Allegations by Hindenburg Research have put Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), at the centre of a growing controversy.
The latest report by Hindenburg has alleged that Madhabi Puri Buch and her husband Dhawal Buch were involved in offshore entities tied to the Adani Group's alleged money-siphoning activities. The couple also held stakes in obscure Bermuda and Mauritius funds, alleged the report.
The recent allegations against Madhabi Puri Buch raise concerns about potential conflicts of interest within SEBI.
Who is Madhabi Puri Buch?
Born in 1966, Buch was raised in Mumbai. She got married to Dhawal Buch at the age of 21.
Having a strong foundation in mathematics and finance, she graduated from St. Stephen's College, Delhi. Later, she obtained her MBA from Indian Institute of Management (IIM) Ahmedabad.
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Her career started in 1989 with ICICI Bank. She has also worked on various profiles across companies for 12 years including sales, marketing and product development.
She joined ICICI Securities in 2006 and later became the Managing Director and CEO from February 2009 to May 2011. Her leadership approach was marked by a focus on risk management and operational efficiency.
After ICICI, she served as a Consultant to the New Development Bank in Shanghai and led the Singapore office of Greater Pacific Capital, a private equity firm. Moving to an international platform helped her understand international regulatory practices as well.
After returning back to India, Buch held non-executive director posts on the boards of several major companies including Ideal Cellular Ltd and NIIT Limited. As a Whole Time Member of SEBI in 2017, she managed key portfolios such as surveillance and mutual funds.
In March 2022, Buch became the first woman to lead SEBI. Her appointment has been credited with bringing rapid changes in the system and improving efficiency.
