No payment to Buch after appointment as SEBI chief: ICICI
ICICI Bank has denied allegations made by the Congress party, that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch continued to receive a salary from ICICI, after her retirement. The bank clarified that no salary or Employee Stock Ownership Plans (ESOPs) were paid to Buch post-retirement, other than her retirement benefits. This statement comes in response to claims of a potential conflict of interest, involving Buch's financial dealings with ICICI Bank during her tenure at SEBI.
Clarification on Buch's compensation
ICICI Bank further clarified that during Buch's employment with the group, she bagged compensation in the form of salary and other benefits as per applicable policies. The bank emphasized that all payments made to Buch post-retirement were accrued only during employment phase with ICICI.
ICICI Bank addresses tax implications of Buch's payments
ICICI Bank also addressed the tax implications of the payments made to Buch. The bank stated, "As per income tax rules, the difference between the price of the stock on the day of exercise and allotment price is treated as perquisite income and is reflected in Part B of Form16 of employees, including retired employees."
Congress alleges Buch received income from ICICI Bank
Earlier today, the Congress alleged at a press conference that since Buch took office as SEBI Chairperson in 2017, she has been drawing a salary from the regulator, and also holding an office of profit at ICICI Bank. The party said that the total amount received by Buch from ICICI Bank since joining SEBI in 2017, is ₹16.8 crore - reportedly over five times her income from the regulator during the same period.
Buch denies allegations of obscure finances
The allegations against Buch come after US-based short-seller Hindenburg Research claimed that she and her husband held stakes in offshore entities, used in the alleged Adani money siphoning scandal. However, Buch refuted these allegations as baseless and insisted that their finances are transparent. She stated that their investment in the fund was made two years before she joined SEBI, countering claims of financial impropriety.
