resignation for allegedly violating Section 54 of Sebi.

Buch was a wholetime member of Sebi from April 5, 2017, to October 4, 2021. “Then on March 2, 2022, Buch became the chairperson. Buch, while being a full-time member of Sebi, was drawing regular income from ICICI Bank, which was Rs 16.80 crore. She was also taking ICICI Prudential Esops and TDS of Esops from ICICI Bank. So we want to know why you were taking your salary from ICICI despite being a full-time member of Sebi?” Khera asked.

“This is a direct violation of Section 54 of Sebi. Therefore, if Buch has any shame, she should resign from her post,” the party said, stepping up its attack on Sebi chief after the Hindenburg report last month.

The party said these facts raise concerns about a potential conflict of interest involving Sebi’s chairperson and that her drawing a regular salary is a serious breach of ethics and accountability in public service and raising questions about her integrity.

“How can one ensure fair regulation when the head of Sebi has been receiving a salary from a private entity like ICICI Bank?” the party asked.