In its new report, American short seller Hindenburg has claimed a connection between Adani Group and SEBI chief Madhabi Puri Buch. The report mentions that the SEBI chairman had a stake in the offshore entities used in the Adani money siphoning scandal. However, SEBI chief Madhabi Puri Buch has denied these allegations and said that her investment in the fund was made two years before joining SEBI. Amidst these allegations and counter-allegations, it is important to know who Madhabi Puri is and what positions she has held.
Who is SEBI Chief Madhabi Puri
Madhabi Puri is the first woman chairperson of India’s market regulator SEBI from March 1, 2022. She has studied from IIM Ahmedabad and is the youngest head of SEBI. Earlier, she was a full-time member of SEBI and looked after the work of market regulation, investment management and IT related departments. According to the report, Madhabi Puri Buch started her career with ICICI Bank in the year 1989.
Between 1993 and 1995, Madhabi Puri Buch worked as a lecturer at West Cheshire College in England. After this, for 12 years, she served in the sales, marketing and product development departments of several companies.
Related news
- Khel Khel Mein Review: Akshay’s best comedy in many years, ‘Khel Khel Mein’ gives a social message with great love
- ‘We are preparing for the 2036 Olympics to be held in India’, PM Modi’s big announcement from Red Fort
- Committee’s game, lucky draw scam and gold and silver in exchange for cash… Inside story of Saharanpur suicide case
- Started before independence… even today these 7 Indian companies are famous in the world, they make these products
- Violent crowd, anger on police and vandalism in hospital… midnight riot over Kolkata rape-murder
Advisor in BRICS Bank too
From 2013 to 2017, he worked as an advisor in the New Development Bank set up by the group of BRICS countries. After this, in the year 2017, he was appointed as a full-time member of SEBI. In the year 2018, he passed an order against the Sahara Group. In the year 2022, he took over as the Chairman of SEBI.
Who is Dhawal Puri?
Madhabi Puri Buch’s husband Dhaval Buch is known as an experienced businessman. According to the report, Dhaval Buch is currently a senior advisor at Blackstone and Alvarez & Marsal. He also serves as a non-executive director on the board of Gildan. Dhaval Buch has had a three-decade-long career with Unilever. Dhaval Buch is an alumnus of IIT Delhi. He received a degree in mechanical engineering in 1984.
The couple denied the allegations
The Buch couple has denied the allegations made by Hindenburg. The Buch couple said that they had invested in IPE Plus Fund 1 managed by 360 One Asset and Wealth Management (formerly IIFL Wealth Management) in 2015. This investment was made on their behalf two years before Madhabi joined SEBI as a full-time member when both lived in Singapore as private citizens. According to the statement, the decision to invest in this fund was taken because Chief Investment Officer Anil Ahuja is a childhood friend of Dhawal from school and IIT Delhi and had a strong investment career spanning several decades as a former employee of Citibank, JP Morgan and 3i Group PLC.
Our life is an open book
Completely rejecting the allegations, SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch said in a statement issued early Sunday morning that the allegations made in the Hindenburg report of August 10 are baseless and there is no truth in them. Our life and finances are like an open book. Whatever disclosures we needed to make, all that information has been given to SEBI in the past years.
What did Hindenburg allege?
The report released by Hindenburg on Saturday claimed that whistleblower documents reveal that Madhabi Buch and her husband Dhawal Buch opened their account with IPE Plus Fund 1 in Singapore on June 5, 2015. The couple’s total investment in it is estimated at $ 10 million. Hindenburg alleged that the offshore Mauritius fund was set up by a director of the Adani Group through India Infoline and is registered in tax haven Mauritius.
Source (PTI) (NDTV) (HINDUSTANTIMES)