ICICI Bank refutes Congress allegations of post-retirement payments to SEBI chairperson Madhabi Puri Buch amid fresh accusations of office for profit – Times of India

NEW DELHI: ICICI Bank has issued a strong denial in response to recent allegations from the Congress party on Monday, which accused SEBI Chairperson Madhabi Puri Buch of receiving regular income from the bank and its asset management arm, ICICI Prudential, while serving as a whole-time member and later Chairperson of the capital markets regulator. The allegations suggest a conflict of interest and a violation of office for profit norms.

Pawan Khera , chairman of the Media and Publicity Department for the Congress in a press conference held on Monday, alleged that Buch received a total of Rs 16.80 crore between 2017 and 2024 from ICICI Bank, ICICI Prudential, ESOPs, and TDS on ESOPs. “She [Madhabi Puri Buch], between 2017 and 2024, was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank,” Khera claimed.
The Congress provided a detailed breakdown of these payments, alleging that Buch received:

The Congress also alleged that during this period, Buch was receiving a salary from SEBI while overseeing adjudications involving ICICI Bank, raising concerns about potential conflicts of interest. Khera further claimed that Buch had relaxed regulatory norms for ICICI Bank during her tenure at SEBI, citing unnamed reports.
Khera said, “The person sitting at the top of the regulator is taking salaries from another entity,” labeling it a clear case of “office for profit.”
In response, ICICI Bank reiterated its earlier statement denying any post-retirement salary or ESOP grants to Buch after she opted for superannuation on October 31, 2013. The bank stated, “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.” The bank clarified that any payments made to Buch post-retirement were related to ESOPs and retiral benefits accrued during her employment.
ICICI Bank explained that under its ESOP rules, employees, including retired employees, could exercise their ESOPs up to 10 years from the date of vesting, and any income derived from these ESOPs was treated as perquisite income under Income Tax rules.
Previously, Buch and her husband were also accused by Hindenburg Research of having stakes in offshore funds linked to the Adani Group, allegations both have denied as baseless.
Buch has maintained that her finances are transparent, and the Adani Group has similarly dismissed the allegations, asserting that it has no commercial relationship with Buch or her husband.