According to the Scroll report published on August 13, Agora Advisory was incorporated on May 7, 2013, with Buch listed as one of its two directors at a time when she was based in Singapore.
Digital Desk: Sebi Chairperson Madhabi Puri Buch has recently been in the spotlight following a new report by the US-based short seller Hindenburg, which raises allegations of a conflict of interest. The report suggests that Buch's previous investments and consultancy earnings might have influenced her handling of the Adani case.
Adding to the scrutiny, a recent Scroll report has revealed that a consultancy established by Buch before her tenure at SEBI, Agora Advisory Private Limited, shares its registered address with its statutory auditor. This has intensified concerns about Buch's past practices.
According to the Scroll report published on August 13, Agora Advisory was incorporated on May 7, 2013, with Buch listed as one of its two directors at a time when she was based in Singapore. Buch also registered another firm, Agora Partners Pte Ltd, in Singapore.
The incorporation certificate of Agora Advisory lists its address as “201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai.” This address also appears in the firm’s latest balance sheets for the year 2023-24, which were audited by Shah and Savla LLP. The firm's registered address matches that of Buch’s consultancy firm, as well as two other companies founded by Buch, Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation. Although Buch resigned from the boards of these firms before joining SEBI in 2017, her husband Dhaval Buch has been a director of these firms since 2019.
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