Madhabi Puri Buch Draws Rs 16.80 Crore Salary from ICICI Bank Despite Being a Full-Time SEBI Member

Congress Raises Concerns Over Potential Conflict of Interest

The Congress party has alleged that Madhabi Puri Buch, a full-time member of the Securities and Exchange Board of India (SEBI), received a salary of Rs 16.80 crore from ICICI Bank in the financial year 2021-22.

Concerns Raised by Congress

• Potential conflict of interest due to dual role at SEBI and ICICI Bank.
• SEBI's mandate to regulate the financial sector, including banks like ICICI Bank.
• Concerns over the independence and impartiality of SEBI in overseeing ICICI Bank's operations.

The Congress party has demanded an investigation into the matter and has called for Buch's resignation from SEBI.

ICICI Bank's Response

ICICI Bank has stated that Buch's salary was part of her compensation package as a non-executive director prior to her appointment to SEBI in March 2022. The bank has also clarified that Buch has not performed any non-executive director duties since joining SEBI.

SEBI's Statement

SEBI has not yet issued an official statement regarding the allegations. However, the regulator has previously maintained that it has a robust conflict-of-interest policy in place.

Expert Opinion

Financial experts have expressed mixed opinions on the matter:

• Some experts believe that the dual role could pose a potential conflict of interest, especially if SEBI takes any regulatory action against ICICI Bank.
• Other experts argue that Buch's experience in the banking sector could be valuable to SEBI's regulatory role.

The matter is expected to be further discussed in the coming days, with the Congress party likely to continue demanding an investigation.