Sebi chief drawing salary from ICICI and ICICI Prudential: Congress

Congress on Monday alleged that Sebi Chairperson Madhabi Puri Buch drew a salary of over 12 crore between 2017 and 2024 from ICICI bank. She also received an income of ₹22.41 crore from ICICI prudential during the same period. Further, she received ESOP of over ₹2 crore from ICICI bank. This comes amid Hindenburg Research’s serious allegations against Buch in the Adani Group saga.
In a press conferance, Congress leader Pawan Khera said, “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. ”

“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?…”
Last month, the US-based short seller alleged that the Securities and Exchange Board of India was unwilling to act on its January 2023 report on the Adani Group because Sebi chairperson Madhabi Puri Buch and her husband Dhaval Buch had investments in offshore funds that had links with the Gautam Adani-led enterprise.
In January 2023, Hindenburg had accused the tycoon Gautam Adani of pulling the largest con in corporate history. Although the infrastructure group denied all allegations of stock-price manipulation, undisclosed related-party transactions, and breach of public-shareholding norms, the court asked the Securities and Exchange Board of India for a probe. It also asked a panel of experts to assess if there had been regulatory lapses.

The committee concluded that the SEBI’s investigation into the 42 offshore investors in 13 opaque vehicles that had bought chunks of the Adani empire was a “journey without a destination.” Dig into any of the 42 names belonging to Cayman Islands, Malta, Curacao, British Virgin Islands, Bermuda, Ireland and the UK, and you may find another hard-to-decipher company, or offshore fund. Finding the ultimate beneficiary owner may be a never-ending exercise.
(With agency inputs)