After the allegations of Hindenburg, market regulator SEBI chief Madhavi Puri Buch remains in the center of discussion. One after the other allegations are being leveled against her. However, the SEBI chief has termed all the allegations so far as baseless and has presented clarification. Many serious allegations have been leveled against Madhavi Puri Buch, from the Hindenburg allegations to taking salary from ICICI Bank and then toxic work culture for the employees. Congress is constantly demanding Madhavi Puri to resign from the post of SEBI chief.
Now a new news has come that the Public Accounts Committee (PAC), the body that monitors government expenditure, has decided to include the review of the performance of the Securities and Exchange Board of India (SEBI) in its agenda this year. According to the report of Indian Express, the parliamentary committee has notified its agenda and can summon the current SEBI chief during the review process. In such a situation, SEBI chief Madhavi Puri Buch seems to be surrounded from all sides.
What did Hindenburg accuse?
Hindenburg had alleged that SEBI chief Madhavi Puri Buch and her husband have a stake in the foreign fund of Adani Group. The report also alleged collusion between Adani Group and SEBI. However, SEBI chief Madhabi Puri Buch and her husband Dhawal Buch have rejected the allegations. The Buch couple says that nothing has been hidden. There is no truth in the allegations. At the same time, Adani Group called the allegations baseless and termed it a conspiracy to make profits and defame. After this allegation, a series of allegations started one after the other against the SEBI chief.
Accused of earning revenue from consultancy firm
According to a report by news agency Reuters, Madhavi Buch continued to earn revenue from a consultancy firm during her seven-year tenure, which was potentially a violation of rules for regulatory authorities. Reuters released this report after reviewing public documents. A similar allegation was also made by Hindenburg, after which Buch said that information about the consultancy firm was given to SEBI. Her husband was handling this consultancy business after retiring from Unilever in 2019.
Accused of taking salary from ICICI Bank while being SEBI chief
Congress had alleged that Buch had received Rs 16.80 crore from ICICI Bank, ICICI Prudential, ESOP between 2017 and 2024. Congress claimed that Buch did not get as much salary as he was getting from the private bank while being the SEBI chief. However, the bank denied these allegations and said that after retirement he was not being given salary, but retirement benefits were being given.
Toxic environment for employees
500 employees of SEBI had written a letter to the Finance Ministry that Madhabi Puri Buch shouts and scolds in meetings. The SEBI chief also insults them publicly. They alleged that there has been a toxic atmosphere in SEBI for the last two-three years. The work culture has deteriorated. The employees had given this letter to the Finance Ministry in 5 pages. On Wednesday, SEBI held a press conference in which the employees were described as ‘misled by external elements’, due to which the employees protested in Mumbai and demanded resignation from Madhavi Puri Buch. After all these allegations, SEBI chief Madhavi Puri Buch seems to be surrounded from all sides.
Source (PTI) (NDTV) (HINDUSTANTIMES)