In a recent tweet, Jairam Ramesh has intensified the scrutiny surrounding SEBI Chairperson Madhabi P Buch, highlighting significant concerns about a possible conflict of interest. Taking it to his X handle, Ramesh shared the press statement which was discussed by Chairman, Media and Publicity, Pawan Khera on Monday. The tweet, which serves as a response to the defense provided by ICICI Bank, questions the transparency and legitimacy of financial transactions involving Buch during and after her tenure at ICICI.Inconsistent Retiral Benefit PaymentsRameshs primary concern revolves around the irregularity in the payments made to Buch by ICICI Bank, which have been described as retiral benefits. He questions why these payments have been inconsistent, both in their frequency and the amounts disbursed. Specifically, he points out that Buch received Rs 5.03 crores in 2014-2015 immediately after her superannuation, yet no payments were made in 2015-2016. However, these payments mysteriously resumed in 2016-2017 and continued until 2021, raising questions about the nature of these retiral benefits.Here is our latest statement on the conflict of interest issue involving the SEBI Chairperson. It is a reply to the feeble defence mounted yesterday evening in response to the revelations yesterday morning. pic.twitter.com/MfsKJkfrTW— Jairam Ramesh (@Jairam_Ramesh) September 3, 2024Discrepancy Between Salary and Retiral BenefitsAnother critical issue raised is the discrepancy between Buchs salary during her employment at ICICI and the so-called retiral benefits she received afterward. Ramesh notes that Buchs average annual salary from 2007 to 2013-2014 was Rs 130 lacs. However, the retiral benefits she received from 2016-2017 to 2020-2021 averaged around Rs 277 lacs per annum, a figure significantly higher than her actual salary. This discrepancy raises doubts about the legitimacy of these payments.Unexplained ESOPs and Lack of TransparencyIn the press release, the party also questions the validity of a revised policy that allegedly allowed Buch to exercise ESOPs (Employee Stock Ownership Plans) eight years after her voluntary termination from ICICI. He challenges ICICI to publicly disclose this policy, questioning why Buch was permitted to exercise these ESOPs at a time when the companys share price had substantially increased, potentially leading to personal financial gain. Ramesh argues that this scenario coincided suspiciously with her tenure at SEBI, suggesting a possible conflict of interest.Additionally, it inquires whether these ESOPs were sourced from the Employees ESOPs Trust, which could have disadvantaged other ICICI employees.Rameshs pointed questions demand clarity and transparency from ICICI Bank and raise serious concerns about the integrity of the SEBI Chairpersons financial dealings.
