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ICICI Bank said it did not pay Madhabi Puri Buch salary or grant her new employee stock options (ESOPs) after her retirement, apart from retiral benefits. That is the bank’s position in a September 2, 2024 exchange filing—not an independently audited or adjudicated finding. The statement followed Congress allegations that Buch received ₹16.80 crore in income from ICICI during 2017–2024, after she became a SEBI whole-time member.
What did ICICI Bank say?
In its September 2, 2024 exchange filing, ICICI Bank stated: “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.” The bank said Buch opted for superannuation effective October 31, 2013.
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The filing is the bank’s account of its employment, benefits and stock-option arrangements. It does not, by itself, independently verify each payment or settle the disagreement with Congress over how later receipts should be described.
Why did Congress challenge that account?
Congress alleged that Buch received ₹16.80 crore in income from ICICI between 2017 and 2024, after becoming a SEBI whole-time member. That figure is the party’s allegation, not a total independently established by the bank filing.
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On September 3, Congress sought further clarification, questioning the timing and amounts described as retiral benefits and the tax treatment of ESOP-related income. Those questions are reported challenges; the sources do not establish that an authority upheld them.
How can receipts after retirement differ from salary or a new ESOP grant?
The disagreement turns partly on the difference between when compensation is granted or earned and when money or shares are later received. ICICI said that during Buch’s employment she received salary, retiral benefits, bonus and ESOPs under applicable policies. It said some options could vest over several years after grant and that the rules in force when her options were granted allowed employees, including retired employees, to exercise them for up to ten years from vesting.
On the bank’s explanation, a payment or benefit received after retirement could relate to compensation or options from her employment period, rather than a salary payment or a newly granted option after retirement. The date of a later receipt alone does not establish when an option was granted, when it vested, or what category a payment belongs to.
How the two accounts differ
| Question | Congress’s characterization | ICICI Bank’s characterization |
|---|---|---|
| What happened after Buch joined SEBI? | Congress alleged ₹16.80 crore in income from ICICI during 2017–2024. This is an allegation reported in 2024, not an independently established total. [Congress press releases] | The bank denied paying salary or granting ESOPs after retirement, apart from retiral benefits. [ICICI Bank filing, September 2, 2024] |
| What could explain later receipts? | Congress questioned the amounts and timing described as retiral benefits and the tax treatment of ESOP-related income. [Congress press releases] | The bank said post-retirement amounts accrued during employment and included retiral benefits and exercise of previously granted ESOPs. [ICICI Bank filing, September 2, 2024] |
| What do the available sources establish? | The allegation and follow-up questions are attributed to Congress; the sources do not establish that an authority upheld them. [Congress press releases] | The filing records the bank’s explanation, not an independent audit or adjudication of every payment and its treatment. [ICICI Bank filing, September 2, 2024] |
What is not resolved by the available information?
The available sources do not include Buch’s individual payment records, the complete historical ESOP rules that applied to her grants, her underlying tax returns, or an adjudication of the competing claims. They therefore do not establish whether every payment was correctly classified and taxed, or whether any conflict-of-interest rule was breached. The bank’s filing explains its stated treatment of ESOP exercise income, but does not independently audit individual tax records.
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