New Delhi: US-based short seller Hindeburg Research in a post on social media platform X highlighted fresh allegations levelled by the Congress Party against SEBI chief Madhabi Puri Buch. The short-seller highlighted the recent allegation of Buch’s consultancy firm Agora Advisory receiving funds from listed companies even as she was working with the market regulator.
Hindenburg flagged payments made to Agora Advisory by Mahindra and Mahindra, ICICI Bank, DR Reddy’s and Pidilite. The allegations are related to payments made to Buch’s Indian company, while details of payments made to the Singapore entity are unknown, Hindenburg said. “Buch has maintained her complete silence for weeks on all of the emerging issues,” the US-based short seller said.
New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member.
The companies include: Mahindra & Mahindra, ICICI Bank, Dr.…
— Hindenburg Research (@HindenburgRes) September 11, 2024
Congress accusations against SEBI chief
The Congress Party has alleged that Mahindra and Mahindra, Dr Reddy’s, Pidilite, ICICI Ban, Sembcorp and Visu Leasing and Finance made payments to Agora Advisory totalling Rs 2.95 crore, or which 88 per cent payment were made by M&M. M&M, Dr Reddy’s and Pidilite stated that they paid the SEBI chief’s husband Dhaval Buch for services rendered in his personal capacity. No favours were sought from SEBI, the companies clarified.
Congress has also questioned payments made by ICICI Bank to Buch, years after she left the company. The bank clarified that the payments were made as part of her retirals. Congress questioned the retirals policy alleging that Buch was meted out preferential treatment by the bank in terms of ESOPs and other payments.
SEBI workers protest against management
Nearly 200 SEBI grade A employees held a protest outside the watchdog’s Mumbai headquarters seeking Buch’s resignation. This followed a SEBI communication in the public domain which stated that certain employees were complaining about the management’s policies under external influence.
Earlier, nearly 500 grade A employees of SEBI wrote a letter to the finance ministry alleging minute-to-minute surveillance of their movements and unrealistic work targets, apart from a high-handed, humiliating approach taken by the management towards its employees under Buch’s leadership.
US-based short seller Hindenburg Research reiterated the allegations related to payments made by private companies to a consultancy firm owned by SEBI chief Madhabi Puri Buch and questioned her silence over the same. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
