Pawan Khera Press Conference| Congress Questions SEBI Chief Madhabi Buch's Retirement, ICICI Pension

The Congress party has intensified its criticism of ICICI Bank over the ongoing controversy surrounding Madhabi Puri Buch, the current Chairperson of the Securities and Exchange Board of India (SEBI). In a scathing statement, Congress leader Pawan Khera accused the bank of providing explanations that, instead of dispelling concerns, have only added credence to the allegations.Khera questioned the irregularities in the retiral benefits received by Buch, noting that while ICICI Bank claims these payments were accrued benefits, their frequency and amounts do not align with standard practices. "How can a 'retiral benefit' exceed the salary earned during employment?" Khera asked, pointing out that Buch’s average retiral benefit from 2016-17 to 2020-21 was nearly double her average salary during her tenure at ICICI Bank from 2007 to 2013-14.The Congress party also took issue with ICICI Bank's explanation regarding the exercise of Employee Stock Options (ESOPs) by Buch. Khera highlighted a significant discrepancy between the bank's statement and its publicly disclosed ESOP policy, which is available on the U.S. Securities Exchange Commission (SEC) website. According to the disclosed policy, former employees must exercise their ESOPs within three months of voluntary termination, whereas the bank claims that Buch was allowed to exercise her ESOPs up to 10 years after vesting.Khera demanded that ICICI Bank provide documentation of this "revised policy" and questioned why it has not been made publicly available. He also raised concerns about the timing of Buch’s exercise of ESOPs, which coincided with a substantial increase in the company’s share price. "Wasn’t this timing beneficial to her?" Khera asked.