Congress alleges Madhabi Puri Buch took salary from ICICI Bank as Sebi member

The Congress launched salvo at Sebi chairperson Madhabi Puri Buch on Monday (September 2, 2024), alleging that in violation of the regulatory board rules, she took salary and ESOP from ICICI Bank while being a full-time Sebi member.

Training guns at Prime Minister Narendra Modi, Congress spokesperson Pavan Khera, in a press briefing on Monday, said that whether he was aware of the Sebi chief's Office of Profit case.
Khera asked the PM to describe the process of selecting the regulatory head.

The Congress spokesperson said whether the PM got information about Buch's office of profit case before the ACC selected her as Sebi chairperson.

"The question to the PM is whether he was aware of the Sebi Chief's Office of Profit case?," he said, targeting the PM.

"And if not, are you running the government?" Khera further said. 

"There is a policy of ESoPs, even after leaving the company, the Sebi chief kept getting benefits? Was the PM aware of this?

"The question to the PM is that despite so many allegations, information, and the Hindenburg report against the Sebi chief, who is protecting him?" said Khera.

The Congress spokesperson alleged that the SEBI chairperson took a salary of Rs 16 crore and 80 lakh from ICICI Bank from 2017 to 2024.

He said that Buch took salary and ESoPs from ICICI Bank and ICICI Prudential.

"This is a violation of Section 54 of SEBI and a case of office of profit," he said.

"While being a whole-time member, she received continuous money from ICICI Bank and ICICI Prudential. In 2021-22, salary from ICICI Bank stopped, but she got ESoP. She got salary, ESOP, and TDS from ICICI Prudential too," added Khera.

"Has ICICI Bank made any deliberation anywhere to give such ESOPs?" Khera questioned the private lender.

The Congress spokespersons questioned the bank, saying why was it giving money to Buch and what was it taking in return.

"The Congress' question to Sebi Chairman, are there any other companies from which you are taking money or benefits or were..."

Asking a question from Buch, Kehra said that was she and her family members associated with such companies that are under the purview of Sebi's investigation?

When Congress was asked about the source of information, it said that it can't be proven wrong.