Buch drew Rs 16.8 cr salary from ICICI while being in Sebi: Congress

New Delhi, September 2

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Sebi chief Madhabi Puri Buch on Monday found herself at the receiving end of fresh ‘conflict of interest’ charges, with the Congress questioning her “integrity”.

The Congress today alleged that Buch continued to receive salary from ICICI Bank after she had joined the Sebi and started taking salary from the market regulator.

Earlier, US-based short-seller Hindenburg Research had accused Buch of impropriety as she and her husband were found to have investments in offshore funds used by the Adani Group at a time when Sebi was investigating the role of foreign portfolio investors in the group. Addressing the media here, Congress spokesperson Pawan Khera claimed that Buch kept on getting salary from ICICI Bank while serving as whole time Sebi member. Since 2017, she had received a total of Rs 16.80 crore from ICICI Bank, ICICI Prudential, employee stock ownership plans (ESOPs) and tax deducted at source (TDS) on ESOPs, he said. During this period, Buch had received a total salary of Rs 3.30 crore from Sebi, Khera said.

Buch was whole time Sebi member from April 5, 2017 to October 4, 2021. She has been the regulatory body’s chairperson since March 2022, Khera said, and claimed that the situation amounted a direct violation of Section 54 of Sebi (Employees’ Service Regulations, 2021) and Section 5 of Code on Conflict of Interests for Board Members (2008).

The Congress leader said multiple cases related to ICICI had come before the Sebi during this period. It would be interesting to examine the orders given by Sebi in such cases, he said.

Meanwhile, ICICI Bank said it had not paid any salary or granted ESOPs to Buch after her retirement on October 31, 2013, as alleged by the Congress. It said all payments made to Buch post her retirement had accrued to her during the employment phase with the ICICI Group. It said the difference between price of stock on the day of exercise and allotment price is treated as perquisite income and is reflected in Part B of Form 16 of employees, including retired ones. (With PTI inputs)