 "Sebi Chairperson Madhabi Puri Buch faces serious allegations of conflict of interest amid scrutiny from Hindenburg Research and Congress.")
Hindenburg Research has criticized Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (Sebi), for her silence regarding allegations against her. The Congress party accused Buch and her husband of receiving funds from companies regulated by Sebi during her tenure. Allegedly, Buch’s consulting firm received payments from major firms like Mahindra & Mahindra and ICICI Bank. Congress claimed that her advisory firm was not dormant as she had stated. In response, Buch and her husband denied all accusations, asserting their finances were transparent and welcoming further investigations. Meanwhile, companies named in the allegations refuted claims of wrongdoing and clarified their engagements with Dhaval Buch.
Title: Allegations Surrounding SEBI Chairperson Madhabi Puri Buch Ignite Controversy
Last Updated: September 11, 2024
Hindenburg Research, a well-known short-selling firm based in the United States, has publicly criticized Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI). This criticism follows allegations from India’s opposition Congress party, which claims that Buch and her husband received additional funding from private companies while she was in office.
Hindenburg’s recent post on X (formerly Twitter) highlighted new accusations against a private consulting firm that Buch owns, which they allege accepted payments from several publicly listed companies during her tenure as a SEBI whole-time member. Some of these companies include major players like Mahindra & Mahindra and ICICI Bank. The firm pointed out that Buch had remained silent on these serious claims, raising further concerns.
Congress spokesperson Pawan Khera accused Buch of concealing conflicts of interest, specifically relating to Agora Advisory Pvt Ltd, a consultancy firm owned by her. Khera asserted that the firm continued to operate rather than becoming dormant as Buch had previously claimed, generating substantial revenue during her time at SEBI.
In response to these allegations, companies such as Mahindra & Mahindra and Dr. Reddy’s have denied any wrongdoing. They clarified that services provided by Buch’s husband occurred before she became SEBI chairperson and insisted they had never sought favoritism from the regulatory body.
In earlier developments, Hindenburg had accused Buch of a conflict of interest related to offshore entities linked to the Adani money siphoning scandal. Both Madhabi Puri Buch and her husband have denied all allegations, describing them as baseless and affirming that their financial affairs have been fully disclosed to SEBI. They have committed to transparency and are expected to release a detailed statement addressing these controversies soon.
Stay informed about this developing story as more details emerge regarding the scrutiny and claims against one of India’s key financial regulators.
Tags: SEBI, Madhabi Puri Buch, Hindenburg Research, Congress Party, Allegations, Financial Regulation, India News, Conflict of Interest, Corporate Governance.
What is the issue with Hindenburg and Sebi chief Madhabi Buch?
There are claims from Congress about Hindenburg’s report and they are wondering why Sebi chief Madhabi Buch hasn’t spoken on it yet.
Why is Madhabi Buch’s silence important?
Her silence is seen as crucial because Sebi regulates the stock Market, and people want to know her thoughts on the allegations made by Hindenburg.
What are the claims made by Congress?
Congress claims that the Hindenburg report points out serious issues, and they believe the Sebi chief should address these concerns publicly.
Has Madhabi Buch commented on the situation?
As of now, Madhabi Buch has not made any public comment regarding the Hindenburg report or the Congress claims.
What could happen if Sebi does not address the allegations?
If Sebi does not respond, it could lead to more doubts about its effectiveness in handling Market regulations and protecting investors.
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