‘’Facts Will Be Considered’’: Nirmala Sitharaman Responds to Hindenburg's Criticism of Sebi Chief Madhabi Puri Buch
"I believe some of the allegations are being addressed by the Buchs. By presenting facts to counter Congress’s claims, it’s important to consider these facts," said FM Sitharaman.
Finance Minister Nirmala Sitharaman addressed the ongoing controversy involving SEBI Chairperson Madhabi Puri Buch and allegations of conflict of interest for the first time on Monday. Sitharaman noted that both Buch and her husband, Dhaval Buch, are providing factual clarifications to counter the allegations.
“I believe some of the allegations are being addressed by the Buchs. Presenting facts to refute Congress’s claims is important, and these facts should be considered,” FM Sitharaman said in an interview.
Madhabi Buch and her husband, Dhaval Buch, have addressed concerns raised by the opposition Congress about payments received from her former employer, ICICI Bank, during her tenure as a full-time member of SEBI. This marks their second response following allegations from US-based short-seller Hindenburg Research, which suggested that Buch might have had a conflict of interest affecting her motivation to address issues related to the Adani group.
In their statement, the Buchs clarified that Madhabi Buch never dealt with any files concerning Agora Advisory and Agora Partners—firms in which she holds a 99% stake and has continued to earn revenue since joining SEBI in 2017.
During a press conference at the All-India Congress Committee (AICC) headquarters, Congress spokesperson Pawan Khera alleged that Buch traded listed securities worth ₹36.9 crore between 2017 and 2023 while serving as a whole-time member and later as chairperson of SEBI. Khera claimed this violated Section 6 of SEBI’s Code on Conflict of Interest for Board Members (2008).
He also provided a year-by-year breakdown of the total trading in securities, which amounted to over ₹36.9 crore.
“We have information that between 2017 and 2021, Madhabi Buch held foreign assets. We hereby ask: when she first declared these assets and to which government agency. Additionally, was Ms. Madhabi P. Buch actively involved with Agora Partners PTE (Singapore) as a signatory on its bank account?” Khera said.