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The Congress has levelled fresh conflict of interest allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch, calling on Prime Minister Narendra Modi to clarify her appointment as the head of the regulator.

At a press conference on Monday, Congress leaders demanded Buch's immediate dismissal, alleging that she has been drawing a salary from SEBI while simultaneously holding an office of profit at ICICI Bank since her appointment in 2017.

The opposition party urged the Supreme Court to take cognisance of these revelations.

Congress president Mallikarjun Kharge criticised Modi and Home Minister Amit Shah, who head the Appointments Committee of the Cabinet (ACC), for their role in Buch’s appointment.

"For 10 years, you have tried to crush the autonomy of India’s institutions to help your crony friends," Kharge said on X, formerly Twitter.

Kharge alleged that Buch’s appointment without due diligence has tarnished SEBI’s reputation. "SEBI protects the hard-earned money of small and middle-income investors," he said, adding that the chairperson's continued receipt of income from ICICI Bank is a serious conflict of interest.

Congress general secretary Jairam Ramesh echoed these concerns, questioning whether the ACC had been aware of Buch’s financial ties to ICICI Bank.

Serious questions have been raised over the conflict of interest of the SEBI Chairperson in the regulatory body's Supreme Court-mandated investigations into violations of securities laws by the Adani Group. These questions seem to have been simply brushed aside by the Govt. of…

— Jairam Ramesh (@Jairam_Ramesh) September 2, 2024

"Serious questions have been raised over the conflict of interest in SEBI’s Supreme Court-mandated investigations into violations by the Adani Group," Ramesh said on X.

The opposition party cited figures, claiming Buch has received Rs 16.8 crore from ICICI Bank since 2017, compared to Rs 3.3 crore from SEBI.

Congress also alleged tax evasion related to Buch’s Employee Stock Ownership Plan (ESOP) benefits from ICICI Bank.

The fresh allegations come days after Hindenburg Research accused Buch and her husband of having stakes in offshore funds linked to the Adani Group.

Buch has denied the accusations, calling them baseless, while the Adani Group dismissed the claims as malicious.

There has been no immediate response from Buch or ICICI Bank regarding the Congress’s latest allegations.