Congress’ Latest Exposé: Alleges Sebi Chief Madhabi Puri, Husband Dhaval Buch Had Links With 6 Big Companies, While Holding Public Office | Economy News

Pawan Khera, Chairman, Media and Publicity Department, Congress, in a press conference said, Madhabi Puri Buch’s 99% shareholding in a consultancy firm Agora Advisory Private Limited (touted to be a joint holding company by the Buches) gave consultancy to 6 companies while she became a whole-time member of the Securities and Exchange Board of India (SEBI) and eventually becoming the chief of Sebi. (Also read: PAC Likely To Summon Madhabi)

Khera said this potentially violates the market regulator’s conflict of interest policy. Citing public documents that the Congress has accessed, Khera alleged that Madhabi Puri earned Rs 2.95 crore between 2016-17, 2019-20 and 2023-2024 all the while she was whole-time member of the Securities and Exchange Board of India (SEBI) and subsequently becoming the chairperson of Sebi. Agora Advisory Private Limited gave consultancies to Dr Reddy’s, Pedilite ICICI, Visu Leasing And Finance, Mahindra and Mahindra Ltd, Pidilite and Sembcorp. (Also read: 500 Sebi Officials Lodge Complaints Against Sebi Chief)

“A whistleblower has given us the information and we took 3 days for research, and for collecting papers, after which we are out with this expose,” said Khera who also promised to share the details of the papers during the press conference.

Khera in the press conference argued that all the six companies mentioned above are listed companies and are regulated by Sebi whose chairperson is Ms Buch which has relations with the latter’s husband Dhaval Buch that owns Agora Advisory Private Limited. 

He argued that of the Rs 2.95 crore that Agoda linked to the Sebi chief earned, the maximum share (86 percent) came from Mahindra and Mahindra. He further alleged that between 2019-2021, Dhaval Buch got Rs 4.78 crore from Mahindra and Mahindra. This too during the time when Madhabi Puri was the whole-time member of the Sebi, which is a clear conflict of interest, Khera said.