02-Sep-2024 02:40 PM
4524
New Delhi, Sept 2 (Reporter) The opposition Congress on Monday mounted pressure on the Modi government by levelling fresh allegations of conflict of interest against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.
In a media briefing at the AICC headquarters here, party spokesperson Pawan Khera alleged that Buch drew regular income from private lender ICICI Bank while being on the board of SEBI as whole-time director.
Terming it as a case of Office of Profit, Khera alleged that the regular payment from ICICI Bank was in violation of service rules laid down for officials working with market regulator.
The SEBI is entrusted with safeguarding the hard-earned money of the Indian middle class, which painstakingly saves every penny that it can, to invest in the hope of a secure future. Yet, while the people place their hopes in SEBI whose chairperson is appointed directly by the Prime Minister, they appear to have been conning us all along," Khera said.
"There have been multiple conflicts of interest involving the SEBI Chairperson. The conflict of interest in so far as the Supreme Court monitored investigation on the Adani saga has already been discussed. Over and above that, there are other conflicts of interest which put the institution of SEBI under a huge cloud of suspicion," Khera alleged.
He said that between 2017-2021, as a Whole Time member of SEBI, Buch received a salary from ICICI Bank amounting to Rs 12.63 Crores. Between 2017-2024, as a Whole Time member and later as the SEBI Chairperson, she also received income from ICICI prudential amounting to Rs 22.41 Lakhs and these were violation of Section 54 of the SEBI (Employees’ Service) Regulations, 2001.
The Congress Spokesperson alleged, "The total amount received by the SEBI Chairperson from ICICI from her time of Joining the regulatory body in 2017 up until today totals to Rs 16,80,22,143 which is shockingly 5.09 times the income she received from SEBI during the same period which amounts to Rs 3,30,28,245."
He said that it was only the Prime Minister who should reply whether the ACC, headed by the PM, gone through these shocking facts about the SEBI Chairperson or is the ACC completely outsourced to the PMO and whether the PM was aware about the SEBI chief holding an office of profit?
Khera further asked whether the PM was aware that the SEBI chief as a whole time member of SEBI was adjudicating complaints against ICICI and its affiliates and also receiving income from ICICI.
He also alleged that Modi was protecting the SEBI Chairperson and asked why...////...