Madhabi Puri Buch will remain the SEBI chief, will complete the remaining 4 months of tenure as chairperson
The Awadh Times: Finance Desk– Big news is coming out about SEBI Chairperson Madhabi Buch. Her name came in a lot of discussion during the last Parliament session. Congress had accused her, her family and BJP and said that there has been large-scale corruption. It was also alleged that SEBI Chairperson Madhabi Buch is misusing her position. However, no evidence has been found against her.
According to the information, Madhabi Buch will complete her remaining tenure. She will remain in the post of SEBI chief till March.
Madhabi Puri Buch: Allegation 1
- SEBI Chairperson Madhabi Puri Buch pushed REIT and it benefited Blackstone and in turn her husband also benefited as he is associated with Blackstone.
- One of the main points raised against Madhabi Buch by Congress was that her push for REIT was done with the intention of benefiting Blackstone, as her husband is associated with Blackstone, the opposition also pointed fingers at her and said that she is misusing her position as SEBI Chairperson.
- The idea of REIT was first brought up in 2007 (UPA era), after many years SEBI issued directions in 2016, Madhabi Buch became the Chairperson of SEBI on March 1, 2022 after taking over from Ajay Tyagi.
- She is credited with bringing about sweeping changes in the functioning of SEBI and these changes have affected not just Blackstone but many global companies operating in India. Government sources have told India Today that these allegations are baseless and politics is being played in her name.
Madhabi Puri Buch: Allegation 2
The second serious allegation against the SEBI chairperson was that she did not disclose the money she received from her previous tenure, the money she received from her previous tenure at ICICI was not disclosed. The government has investigated these allegations and no transaction was found to be illegal, she has paid all her dues.
ICICI Bank clarified that after retirement in October 2013, she was not given any salary or ESOP, she was only given retirement benefits, as is given to everyone else in that position. Buch worked with the private sector lender for 12 years and later served as the CEO of ICICI Securities for 2 years before leaving the group in 2011.
It was not just Buch who was paid the amount after his retirement from ICICI, but all top managers of top banks are given retirement benefits. It was not just a case of one person being wronged.
ICICI Bank clarified that he was not paid any salary or ESOP after his retirement in October 2013, but only retirement benefits, as is given to all others in that position.
Buch worked with the private sector lender for 12 years and later served as the CEO of ICICI Securities for two years before leaving the group in 2011. It was not just Buch who was paid the amount after his retirement from ICICI, but all top managers of top banks are given retirement benefits. It was not just a case of one person being wronged.
Madhabi Puri Buch: Allegation 3
Letters sent by employees working in SEBI to the Finance Ministry had opened another front for Buch, creating anger not only within the market regulator but also in the political establishment. Employees had complained to the Finance Ministry that the work culture under her leadership is bad. The government took note of this and talked to the employees.
The employees alleged that she shouts at them. The government believes that as the chairman of SEBI, Madhabi Puri Buch has made a lot of efforts to clean up the system and many people are not happy with the cleaning of this system. The government has come to the conclusion that Madhabi Puri Buch will complete her term which will end on February 28, 2025.
