Congress alleges SEBI chief draws salary from ICICI, seeks resignation
What's the story
The Indian National Congress has raised concerns over the financial dealings of Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). The party alleges that Buch has received a substantial income from the ICICI Bank, ICICI Prudential, and ESOPs during her tenure at SEBI. Senior Congress leader Pawan Khera disclosed these allegations at a press conference today and sought Buch's resignation.
Income details
Breakdown of alleged income
The Congress party claims that Buch has received a total of ₹16.80 crore from ICICI Bank, ICICI Prudential, and ESOPs as of today. The party alleges that she drew a regular income from ICICI Bank between 2017 and 2024, with the bank also covering the TDS on ESOPs. Additionally, it is claimed that Buch bagged ₹2.17 lakh from ICICI Prudential in 2021-22, and her ESOP earnings began at ₹2.66 crore.
Surge
Allegations of income increase and ongoing payments
The Congress has also highlighted a significant increase in Buch's salary, which allegedly more than doubled from over ₹2 crore in 2017-18, to ₹4.71 crore in the following financial year. Though her income from ICICI Bank ceased, the party claims that her earnings from ICICI Prudential and ESOPs continued. Buch took up her role as SEBI's Chairperson on March 2, 2022, after being appointed by the Appointments Committee of the Cabinet (ACC).
Resignation demand
Congress calls for Buch's resignation
The Congress party has described the situation as a "game of chess" where it is unclear who is the pawn. The party asserts that this is a case of holding an office of profit, and anyone with self-respect should resign under such circumstances. The party also pointed out that several investigations related to ICICI Bank are currently being adjudicated by SEBI, further complicating the situation.
PM's awareness
Congress questions PM Modi over Buch's appointment
The Congress party has also questioned Prime Minister Narendra Modi about the criteria used for appointing heads of regulatory bodies. The party asked if the PM was aware that the SEBI chief was serving on an office of profit and adjudicating cases pertaining to ICICI Bank. They also questioned who was protecting her and whether ICICI Bank had declared the salary and ESOP benefit paid to a SEBI member.