 "Madhabi Puri Buch and her husband deny accusations of corruption, claiming the allegations are malicious and fraudulent, threatening legal action.")
Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), along with her husband Dhaval Buch, has responded to allegations made by Congress regarding conflicts of interest and corruption. The couple claims these accusations are baseless and deliberately twisted to create a false narrative against them. They assert that all disclosures concerning their consulting firm, Agora Advisory, and income have been made to Sebi since 2017. They clarify that Madhabi took unpaid long leave from ICICI Bank in 2011 and worked at a private equity firm in Singapore with the bank’s approval. The Buchs emphasize their integrity and indicate they may pursue legal action to protect their reputation amid these claims.
In a strong response to recent accusations, Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), and her husband, Dhaval Buch, have dismissed allegations of conflict of interest and corruption as baseless and misleading. The couple has indicated they may pursue legal action against those making the accusations, which they claim are part of a deliberate effort to create a false narrative.
The controversy arose from allegations brought forward by the opposition Congress party, claiming that Madhabi Buch received income from the ICICI Group and other organizations through their consultancy firm, Agora Advisory. In a detailed six-page statement, the Buchs reiterated that they have always made full disclosures related to Madhabi’s consultancy work and income since she joined Sebi in 2017. They emphasized that any claims of conflict of interest are defamatory and motivated by malice.
Madhabi Puri Buch clarified that she never handled any files associated with the ICICI Group during her time at Sebi. The couple explained that she had taken an unpaid long leave from ICICI Bank in 2011 to join her husband in Singapore, and with the bank’s approval, she worked for a private equity firm there. When it became apparent that she would remain in Singapore, she retired from ICICI Bank following the proper procedures.
Furthermore, the Buchs expressed concern over how their income tax returns were accessed, stating that this breach of privacy was not only illegal but also a violation of their rights. They are committed to maintaining their integrity and are confident in countering these accusations as they explore legal options.
The story continues to unfold, with the Buchs determined to defend their reputations against what they see as unwarranted and malicious allegations.
Tags: Madhabi Puri Buch, Sebi, ICICI Bank, Congress, allegations, conflict of interest, corruption, legal action, Agora Advisory, transparency.
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What did Madhabi Puri Buch say about Congress’s accusations?
Madhabi Puri Buch dismissed the accusations from Congress, stating they are not based on facts. -
Why is Congress making accusations against SEBI?
Congress is criticizing SEBI’s decisions and actions, claiming they may not be fair or transparent. -
What is SEBI?
SEBI stands for the Securities and Exchange Board of India. It is the main regulator for the securities Market in India. -
How does SEBI respond to political accusations?
SEBI maintains its independence and focuses on its regulatory duties, often clarifying its position on such allegations. - What impact do these accusations have on the markets?
Political accusations can create uncertainty in the markets, but SEBI’s role is to ensure stability and protect investors.
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