Pawan Khera on Madhabi Puri Buch: During a press conference, Pawan Khera leveled grave charges against SEBI Chairperson Madhabi Puri Buch on multiple counts. Khera’s disclosure has triggered political turmoil, with many questions surrounding the integrity of SEBI leadership and the complicity of high-ranking government officials.
Pawan Khera Identifies SEBI Chairperson as Key Pawn
Khera began his press conference with a metaphorical statement: the present political scenario was akin to a chess game in which the identities of the main players were not known. He identified Madhabi Puri Buch as one of the important “pawns” in this multi-dimensional chess and underlined the requirement for scrutiny. Khera said Buch, who joined SEBI since her appointment as chairperson on March 2, 2022, was drawing a salary from several entities, including, ICICI Bank and ICICI Prudential above and beyond her remuneration at SEBI.
According to Pawan Khera on Madhabi Puri Buch, her twin financial dealings were illegal. He said, “Between 2017 and 2024, the regular income of crores was paid to Buch by ICICI Bank, as well as TDS on e-shop. This is a clear and direct violation of Section 54 under SEBI. If Madhabi Puri Buch has any shame, she should resign from her post.” Khera’s charges hint at a regulatory norm breach and possible conflict of interest.
SEBI’s Role and Buch’s Appointment Scrutiny
The SEBI is the primary regulator of the market for ensuring integrity in the marketplace for protection of investors. The chairperson is appointed by the ACC headed by the Prime Minister and the Union Home Minister. Khera asked whether the ACC had scrutinised Buch’s appointment for conflict of interest with the ICICI Bank at the time of her appointment.
The Congress spokesperson pointed out that Buch reportedly received Rs 16.8 crore in all from ICICI Bank between 2017 and 2024. Khera sought to know why Buch was being paid a salary by the ICICI Bank when he had already taken over as the SEBI chairman. He also said that the involvement of Buch, as the SEBI chairman, in cases involving ICICI Bank created a疑 point in terms of conflict of interest.
Questions to the Prime Minister
Khera addressed his questions to the Prime Minister, Narendra Modi. He wanted to know whether the latter knew Buch had two financial deployments and what that did to SEBI’s decision-making mechanisms. “When the head of SEBI is selected, what is the criteria for it? Did these facts come before the ACC at the time of appointment or not? And if they did not come, then what kind of government are you running?
Pawan Khera said, “Madhabi Buch is the regulator of the market, the chairperson of SEBI, yet how can she take a salary from ICICI Bank? Why did she take Rs 22,41,000 from ICICI Prudential between 2017-2024? What services was she providing to ICICI?
Allegations Against SEBI and Government Oversight
Khera concluded the press conference by saying that the present revelations were part of the transparency and accountability with which the Congress party was fighting. Khera accused the government of shielding Buch despite accusations.
These allegations, meanwhile, raise another layer of scrutiny against the operations of SEBI and the regulatory oversight by the government in the evolving political discourse. The situation calls for a detailed investigation to assuage concerns and ensure the integrity of financial regulatory institutions in India.
