Who is Madhabi Puri Buch? Here's all about SEBI boss allegedly linked to Adani offshore entities in new Hindenburg report

Digital Desk: Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), has recently been embroiled in controversy following a new report by Hindenburg Research. Released on August 10, 2024, the report alleges that Buch and her husband, Dhaval Buch, have been linked to offshore financial activities associated with the Adani Group, specifically involving Mauritius and Bermuda funds purportedly used in the conglomerate's opaque financial operations.

Despite these allegations, Madhabi Puri Buch's career has been marked by significant achievements in the finance sector. Born in Mumbai in 1966, she displayed a keen aptitude for mathematics and finance from a young age. She pursued her MBA from the prestigious Indian Institute of Management, Ahmedabad (IIM-Ahmedabad), and entered the financial world in 1989 with ICICI Bank. Her talent and dedication quickly propelled her through various roles within the bank, culminating in her appointment as Managing Director and CEO of ICICI Securities in 2009. This role made her the first woman to lead the company, setting a notable precedent in a predominantly male-dominated industry.

Following her tenure at ICICI, Madhabi Puri Buch expanded her horizons globally. She worked as a Consultant for Shanghai's New Development Bank and led the Singapore office of Greater Pacific Capital, a private equity firm. Upon her return to India, she took on non-executive director roles at several major companies, including NIIT Limited and Idea Cellular Ltd. In 2017, she was appointed as a whole-time member of SEBI, and in March 2022, she made history as the first woman to chair SEBI. Under her leadership, SEBI has seen a strengthened focus on regulatory oversight and market surveillance.

Dhaval Buch, Madhabi's husband, has also had a notable corporate career, though less in the public eye. According to his LinkedIn profile, Dhaval Buch has been a Senior Advisor at Blackstone and Alvarez & Marsal since July 2019. His career includes significant roles at Bristlecone and Hindustan Unilever, and he currently serves as a non-executive director on the Board of Gildan. The Hindenburg report links him, along with his wife, to the controversial offshore funds tied to the Adani Group.

In response to the Hindenburg Research report, the Buchs issued a joint statement strongly refuting the claims. They described the allegations as "baseless" and "devoid of any truth," asserting that their financial affairs are transparent and fully disclosed to SEBI. The statement emphasized their readiness to provide any necessary financial documents to relevant authorities and criticized Hindenburg Research for what they perceived as a character assassination attempt. Notably, SEBI has already taken enforcement actions against Hindenburg Research, including issuing a show cause notice.

The Buchs’ response highlights their commitment to transparency and their confidence in their financial integrity. As the situation unfolds, their response will likely play a critical role in addressing public concerns and clarifying the allegations made in the Hindenburg report. The scrutiny of Madhabi Puri Buch's role at SEBI amidst these allegations emphasizes the challenges faced by high-profile figures in maintaining a clear and unblemished record in the public eye.