ICICI Bank Refutes Congress Allegations Against SEBI Chairperson Madhabi Puri Buch

ICICI Bank has issued a statement categorically denying allegations made by the Congress party regarding its former employee, Madhabi Puri Buch, who currently serves as the Chairperson of the Securities and Exchange Board of India (SEBI).

On September 2, 2024, the bank clarified that no salary or Employee Stock Options (ESOPs) have been awarded to Buch following her retirement from the bank, which took effect on October 31, 2013. The statement emphasized that any remuneration or benefits she received during her employment with the ICICI Group were in accordance with relevant policies.

Additionally, the bank explained its ESOP policies, stating that allotted ESOPs are vested over time and that retired employees, including Buch, have the option to exercise these ESOPs up to a decade from the commencement of their vesting period. Any resulting income from this would be subject to perquisite tax, as specified under Income Tax regulations.

During a press conference, Congress leader Pawan Khera raised serious concerns about Buch, alleging that she received regular income from ICICI Bank while simultaneously serving as a full-time member of SEBI. Khera claimed that Buch earned a total of Rs 16.80 crore from ICICI Bank, including salaries and other benefits, during her tenure as a SEBI member from April 2017 to October 2021 and as Chairperson from March 2022 onward.

The Congress party intensified its scrutiny of SEBI Chairperson Buch following claims made by Hindenburg Research, suggesting investments made by her in offshore funds related to the Adani financial controversy. Both Buch and her husband have dismissed these allegations as unfounded and have underscored the transparency of their financial dealings.