The Indian National Congress has accused Sebi Chairperson Madhabi Puri Buch of a potential conflict of interest, highlighting her significant income from ICICI Bank and ICICI Prudential during her time as a member of SEBI. The party’s concerns stem from Buch’s simultaneous roles within SEBI and her financial ties to a major financial institution.
Congress leader Pawan Khera pointed out that Buch earned over ₹12 crore as SEBI Chairperson between 2017 and 2024, while also receiving ₹22.41 crore from ICICI Prudential and over ₹2 crore in ESOPs from ICICI Bank during the same period. Khera stated, “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 HM Amit Shah.” He continued, “There are two members in this committee for appointing the chairperson of SEBI…She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2014 was taking regular income of ₹16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member, then why were you taking a salary from ICICI?”
Khera’s comments highlight concerns about potential bias or influence that Buch’s previous financial ties to ICICI might have on her decisions as SEBI Chairperson. This issue raises questions about the transparency and integrity of the regulatory body, as well as the process for appointing its leadership.
SEBI, as the regulator of the Indian capital markets, plays a crucial role in ensuring fair and transparent practices. The allegations made by the Congress raise serious concerns about the potential for conflicts of interest within the organization, which could undermine public trust in the regulatory system.
