SEBI Chief Madhabi Buch Faces Congress Ire Over Alleged Conflict of Interest
Congress accuses SEBI chairperson Madhabi Puri Buch of running her consultancy firm while in office, sparking conflict of interest concerns. Mahindra Group defends Buch's husband, Dhaval Buch, over payments received.
SebiMadhabi Puri BuchCongressMahindra MahindraConflict Of InterestReal Estate NewsSep 11, 2024
The Congress has alleged that Buch continued to run her consultancy firm, Agora Advisory, even after joining SEBI in 2017. The party claims that Buch received a whopping Rs 2.95 crore from various companies, including Mahindra & Mahindra and Dr. Reddy's, during her tenure at SEBI.
But that's not all. The Congress also alleges that Buch's husband, Dhaval Buch, received Rs 4.78 crore from Mahindra & Mahindra during the same period. This has raised serious concerns about potential conflicts of interest, especially given that SEBI settled five cases involving Mahindra & Mahindra.
However, the Mahindra Group has rubbished these allegations, saying that Dhaval Buch is an expert in supply chain management and that the payments were for his services. This is the third time in nine days that the Congress has attacked Buch, following allegations related to income from ICICI Group and rental income from Wockhardt.
These controversies come at a time when SEBI is already facing heat from Hindenburg Research and its own employees over alleged conflicts of interest and workplace culture.
Madhabi Puri Buch took over as the chairperson of SEBI in March 2022. Prior to her appointment, she was a whole-time member of SEBI. Buch has over three decades of experience in the financial sector, having worked with ICICI Bank and other institutions.
Mahindra & Mahindra is a leading Indian multinational conglomerate with operations in various sectors, including automotive, aerospace, and finance. The group has a presence in over 100 countries and employs over 2.5 lakh people.
The Securities and Exchange Board of India (SEBI) is the regulator of the securities market in India. It was established in 1988 and is headquartered in Mumbai. SEBI's primary objective is to protect the interests of investors and promote the development of the securities market.
Frequently Asked Questions
Who is Madhabi Puri Buch?
Madhabi Puri Buch is the chairperson of the Securities and Exchange Board of India (SEBI).
What are the allegations against Buch?
The Congress has alleged that Buch continued to run her consultancy firm, Agora Advisory, even after joining SEBI in 2017, and received payments from various companies, including Mahindra & Mahindra and Dr. Reddy's.
What is the Mahindra Group's response to the allegations?
The Mahindra Group has denied the allegations, saying that Dhaval Buch, Madhabi's husband, is an expert in supply chain management and that the payments were for his services.
What is the background of Madhabi Puri Buch?
Buch has over three decades of experience in the financial sector, having worked with ICICI Bank and other institutions. She took over as the chairperson of SEBI in March 2022.
What is the role of SEBI in the securities market?
SEBI is the regulator of the securities market in India, and its primary objective is to protect the interests of investors and promote the development of the securities market.
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