 "Sebi Chief Accused of Salary Duplicity Amidst Rising Controversy")
The Congress party has raised serious allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi). They claim she continued to draw a salary from her previous employer, ICICI Bank, while serving at Sebi. Congress leader Pawan Khera pointed out that Buch earned nearly Rs 16 crore from ICICI, which raises conflict of interest questions. They also allege that Buch made regulatory changes to benefit the ICICI group. Moreover, concerns have been raised about whether her income was disclosed prior to her appointment at Sebi. Buch and her husband have denied these allegations, stating that they have complied with necessary disclosures during their careers in corporate finance.
The Congress party has raised serious allegations against Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi). They claim that Buch has been receiving a salary from her former employer, a major private bank, even while serving in her role at Sebi. Specifically, Congress leader Pawan Khera has accused Buch of earning around Rs 16 crore from the ICICI group while she was already a full-time member of the Market regulator.
At a recent event hosted by the Confederation of Indian Industry (CII) in Mumbai, Buch did not directly address these new claims during her speech. However, she did mention the challenges she faces, highlighting that even when she discusses real estate investment trusts (REITs), she is suspected of having conflicts of interest.
Khera insisted that the Prime Minister, who plays a role in selecting the Sebi chairperson, should also provide clarity regarding these allegations. Buch, who took her position at Sebi in March 2022, previously served as a whole-time member of the regulator and has a long association with the ICICI group.
The opposition has pointed out that Buch’s continued ties to her previous employer could be contrary to the rules governing her current position. They allege she may have altered regulations that benefitted the ICICI group, including changes to the delisting process for ICICI Securities.
These accusations come on the heels of claims made by Hindenburg Research, which questioned her impartiality during investigations related to the Adani Group and suggested that she had connections to offshore entities that might involve stock price manipulation.
In response to these claims, Buch and her husband have issued statements denying any wrongdoing, asserting that they are transparent about their financial matters and have made the necessary disclosures while excluding related firms from her regulatory duties. They called the insinuations about their wealth and investments based solely on her government salary as unfounded and malicious.
As the situation unfolds, it raises questions about governance, transparency, and the potential conflicts of interest facing leaders in regulatory roles.
Tags: Madhabi Puri Buch, Sebi, Congress allegations, ICICI Bank, conflicts of interest, financial regulations, Adani Group, Hindenburg Research.
- What is the controversy involving Buch and ICICI?
Buch is accused of continuing to receive a salary from ICICI while also working at Sebi, which raises questions about conflicts of interest.
- Who is making the allegations about Buch?
The allegations are being made by the Congress party, which is pointing out the potential issues with Buch’s dual roles.
- What is Sebi?
Sebi stands for the Securities and Exchange Board of India. It is the regulatory body that oversees financial markets in India.
- Why is this issue important?
It’s important because it could suggest that Buch was not fully dedicated to his responsibilities at Sebi and may have had conflicting interests.
- What could happen next regarding these allegations?
If the allegations are investigated and found to have merit, it could lead to disciplinary actions or consequences for Buch.
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