Congress presses SEBI chief Madhabi Puri Buch with new questions, says ICICI Bank statement 'confirms our charges'

Congress has alleged that Buch, as a whole-time SEBI member, was receiving salary and ESOP from 2017-2024.

The Congress party pressed for more clarity regarding SEBI chief Madhabi Puri Buch's compensation and stock options on Tuesday, questioning ICICI Bank's claim that the amount paid to Buch accrued during her tenure at ICICI Bank and constituted her retirement benefit.

At a press conference, Congress asked why the retiral benefit was non-uniform in terms of frequency and amount. The party also questioned how a person's retirement benefit be more than her salary as an employee.

"The average salary drawn by Buch from 2007 up until 2013-14 (right before her superannuation from ICIC1) is Rs 130 lakh per annum. However, the so-called-"retiral benefit given by ICICI to Buch from 2016-17 to 2020-21 averages around Rs 277 lakh per annum. How can a person's retiral benefit" be more than her salary as an employee?," Congress leader Pawan Khera told reporters at a briefing.

"Even if we were to assume that the Rs 5.03 crore she received from ICICI in 2014-2015 (soon after her superannuation) was part of her retiral benefit and that she got nothing in 2015-2016, why did this so called retiral benefit resume in 2016-2017 and continue until 2021?," he added

Congress has alleged that Buch, as a whole-time SEBI member, was receiving salary and ESOP from 2017-2024.

Meanwhile, ICICI Bank said that it has not paid any salary or granted any ESOPs to Buch since her retirement. It added that she only received retiral benefits. The private lender added that Buch had opted for superannuation with effect from October 31, 2013.

In the press briefing, Congress also raised questions on the bank's clarification that employees, including retired employees, had the choice to exercise their ESOPs anytime up to 10 years from the date of vesting.

However, the only ESOP policy ICICI Bank has publicly disclosed on its website is the one uploaded on the US Securities Exchange Commission (SEC] website which says that former employees can exercise their ESOPs within a maximum of three months following their voluntary termination.

"Where is this revised policy under which Buch was able to exercise ESOPs 8 years after voluntary termination of her services?", Congress said, demanding the official documents.