Nirmala Sitharaman on allegations against Sebi chief Madhabi Puri Buch: ‘Need to consider facts’

Madhabi Puri Buch traded in listed securities worth ₹36.9 crore between 2017-2023, while also holding foreign assets from 2017-2021, the Congress party alleged.

Responding to the allegations, Nirmala Sitharaman said at the News18 India Chaupal event, “I think a few of the allegations are being answered by the Buchs. They are putting out facts to contradict the allegations by Congress. I think the facts are to be taken on board. Madhabi Buch and her husband are putting out facts to contradict the allegations.”

This comes after Madhabi Puri Buch and her husband Dhaval Buch issued a statement regarding consultancy firm Agora Advisory. The couple asserted that she had never handled any files related to the firm or business groups named in the recent allegations since joining Sebi.

“In keeping with the highest standards of governance, Madhabi has never dealt with any file involving Agora Advisory, Agora Partners, the Mahindra Group, Pidilite, Dr Reddy’s, Alvarez and Marsal, Sembcorp, Visu Leasing or ICICI Bank at any stage after her joining SEBI. As evident from the above facts and the communications from the companies, the allegations are completely false, malicious and defamatory,” they said as per the statement.