Madhabi Puri Buch and her spouse were involved in lesser-known offshore funds implicated in the Adani ‘money defalcation‘.

Who is Madhabi Puri Buch ?

Early Life and Education

Madhabi Puri Buch, born in 1966, serves as the chairperson of the Securities and Exchange Board of India (SEBI), making history as the first woman to hold this prestigious position.

Buch completed her early education at Fort Convent School in Mumbai and the Convent of Jesus and Mary in Delhi. She earned her degree in Mathematics from St. Stephen’s College, Delhi, and subsequently pursued an MBA at IIM Ahmedabad.

In August 2024, Hindenburg Research, an activist short-selling firm, alleged that she and her husband were linked to questionable offshore entities that purportedly manipulated the stock prices of companies associated with the Adani Group.

 

Role at SEBI

Since April 2017, she has been actively involved as a full-time member of SEBI, working alongside former chairperson Ajay Tyagi. Notably, she is the first individual from the private sector to attain this role. Under her leadership, Buch has been recognized for implementing swift reforms that enhance the regulatory framework and promote the corporatization of the organization, thereby boosting its efficiency.

Chairperson of SEBI

Appointment and Initial Challenges

• Assuming Office: On March 1, 2022, Madhabi Puri Buch took over as the chairperson of SEBI for a three-year term, succeeding Ajay Tyagi.
• Facing Parliamentary Inquiries: She stepped into the role during a tumultuous period, facing inquiries from the parliamentary committee regarding the NSE scam.

Transformation and Reforms

• Comprehensive Transformation: With her background in the private sector, Buch initiated a comprehensive transformation of SEBI to boost productivity and ensure greater accountability and fairness.
• Swift Changes: In her initial 100 days, she implemented swift changes across the organization, refining processes and market regulations.

Key Initiatives

• Corporate Framework and KRAs: Buch introduced a corporate framework of Key Result Areas (KRAs) to prioritize critical issues, particularly focusing on cyber security and the integration of technology and data.
• Market Feedback: She has actively sought extensive market feedback on significant policy adjustments, placing the responsibility on intermediaries to adapt their systems to evolving market conditions.

T+1 Settlement Transition

• Advocating for Change: Buch has been advocating for custodians and clearing corporations to prepare for the transition to a T+1 settlement process, moving from the current T+2 system in India.

Enhanced Authority and Social Media Oversight

• Oversight of Social Media: Buch is pursuing enhanced authority from the government to oversee social media platforms in an effort to combat front running in the markets.

Personal Life

Early Life and Family Background

• Birth and Parents: Buch was born in 1966 as Madhabi Puri to Kamal Puri and his spouse. Her father had a career in the corporate world, while her mother was an academic with a doctorate in political science.

Marriage and Family

• Engagement and Marriage: At eighteen, Madhabi Puri became engaged to Dhawal Buch, a director at the multinational FMCG company Unilever. They married when she was 21.
• Children: Soon after their marriage, Madhabi and Dhawal Buch welcomed their son, Abhay. Buch credits much of her success to her son and her husband, who has been a constant source of support and guidance.

26/11 Mumbai Terrorist Attacks

• Surviving the Attack: Buch was among the survivors of the 26/11 Mumbai terrorist attacks. She was at the Taj Mahal Palace Hotel with her husband, who was attending a meeting for Unilever at that time.

 

Controversy

Allegations by Hindenburg Research

• Hindenburg’s Claims: In August 2024, Hindenburg Research, a US-based short-selling firm, alleged that Madhabi Puri Buch, chairperson of the Securities Exchange Board of India (SEBI), and her husband, Dhaval Buch, had interests in an offshore fund that received significant investments from Vinod Adani, the brother of Gautam Adani.

Alleged Involvement in Fund Diversion Scheme

• Vinod Adani’s Scheme: The report suggests that Madhabi Puri Buch and her husband were allegedly involved in a scheme orchestrated by Vinod Adani to divert funds. This raises concerns about SEBI’s impartiality and potential conflicts of interest.

Pre-Appointment Correspondence

• Communication with Trident Trust: The report further alleges that on March 22, 2017, prior to Madhabi Puri Buch’s appointment as chairperson, her husband communicated with Trident Trust, a fund administrator in Mauritius, regarding their investment in the Global Dynamic Opportunities Fund (GDOF).
• Request to Transfer Assets: In the correspondence, Dhaval Buch purportedly requested to “be the sole person authorized to operate the Accounts,” which appears to indicate an effort to transfer assets out of his wife’s name before her politically sensitive role was established.

 

READ MORE:https://upgradeyou.in/uncovering-nathan-anderson-the-forensic-mind-behind-hindenburg-research-and-its-impact-on-global-markets/