Aakhir Tak – In Shorts
The investigation into Sebi Chairperson Madhabi Puri Buch has concluded. Government sources indicate no findings against her or her family. She will complete her tenure, ending in February 2025.
Aakhir Tak – In Depth
Government sources have confirmed that the investigation into Sebi (Securities and Exchange Board of India) Chairperson Madhabi Puri Buch has concluded. The probe found no wrongdoing by her or her family. Buch is expected to complete her tenure, which ends in February 2025.
The investigation was initiated following serious allegations of conflict of interest and financial misconduct made by Hindenburg Research and the Congress party. Hindenburg Research suggested that Buch might have undisclosed financial ties to the Adani Group, which is also under scrutiny.
In response, Buch and her husband, Dhaval Buch, called the claims “groundless” and “without merit.” They emphasized that their financial records are transparent and labeled the allegations as an attempt at “character assassination.” They clarified that their investment in the fund, which Hindenburg claimed was linked to alleged “Adani stock manipulation,” was made two years before Madhabi joined Sebi.
The controversy intensified when Congress leader Pawan Khera accused Buch of receiving income from ICICI Bank after assuming the role of Sebi Chairperson. Citing documents, Khera claimed that Buch received nearly Rs 17 crore in salary from ICICI Bank between 2017 and 2024.
The Congress party characterized this as “out-and-out corruption.” Khera also alleged that Buch held a 99% stake in Agora Advisory Pvt Ltd, which provided consultancy services to companies like Mahindra and Mahindra while she adjudicated cases related to them. In response, Mahindra & Mahindra stated that Dhaval Buch’s consultancy was based on his expertise, with payments made before Madhabi’s appointment as Sebi Chairperson.
The Parliamentary Public Accounts Committee (PAC) was reportedly looking into the allegations against the Sebi chief. However, sources now indicate that Buch has been cleared of any wrongdoing, confirming that no action will be taken against her or her family.
