Congress Accuses SEBI Chief of Holding Office of Profit at ICICI Bank, Receiving ₹16.8 Cr

New Delhi: The Congress party on Monday accused Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), of holding an office of profit at ICICI Bank and receiving ₹16.8 crore in benefits from the bank and its subsidiaries.

During a press conference in Delhi, Congress spokesperson Pawan Khera alleged that between 2017 and 2024, Buch received ₹12.63 crore from ICICI Bank, ₹22.41 lakh from ICICI Prudential, ₹2.84 crore from Employee Stock Ownership Plans (ESOPs), and ₹1.10 crore in Tax Deducted at Source (TDS) payments, in addition to her SEBI salary of ₹3.3 crore.

Khera described these transactions as not just improper but illegal and demanded clarity on what services Buch provided to ICICI in exchange for these payments. He questioned how a regulator’s head could ethically accept payments from an entity under its jurisdiction.

Highlighting specific instances, Khera stated that in 2017-2018, Buch received ₹2.06 crore from ICICI Bank, ₹7 lakh from ICICI Prudential, and ₹35.26 lakh from SEBI. Payments continued annually from ICICI entities even after Buch became SEBI chairperson. He further claimed that from 2021-2022, Buch received no salary from ICICI Bank but continued to benefit from ESOPs and TDS payments.

Khera also questioned the legitimacy of Buch’s appointment as SEBI Chairperson, challenging Prime Minister Narendra Modi and Home Minister Amit Shah, both members of the Appointment Committee of the Cabinet (ACC), on whether they were aware of Buch’s financial ties with ICICI. He raised concerns about whether the ACC had vetted these financial connections before her appointment.

Khera demanded transparency, calling on SEBI to disclose if other companies provided similar benefits to its members. He also asked whether ICICI had disclosed these payments in its annual reports as required by regulations.

As of now, Buch, ICICI and the government have not responded to the allegations.

Earlier, on August 10, Hindenburg Research had accused Buch and her husband of investments linked to offshore entities allegedly used by the Adani Group for stock manipulation. Buch and her husband denied these claims, stating that their finances are transparent and all required disclosures have been made to SEBI.