This development comes amid accusations from the Congress that SEBI chairperson Madhabi Puri Buch held an office of profit at ICICI Bank—a claim the bank has denied.
Sebi chairperson Madhabi Buch
The Public Accounts Committee (PAC), led by senior Congress leader KC Venugopal, is considering summoning SEBI chairperson Madhabi Puri Buch as part of a performance review of regulatory bodies, according to sources. This move follows allegations from the Congress that Buch held an “office of profit” at ICICI Bank, a claim that the bank has denied.
The review of regulatory bodies, including the Securities and Exchange Board of India (SEBI), has been introduced as a suo motu subject for the PAC. The committee, which monitors government accounts and public undertakings, is set to meet on September 10 to discuss the Comptroller and Auditor General (CAG) report on the Jal Shakti Ministry. It is unlikely that Buch will be summoned for this meeting.
Why is SEBI Facing Opposition Criticism?
SEBI has faced ongoing criticism from the Congress and other opposition parties following a report by US-based short seller Hindenburg Research, which accused the Adani Group of stock price manipulation. Hindenburg also alleged that SEBI’s inaction might be due to Buch’s stakes in offshore funds connected to the Adani Group, though Buch has dismissed these allegations as “baseless.”
The Congress has intensified its criticism of Buch, claiming she earned Rs 16.80 crore from ICICI Bank between 2017 and 2024, after becoming a full-time SEBI member in 2017. Buch has not yet addressed these claims, but ICICI Bank has refuted any payments or stock options provided to her post-retirement, except for her retiral benefits.
Additionally, Buch has faced criticism from SEBI employees, who recently protested in Mumbai, accusing her of fostering a toxic work environment and poor leadership.
