The Congress party has raised serious concerns regarding the retirement benefits of Sebi Chairperson Madhabi Puri Buch, questioning how her post-retirement income exceeds her salary during her tenure at ICICI Bank. Addressing a press conference, Congress leader Pawan Khera highlighted that while Buch’s average annual salary at ICICI was Rs 1.30 crore, her pension and other retirement benefits amounted to Rs 2.77 crore. Khera questioned the anomaly, asking, “How can the retirement benefits be more than the salary she drew when she was with ICICI?”
The Congress also pointed out discrepancies in the timeline of Buch’s benefits. Khera noted a break in her retiral benefits in 2015-16, which resumed when she joined Sebi as a whole-time member in 2016-17. This, he argued, suggests a potential conflict of interest, as her relationship with ICICI appeared to continue after assuming her role at Sebi.
ICICI Bank responded to the allegations, stating that Buch had not received any salary or ESOPs (Employee Stock Ownership Plans) post-retirement, aside from her standard retirement benefits. The bank also clarified that employees, including retirees, could exercise their ESOPs within a 10-year period.
However, Khera challenged this, questioning why Buch continued to benefit from ESOPs years after her resignation, and why ICICI paid TDS on her behalf. He urged Sebi to address these concerns and called for transparency in the matter.
