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The political landscape in India has been marked by a series of controversies surrounding the Securities and Exchange Board of India (SEBI) and its chairperson, Madhabi Puri Buch. This recent episode began with Congress accusing Buch of holding an 'office of profit' at ICICI Bank while simultaneously serving as SEBI's head. The party alleged that Buch received a hefty income of Rs 16.80 crore between 2017 and 2024, despite her full-time role at SEBI starting in 2017. This accusation, if proven true, would raise serious concerns about conflict of interest and Buch's ability to impartially regulate the financial markets.
However, ICICI Bank swiftly refuted Congress's claims, issuing a statement clarifying that neither the bank nor its subsidiary companies had paid any salary or granted ESOPs (Employee Stock Ownership Plans) to Buch after her retirement from the bank in 2013. The bank emphasized that Buch's compensation during her tenure at ICICI Group was solely restricted to salary, retiral benefits, bonus, and ESOPs, all of which were in accordance with the company's established policies. This denial essentially contradicted Congress's accusations and cast doubt on their legitimacy.
The BJP wasted no time in seizing this opportunity to criticize the Congress party. Amit Malviya, a prominent BJP spokesperson, took to X (formerly Twitter) to publicly denounce Congress for attempting to smear Buch's reputation. He equated Congress's accusations to the false allegations previously levelled against the Adani Group by Hindenburg Research. Malviya went on to suggest that Congress might have received assistance from Hindenburg associates in crafting their accusations, further deepening the political divide and fueling the ongoing narrative of a Congress party driven by a dubious agenda.
Congress, however, remained undeterred by ICICI Bank's denial. They labeled the bank's statement as 'wishywashy' and promised a comprehensive counter-response at a press conference scheduled for the following day. This persistent stance further fueled the controversy, setting the stage for a potential clash of evidence and political maneuvering. As the situation unfolded, it became apparent that this was not just a simple conflict of interest accusation but a carefully orchestrated political battle, with both parties employing their respective strategies to gain public favor and discredit the opposing side.
Source: ‘Egg on its face’: BJP on ICICI Bank’s response to Congress claims on Sebi chief’s salary