The Congress party has raised serious concerns regarding the actions of Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch. According to the Congress, both are involved in activities that could potentially violate SEBI’s conflict of interest policies.
New Allegations by Congress
During a press conference on Tuesday, Pawan Khera, the Chairman of the Media and Publicity Department of Congress, made several accusations. Khera pointed out that Madhabi Puri Buch holds a 99% share in a consultancy firm called Agora Advisory Private Limited. This company, jointly run by her and her husband, provided consultancy services to six different companies while she was holding a public office at SEBI, first as a whole-time member and later as the chairperson.
Earlier, Congress had also raised allegations that SEBI Chief Madhabi Puri Buch had received Rs 16.8 crore from ICICI Bank and its affiliates since she joined SEBI in 2017. Read this story in detail here. SEBI Officers are also protesting against the toxic work culture in SEBI and have demanded resignation of SEBI Chairperson. Read this story in detail here.
Potential Conflict of Interest
Khera claimed that these consultancy services, provided to companies such as Dr. Reddy’s, Pidilite, ICICI, Mahindra and Mahindra, Visu Leasing And Finance, and Sembcorp, represent a conflict of interest. Since these companies are publicly listed and regulated by SEBI, the Congress believes it is inappropriate for Buch’s firm to have such dealings. Congress also alleged that Buch earned ₹2.95 crore between 2016 and 2024 from these consulting services, while she was already a part of SEBI.
Whistleblower Information
The Congress revealed that a whistleblower had shared these details with them. According to Khera, the party took three days to verify the information and collect documents before coming forward with the allegations. Khera promised to provide additional details, including papers supporting the allegations, in the future.
Focus on Mahindra and Mahindra
A significant portion of the money earned by Agora Advisory came from Mahindra and Mahindra. According to the Congress, 86% of the ₹2.95 crore was linked to Mahindra. Moreover, between 2019 and 2021, Dhaval Buch reportedly earned ₹4.78 crore from Mahindra and Mahindra. During this time, Madhabi Puri Buch was still serving as a whole-time member of SEBI. The Congress claims this creates a direct conflict of interest.
Conclusion
These serious allegations have cast a shadow over the role of Madhabi Puri Buch at SEBI. Congress believes this could potentially undermine the market regulator’s integrity. The party has demanded a thorough investigation into the matter and is expected to release further evidence soon. Whether or not these claims will lead to action remains to be seen, but the opposition is determined to bring these concerns to the forefront of public discussion.
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