After the ICICI issued a statement and denied paying any salary or granting any ESOPs (Employee Stock Ownership Plans) to SEBI chairperson Madhabi Puri Buch after her retirement from the bank, the BJP said Congress ended up with “egg on its face”.

The fresh controversy comes after Congress accused the SEBI chairperson of “holding an office of profit at ICICI Bank”, and receiving an income of Rs 16.80 crore between 2017 and 2024 after she became a full-time member of the market regulator in 2017.

Following Congress’s allegations, ICICI Bank issued a statement clarifying that neither it nor its group companies paid any salary or gave employee stock ownership plans (ESOPs) to the SEBI chief.

Also Read: Conflict of Interest?  Congress claims Madhabi Puri Buch drew salary from ICICI Bank while serving as SEBI member

“It has come to our attention that there are certain reports in media alleging payment of salary by ICICI Group to Madhabi Puri Buch, Chairperson, SEBI. In this connection, we would like to clarify that 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 statement read.

According to the bank, Buch received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies during her employment with the ICICI group.

After the ICICI bank denied these allegations, BJP spokesperson Amit Malviya took a dig at the grand-old party and posted on X, “Congress picks it up from where Hindenburg Research left, targets the SEBI Chief, ends up with egg on its face. Is it a coincidence that every time Congress decides to peddle a bogus agenda, either Mr Kharge or Khera, are pushed to the fore?”

In addition to this, Congress also responded to ICICI Bank’s statement calling it “wishywashy” and said a full counter would be given on Tuesday at 2 pm.

BJP’s Malviya was quick to hit back over this as well, asking the Congress if it had not received any help from associates at Hindenburg.

“Rather strange. Congress had a press statement out on the long and concocted Hindenburg Research report, almost immediately, that too around midnight. But 9.27pm is a late hour for a statement on ICICI Bank’s rather small note? No help from the Associates at Hindenburg this time?” Malviya tweeted.

Last month, the US-based short seller Hindenburg Research kicked up a storm after alleging that SEBI’s unwillingness to act against the Adani Group might be because Madhabi Buch had stakes in offshore funds linked to the conglomerate. Buch had termed the allegations “baseless”.

The Congress has demanded the resignation of the SEBI chairperson and sought a response from Prime Minister Narendra Modi as he was the head of the Appointments Committee of the Cabinet. The party said the Supreme Court should also take cognisance of these fresh revelations.