ICICI Bank has denied accusations made by Congress that Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), received ongoing payments from the bank while serving as a regulatory official. Congress spokesperson Pawan Khera claimed on Monday (2 September) that Buch earned Rs 16.8 crore from ICICI Bank between 2017 and 2024, during periods when she was actively working with SEBI.

In response to inquiries, ICICI Bank clarified that Buch did not receive any salaries or stock options (ESOPs) after her retirement except for the benefits she was entitled to. The bank emphasized that Buchs retirement date was October 31, 2013, and any compensation she received, such as salary bonuses and ESOPs was per policies during her time of employment.

Madhabi Puri Buch
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Additionally, the bank pointed out that retired employees have the option to exercise their ESOPs within ten years after retirement which could account for the benefits Buch utilized after leaving. The bank also clarified that any payments made to Buch after she retired were based on benefits she earned while working with the ICICI Group. This was done to clear up any confusion about her salary.

The Congress party's claims shed light on probes related to ICICI Bank, during Buch's time at SEBI hinting at possible conflicts of interest. These accusations emerged soon after the American shortseller Hindenburg expressed worries about connections between Buch, her husband and the Adani group, which both Buch and her partner vehemently refuted. The issue gained traction when Congress MP Rahul Gandhi echoed Hindenburghs assertions leading to a comprehensive reply from SEBI.

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