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The Congress party has escalated its confrontation with Prime Minister Narendra Modi over the ongoing controversy involving Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch. Allegations surfaced that during her tenure as a whole-time member and later as Sebi chief, Buch received payments from ICICI Bank, a conflict of interest that Congress claims compromises the integrity of Sebi’s investigations into market violations. These claims have brought into question the regulatory body’s neutrality, especially in the backdrop of investigations related to the Adani Group.
At the heart of the issue is the Congress's assertion that Buch was compensated by ICICI Bank while serving in senior positions within Sebi from 2017 to 2024. Party spokesperson Pawan Khera pointed out that Buch’s receipt of financial benefits, including stock options (ESOPs) and retiral benefits, from ICICI Bank, where she held executive roles before joining Sebi, contravened Section 54 of Sebi’s regulations. According to Khera, Buch received approximately ₹16.8 crore from ICICI Bank during this period, five times more than her earnings from Sebi.
Congress General Secretary Jairam Ramesh has gone a step further, alleging that Buch’s financial entanglements raise serious doubts about her role in Sebi’s Supreme Court-mandated investigations into alleged stock manipulation by the Adani Group. These claims are significant as they add to the already intense scrutiny around the Adani affair, particularly after US-based short-seller Hindenburg Research accused the conglomerate of improper market practices.