ICICI Bank, where Buch was previously a high-ranking executive, confirmed that the salary figures in question were accurate and consistent with the bank's internal records. The bank emphasized that Buch’s remuneration was aligned with industry standards and her role within the organization prior to her appointment at SEBI.
The Congress party had accused Buch of receiving an inflated salary while at ICICI Bank, which they claimed was inconsistent with her current position and responsibilities at SEBI. They argued that such a high salary package might create a perception of bias or conflict of interest, given Buch's crucial regulatory role in overseeing the financial sector.
In response, the BJP defended Buch and challenged the Congress party's claims. The party asserted that Buch's salary was in accordance with her contractual agreement with ICICI Bank and had no bearing on her performance or responsibilities as SEBI Chairperson. They also criticized the Congress for what they termed as "political maneuvering" intended to undermine Buch’s credibility and distract from other pressing issues.
The controversy around Buch's salary has drawn attention to the broader debate on executive compensation and regulatory transparency in India. Critics argue that high salaries for top executives in both the private and public sectors often spark questions about fairness and equity, particularly in the context of public service roles.
Buch, who became SEBI Chairperson in April 2024, has been a prominent figure in India's financial sector. Her previous role at ICICI Bank was marked by significant contributions to the bank's strategic direction and performance. Her transition to SEBI is seen as part of a broader trend of experienced professionals moving into regulatory roles, a shift that many view as beneficial for the oversight of India’s rapidly evolving financial markets.
The BJP's response also highlighted the importance of focusing on Buch's professional qualifications and achievements rather than personal compensation. They emphasized that Buch's leadership at SEBI is crucial for maintaining the integrity and stability of India's financial system, particularly amid ongoing reforms and market developments.
The debate over Buch’s salary underscores broader concerns about the governance of financial institutions and the balance between compensation and accountability. It reflects a tension between the need to attract top talent to regulatory roles and the public's scrutiny over executive pay scales.