No salary payment made to Sebi Chairperson Buch after retirement: ICICI Bank on Cong allegation
New Delhi, Sep 2: ICICI Bank on Monday said it has not paid any salary or granted ESOPs to Sebi chairperson Madhabi Puri Buch after her retirement on October 31, 2013, as alleged by the Congress.
Earlier in the day, the Congress alleged that Buch, who joined Sebi as a member in 2017 and subsequently became its chairperson, received Rs 16.8 crore from ICICI Bank as salary and other compensation.
"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.
During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies, it added.
"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.
The Congress has alleged that the Sebi chairperson has received Rs 16.8 crore from ICICI group since 2017, which is 5.09 times the income she got from the markets regulator.
Congress General Secretary in-charge communications Jairam Ramesh said serious questions have been raised over the conflict of interest of the Sebi chairperson in the regulatory body's Supreme Court-mandated investigations into violations of securities laws by the Adani Group.
"These questions seem to have been simply brushed aside by the Government of India. Now comes this fresh revelation of shocking illegality," Ramesh said in a post on X.
ICICI Bank further said that all the payments made to Buch post her retirement had accrued to her during the employment phase with the ICICI Group.
These payments comprise ESOPs and retiral benefits, it added.
As per Income Tax rules, the statement said the difference between the price of the stock on the day of exercise and the allotment price is treated as perquisite income and is reflected in Part B of Form 16 of employees, including retired employees.
The bank is required to deduct the perquisite tax on this income. In addition, Form -16 covers the payment made towards the retiral benefits of former employees, it noted.
The Congress' fresh allegations come days after Hindenburg Research launched a fresh broadside against market regulator Sebi chairperson Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal.
Buch had denied the allegations levelled against them as baseless and asserted that their finances are an open book.
Adani Group had also termed Hindenburg allegations, as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband.
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India, Jamaica agree to boost trade, skilled mobility: Jaishankar
Kingston (PTI): India and Jamaica agreed to further strengthen trade linkages and explore cooperation for recruitment and mobility of skilled professionals, including healthcare workers and teachers, External Affairs Minister S Jaishankar said.
Addressing a joint press conference here after talks with his Jamaican counterpart Kamina J Smith on Monday, Jaishankar said the discussions were comprehensive, and they reviewed the entire gamut of bilateral ties, identifying new avenues to deepen the partnership.
"We signed several important agreements and discussed effective implementations of MOUs which have been recently concluded in the fields of digital transformation, cultural exchange, sports and digital payments to ensure tangible outcomes on the ground," he said.
India recognised Jamaica's growing role as a logistics hub and gateway to the Caribbean for trade and investment, Jaishankar said.
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"We agreed to further strengthen trade, business and investment linkages, explore cooperation for recruitment and mobility of skilled professionals, including nurses, healthcare workers and teachers," he said.
The two sides also discussed expanding cooperation in defence and security, healthcare, digitisation, agriculture, education and infrastructure, the minister said.
Highlighting development cooperation as a key pillar of ties, Jaishankar noted the successful completion of the Improving Rural Livelihoods Project in Kitson Town in March 2026, implemented with Indian assistance of USD 1 million under the India-UN Development Partnership Fund, benefiting over 200 individuals and impacting thousands more.
He said India is also discussing the feasibility of establishing an artisan empowerment hub in Jamaica and reiterated support for the country's recovery following Hurricane Melissa.
As part of humanitarian assistance, India has supplied relief material, deployed a medical team and is in the process of providing 30 dialysis units. It is also sending 40 fishing boats and 200 GPS units to aid recovery efforts.
The ministers reaffirmed close cooperation in multilateral fora and discussed issues such as reformed multilateralism, climate justice and priorities of the Global South.
India appreciated Jamaica’s support for its candidature for a non-permanent seat at the UN Security Council for 2028-29.
Both sides strongly condemned terrorism in all its forms and called for early finalisation of the Comprehensive Convention on International Terrorism.
Jaishankar also highlighted growing people-to-people ties, noting the popularity of yoga and Ayurveda in Jamaica and the contribution of the Indian diaspora to the country’s development.
He announced a contribution of two million Jamaican dollars towards celebrations marking 181 years of the arrival of Indians in Jamaica on India Heritage Day.
According to the website of the High Commission of India in Kingston, Jamaica has an Indian diaspora of around 70,000 people whose forefathers came mostly from Uttar Pradesh and Bihar as indentured labour between 1845 and 1917. Some also came from South India.
The diaspora constitutes around 3 per cent of Jamaica's population and continues to nurture an abiding interest in Indian culture, music, dance and history, serving as a cultural bridge between the two countries. May 10 is observed as India Heritage Day in Jamaica.
Later in the day, Jaishankar interacted with Jamaica’s industry and business leaders, underlining the need to deepen economic engagement as countries diversify partnerships globally.
“Emphasised that as we all diversify and seek reliable partners, the imperative to deepen India-Jamaica business ties is that much stronger,” he said in a social media post, noting that the potential for bilateral and regional economic cooperation should be "explored more vigorously".
He also appreciated Industry Minister Aubyn Hill for convening the interaction with business leaders.
Jaishankar arrived in Kingston on Saturday, marking the first leg of his nine-day tour of Jamaica, Suriname, and Trinidad and Tobago, aimed at further strengthening India's strategic and cultural ties with the Caribbean nations.
