ICICI Bank Denies Paying Salaries or ESOPs to SEBI Chairperson Post-Retirement

ICICI Bank has denied allegations of paying salaries or granting ESOPs to SEBI Chairperson Madhabi Puri Buch post-retirement. The bank clarified that all payments to Buch were accrued during her employment. Congress had accused Buch of receiving continuous income from ICICI while serving SEBI.

ICICI Bank or its group companies have not paid any salary or granted any employee stock ownership plan (ESOPs) to SEBI Chairperson Madhabi Puri Buch after her retirement, the lender informed stock exchanges in a filing. This comes hours after the Congress party accused Buch of holding an office-for-profit.

According to the ICICI Bank's exchange filing, Buch received compensation in the form of salary, retiral benefits, bonus, and ESOPs during her employment, following applicable policies. Buch opted for superannuation from the Group effective October 31, 2013. Under the bank's ESOP rules, granted ESOPs vest over several years, and retirees have the choice to exercise them within a decade of vesting.

The filing added that all post-retirement payments to Buch were accrued during her employment with ICICI Group, comprising ESOPs and retiral benefits. Earlier, Congress spokesperson Pawan Khera alleged Buch received Rs 16.80 crore from ICICI Bank and its subsidiaries between 2017-18 to 2023-24, while also drawing a salary from SEBI. Buch has not yet responded to these charges.

(With inputs from agencies.)