Congress Accuses SEBI Chairperson of Profiteering Amidst Controversy

The Congress party has accused SEBI Chairperson Madhabi Puri Buch of office for profit, claiming she received substantial income from ICICI Bank while serving as a regulatory member and later as chairperson. This is compounded by recent allegations from Hindenburg Research involving conflicts of interest.

The Congress party has leveled serious accusations against SEBI Chairperson Madhabi Puri Buch, alleging that she engaged in office for profit. Pawan Khera, Chairman of the Media and Publicity Department for Congress, claimed at a New Delhi press conference that Buch received regular income totaling Rs 16.80 crore from ICICI Bank and its asset management arm ICICI Prudential, between 2017 and 2024, while serving as a whole-time member and later Chairperson of SEBI.

The allegations specify that Buch received varying amounts of money over multiple fiscal years from ICICI entities, with substantial payouts purportedly coming in as late as 2023-24. Additionally, according to Congress, Buch was also drawing a salary from SEBI during this period. Khera voiced concerns over potential conflicts of interest, noting that several ICICI Bank-related probes were underway during Buch's tenure.

This controversy is further intensified by recent allegations from Hindenburg Research, which accused Buch and her husband of having stakes in offshore entities involved in the Adani money siphoning scandal. In response, Buch and her husband issued a detailed statement rejecting these claims, asserting their financial transparency and readiness to disclose any documents. The SEBI Chairperson has yet to directly respond to Congress' new allegations.

(With inputs from agencies.)