![SEBI Chief Buch Earns Revenue In Potential Rules Violation: Report](https://assets.timelinedaily.com/j/1203x902/2024/08/madhabi-puch.jpg)
The report stated that she potentially breached rules for regulatory bodies violating a 2008 SEBI policy that prevents officials from earning profits or receiving unauthorised salary, money, or any professional fees.
According to Reuters, SEBI chairperson Madhabi Puri Buch earned whopping revenue from a consultancy firm during her tenure of seven years. The report stated that she potentially breached rules for regulatory bodies violating a 2008 SEBI policy that prevents officials from earning profits or receiving unauthorised salary, money, or any professional fees. Reuters reported on Friday, citing public document reviews.
It was followed by the allegations by Hindenburg Research that the head of the regulatory body Madhabi Buch and her husband Dhaval Buch held investments in offshore funds allegedly tied to the Adani money-laundering scandal. It was stated that Buch and her husband operated two consultancy firms: Singapore-based Agora Partners and India-based Agora Advisory.
2017 she was appointed to SEBI and was positioned as chief in March 2022. Buch earned revenue of 3.71 crore where she holds 99 per cent shares in the Agora Advisory Pvt Ltd during her seven years of work tenure, as reported by Reuters.
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SEBI spokesperson Buch didn’t respond to the comment but said in a previous statement that the consultancy firms had been revealed to SEBI that her husband uses the firm and he directs the businesses and shareholdings after his service in Unilever.
Buch transferred all her shares to her husband in Agora Partners in the same month she was appointed as the head of SEBI, according to Hindenburg, citing Singapore company records. However, She still holds shares in the India consulting firm according to the report for the financial year 2024. As per the documents reviewed by Reuters, it doesn’t detail any connection with Adani Group and there was no information found suggesting that the business was undertaken by the consultancy.
Earlier this week, Hindenburg alleged that Madhabi Buch, the current SEBI Chairperson, and her husband, Dhaval Buch, have stakes in the very offshore funds tied to the Adani money siphoning scandal. Later it became a call for Buch’s resignation as the opposition leader and other officials demanded to make her position untenable at the regulatory body. But, she denied all allegations levelled against them by Hindenburg Research.
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