Sep 11, 2024 08:50 AM IST
Hindenburg Research claims Sebi chief Madhabi Puri Buch has remained silent on allegations of accepting payments from companies while serving as a Sebi member.
Hindenburg Research said Sebi chief Madhabi Puri Buch maintained complete silence for weeks on allegations against her. The shortseller in a post on X (formerly Twitter), “Buch has maintained her complete silence for weeks on all of the emerging issues.”
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.”