Congress accuses SEBI Chairperson Madhabi Puri Buch of conflict of interest

The Congress party has raised serious allegations against Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), accusing her of a conflict of interest. The allegations, made during a press briefing by Congress spokesperson Pawan Khera on Monday, claim that Buch continued to receive a salary from ICICI Bank while serving as a full-time member of SEBI, which Khera argues represents a significant breach of public service ethics.

"The role of SEBI is to regulate the share market where we all invest our money. It has a very important role to play," Khera said. He questioned how SEBI could ensure fair and impartial regulation when its head was allegedly receiving compensation from a private entity like ICICI Bank. The Congress party is calling for greater transparency within SEBI and has urged for an investigation into these allegations to maintain the integrity of India's financial regulatory frameworks.

Khera also criticised Prime Minister Narendra Modi and Home Minister Amit Shah, pointing out that they are members of the Appointments Committee of the Cabinet, which is responsible for appointing the SEBI Chairperson. He questioned why Buch was allowed to continue drawing a salary from ICICI Bank while serving in a key regulatory role.

Madhabi Puri Buch, who has been with SEBI since 2017 and became its chairperson in 2022, has not publicly responded to these allegations.