Mumbai, August 10: SEBI chairperson Madhabi Puri Buch has become the centre of controversy after US short-seller Hindenburg Research levelled allegations against her and her husband in its latest report on Adani group. In its report, Hindenburg Research cited "whistleblower documents" and claimed that Madhabi Puri Buch and her husband Dhaval Buch had stakes in the "obscure offshore funds used in the Adani money siphoning scandal". The US short-seller has also claimed that the couple has "concealed" stakes in the obscure Bermuda and Mauritius funds, allegedly part of a complex financial structure used by the Adani Group.

In its blogpost released today, Hindenburg said 18 months since its damning report on Adani, the Securities and Exchange Board of India (SEBI) showed "surprising" lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities. It must be noted that obscure offshore Bermuda and Mauritius funds are allegedly controlled by Vinod Adani, who is the elder brother of Adani group chairman Gautam Adani. The report also claimed that the funds were used to round-trip funds and inflate stock prices. Hindenburg Research Drops Another Bombshell, Alleges SEBI Chairperson Madhabi Buch and Her Husband Dhaval Buch Had Stakes in ‘Obscure Offshore Entities Used in Adani Money Siphoning Scandal’.

Who Is Madhabi Buch?

"We find it unsurprising that SEBI was reluctant to follow a trail that may have led to its own chairperson," Hindenburg stated. While no statement has been issued by SEBI or Gautam Adani, lets know who SEBI's chairperson Madhabi Buch is. Born and raised in Mumbai, Madhabi Buch is presently the chairperson of market regulator SEBI. First woman chairperson to lead SEBI, Buch completed her education from Fort Convent School in Mumbai, and Convent of Jesus and Mary in Delhi. After graduating with a specialisation in Mathematics from Delhi's St. Stephen's College, Buch went on to get her MBA from IIM Ahmedabad.

Madhabi Buch's journey in the finance sector began in 1989 when she joined ICICI Bank. During her banking career, Buch also became the first woman to serve as Managing Director and CEO of ICICI Securities in 2009. In her career so far, Buch has served as independent director of the Indian School of Development Management (ISDM) and as a consultant for New Development Bank (BRICS bank). In March 2022, she broke shackles when she became the first woman to lead SEBI. Before this, she served as SEBI's director from 2017 to 2022. Hindenburg Research Shares Cryptic Post: US Short Seller’s ‘Something Big Soon India’ Message on X Hints at Possible New India-Centric Report Post Allegations Against Adani Group.

Buch is married to Dhawal Buch who once served as the director of Unilever. The couple has one son. The 58-year-old SEBI chairperson is also one of the survivors of the 26/11 Mumbai terrorist attacks. Back then, Madhabi Buch and her husband were at Taj Mahal palace hotel in South Mumbai when the attacks occurred.

(The above story first appeared on LatestLY on Aug 10, 2024 11:47 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).