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The Congress party has launched a fresh attack on the Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch, accusing her of potential conflicts of interest due to financial ties to ICICI Bank and ICICI Prudential. This latest accusation comes on the heels of Hindenburg Research's claims that SEBI's investigation into the Adani Group was compromised by Buch's alleged investments in offshore funds linked to the conglomerate.
Congress spokesperson Pawan Khera alleged that Buch received over ₹12 crore in salary from ICICI Bank between 2017 and 2024. Furthermore, he claimed she earned ₹22.41 crore from ICICI Prudential during the same period, in addition to receiving ESOPs worth over ₹2 crore from ICICI Bank. Khera questioned how Buch, while being a full-time member of SEBI, could concurrently receive such substantial income from ICICI entities, raising concerns about potential conflicts of interest.
The Congress party's allegations, stemming from Hindenburg's accusations, have reignited the debate surrounding SEBI's independence and its ability to impartially regulate the Indian financial market. The Adani-Hindenburg row, which began with a report alleging stock manipulation and related-party transactions within the Adani Group, has significantly intensified the scrutiny of SEBI's actions and the appointment of its chairperson. A panel of experts, commissioned to assess SEBI's investigation into the Adani Group, concluded that the investigation was effectively ineffective, further adding to the concerns about the regulator's effectiveness and its potential biases. This controversy highlights the crucial need for transparency and accountability within regulatory bodies, particularly those entrusted with safeguarding the integrity of the financial markets.
While Madhabi Puri Buch has not publicly responded to the latest allegations, the Congress party's accusations have raised significant concerns about the perception of impartiality within SEBI. This controversy underscores the challenges of navigating complex financial dealings and ensuring that regulatory bodies maintain their independence and credibility in the face of potential conflicts of interest.
Source: SEBI chief drawing salary from ICICI and ICICI Prudential: Congress