Congress Press Conference on SEBI President: The Congress party has once again targeted the central government regarding the allegations made against SEBI Chief Madhabi Puri Buch in the Hindenburg report. During a press conference on Monday (September 2, 2024), Congress raised several questions about the Narendra Modi government.
Pawan Khera, Chairman of the Congress Party’s Media and Publicity Department, said in the press conference, “SEBI regulates the money we invest in the market, but who appoints the SEBI chairperson? It is done by the ministry led by Amit Shah, even though it should be the Cabinet Appointment Committee, which includes the Prime Minister and the Union Home Minister Amit Shah. These two members are responsible for appointing the SEBI Chief.”
‘Madhabi Puri Buch Taking Salary from Three Places at Once’
Pawan Khera accused SEBI Chief Madhabi Puri Buch of taking salaries from three different places simultaneously. He claimed that she was receiving payments from ICICI Bank, ICICI Prudential, and SEBI at the same time. Between 2017 and 2024, she reportedly received a regular income of Rs 16.8 crore from ICICI Bank. Khera questioned why she was receiving a salary from ICICI Bank while being a full-time SEBI member.
Demand for SEBI Chief’s Resignation
Pawan Khera also mentioned that Madhabi Puri Buch, who was already a SEBI member, suddenly became the chairperson on March 2, 2022. Even after that, she continued to receive a regular income from ICICI Bank between 2017 and 2024. He added that ICICI Bank was also paying her TDS on e-shops. Khera argued that this is a direct violation of the rules and called for her immediate resignation. He also questioned how SEBI, which is supposed to investigate ICICI Bank, can do so impartially when its chairperson is benefiting from the bank.
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Did the PM Know Buch Was Receiving Benefits from the Bank?
Pawan Khera further said that if this is the new India, then this is the new Congress, which is not afraid and will continue to expose such things. He questioned whether Prime Minister Modi was aware that Madhabi Puri Buch was receiving benefits from the bank when she was appointed as the SEBI Chief. He pointed out that SEBI even changed its own guidelines for ICICI Bank. Khera asked why Buch was still receiving benefits from the bank long after leaving her job there.
‘If the Bank Is Paying Her, What Are They Getting in Return?’
Pawan Khera added that if the Prime Minister is so angry these days, perhaps he could explain who is protecting the SEBI chairperson. He also questioned ICICI Bank, asking if they had declared anywhere that they were providing benefits to the SEBI chairperson. If the bank is paying her a salary, what are they getting in return?
Congress’s Questions
During the press conference, Pawan Khera posed several questions to PM Narendra Modi and ICICI Bank:
- What process was followed to appoint the SEBI Chief?
- Did the PM know that Madhabi Puri Buch was in a position of conflict of interest?
- How can SEBI’s full-time member investigating ICICI Bank receive a salary from ICICI Bank?
- Who is protecting the SEBI Chief, and why?
- Why was Madhabi Puri Buch being paid by ICICI Bank, and was this information made public?
- Are there any other companies from which SEBI members are receiving money?