The Congress party has raised fresh allegations of conflict of interest against former SEBI Chairperson Madhabi Buch, who is currently working with ICICI Bank. The party questioned the bank's statement that it did not pay Buch any salary after her retirement and alleged that she was receiving a non-uniform "retiral benefit" from the bank. The party's media and publicity head, Pawan Khera, pointed out discrepancies in the amount and frequency of payments made to Buch and questioned whether a person's retiral benefit can exceed their annual salary. The party has asked Prime Minister Narendra Modi, as the head of the Appointments Committee of the Cabinet, to clarify on Buch's appointment.
Conflict of Interest Allegations against ICICI Bank and Former SEBI Chairperson Madhabi Buch
Background:
Madhabi Buch, a former Securities and Exchange Board of India (SEBI) Chairperson, joined ICICI Bank as an advisor after retiring from her regulatory role. However, the Congress party has raised allegations of conflict of interest, questioning the appropriateness of her appointment in light of her previous position at SEBI.
Allegations:
The Congress alleges that Buch is receiving a "retiral benefit" from ICICI Bank that exceeds her annual salary as SEBI Chairperson. They claim that the payments are non-uniform and exceed the amount she was entitled to under SEBI's rules.
ICICI Bank, in response, has stated that Buch is not paid a salary but receives a "variable pay structure" based on her performance as an advisor. The bank has also denied paying her any retiral benefits.
Political Fallout:
The allegations have led to a political storm, with the Congress demanding an explanation from Prime Minister Narendra Modi, who is the head of the Appointments Committee of the Cabinet (ACC) responsible for approving Buch's appointment.
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