SEBI Chairperson Conflict of Interest: Congress Targets PM

Congress Alleges SEBI Chairperson’s Conflict of Interest, Targets PM

In a recent press conference held in Delhi, the Congress party accused SEBI Chairperson Madhabi Puri Buch of being in a conflict of interest situation. According to Congress spokesperson Pawan Khera, Buch has been allegedly drawing a regular income from ICICI Bank while serving as a full-time member of the Securities and Exchange Board of India (SEBI).

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The Congress claimed that since Buch took over the SEBI chairperson role in 2017, she has continued to receive financial benefits from ICICI Bank, including salary, prudential income, and ESOP (Employee Stock Ownership Plan) benefits from 2017 to 2024. This situation has raised significant questions about potential violations of SEBI regulations, specifically Section 54, which governs conflict of interest within regulatory bodies.

Khera stated, “When you work at one company, you take a salary from there only. However, when the SEBI Chairperson was a whole-time member of SEBI, she was receiving regular income from ICICI Bank, prudential, and ESOP from 2017-2024.” He further emphasized that this was a clear violation of SEBI rules, as someone in such a high regulatory position should not be receiving payments from another organization, especially a private bank.

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This development has brought the issue of regulatory integrity and transparency into the spotlight, with Congress leaders questioning the Prime Minister’s silence on the matter. They demanded an immediate inquiry into Buch’s financial dealings and called for stringent actions to uphold the regulatory framework of SEBI.

The Congress’s allegations come amid broader concerns over corporate governance and regulatory accountability in India. The opposition party’s sharp criticism has put the focus on the ethical standards expected of public officeholders, especially those in key regulatory roles.

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Conclusion
The controversy surrounding SEBI Chairperson Madhabi Puri Buch’s alleged conflict of interest highlights the critical need for transparency and ethical conduct in regulatory bodies. As the debate intensifies, the public and stakeholders will be closely watching the actions taken by SEBI and the government in response to these serious allegations.

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