BJP, Congress Up in Arms Over SEBI Chairperson's Alleged Links to ICICI Bank! Check

Madhabi Puri Buch: Following ICICI Bank's denial of claims that SEBI Chairperson Madhabi Puri Buch received any salary or Employee Stock Ownership Plans (ESOPs) from the bank in addition to her retirement benefits, the political spat between the BJP and Congress heated up. Prior to this, the Congress had charged Buch with holding a "office of profit" and said she received Rs 16.80 crore from ICICI Bank between 2017 and 2024 while working as a full-time SEBI member.

BJP Criticises Congress

In response to these accusations, BJP IT cell chief Amit Malviya criticized the Congress, describing their attempt to discredit Buch as a failed "bogus agenda." Malviya remarked, "Congress picks it up from where Hindenburg Research left off, targets the SEBI chief, and ends up with egg on its face."

Congress Plans Further Response

Despite ICICI Bank’s denial, the Congress dismissed the response as "wishywashy" and announced they would provide a detailed rebuttal on Tuesday at 2 pm. Malviya, in a sharp retort, questioned whether the Congress had received assistance from Hindenburg Research, pointing out the timing of their statements and their previous connections to the firm.

Background on Hindenburg Allegations

This controversy follows last month's allegations from Hindenburg Research, which claimed that SEBI’s inaction against the Adani Group could be linked to Buch’s investments in offshore funds associated with the conglomerate. Buch had rejected these claims as "baseless."

Congress Demands Action

In addition to seeking Madhabi Puri Buch's resignation, the Congress has demanded a response from Prime Minister Narendra Modi, who is in charge of the Cabinet's Appointments Committee. In addition, they have questioned the Prime Minister's Office's (PMO) influence over these selections and the standards used to select regulatory heads, calling on the Supreme Court to look into the matter.

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