Retirement Benefits Exceed Salary? Congress Questions Sebi Chief

Congress Challenges Sebi Chief on Exceeding Retirement Benefits

Congress leader Pawan Khera has raised fresh allegations against Sebi Chairperson Madhabi Puri Buch, questioning how her retirement benefits exceeded her salary during her tenure at ICICI. At a press conference in Delhi, Khera stated that Buch’s average annual salary at ICICI was ₹1.30 crore, but her retirement benefits, including pension, averaged ₹2.77 crore. This discrepancy prompted the Congress to demand clarity from Sebi regarding these figures.

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Key Allegations Against Madhabi Buch

Khera highlighted inconsistencies in the payment structure of Buch’s retirement benefits. He noted that there was an apparent break in these benefits in the 2015-16 financial year, which resumed when Buch joined Sebi as a whole-time member in 2016-17. Khera pointed out that this gap could indicate a technical severance of her association with ICICI, which seemingly reconnected when she took up the Sebi role.

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Conflict of Interest Accusations

The Congress party has accused Buch of a conflict of interest, suggesting that she continued to receive financial benefits from ICICI Bank while serving at Sebi. This, according to Khera, undermines the integrity of her position as Sebi Chairperson.

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ICICI Bank, however, refuted these claims, issuing a statement asserting that Buch had not been compensated with salary or ESOPs post-retirement, apart from her entitled benefits.

Congress Demands Answers from Sebi

Khera demanded Sebi address the Congress’s concerns, questioning how retirement benefits could surpass the salary drawn. He emphasized that Sebi must clarify if any preferential treatment was involved, maintaining transparency in its regulatory operations.

Buch’s Career at ICICI and Sebi

Madhabi Buch’s career started at ICICI Bank in 1989, where she rose to become the CEO of ICICI Securities. She served as a whole-time member of Sebi from April 2017 to October 2021 and took on the role of Sebi Chairperson in March 2022.

Congress’s allegations have sparked a debate over transparency and conflict of interest within Sebi, putting Buch’s tenure under scrutiny. The demand for clarity from Sebi continues, highlighting the importance of maintaining ethical standards in regulatory roles.

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