DBT Bureau
Bengaluru, 2 September 2024
Private lending major, ICICI Bank on Monday said the bank had paid no salary or ESOPs to the current SEBI chief after her retirement from the bank. The clarification came after Congress alleged that Buch continued to draw a salary from the bank despite being named as full-time member of the markets regulator.
“ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms. 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,” said ICICI bank in the statement.
“All the payments made to Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits,” the statement added.
Last month, US short-seller Hindenburg Research had again alleged that Madhabi and her husband Dhaval Buch were involved in Adani Group’s offshore funds. Obscure financial systems were allegedly used in the “money siphoning scandal,” the report had alleged.
This had been strongly refuted by the Sebi chairperson and her husband. Sebi had also clarified its stance in this matter.
“Hindenburg has been served a show cause notice for a variety of violations in India. It is unfortunate that instead of replying to the Show Cause Notice, they have chosen to attack the credibility of the SEBI and attempt character assassination of the SEBI Chairperson,” the Sebi chairperson had said in a statement.
