ICICI Bank Issues Clarification: No Post-Retirement Salary Or ESOPs For SEBI Chief

ICICI Bank Ltd., following allegations from the Congress party on Monday, issued a clarification that SEBI chief Madhabi Puri Buch did not receive any salary or ESOPs after she retired from the bank.

"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to 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," the bank said in a statement.

It further said that during her tenure with the ICICI Group, Buch received compensation that included salary, retiral benefits, bonuses, and ESOPs, all in accordance with the company's policies.

"Under the bank's ESOP rules, the ESOPs vest over the next few years from the date of allotment. As per rules existing at the time of her ESOP grant, employees, including retired employees, had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting," it said.

Earlier, on Monday, the Congress alleged that Buch, who joined SEBI as a member in 2017 and later became its chairperson, received Rs 16.8 crore from ICICI Bank in salary and other forms of compensation.

The Congress claimed that this amount is 5.09 times the income she earned from her role at the market regulator.

Shares of ICICI Bank closed 0.01% lower at Rs 1,230 per share, compared to 0.24% advance in the BSE Sensex index.