SEBI chair Madhabi Puri Buch was employed at another firm during ICICI Bank tenure, Congress claims
Madhabi Puri Buch
The Indian National Congress (INC), the country's principal Opposition party, has levelled fresh allegations against SEBI chairperson Madhabi Puri Buch. Congress said Buch was employed atGreater Pacific Capital (GPC) during her tenure at ICICI Bank between 2011 and 2013.
Congress said GPC is a private equity fund where Shaurya Doval, son of National Security Adviser (NSA), Ajit Doval, is part of the leadership team.
"Today, a news report says that Ms Buch did have two employments when she was at ICICI. She was also employed in a private equity fund called Greater Specific Capital," saidChairman of Professionals' Congress and Data Analytics, Praveen Chakravarty.
"Buch may have been recruited as a finance professional, but this raises a long list of allegations and questions. Doesn't it raise more concern?"
Chakravarty added that "many internal documents" on the matter had been shared by insiders.
"There are several more in the financial industry who want to volunteer information, documents, and other evidence anonymously. There is a whistleblower website for this purpose which collects documents 100 per cent securely and anonymously."
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What did Congress previously claim?
The claim comes a couple of days after Congress said Buch received salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest.
The party claimed that "between 2017-2021, as a whole time member of SEBI, the current SEBI chairperson received a salary from ICICI Bank amounting to Rs 12.63 crore ($1.5 million)".
Afterwards, ICICI Bank released a clarification stating it had paid no salary to Buch.
"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank.
Also read |SEBI chief Madhabi Puri Buch oversaw Adani probe despite conflict of interest, claims board member
Not satisfied by the reply, Congress questioned how Buch'sretiral benefits from her stint at the bank were more than the salary she drew.
"How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questioned Congress leader Pawan Khera in a press conference.
The Indian market regulator chair has been under scrutiny ever since US-based short seller Hindenburg Research released a report earlier this month, alleging that Buch had a serious conflict of interest throughout the investigation process against Adani Group due to her investments abroad.
(With inputs from agencies)