Buch has been silent on emerging issues for weeks, Hindenburg said.
Madhabi Puri Buch, the chief of India’s stock market regulatory body SEBI, is facing criticism for not responding to serious claims against her as Hindenburg Research questioned Buch’s silence on these allegations and wants her to respond while replying to the Congress’s allegation against her.
Also, read| Congress Demands Independent Probe Into Allegations Against SEBI Chief Madhabi Buch
Hindenburg Research wrote on X that Buch has been silent for weeks about claims that her private consulting company, Agora Advisory Private Ltd, accepted payments from companies she was supposed to be regulating and has gone through a plethora of several other allegations.
New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member.
The companies include: Mahindra & Mahindra, ICICI Bank, Dr.…
— Hindenburg Research (@HindenburgRes) September 11, 2024
Hindenburg stated that the other companies include Mahindra & Mahindra, ICICI Bank, Dr Reddy’s, and Pidilite has been stated as Buch’s consultancy firm. Earlier, the opposition Congress party also accused Buch of earning around Rs 3 crore from her consultancy firm, mostly from Mahindra & Mahindra when she was at her official regulatory tenure. Buch owns 99% of the consultancy firm and they are still active. Hindenburg said: “These allegations apply to Buch’s Indian consulting entity with no details thus far on Buch’s Singapore-based consulting entity, Buch has maintained her complete silence for weeks on all of the emerging issues.”
Madhabhi Buch has been linked to many allegations in recent times as her employees at the Securities and Exchange Board of India ( SEBI) accused her of hostile behaviour. Earlier in September, the officials raised a complaint drafted to the finance ministry about the toxic work culture under Madhabi Buch‘s supervision. The workers accused Buch of using harsh language and being rude to the regulatory body staff in a letter sent to the ministry to seek aid in this matter.
Also, read| All The Allegations Against SEBI Chairperson Madhabi Puri Buch
Additionally, she has been facing financial shockwaves that the Congress called for an independent inquiry, stating it is in the national interest. The opposition expressed concerns that foreign investors are increasingly worried and that trust in India’s stock markets is being undermined and demanded Buch to step aside from her role.
