Hindenburg’s 1-line reply to new allegations against Sebi boss Madhabi Puri Buch

Hindenburg Research said Sebi chief Madhabi Puri Buch maintained complete silence for weeks on allegations against her. The shortseller in a post on X (formerly Twitter), “Buch has maintained her complete silence for weeks on all of the emerging issues.”

It added, “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.”

What are the new allegations against Madhabi Puri Buch?

This comes as opposition Congress alleged that a consultancy firm promoted by Madhabi Puri Buch had earned about ₹3 crore and most of the money came from Mahindra & Mahindra (M&M). At the time, Madhabi Puri Buch was a whole-time member of SEBI, as per the party which said that she holds 99% of the consultancy Agora Advisory Private Ltd, “which has been actively providing advisory/consultancy services till date.”

Congress spokesperson Pawan Khera said, “This isn’t just a case of wilful concealment; it’s a case of wilful lying. In my last press conference, I had mentioned that it is not merely a conflict of interest, it is a case of corruption. Today’s revelations will prove that it is not just corruption — it is a criminal conspiracy, absolutely brazen and shameless in its execution.”

Mahindra Group said, “We consider these allegations false and misleading in nature.”