SEBI Chief Madhabi Puri Buch Drew Regular Income From ICICI Bank From 2017-2024: Congress' Allegation

Congress has alleged that SEBI Chairperson Madhabi Puri Buch drew regular income from banking giant ICICI Bank and its insurance arm, ICICI Prudential, from 2017-2024.

Addressing a press conference in New Delhi, Congress spokesperson Pawan Khera also questioned the basis for ICICI Bank to provide regular income to the SEBI chief.

Recounting the sequence of events leading to Madhabi Puri Buch’s appointment as SEBI Chief, Khera said Buch was a whole-time member at SEBI from April 5, 2017, to October 4, 2021. Then, on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI.

The Congress spokesperson also highlighted the fact that the cabinet to appoint the SEBI chairperson included Prime Minister Narendra Modi and Home Minister Amit Shah.

Pawan Khera then went on to allege 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.

Questioning the SEBI Chief’s income from ICICI Bank and ICICI Prudential, Pawan Khera said, “We want to know why, despite being a full-time member of SEBI, you were taking your salary from ICICI?”

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

ICICI Bank Responds

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.

"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 regulatory filing.