– Abdul Bari Masoud
New Delhi, Sep 4: The Congress party has called upon Prime Minister Narendra Modi to address concerns regarding the Securities and Exchange Board of India’s (SEBI) Chairperson, Madhabi Puri Buch, who is allegedly receiving substantial financial benefits from ICICI Bank. The party has raised alarms over reports that Ms Buch, while serving as a full-time member and later as Chairperson of SEBI, received a total of Rs 16.80 crores from ICICI Bank and ICICI Prudential.
Speaking at a press conference held at All India Congress Committee (AICC) headquarters, Congress spokesperson and chairman of Media and Publicity Department, Pawan Khera, criticized ICICI Bank’s recent clarification regarding the payments to Ms Buch. He argued that the bank’s explanation only deepened suspicions and brought more questions to the fore.
ICICI Bank had claimed that the financial benefits provided to Ms Buch were merely “retirement benefits.” However, Khera questioned this narrative, suggesting that the bank’s response has unveiled additional complexities in the issue. He highlighted that Ms Buch retired from ICICI Bank in 2013 and was provided Rs 5.03 crores at that time. However, he pointed out that her pension resumed in 2016-17, the same year she became a full-time member of SEBI, despite not receiving any pension in 2015-16.
Khera expressed disbelief at the financial arrangements, referring to them as a “miracle pension” since the payments she received exceeded her former salary. According to him, Ms Buch’s average annual salary was Rs 1.3 crore, yet her pension reportedly amounted to an average of Rs 2.77 crore per year.
The Congress spokesperson also questioned the ICICI Bank’s decision to provide Ms Buch with ESOP benefits even eight years after her resignation from the bank. He cited the bank’s declaration on the US Securities and Exchange Commission website, which states that ESOP options can only be exercised within three months of voluntary retirement. Khera questioned why a special concession was given to Ms Buch, suggesting that this might have been done at the expense of other employees.
Moreover, Khera raised concerns about the tax implications of these benefits, particularly the bank paying TDS on ESOPs for Ms Buch. He questioned whether this should be considered as part of her income and whether it might constitute a violation of Income Tax Act.
Khera urged Ms Buch to provide answers to these allegations, warning that the Congress party would continue to press the issue if left unaddressed. He noted that similar allegations had been raised by a former BJP MP, indicating that this was a matter of broader concern.
Finally, Khera pointed out that the SEBI Chairperson is appointed by the Appointments Committee of the Cabinet, which is headed by the Prime Minister. He questioned whether PM Modi was aware of these financial dealings before appointing Ms Buch to the regulatory position, urging the government to come clean on the issue.
