Congress spokesperson Pawan Khera has launched a scathing attack on Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), during a press conference held at the AICC headquarters. The criticism centers on perceived irregularities in SEBIs role in the merger between ICICI Bank Ltd. and its subsidiary, ICICI Securities.SEBIs Controversial Role in ICICI Bank MergerDuring a press conference on Monday, Khera alleged that in June of the previous year, SEBI approved a plan for ICICI Bank to acquire the remaining shares of ICICI Securities, a brokerage in which the bank already held a 75% stake. The deal proposed offering 67 ICICI Bank shares for every 100 shares of ICICI Securities. This move has drawn scrutiny from some aggrieved shareholders who question the regulatory oversight provided by SEBI.LIVE: Congress Party briefing by Shri @Pawankhera at AICC HQ. https://t.co/9cRtXY9LA1— Congress (@INCIndia) September 2, 2024Hindenburg Research Raises QuestionsAn August 10 report by Hindenburg Research has further fueled controversy. The report highlighted concerns about Madhabi Puri Buchs past investments and her ownership of a consulting firm, questioning her impartiality in investigating the Adani Group. This conglomerate faced a dramatic $150 billion loss in market value following Hindenburgs original January 2023 report, which alleged stock-price manipulation. The Adani Group has strongly denied these claims, and its shares have since rebounded significantly. Buch has dismissed these allegations as “character assassination,” asserting that she has made all necessary disclosures and recused herself from relevant matters.Pawan Kheras AllegationsPawan Khera has accused Buch of a conflict of interest, stating, “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 Home Minister 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 receiving a regular income of Rs 16 crore 80 lakhs from ICICI Bank. How can you justify receiving a salary from ICICI while serving as a full-time SEBI member”देश में शतरंज का खेल चल रहा है। आज हम उसी शतरंज के खेल के एक मोहरे के बारे में आपको बताएंगे और वो नाम है: माधबी पुरी बुच।• माधबी पुरी बुच 5 अप्रैल, 2017 से 4 अक्टूबर, 2021 तक SEBI में पूर्णकालिक सदस्य थीं।• फिर 2 मार्च, 2022 को माधबी पुरी बुच SEBI की चेयरपर्सन बनीं।•… pic.twitter.com/71O1MDfsk8— Congress (@INCIndia) September 2, 2024A Call for ResignationKhera has demanded Buchs resignation, accusing her of violating Section 54 of SEBI regulations. He emphasized that such actions undermine the integrity of SEBI and called for Buch to step down if she has any sense of accountability.
