New Delhi: Hindenburg Research in its latest tweet has questioned Sebi chief Madhabi Puri Buch for maintaining a “complete silence” in the last few weeks over her alleged links with several companies while also managing the situation at the regulator’s office.
In connection with the Congressional allegations against Buches, Hindenburg Research wrote on microblogging site X: “Fresh allegations have surfaced that the private consulting entity, 99% owned by SEBI Chairperson Madhabi Buch, accepted payments from several listed companies regulated by SEBI during her tenure as a full-time member of SEBI. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch’s Indian consulting entity and so far, there are no details about Buch’s Singapore-based consulting entity. Buch has maintained complete silence for weeks on all emerging issues.”
Fresh allegations have emerged that the private consultancy firm, 99% owned by SEBI Chairperson Madhabi Buch, accepted payments from multiple SEBI-regulated listed companies during her tenure as a full-time member of SEBI.
Companies include: Mahindra & Mahindra, ICICI Bank, Dr.… — Hindenburg Research (@HindenburgRes) September 11, 2024
On Tuesday, Pawan Khera, chairman of the Congress’s media and publicity department, told a press conference that Madhabi Puri Buch’s 99% stake in the consulting firm Agora Advisory Private Limited (promoted by the Buches as a joint holding company) provided consultancy to 6 companies while becoming a full-time member of the Securities and Exchange Board of India (SEBI) and eventually becoming the head of Sebi.
Khera said this potentially violates the market regulator’s conflict of interest policy. Citing public documents accessed by Congress, Khera alleged that Madhabi Puri earned Rs 2.95 crore between 2016-17, 2019-20 and 2023-2024 while she was a full-time member of the Securities and Exchange Board of India (SEBI) and subsequently became the chairperson of Sebi. Agora Advisory Private Limited provided consultancies to Dr Reddy’s, Pedilite ICICI, Visu Leasing And Finance, Mahindra and Mahindra Ltd, Pidilite and Sembcorp.
Khera argued at the press conference that the above six companies are listed companies and are regulated by Sebi, whose chairperson is Ms Buch, who has relations with the latter’s husband Dhaval Buch, owner of Agora Advisory Private Limited.
He argued that of the Rs 2.95 crore that Agoda linked to the Sebi chief, the bulk (86 per cent) came from Mahindra and Mahindra. He further claimed that between 2019 and 2021, Dhaval Buch got Rs 4.78 crore from Mahindra and Mahindra. This too during the time when Madhabi Puri was a full-time member of Sebi, which constitutes a clear conflict of interest, Khera said.
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