New Delhi: American short-seller firm Hindenburg recently released a sensational report targeting SEBI Chief Madhabi Puri Buch. In its revelations, Hindenburg levelled serious allegations against Buch, accusing her of favouring Adani’s companies for personal gain. Now, another serious accusation has surfaced, raising significant questions about a potential conflict of interest involving SEBI Chairperson Madhabi Puri Buch.
New Revelation About Madhabi Buch
According to a Reuters report, it was revealed that during her seven-year tenure, Madhabi Buch continued to receive income from a consultancy firm. Reuters published its report after reviewing public documents. It has now been claimed in a report that the address of the consultancy firm established by Buch is the same as that of the auditor firm responsible for auditing it.
In other words, the auditors who reviewed the firm’s finances are registered at the same address as Buch’s consultancy. This revelation comes from documents filed with the Registrar of Companies. According to the report, Buch’s firm’s audit was handled by Shah and Savla LLP, and the address is the same as that of Buch’s firm, both located in the Ghatkopar area of Mumbai.
SEBI Chief Under Scrutiny Again
The documents referenced in the report are registered with the Registrar of Companies. These include the 2023-2024 balance sheet for Agora Advisory Private Limited, which lists an address in the Ghatkopar area of Mumbai. Interestingly, when the address of the auditing firm, Shah and Savla LLP, was checked, it was found to be the same. Both addresses are in Ghatkopar and mention office number 201. The report also notes that other firms established by Madhabi Buch have the same address listed.
Husband Managing Firms After Buch’s SEBI Appointment
Before joining SEBI in 2017, Madhabi Buch had already distanced herself from these firms. Currently, her husband, Dhawal, holds director positions in these companies. However, recent financial disclosures related to these firms have raised serious questions. For context, Madhabi Buch joined SEBI in 2017 and became its chairperson in 2022.