Allegations Against SEBI Chairperson Madhabi Puri Buch: A Detailed Overview
The Congress party has intensified its criticism of Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). New allegations surfaced during a press conference held by party spokesperson Pawan Kheda on September 14, 2024. The Congress claims that Buch engaged in significant trading activities and invested in Chinese funds while serving at SEBI.
Key Allegations Made by Congress
Pawan Kheda highlighted multiple points regarding the alleged misconduct by Madhabi Puri Buch, particularly focusing on her trading activities. He stated that between 2017 and 2023, Buch was involved in trading listed securities amounting to approximately ₹36.9 crore, which, according to the Congress party, constitutes a violation of SEBI regulations.
Furthermore, Kheda revealed concerns about financial transactions involving Mahindra & Mahindra. He mentioned that the company had not sufficiently responded to inquiries about whether it had provided financial support to ‘Agora,’ a company linked to Buch’s husband, Dhawal Buch.
Specific Questions Raised
The Congress spokesperson posed three crucial questions regarding Madhabi Puri Buch’s financial dealings:
- To which government agency did she first report her foreign assets?
- Was she involved with ‘Agora Partners PTE Singapore’?
- Why was she investing in Chinese funds?
Denial of Allegations by Buch Couple
In response to these allegations, both Madhabi Puri Buch and her husband, Dhawal Buch, have categorically denied any wrongdoing. During a statement made prior to the Congress press conference, they referred to the accusations as “false” and “motivated,” asserting that they seem aimed at damaging their reputation.
The Buchs contended that the allegations stem from information obtained unlawfully, infringing on privacy laws. They criticized the piecemeal approach of the Congress party, questioning why all claims were not presented simultaneously, which would have allowed them to respond with clarity and context.
Contention Over Financial Income and Consultancy
The Congress party also alleged that Madhabi Puri Buch received financial benefits from ICICI Bank even post-retirement and that her property was rented to an associate firm of Wockhardt. Furthermore, they brought allegations regarding consultancy services provided by Dhawal Buch through his companies, Agora Advisory in India and Agora Partners in Singapore.
Conclusion
The ongoing controversy surrounding Madhabi Puri Buch raises significant questions about integrity and compliance within regulatory bodies in India. As the situation develops, both the Congress party and the Buchs are likely to continue their back-and-forth discourse, which could have implications for the future of SEBI and its leadership.
