Hindenburg vs Adani Saga: Congress levels fresh allegations against Madhabi Puri Buch, demands clarification from Sebi Chief, regulator, Centre

A day after launching a salvo at Sebi Chairperson Madhabi Puri Buch, the Indian National Congress (INC) levelled fresh allegations against her, providing more details about her past association with ICICI Bank. Demanding urgent clarification from Buch, the market regulator, and the Centre, Congress spokesperson Pavan Khera reiterated that the matter needs to be thoroughly investigated.

Here are key takeaways from the INC press conference on September 3 in which the INC levelled more allegations against the Sebi chief: 

• We unearthed a range of serious issues yesterday, demanding response from PM, Sebi as well as ICICI Bank 
• We received response from one of the three
• ICICI Bank has said that it granted retirement benefits to Buch, which cements the serious questions already raised by INC
• Howcome the pension amount is changing every year?
• Payments stopped for one year and then again started in 2016
• From 2007 to 2014, she drew an average annual salary of Rs 1.3 crore and an average pension of Rs 2.77 crore
• We found this information after conducting thorough research after receiving ICICI Bank's response on the matter
• Hopefully Buch will look at this table and respond

(This table was presented by the INC at the briefing)

• We seek answers from ICICI Bank
• Questions on ICICI Bank's claim on 'retiral benefit' 
  • Why has this so-called 'retiral benefit' been non-uniform both in terms of its frequency and amount?
  • Why did it resume in 2016-2017 after a year's gap and then continue until 2021?
  • How can such a benefit be more than salary as an employee?
• She benefitted by enchasing ESOPs following a rise in the bank's stock; she was part of Sebi then
• Eight years into the development, this benefit creates doubt
• How many employees bore the burden of the ESOPs payout needs to be investigated
• Was this policy of paying TDS on ESOPs for all employees?
• Why did Buch never disclose this income as part of her overall earnings?
• Income Tax Department should seek these answers
• There is no response so far from the BJP or the government
• You can imagine the seriousness of the issue when the government doesn't respond even after allegations levelled by former BJP MPs
• We have repeatedly sought these answers
• We will also demand the formation of a JPC on this matter; we will discuss this matter with the party and its allies
• We expect Sebi to come clean on the matter to restore the people's faith in the regulator 

On Monday, the main opposition party, often referred to as the 'grand old party', took aim at Buch with a series of allegations. They claimed that her acceptance of salary and ESOPs from ICICI Bank while serving as a full-time Sebi member was in violation of regulatory board rules.

Buch took over as Chairperson of Sebi in March 2022, having previously served as a whole-time member of the regulator since April 2017.