ICICI Bank Denies Congress' "Salary Allegations" Against SEBI Chief Madhabi Puri Buch

ICICI Bank has refuted the allegations made by Congress that SEBI Chief Madhabi Puri Buch was drawing a salary from the lender and its group company ICICI Prudential between 2017 and 2024.

In a regulatory filing, the bank said that it had come to its attention that there were certain reports in the media alleging the payment of salary by ICICI Group to Madhabi Puri Buch, Chairperson of SEBI.

"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits. It may be noted that she had opted for superannuation with effect from October 31, 2013," ICICI Bank said in a statement.

The lender also added that during her employment with the ICICI Group, Buch received compensation in the form of salary, retiral benefits, bonus, and ESOPs, in line with applicable policies.

"Under the bank’s ESOP rules, the ESOPs vest over the next few years from the date of allotment. As per rules existing at the time of her ESOP grant, employees, including retired employees, had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting," it further added.

Congress’ Allegations Against SEBI Chief

On Monday, August 2, 2024, Congress had alleged that SEBI Chairperson Madhabi Puri Buch drew regular income from banking giant ICICI Bank and its insurance arm, ICICI Prudential, from 2017 to 2024.

Addressing a press conference in New Delhi, Congress spokesperson Pawan Khera had also questioned the basis for ICICI Bank to provide regular income to the SEBI chief. He went on to claim that Madhabi Puri Buch, while being a whole-time member of SEBI, was receiving regular income from ICICI Bank, amounting to Rs 16.80 crore.

The Congress spokesperson further accused the SEBI chief of also taking TDS from ICICI Prudential, ESOP, and ESOP from ICICI Bank.

He also claimed that this was a direct violation of Section 54 of SEBI. The Congress spokesperson demanded that, considering these accusations, Madhabi Puri Buch should resign from her post.