Amid the recent allegations raised by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch, Congress leader Pawan Khera has demanded a detailed response from the Securities and Exchange Board of India (SEBI), Prime Minister Narendra Modi, and Finance Minister Nirmala Sitharaman.
Taking to the press, Khera stated, "When will SEBI, PM, and Nirmala Sitharaman give a point-wise reply to the factual and point-wise issues raised by Hindenburg? We are waiting for that date."
He further added: "Did she respond on Agora? Did she respond to the point that she sent a mail for money from her email ID even after becoming SEBI Chairperson? Before becoming SEBI Chairperson did she disclose her investments in offshore companies? Did the Government of India suspect that her companies had investments in Gautam Adani's brother Vinod Adani's offshore companies? If they had such information, why was she made SEBI Chairperson? If they didn't have information, then what are they doing by being in power? They should resign if they don't know this."
On Saturday, Hindenburg Research made serious allegations against SEBI Chief Madhabi Puri Buch and her husband, Dhaval Buch, accusing them of conflicts of interest and questionable financial dealings linked to offshore entities. The allegations were firmly dismissed by both Madhabi and Dhaval Buch, who released a detailed statement addressing the claims on Sunday.
Madhabi Puri Buch, an alumnus of IIM Ahmedabad with over two decades of experience in banking and financial services, and Dhaval Buch, an IIT Delhi graduate with a 35-year career at Hindustan Unilever Limited, emphasized that their investments and net worth have been accrued through years of professional work. The release described the insinuations about their financial status and investments, especially in relation to Madhabi’s current government salary, as “malicious and motivated.”
The couple further clarified that from 2010 to 2019, Dhaval lived and worked in London and Singapore with Unilever. Madhabi also lived and worked in Singapore from 2011 to March 2017, first as an employee of a private equity firm and later as a consultant. They explained that their investment in the fund mentioned by Hindenburg Research was made in 2015 when they were both private citizens residing in Singapore, nearly two years before Madhabi joined SEBI.
According to their statement, the decision to invest in this fund was based on the fact that the Chief Investment Officer, Anil Ahuja, was a longtime friend of Dhaval’s from school and IIT Delhi.