New Delhi: Market regulator SEBI Chairperson Madhabi Puri Buch has rejected all the allegations being leveled against her. SEBI Chief today (September 13) issued a joint statement with her husband Dhawal Buch. In this, the Buch couple says that they have not done anything against the rules nor have they given undue advantage to any company. They have termed all the recent allegations as 'completely false, malicious and defamatory'. 

What are the allegations against SEBI chief?

The country's main opposition party Congress has made several serious allegations against SEBI Chief Buch. This particularly concerns Agora Advisory, in which Buch allegedly has a 99 percent stake. Buch is also accused of providing undue benefits to his former employer ICICI Bank and Mahindra Group in exchange for money.

Congress claims that Madhabi Puri has earned Rs 2.95 crore through Agora. This amount was earned from 6 companies namely Mahindra & Mahindra, Dr Reddy's, Pidilite, ICICI, Sambcorp and Visuligi & Finance. All these listed companies are regulated by SEBI and are also clients of Agora.

Congress has also accused Buch of taking salary from three places including ICICI Bank while Madhavi was associated with SEBI. However, ICICI denied the allegations and said that after retiring from the bank, Madhavi was not given any salary or employee stock option. She only took retirement benefits.

At the same time, automobile company Mahindra & Mahindra also said in a statement that Dhawal was appointed in the company due to his qualifications. We never asked for any kind of facility from SEBI. Congress claimed that Dhawal Buch had received Rs 4.78 crore from Mahindra & Mahindra (M&M) between 2019 and 2021.

Why did Madhabi Puri speak on the allegations

US short seller firm Hindenburg Research on September 11 had questioned Buch's "silence" in the face of fresh allegations of "improper conduct, conflict of interest and accepting payments from companies while serving as a member of SEBI".

Hindenburg was the first to raise questions on the activities of the SEBI chief. After that, SEBI chief Madhabi Puri Buch's reply has come. The Buch couple said in their statement that all the allegations leveled against them are 'false, wrong and motivated by malice'. 

The statement mentioned Dhawal Buch's advisory work with companies such as Mahindra & Mahindra, Pidilite, Dr. Reddy's and Alvarez & Marsal. He said that these contracts were completely merit-based and were made much before Madhabi Puri Buch became SEBI chief.

Buch said that he has not dealt with any regulatory matter related to his former employer ICICI Bank. On the issue of conflict of interest with several listed companies, Madhabi Puri said that after joining SEBI, he has never dealt with any file related to Agora Advisory, Agora Partners, Mahindra Group, Pidilite, Dr. Reddy's, Alvarez & Marsal, Sembcorp, Visu Leasing or ICICI Bank at any level.