Hindenburg joins Congress’ allegations on SEBI chairperson Madhabi Puri Buch
The Hindu
Hindenburg Research accuses SEBI chairperson of silence on consultancy company stake, while Congress alleges conflict of interest.
Hindenburg Research alleged Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch of not responding to “emerging issues”, a day after the Congress alleged her of having 99% stake in a consultancy company that provided services to entities regulated by SEBI.
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In its post on X, the short seller research firm said that Agora Advisory, a consultancy firm that it said was owned by Ms. Buch, provided services to listed entities including Mahindra and Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite, while she was serving as a whole time member in SEBI. Similar allegations were levelled by the Congress on Tuesday (September 10, 2024) in a press briefing, which Dr. Reddy’s, Pidilite and Mahindra and Mahindra had denied in regulatory filings.
“These allegations apply to Ms. Buch’s Indian consulting entity with no details thus far on Ms. Buch’s Singapore-based consulting entity. Ms. Buch has maintained her complete silence for weeks on all of the emerging issues” Hindenburg said on September 11, in its post on X.
Also Read | On SEBI chairperson’s conflicts of interests
The Congress had claimed that Agora Advisory had continued to provide services to listed entities, contrary to an earlier statement by Ms. Buch saying the company had become dormant after she took up her role at SEBI.
In addition to this, the Congress also claimed that Ms. Buch’s spouse Dhaval Buch, was drawing income from Mahindra and Mahindra after his retirement. Mahindra and Mahindra denied these allegations.
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