Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch has got a clean chit from the government. India Today news quoted sources. According to this news, nothing objectionable was found in the investigation of the allegations against Madhabi Butch. She will now complete her tenure which will end in February 2025. Sources said the probe was necessitated after US short-seller Hindenburg Research and the Congress party leveled serious allegations of conflict of interest and financial misconduct against the SEBI chief. Buch faced investigation over allegations of conflict of interest and financial misconduct.
Accusations were made against SEBI chief
Recently, in a report by Hindenburg Research, Adani Group has made several allegations against market regulator SEBI chief Madhavi Puri Buch. Hindenburg in its report said that SEBI chairperson Madhabi Puri Buch and her husband Dhabal Buch had made undeclared investments in undisclosed offshore funds in Bermuda and Mauritius. He said that these are the same funds which were allegedly used by Vinod Adani to embezzle money and increase the share prices of group companies. Vinod Adani is the elder brother of Adani Group chairperson Gautam Adani.
SEBI chairperson replied
In response to the allegations, Madhabi Puri Buch and her husband, Dhaval Buch, had said that the claims in the Hindenburg report were “baseless” and without merit. He insisted that his financial records were transparent and described the allegations as an attempt at character assassination. The Buchs clarified that their investment in the fund was made two years before Madhabi joined SEBI. After Hindenburg’s attack, other opposition parties including Congress attacked the SEBI chairperson. Along with this, resignation was also demanded.
