Congress Alleges Conflict of Interest Against SEBI Chairperson Madhabi Puri Buch
The Congress party has accused SEBI Chairperson Madhabi Puri Buch of a conflict of interest, alleging that she received significant fees from listed entities while holding a 99% stake in a consultancy firm, Agora Advisory.
Congress spokesperson Pawan Khera claimed that Buch received a total of Rs 2.95 crore through Agora Advisory between 2016 and 2024, with Rs 2.59 crore coming from Mahindra and Mahindra alone. He further alleged that Buch's husband, Dhaval Buch, received Rs 4.78 crore from Mahindra and Mahindra during her tenure as SEBI director.
Khera questioned whether Prime Minister Narendra Modi was aware of Buch's ownership of Agora and the fees she received from listed entities. He also raised concerns about the nature of services provided by Agora and whether they were financial in nature.
Congress demanded an explanation from the government regarding Buch's alleged conflict of interest and her husband's income from Mahindra and Mahindra.
Mahindra Denies Allegations
Mahindra Group has denied the allegations, calling them "misleading." The company clarified that Dhaval Buch was hired in 2019 for his expertise in supply chain and sourcing after retiring from Unilever. They stated that his compensation was based solely on his experience and expertise and that they have never requested preferential treatment from SEBI.
Buch's Response
Buch has responded to the allegations, stating that the consulting firms she established became dormant when she joined SEBI. She maintains that she owns 99% of Agora but that the company has not been actively providing consultancy services.
Questions Remain
The allegations against Buch have raised questions about potential conflicts of interest and the need for greater transparency in the appointment of regulatory officials. The government is yet to respond to the allegations, and it remains to be seen how this issue will be addressed.