In response to allegations from the Congress party, ICICI Bank said on Monday that Sebi Chairperson Madhabi Puri Buch has not received any salary or ESOPs from the bank since her retirement.
Earlier in the day, Congress raised concerns about a potential conflict of interest, claiming that Buch continued to draw a salary from ICICI Bank while serving as a member of Sebi.
ICICI Bank stated in a filing that Buch has not received any payments from the bank or its subsidiaries beyond her retirement benefits. The bank emphasised that Buch opted for superannuation in October 2013 and any compensation she received during her employment was following the bank's policies.
The bank further said that all payments made to Buch after her retirement, including ESOPs and retirement benefits, were accrued during her tenure with ICICI. These payments are treated as perquisite income under income tax rules and are reflected in the relevant tax documents.
At a press conference, Congress alleged that since Buch became Sebi's chairperson in 2017, she has continued to receive a salary from ICICI Bank, totalling Rs 16.8 crore, which is 5.09 times the amount she received from Sebi during the same period.
Congress also referenced recent claims by Hindenburg Research, which questioned Buch's financial dealings and alleged connections to offshore funds involved in the Adani money-laundering scandal. Buch has denied these allegations, insisting that her finances are transparent.
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