The Indian National Congress party has accused the Chairperson of SEBI, Madhabi Puri Buch, of violating conflict of interest laws by accepting income from ICICI Bank while she was a whole-time member and later as the chairperson of the market regulator. According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times more than her income from SEBI during the same period. However, ICICI Bank denied these allegations, stating that they have not paid any salary or granted any ESOPs to Buch after her retirement from the bank. These allegations have sparked controversy regarding the appointment process of the SEBI chairperson.
ICICI-SEBI Conflict of Interest Allegations
Background
The Securities and Exchange Board of India (SEBI) is India's primary financial regulatory body. In October 2021, Madhabi Puri Buch was appointed as the chairperson of SEBI.
Allegations
In May 2023, the Indian National Congress party accused Buch of violating conflict of interest laws by receiving income from ICICI Bank while she held the position of SEBI chairperson. According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024, which is five times more than her income from SEBI during the same period.
ICICI Bank's Response
ICICI Bank denied these allegations, stating that they have not paid any salary or granted any ESOPs to Buch after her retirement from the bank.
Controversy
The allegations have sparked controversy and raised questions about the appointment process of the SEBI chairperson. Some have argued that Buch's prior relationship with ICICI Bank may have influenced her decisions as SEBI chairperson.
FAQs
Q1: What are the allegations against Madhabi Puri Buch? A: Buch is accused of violating conflict of interest laws by receiving income from ICICI Bank while serving as SEBI chairperson.
Q2: How much income did Buch receive from ICICI Bank? A: According to the allegations, Buch received a total of Rs 16.80 crore from ICICI Bank between 2017 and 2024.
Q3: Has ICICI Bank admitted to paying Buch? A: No, ICICI Bank has denied paying any salary or granting any ESOPs to Buch after her retirement from the bank.
Q4: What is the potential impact of these allegations? A: The allegations could undermine the credibility and impartiality of SEBI and its chairperson.
Q5: What is the current status of the investigation? A: Currently, no formal investigation into these allegations has been announced.
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