Hindenburg Research in its latest tweet has questioned Sebi Chief Madhabi Puri Buch for maintaining ‘complete silence’ in the recent weeks, on her alleged links with various companies at the same time as she was helming the state of affairs at the regulatory body’s office.

Furthering Congress’ allegations on Buches, Hindenburg Research wrote on microblogging site X, “New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch’s Indian consulting entity with no details thus far on Buch’s Singapore-based consulting entity. Buch has maintained her complete silence for weeks on all of the emerging issues.”

On Tuesday, Pawan Khera, Chairman, Media and Publicity Department, Congress, in a press conference said, Madhabi Puri Buch’s 99% shareholding in a consultancy firm Agora Advisory Private Limited (touted to be a joint holding company by the Buches) gave consultancy to 6 companies while she became a whole-time member of the Securities and Exchange Board of India (SEBI) and eventually becoming the chief of Sebi. 

Khera said this potentially violates the market regulator’s conflict of interest policy. Citing public documents that the Congress has accessed, Khera alleged that Madhabi Puri earned Rs 2.95 crore between 2016-17, 2019-20 and 2023-2024 all the while she was whole-time member of the Securities and Exchange Board of India (SEBI) and subsequently becoming the chairperson of Sebi. Agora Advisory Private Limited gave consultancies to Dr Reddy’s, Pedilite ICICI, Visu Leasing And Finance, Mahindra and Mahindra Ltd, Pidilite and Sembcorp.

Khera in the press conference argued that all the six companies mentioned above are listed companies and are regulated by Sebi whose chairperson is Ms Buch which has relations with the latter’s husband Dhaval Buch that owns Agora Advisory Private Limited. 

He argued that of the Rs 2.95 crore that Agoda linked to the Sebi chief earned, the maximum share (86 percent) came from Mahindra and Mahindra. He further alleged that between 2019-2021, Dhaval Buch got Rs 4.78 crore from Mahindra and Mahindra. This too during the time when Madhabi Puri was the whole-time member of the Sebi, which is a clear conflict of interest, Khera said.