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Mumbai: Amidst allegations by Congress spokesperson Pawan Khera against capital market regulator Securities and Exchange Board of India (SEBI) chairperson Madhabai Puri Buch taking income to the tune of Rs 16.8 crore from ICICI Bank, the leading private bank has clarified that no salary or ESOPs (Employees Stock Ownership Plan) were given to the SEBI chief.
The bank clarified that all payments made to Buch post her retirement had accrued to her during her employment phase with the ICICI Group and included ESOPs and retiral benefits.
“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. 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," said ICICI bank statement.
The Congress led opposition had levelled fresh conflict of interest allegations against Buch and asked Prime Minister Narendra Modi to come clean as the head of the appointments committee of the cabinet on her appointment and asking Supreme Court to take cognisance of fresh revelations. The opposition demanded that the SEBI chief be dismissed immediately.
Buch is under fresh attack with allegations of taking income to the tune of Rs 16.8 crore between 2017-2024 and additional income from asset management unit ICICI Pru while adjudicating several cases probed by SEBI. Khera alleged that Buch was taking a regular salary from ICICI Bank despite being a full-time member of SEBI.
He alleged that Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021 and went on to become chairperson of the market regulator in March 2, 2022. “Madhabi Puri Buch, while being a full-time member of SEBI, was drawing regular income from ICICI Bank, which was Rs 16.80 crore. She was also taking ICICI Prudential, ESOP and TDS of ESOP from ICICI Bank,” alleged Khera.
The SEBI chief has been under attack after US-based shortselle Hindenburg Research last month alleged that Buch and her husband had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal. Buch and her husband denied the allegations as baseless and asserted that their finances are an open book.
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The Adani Group had also termed Hindenburg Research's allegations as malicious and manipulative of select public information asserting it has no commercial relationship with the SEBI chairperson or her husband.
