The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.
Madhabi Puri Buch: SEBI Chairperson Accused of Offshore Investment Connections
Background:
Madhabi Puri Buch is the current chairperson of India's Securities and Exchange Board (SEBI), the country's capital markets regulator. She was appointed to the role in 2022, becoming the first woman to hold the position. Buch has a long and distinguished career in finance, spanning over three decades.
Accusations and Denials:
In January 2023, US short-seller Hindenburg Research accused Buch and her husband of investing in offshore entities connected to a fund managed by India Infoline. The fund reportedly also had investments from Vinod Adani, the brother of billionaire industrialist Gautam Adani.
The Adani Group, led by Gautam Adani, denied any commercial relationship with Buch or her husband. The group dismissed the claims as "malicious" and "designed to undermine the Adani Group's reputation and to adversely affect the share prices of Adani Group's listed companies."
SEBI's Response:
SEBI has not yet publicly commented on the allegations against its chairperson. However, Buch has a history of taking a tough stance on fraudulent trading and has passed several controversial orders during her tenure at SEBI.
Experience and Qualifications:
Buch holds a Bachelor of Arts degree from Delhi University and a Post Graduate Diploma in Management from the Indian Institute of Management Ahmedabad (IIM Ahmedabad). She has held senior positions at ICICI Securities Limited and ICICI Bank.
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