Congress Accuses SEBI Chief Madhabi Puri Buch of Conflict of Interest
The Indian National Congress has accused Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch of earning crores from companies like Mahindra & Mahindra, Dr Reddy's, and three others.
Agora Advisory Private Limited: Congress alleges that Buch and her husband Dhaval Buch own Agora Advisory Private Limited, which continued to provide services and generate revenue of Rs 2.95 crore between 2016-2024, despite Buch claiming it became dormant after joining SEBI.
Agora Advisory reportedly had top clients such as Mahindra & Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp, and Visu Leasing & Finance.
Congress claims that Dhaval Buch received Rs 4.78 Crores as income from Mahindra & Mahindra, in addition to the Rs 2.95 crores received by Agora Advisory.
Congress alleges that this violates Section 5 of SEBI's code on conflict of interest, as Buch was adjudicating cases of Mahindra & Mahindra while her husband was receiving income from the company.
Congress demands a Joint Parliamentary Committee to investigate the matter.
Buch has responded to the allegations, stating that the two consulting companies she set up in India and Singapore became dormant upon her appointment with SEBI. She also clarified that her husband started his own consultancy practice after retiring from Unilever in 2019, and his income from clients is not related to her current government salary.
On September 2, 2024, allegations surfaced against Buch for potentially receiving income from ICICI Bank while serving as SEBI chief. Congress has also accused her of acquiring rental earnings from Carol Info Services Ltd, a firm associated with Wockhardt Ltd.
The allegations against Madhabi Puri Buch have raised concerns about potential conflict of interest and ethical violations. While Buch has denied the allegations, the Congress party continues to demand a thorough investigation into the matter.