New Delhi: ICICI Bank has firmly denied the Congress partys allegations that SEBI Chairperson Madhabi Puri Buch received ₹16.8 crore in salary and compensation from the bank after her retirement. The controversy erupted when Congress claimed that Buch, who joined SEBI in 2017 and later became its chairperson, was still receiving payments from her previous employer, ICICI Bank, suggesting a conflict of interest.In response, ICICI Bank issued a statement clarifying that since her retirement on October 31, 2013, Buch has not been paid any salary or granted any Employee Stock Options (ESOPs) by the bank or its subsidiaries. The bank emphasized that the only payments made to Buch after her retirement were her rightful retiral benefits and ESOPs, which had already accrued during her tenure at the bank.SEBI on the issue The statement read, “During her employment with ICICI Group, Ms. Buch received compensation in line with applicable policies. All post-retirement payments were from her employment phase and not after her association with SEBI began. Congress leader Jairam Ramesh had earlier questioned the propriety of Buchs role as SEBI chairperson, alleging a conflict of interest due to her financial ties with ICICI Bank.He demanded that the Supreme Court take note of these revelations and called for her immediate removal. The controversy has sparked a debate over potential conflicts of interest within regulatory bodies. However, ICICI Banks clarification seeks to put to rest the allegations against Buch, affirming that no irregular payments were made after her retirement.
