Buch drew ₹16 cr salary from ICICI group as SEBI member, chairperson: Congress

The Congress party today alleged that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch drew a regular salary from ICICI Bank, despite being a full-time member of the market regulator. The party demanded that Buch should step down for alleged violation of Section 54 of SEBI Act.

“SEBI Chairperson Madhabi Puri Buch was whole-time member of SEBI between April 5, 2017 and October 4, 2021. She was appointed as the Chairperson of Sebi on March 2, 22. As a market regulator, Sebi has a very significant role,” said Congress Spokersperson Pawan Khera in a press conference today.

Alleging irregularities, Khera alleged that SEBI chairperson Buch has been drawing regular salary between 2017 and 2024 worth ₹16.80 crore from ICICI Bank.

“The Congress party would like to know why the SEBI chairperson was drawing salary from the ICICI bank, ICICI Prudential and ESOP, upon which the TDS was deducted by ICICI. This is a gross violation of section 54 of Sebi (Employees’ Service) Regulations, 2001 and Section 5 of SEBI Code on Conflict of Interests for Board Members 2008. This is a matter of office of profit,” Khera added.

“Between 2017 and 2024, even while she was whole-time member and chairperson, SEBI, Buch accepted ₹22,41,000 from ICICI Prudential. Why was the money received? What service did she provide to ICICI?” Khera asked.