Didn’t pay salary to Sebi chief Buch after retirement: ICICI Bank clarifies | News on Markets

ICICI Bank said on Monday it did not pay any salary or granted employee stock options to the Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch after her retirement from the bank.

 

The clarification came after the country’s opposition party Congress, on Monday, alleged that Buch continued to draw a salary from the bank despite being named as full-time member of the markets regulator, in a potential violation of rules.

Congress asked Prime Minister Narendra Modi to come clean as the head of the appointments committee of the cabinet on her appointment.

“Narendra Modi ji, for 10 years, you have tried your best to crush the autonomy and independence of India’s long-standing institutions to help your crony friends! We saw this in the case of appointments in CBI, ED, RBI, CEC; now we are facing the same in SEBI,” Congress president Mallikarjun Kharge said in a post on X.

“You have appointed the first lateral entry chairperson of Sebi without any due diligence, this has put a black stain on its reputation and belittled the integrity of the market regulator. After all, Sebi protects the hard-earned money of small and middle-income investors,” he said.

The opposition party said the Supreme Court should take cognisance of these fresh revelations and demanded that the Sebi chairperson should be dismissed immediately.