New Delhi: The Congress party has leveled serious accusations against SEBI Chairperson Madhabi Puri Buch, alleging a conflict of interest due to her reported financial ties with ICICI Bank while holding a full-time position at the Securities and Exchange Board of India (SEBI). The opposition party is demanding that Prime Minister Narendra Modi address the concerns regarding her appointment and clarify the situation.Congress general secretary Jairam Ramesh criticized the governments response to these allegations, stating that the issues have been “brushed aside” by the authorities. Ramesh also highlighted recent claims by Hindenburg Research, which suggested that both Buch and her husband were linked to offshore entities involved in the Adani Group scandal—a claim they have denied.Congress influence and claims The Congress further claimed that Buch received Rs 16.8 crore from ICICI Bank between 2017 and 2024, an amount reportedly 5.09 times higher than her SEBI salary of Rs 3.3 crore during the same period. The party has raised questions about the potential influence these financial ties might have had on SEBIs investigations, particularly about the Adani Groups alleged securities law violations.At a press conference in New Delhi, Congress leader Pawan Khera claimed that since Buchs appointment as a full-time member of SEBI in 2017, she has been receiving a salary not only from SEBI but also from ICICI Bank and its holdings. This alleged dual income has raised concerns about a violation of Section 54 of SEBI regulations, which prohibits holding an office of profit elsewhere while serving as a full-time member of SEBI. The controversy deepened when Buch, speaking at a Confederation of Indian Industry event, hinted at the ongoing allegations, stating that discussing certain investments could lead to further accusations of conflict of interest.
