SEBI Chairperson Madhabi Puri Buch did not attend the Public Accounts Committee (PAC) meeting on Thursday (October 24) due to “some urgent reasons”. This was the second time Buch was asked to appear before the committee.
The meeting, chaired by Congress leader KC Venugopal, was scheduled to review the operations of the market regulator (SEBI). The meeting was postponed after Buch and other SEBI officials were unavailable.
The PAC had summoned Buch today amid allegations of conflict of interest levelled by US-based short-seller Hindenburg. She was also accused of taking a salary from 3 places including ICICI Bank while being associated with SEBI.
SEBI chief could not come to Delhi due to a personal emergency
Congress leader KC Venugopal said, “At 9.30 am, we received information from the SEBI chief and other members that they are not in a position to travel to Delhi due to personal emergency. In such a situation, we decided to postpone today’s meeting.
Two charges against SEBI chief
1. SEBI chief’s stake in an offshore company linked to Adani Group
American company Hindenburg Research released a report on Saturday (August 19). Based on whistleblower documents, Hindenburg claimed that Buch and her husband have a stake in Mauritius offshore company ‘Global Dynamic Opportunity Fund’.
Hindenburg has alleged that Vinod Adani, brother of Adani Group chairman Gautam Adani, has allegedly invested billions of dollars in the ‘Global Dynamic Opportunity Fund’. This money was used to boost the share prices of Adani Group.
Madhabi Buch had denied the allegations
Madhavi Buch had called the allegations against her in the Hindenburg report baseless and an attempt to defame her character. The SEBI chairperson expressed her willingness to declare all financial records. In a joint statement with her husband Dhaval Buch, she said, ‘Our lives and finances are an open book.
2. Accused of taking a salary from 3 places including ICICI Bank
Two months ago, Congress spokesperson Pawan Khera held a press conference and accused Madhavi of taking a salary from 3 places including ICICI Bank while being associated with SEBI. Khera said, ‘Madhabi Puri Buch was a full-time member from April 5, 2017, to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI.
Khera had claimed that Madhabi Puri Buch was taking regular income from ICICI Bank while being a full-time member, which was Rs 16.80 crore.
