India regulatory chief Madhabi Buch earned revenue in potential rules violation: Report
The Hindu
SEBI chief Madhabi Puri Buch faces conflict of interest allegations, sparking investigation and calls for resignation.
“The head of India’s markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials,” according to public documents reviewed by Reuters.
Hindenburg Research has alleged a conflict of interest in Buch's investigations surrounding the Adani Group due to her previous investments. The allegations against the Gautam Adani-led conglomerate, made in January last year, triggered a big drop in the share prices of the flagship Adani Enterprises and other group firms, which later recovered, prompting an ongoing investigation by the Securities and Exchange Board of India (SEBI).
Also Read: Warning bells: On the Adani saga
Ms. Buch, in a statement on Sunday (August 11, 2024), denied allegations of a conflict of interest and termed them an attempt at "character assassination".
Separately, the U.S. shortseller, in its latest report, highlighted two consultancy firms operated by Ms. Buch and her husband: Singapore-based Agora Partners and India-based Agora Advisory.
Also Read: Hindenburg Research report on SEBI chief raises political storm
Ms. Buch joined SEBI in 2017 and was appointed to the top position in March 2022. “In those seven years, Agora Advisory Private Limited, in which Ms. Buch has a 99% shareholding, earned a revenue of ₹ 37.1 million ($442,025),” according to public documents from the Registrar of Companies, analysed by Reuters.
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