Bharatiya Janata Party IT cell chief Amit Malviya on Tuesday slammed the Congress for accusing Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch of receiving ₹16.8 crore in substantial benefits from the ICICI Bank, saying that the grand old party “ends up with eggs on its face”.
The BJP leader’s comment came as the ICICI Bank issued a statement denying Congress’s charges.
“Congress picks it up from where Hindenburg Research left, targets the SEBI Chief, ends up with egg on its face. Is it a coincidence that every time Congress decides to peddle a bogus agenda, either Mr Kharge or Khera, are pushed to the fore?” Amit Malviya wrote in a post on X.
On Monday, the Congress accused the SEBI chief of holding an office of profit at the ICICI Bank and receiving ₹16.8 crore in substantial benefits from the bank and its subsidiaries.
Addressing a press conference, Congress leader Pawan Khera alleged that between 2017 and 2024, Buch received ₹12.63 crore from ICICI Bank, ₹22.41 lakh from ICICI Prudential, ₹2.84 crore from Employee Stock Ownership Plans (ESOPs), and ₹1.10 crore in Tax Deducted at Source (TDS) payments from ICICI – in addition to her salary from SEBI, which totalled ₹3.3 crore.
“This is not just impropriety; this is illegality…Anyone with a little shame would not wait to give a resignation after this exposure,” Pawan Khera alleged.
Khera further questioned the process of her appointment as the SEBI chairperson.
“Questions shouldn’t be asked just to SEBI, chairperson, or ICICI; questions should be raised against the Prime Minister…What are the fit and proper criteria for the appointment of heads to regulatory bodies? Has the ACC, led by the PM, gone through these shocking facts about the SEBI CP, or is the ACC completely outsourced to the PMO?” the Congress leader questioned.
He also questioned ICICI Bank if it ever declared these payments to Buch and what it received in return. The Congress leader also asked whether ICICI Bank bypassed its own ESOP rules to provide benefits to Buch while she was a SEBI member and whether this information was disclosed in their annual reports according to Listing, Obligations, and Disclosure Requirements (LODR).
ICICI Bank issues statement
Following Congress’s allegations, ICICI Bank issued a statement clarifying that neither it nor its group companies paid any salary or gave employee stock ownership plans (ESOPs) to the SEBI chief.
“It has come to our attention that there are certain reports in media alleging payment of salary by ICICI Group to Madhabi Puri Buch, Chairperson, SEBI. In this connection, we would like to clarify that 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. It may be noted that she had opted for superannuation with effect from October 31, 2013,” the statement read.
According to the bank, Buch received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies during her employment with the ICICI group.
“All the payments made to Ms. Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits,” it added.
