The Congress has upped its ante against SEBI Chairperson Madhabi Puri Buch, accusing her of drawing a salary from ICICI Bank while serving as a full-time member of the market regulator in 2017—a charge the bank has denied.
In a post on X, Congress dismissed ICICI Bank’s defense as “feeble” and announced a press conference to further address the issue.
Congress spokesperson Pawan Khera alleged that Buch received ₹16.80 crore from ICICI Bank between 2017 and 2024, far exceeding her SEBI earnings during the same period. Khera argued this violated SEBI’s conflict of interest regulations, which prohibit full-time employees from receiving any benefits from other organizations.
He also claimed Buch received income from ICICI Prudential and exercised ESOPs from ICICI Bank while at SEBI, further raising conflict of interest concerns.
ICICI Bank, in its defense, stated that Buch had not received any salary or ESOPs post-retirement, aside from her retiral benefits. The bank clarified that Buch had opted for superannuation in 2013 and was entitled to exercise her ESOPs within a 10-year period per the bank’s rules. The income from ESOPs was treated as perquisite income under tax rules, and appropriate taxes were deducted.
Despite ICICI Bank's clarification, Congress remains adamant. Khera questioned the transparency and potential conflict of interest, especially given Buch's role in adjudicating complaints against ICICI Bank as SEBI Chairperson. The party has demanded Buch’s immediate dismissal and called for a Joint Parliamentary Committee (JPC) to investigate the charges. Congress President Mallikarjun Kharge criticized the Prime Minister for appointing Buch without due diligence, claiming it has tarnished SEBI’s reputation.