Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India, received rental income from a company that was under investigation by the market regulator for several violations including insider trading, the Congress alleged on Friday.

Congress spokesperson Pawan Khera told reporters that in 2018, Buch rented a property she owns in Mumbai to Carol Info Services Limited, a company affiliated with Wockhardt Limited. Khera said the companies have a common promoter.

Buch joined SEBI as a whole-time director in April 2017 and became its chairperson in March 2022.

In August 2023, SEBI imposed Rs 13 lakh in penalties on two former Wockhardt executives for engaging in insider trading between January 2012 and August 2013.

In June 2023, SEBI had barred a former executive of the company from buying, selling or dealing in the securities of Wockhardt Limited for a year.

On Thursday, Khera claimed that Buch received Rs 2.16 crore as rent from Carol Info Services Limited between 2018 and 2024.

“In 2018-’19, the rent for this property was Rs 7 lakh,” claimed the Congress leader. “In 2019-’20, it increased to Rs 36 lakh, which increased to Rs 46 lakh this year.”

He added: “Wockhardt is the same company whose complaints are being continuously dealt with by SEBI. This is completely a case of corruption.”

Khera asked if it was appropriate for Buch to rent out her privately owned property to a company that was being investigated under her chairmanship. “Is this ethically and legally correct?”

He also criticised Prime Minister Narendra Modi and asked if there was any agreement that his government would not interfere with companies linked to Buch. “What boon did Prime Minister Narendra Modi give to Madhavi Buch that whatever she does is forgiven?” asked Khera.

The fresh allegations came a day after the party demanded an independent inquiry into the allegations against Buch, saying that “lots of skeletons” were tumbling out of the cupboard of the markets regulator.

The demand was made amid several allegations of misconduct against Buch, including that she received more money as a pension after retiring from ICICI Bank than the salary she drew while working there. Buch retired from ICICI Bank in October 2013. She had joined the bank in 2007.

The claims about the pension, which were made by the Congress on Tuesday, came a day after ICICI Bank denied paying a salary or granting Employee Stock Ownership Plan benefits to Buch after she retired from the company.

An Employee Stock Ownership Plan gives employees of a company an ownership stake in the form of equity shares.

The bank was responding to allegations made by Congress on Monday that Buch drew an income of Rs 16.8 crore from ICICI Bank between 2017 and 2024.

The Opposition party alleged that this presented a conflict of interest.

Parliamentary committee to probe allegations: Report

The parliamentary Public Accounts Committee will look into the allegations against Buch and may summon her later this month, reported The Economic Times on Friday quoting unidentified persons familiar with the matter.

The committee is headed by Congress leader KC Venugopal and includes members of the National Democratic Alliance and the Opposition INDIA bloc.

“The matter was added on suo moto basis in the August 29 meeting as many members were concerned about the serious allegations against the capital market regulator and the SEBI chief,” an unidentified person privy to the matter told the newspaper. “The concerned ministry officials may be summoned this month.”

Also read: Madhabi Buch exercised ICICI Bank stock options to get shares worth Rs 10.3 crore after joining SEBI