‘Madhabi Buch Gets Salary From ICICI Bank,’ Congress’s Pawan Khera’s Scathing Attack On Sebi Chairperson

The Congress party has alleged a potential conflict of interest involving SEBI Chairperson Madhabi Puri Buch. Congress spokesperson Pawan Khera claimed that Buch continued to draw a salary from ICICI Bank while she was a member of SEBI & said that its a serious breach of ethics and accountability in public service. ‘SEBI chief committed a big scam, SEBI chief got salary from the government, violation of section 4 of SEBI’ said Congress’s Pawan Khera.

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He added, ‘’Who appoints the chairperson of SEBI? This is the Appointments Committee of the Cabinet, Prime Minister and Union HM Amit Shah. There are two members in this committee for appointing the chairperson of SEBI…When she (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2014 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?.’’
Pawan Khera Slams SEBI Chairperson
The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, ESOPs, and TDS on ESOPs.
According to the Congress’ allegations: in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential.
In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential.
In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank.
In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential.
‘Probes Against ICICI Bank Were Adjudicated,’ Alleges Congress
The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson.
Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank.
“The person sitting at the top of the regulator is taking salaries from another entity,” Khera alleged, adding it was a perfect case of “office for profit”.
“So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?,” Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI.
(With Inputs From ANI)