Who Is Madhabi Puri Buch? Find Out About The SEBI Chair At The Centre Of Latest Hindenburg Report

The report, released on August 10, 2024, claimed that Buch and her husband held shares in both Mauritius and Bermuda funds involved in the alleged siphoning of funds done by the Adani Group

Hindenburg Research in its latest report made allegations against SEBI chair Madhabi Puri Buch and claimed that Buch along with her husband, Dhaval Buch, held stakes in Adani Group’s money siphoning scandal.

The report, released on August 10, 2024, claimed that the couple held shares in both Mauritius and Bermuda funds involved in the alleged siphoning of funds done by the Adani Group. These allegations, however, were staunchly denied by Buch and her husband. 

Issuing a statement, the couple said, “We would like to state that we strongly deny the baseless allegations and insinuations made in the report.” 

Who Is Madhabi Puri Buch?

Despite these allegations, Madhabi Buch has made a name for herself in the field of finance. Born in 1966, Buch grew up in Mumbai and had an affinity for mathematics and finance. This continued and she went on to secure an MBA degree from the prestigious Indian Insitute of Management (IIM) - Ahmedabad.

She entered the finance industry in 1989 as a finance analyst with the ICICI Bank. She ventured into multiple roles in the company ranging from investment banking to product to marketing. In 2009, she went on to serve as the Managing Director and CEO of ICICI Securities, becoming the first woman to bag the position.

She later worked with the New Development Bank in Shanghai as a consultant and also led the Singapore branch of Greater Pacific Capital, a private equity company.

She also served on the boards in non-executive roles of multiple major corporate firms such as NIIT Limited and Idea Cellular Ltd. She joined SEBI as a Whole Time Member in 2017, before assuming the role of Chairperson of the markets regulator in 2022.

This marked a major milestone in not only her career but also for women in the finance industry as she became the first female to lead the capital markets regulator. As part of her role, she has overseen several departments such as regulation, surveillance, and supervision, and has focused on reforms aimed at transforming the domestic financial markets.