 "Sebi Chief Buch Faces Scrutiny Amid Allegations of Salary Violations")
Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch has found herself in the spotlight as ICICI Bank clarified that she has not received any salary or employee stock options since her retirement. This comes after the Congress party accused her of possibly violating rules by drawing a salary while serving as Sebi’s chairperson. Congress leader Mallikarjun Kharge criticized Prime Minister Narendra Modi for allegedly compromising the independence of key institutions, calling for an investigation into Buch’s appointment and actions. In response, ICICI Bank confirmed that Buch only received her retiral benefits since her exit in 2013 and emphasized that any stock options she has are in line with established policies.
ICICI Bank Addresses Salary Allegations Against Sebi Chief Madhabi Puri Buch
Last updated: September 2, 2024 | 7:17 PM IST
In a recent development, ICICI Bank has confirmed that it has not compensated Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (Sebi), with any salary or employee stock options since her retirement. This clarification comes in response to allegations made by the Congress party, which claimed that Buch continued to receive a salary from the bank even after her appointment as the full-time Sebi chief, raising questions about compliance with regulations.
Congress party president Mallikarjun Kharge criticized Prime Minister Narendra Modi for the appointment, asserting that it reflects a pattern of undermining the autonomy of critical institutions in India. Kharge stated, “For ten years, you have tried your best to crush the autonomy and independence of India’s long-standing institutions to help your crony friends!” He urged the Prime Minister to clarify the process behind Buch’s appointment, suggesting that it may have tainted Sebi’s reputation and integrity.
The Congress party has called for the Supreme Court to investigate these allegations, demanding Buch’s immediate dismissal from her position. They expressed concerns over the implications of having a Sebi chairperson who is allegedly drawing a salary from the bank where she was previously employed.
In response, ICICI Bank released a statement emphasizing that Buch opted for superannuation on October 31, 2013, and has not received any salary since then, other than her retirement benefits. The bank clarified that any gains from employee stock options (ESOPs) were accrued during her employment and were managed in accordance with their policies.
This situation highlights the ongoing scrutiny of appointments within India’s regulatory bodies, as debates about governance and integrity continue to unfold.
Tags: Madhabi Puri Buch, Sebi, ICICI Bank, Congress Party, Prime Minister Modi, employee stock options, governance in India
- Why didn’t Sebi chief Buch get paid after his retirement?
ICICI Bank clarified that the payment was not made because it was in line with legal and internal policies.
- Is this a common issue for retired officials?
While it can happen, each case depends on specific agreements and policies of the organization.
- What does ICICI Bank say about this situation?
ICICI Bank has stated that they followed the proper procedures and rules regarding the payments.
- Will Sebi chief Buch receive his salary eventually?
ICICI Bank has not mentioned any plans to make the payment at this time.
- What impact does this have on Buch’s reputation?
The situation may raise questions, but it ultimately depends on how it is viewed by the public and media.
