The Congress on Tuesday questioned ICICI Bank's assertion that it had not paid any salary or granted Employee Stock Options (ESOPs) to SEBI Chairperson Madhabi Puri Buch after her retirement, raising concerns about non-uniformity in the payment of her "retiral benefits."
The opposition party called on Prime Minister Narendra Modi to clarify Buch's appointment as SEBI chairperson, citing potential conflicts of interest. Congress alleged that since Buch took office in 2017, she has drawn a salary from SEBI while continuing to receive income from ICICI Bank.
Responding to the allegations, ICICI Bank stated that it had not paid Buch any salary or granted ESOPs after her retirement on Oct. 31, 2013, beyond her retiral benefits. The bank clarified that the amount paid to Buch was accrued during her employment and categorized as "retiral benefits."
Congress spokesperson Pawan Khera, however, challenged this explanation, questioning the irregular frequency and amount of the so-called retiral payments.
Khera noted that while Buch received ₹5.03 crore from ICICI in 2014-15, she received no payment in 2015-16.
Payments then resumed from 2016-17 to 2020-21, averaging ₹2.77 crore per annum—significantly higher than her average annual salary of ₹1.3 crore during her tenure at the bank.
Khera also raised concerns over ICICI Bank's ESOP policy, highlighting that the bank's publicly disclosed policy allowed former employees to exercise their ESOPs within three months of voluntary termination.
He questioned how Buch was able to exercise her ESOPs eight years after leaving the bank, particularly when the share price had significantly appreciated during her tenure at SEBI.
The Congress spokesperson also queried ICICI Bank's payment of tax deducted at source (TDS) on Buch's behalf, questioning whether the same protocol was followed for all employees and whether this income was properly disclosed.
In response to the allegations, ICICI Bank reiterated that Buch's compensation was in line with the bank's policies during her employment, including the right to exercise ESOPs within 10 years of vesting, as per the rules in effect at the time.
The Congress has called on the prime minister to address these concerns, stating that the situation raises serious questions about the integrity of Buch's appointment as SEBI chairperson and her ongoing relationship with ICICI Bank.
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