Madhabi Buch's IIM Ahmedabad classmates play fact-checker on Congress allegations

A group of Madhabi Puri Buch's IIM Ahmedabad classmates have banded together to support the Sebi chief, who has been subject to multiple allegations from Hindenburg, Congress and Zee's Subhash Chandra in recent days.

Stating that the narrative around Buch, whom they have known for 35 years, doesn't ring true, the IIM alumnus said they examined publicly available documents and spoke to some senior people and found that the narrative being built around her, while rooted in data apparently sourced from her income tax returns themselves, is “clearly false”.

The letter, being circulated on social media, aims to clear allegations against Buch on issues related to ESOPs, retiral benefits and TDS from ICICI Bank.


“What is happening today in the public space in terms of mud-slinging against a senior functionary of a democratic institution of the country, is unfortunate. If we, with just a little bit of effort on fact check could determine all of this, is it not sad that even this much effort is not being taken before sullying a person's reputation? We are continuing our fact checks on other questions that have been raised and will share our findings with you as we get them," it said.

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An undergraduate in mathematics from Delhi's St. Stephens College, Buch held various roles at ICICI Bank and was also the CEO of ICICI Securities from 2009 to 2011. After joining the watchdog as its whole-time member from 2017 to 2021, she was appointed as the Chairperson in March 2022. Her 3-year-term ends in March 2025.

Congress has alleged that Buch continued to draw a salary from ICICI Bank while she was a member of the Sebi, which, according to him, represents a serious breach of ethics and accountability in public service.

ICICI Bank has made it clear that she wasn't paid any salary or ESOPs after superannuation in October 2013, other than retiral benefits.

Last week, industrialist Harsh Goenka came out in Buch's support saying she may have made some enemies because of not being diplomatic enough.

"It's disheartening to see Madhabi Puri Buch, head of SEBI, being cornered despite her strong moral values and integrity. Diplomacy may not be her strength, and it seems she's made some enemies because of it. However, I'm confident she'll rise above it all and come out stronger," Goenka had written on X.

In the meantime, the parliamentary Public Accounts Committee (PAC) is set to look into allegations against Buch and may summon her later this month.