In the latest twist to the Madhabi Puri Buch controversy, Congress has raised more questions regarding her retiral income and a one-year gap in which she claims no benefits were offered by ICICI Bank. The party alleges that she received a staggering ₹16.80 crore between 2017 and 2024 from the bank, and demands answers from SEBI regarding her pension, retiral benefits, and salary. ICICI Bank has defended itself by saying that all payments were accrued during Buch's employment phase with the group, but Congress questions how her pension could exceed her salary.
The Congress party has raised fresh allegations of conflict of interest against former SEBI Chairperson Madhabi Buch, who is currently working with ICICI Bank. The party questioned the bank's statement that it did not pay Buch any salary after her retirement and alleged that she was receiving a non-uniform "retiral benefit" from the bank. The party's media and publicity head, Pawan Khera, pointed out discrepancies in the amount and frequency of payments made to Buch and questioned whether a person's retiral benefit can exceed their annual salary. The party has asked Prime Minister Narendra Modi, as the head of the Appointments Committee of the Cabinet, to clarify on Buch's appointment.
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.
The Securities and Exchange Board of India (SEBI) has settled a case with ICICI Securities, a subsidiary of ICICI Bank, after it paid over Rs 69 lakh as settlement fee. This came after the company was accused of violating SEBI's guidelines and conducting fraudulent activities. This settlement marks a potential shift in the way SEBI handles cases of misconduct by companies and may lead to more efficient resolution of such disputes in the future.
The Indian stock market indexes, Sensex and Nifty, remained steady on Wednesday amidst a mixed response from global markets. Stocks such as Tata Steel and ICICI Bank faced losses while companies like IndusInd Bank and Infosys showed growth. Meanwhile, the state-owned construction company, NBCC India, saw a surge of over 6% in its shares. Midcap and smallcap indices reached new highs, but sectors like banks and metals faced losses while media and IT companies saw buying trends. Market experts predict a consolidation phase with low volatility and a slight upward bias in the near future.
Vodafone Idea has received positive feedback from Nuvama Institutional Equities, Dixon Technologies and ICICI Securities, indicating a potential path to survival for the struggling telecom company. While Bharti Airtel rolled out a tariff hike on Friday, Vodafone Idea is expected to witness inflows of over $278 million and Suzlon Energy saw a significant increase in share price. Market experts discuss the potential opportunities in the telecom sector on Business Today TV's daily market show, with Vodafone Idea likely to opt for a payment plan to ease financial burden.
In a major move, Indian corporation Bharti Global announced its acquisition of a 24.5% stake in British telecommunications giant BT Group. This investment is seen as a significant vote of confidence in BT by the Indian company, as well as a reflection of increasing Indian investment abroad. This comes on the heels of other recent acquisitions by Indian businesses, including Bharti Enterprises selling shares in ICICI Lombard and Brookfield India REIT acquiring a stake in Bharti Assets.
The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.
US short-seller Hindenburg Research has alleged that Sebi chairperson Madhabi Puri Buch and her husband had stakes in obscure offshore funds that were used in the Adani 'money siphoning scandal'. Despite publishing a damning report on Adani 18 months ago, Sebi has shown a lack of interest in the alleged undisclosed web of Mauritius and offshore shell entities. According to Hindenburg, Madhabi Buch and her husband were stakeholders in these obscure funds, which were allegedly controlled by Vinod Adani and used to round-trip funds and inflate the stock price. Madhabi, who is the first woman to hold the Sebi chairperson post, has had an illustrious career in the financial sector, starting with ICICI Bank and most recently working at the BRICS' New Development Bank.
The Bank Nifty, which reflects the performance of the banking sector, has dropped 1500 points in just two days as investors were disappointed with the Budget 2024. All 12 constituents of the index were in the red as Axis Bank and Kotak Mahindra Bank reported their Q1 numbers. Experts predict a neutral to negative trend for the Nifty Bank until announcements are made regarding the results of ICICI Bank and Axis Bank. Despite the budget mentioning an integrated technology platform and strengthening of the IBC framework, NPL recoveries and credit discipline may continue to face challenges. Technical indicators also suggest a sell-off as Bank Nifty struggles to break through resistance levels.