Hindenburg Research has commented on the controversy surrounding SEBI Chairperson Madhabi Puri Buch, who faces allegations of accepting payments from companies while serving as a SEBI member. In a statement posted on X (formerly Twitter), Hindenburg remarked, “Buch has maintained her complete silence for weeks on all of the emerging issues.”
The allegations against Buch stem from a consultancy firm, Agora Advisory Private Ltd, which is 99% owned by her. It is claimed that the firm received payments from several major companies, including Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s, and Pidilite, during her tenure as a SEBI Whole-Time Member.
Congress has amplified these accusations, with spokesperson Pawan Khera calling it not just a conflict of interest but “a case of corruption” and a “criminal conspiracy.” The consultancy firm reportedly earned ₹3 crore, with a significant portion allegedly coming from Mahindra & Mahindra, a claim the company has denied, labeling the allegations as “false and misleading.”
The issue has raised questions about transparency and conflicts of interest within regulatory bodies in India, with Congress pressing for further investigations into the matter.
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