Sebi Chief's IIM-A Batchmates Defend Her Amid Allegations, Dismiss Charges As 'Clearly False'

Madhabi Puri Buch's IIM-A batchmates said the allegations against her could damage not only her personal reputation but also undermine the credibility of an important democratic institution

The controversy surrounding Madhabi Puri Buch centers on her tenure at SEBI, particularly in relation to the regulator's handling of the Hindenburg Research report on Adani Group.

Source : PTI

Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (SEBI), has received strong support from her batchmates at IIM-Ahmedabad, who have dismissed the allegations against her as unfounded. Buch, who graduated from the prestigious management institute in 1988, is facing allegations that her batchmates claim are not credible.

In a statement, Buch's IIM-A batchmates said the allegations against her could damage not only her personal reputation but also undermine the credibility of an important democratic institution. After speaking with "people familiar with the questions" and reviewing publicly available documents, they concluded that the accusations, while based on data seemingly sourced from her income tax returns, are "clearly false."

The controversy surrounding Buch centers on her tenure at SEBI, particularly in relation to the regulator's handling of the Hindenburg Research report on Adani Group. The Congress party has raised concerns about payments made to Buch by ICICI Bank, her former employer, after she assumed her position at SEBI, calling for an independent investigation into the matter.

In a parallel development, the Parliament's Public Accounts Committee (PAC) has announced that it will conduct a performance review of regulatory bodies formed under Acts of Parliament. PAC Chairman K.C. Venugopal confirmed that the committee would consider whether to summon Buch for an examination related to the allegations.

Venugopal added that the committee is deliberating on a range of issues, including the performance of regulatory bodies, and Buch's role at SEBI may become a key focus of the discussions. "The Committee will take a decision on the next steps, including summoning the SEBI chairperson," he said.

The developments come as Buch’s role as SEBI chief continues to face scrutiny, raising questions about the regulator’s operations and accountability.