Congress accuses SEBI Chief of conflict of interest, demands PM Modi's accountability

The Congress party has leveled serious allegations against Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch, accusing her of conflict of interest. The party claims that Buch, while serving at Sebi, continued to draw a substantial income from ICICI Bank, where she allegedly received Rs 16.8 crore since 2017.

Addressing a press conference, Congress leader Pawan Khera revealed that Buch’s income from ICICI was approximately 5.09 times her total Sebi earnings of Rs 3.3 crore during the same period. Khera criticized this dual income as a violation of Section 54 of Sebi regulations, emphasizing that it raises concerns about Buch’s impartiality in her regulatory role.

Jairam Ramesh, Congress General Secretary in charge of communications, expressed skepticism about the government's response to these allegations. He linked the controversy to ongoing Supreme Court-mandated investigations into the Adani Group, suggesting that Buch’s financial ties could undermine the integrity of these proceedings.

The Congress has demanded clarity from Prime Minister Narendra Modi regarding Buch’s appointment and the criteria for regulatory positions. Ramesh questioned the suitability of Buch’s appointment, accusing the Prime Minister of providing cover for alleged irregularities through his silence.

In response to the allegations, Buch’s representatives have denied any wrongdoing. They argue that the investments cited by the Congress were made prior to her tenure at Sebi and maintain that her financial dealings are in accordance with the regulations.

Buch, who attended a Confederation of Indian Industry event on Monday, refrained from commenting directly on the controversy but indicated that discussing her investments might lead to further accusations of conflict of interest.