Congress accuses Madhabi Buch of conflict of interest, says she drew ICICI salary while at SEBI

The Congress party has raised concerns about a potential conflict of interest involving Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch. Congress spokesperson Pawan Khera on Monday alleged that Buch continued to draw a salary from ICICI Bank while she was a member of SEBI, which, according to him, represents a serious breach of ethics and accountability in public service.

In a statement, Khera questioned the integrity of SEBI, stating that the market regulator should maintain impartiality and independence. "How can one ensure fair regulation when the head of SEBI has been receiving a salary from a private entity like ICICI Bank?" Khera asked. He emphasised the need for transparency in the regulatory body.

He added, "When you work at one company, you take a salary from there only. However, when the SEBI Chairperson (Madhabi Puri Buch) was a whole time member of SEBI, she was receiving regular income from ICICI bank, prudential, and ESOP from 2017-2024. Someone sitting in such a higher position in a regulatory body was receiving a payment from somewhere else. This is completely a violation of Section 54 of SEBI,” says Congress leader Pawan Khera during a press conference in Delhi.


Buch, who has been with SEBI since 2017 and became its chairperson in 2022, has not yet publicly addressed these allegations. Congress is urging further investigation into the matter to ensure that regulatory frameworks remain free from external influence.


In the press conference, he further alleged that several probes on ICICI Bank were adjudicated while Buch was receiving such income.

He also attacked Prime Minister Narendra Modi and Home Minister Amit Shah. Khera said "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...When she (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2014 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank. You are also a full-time SEBI member. Why were you taking a salary from ICICI?"

This development adds to the growing scrutiny over governance and ethics within India's financial sector, with Congress calling for stricter safeguards to prevent conflicts of interest in regulatory roles.