Hindenburg’s 1-line reply to new allegations against Sebi boss Madhabi Puri Buch

It added, “New allegations have emerged that the private consulting entity, 99% owned by Sebi chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch’s Indian consulting entity with no details thus far on Buch’s Singapore-based consulting entity.”

What are the new allegations against Madhabi Puri Buch?

This comes as opposition Congress alleged that a consultancy firm promoted by Madhabi Puri Buch had earned about ₹3 crore and most of the money came from Mahindra & Mahindra (M&M). At the time, Madhabi Puri Buch was a whole-time member of SEBI, as per the party which said that she holds 99% of the consultancy Agora Advisory Private Ltd, “which has been actively providing advisory/consultancy services till date.”

Congress spokesperson Pawan Khera said, “This isn’t just a case of wilful concealment; it’s a case of wilful lying. In my last press conference, I had mentioned that it is not merely a conflict of interest, it is a case of corruption. Today’s revelations will prove that it is not just corruption — it is a criminal conspiracy, absolutely brazen and shameless in its execution.”

Mahindra Group said, “We consider these allegations false and misleading in nature.”