SEBI

By Retaining ESOPs Whilst at Sebi, Buch Put Herself in a Position That is “Improper and Wrong” https://www.youtube.com/watch?v=X8FEg45cLh0 
  The Wire   Madhabi Puri Buch, both as a whole time member and Chairperson of SEBI, retained ICICI Bank ESOPs, the Managing Editor of Moneylife, has said that as a result the Chairperson of SEBI put herself in a position that is “improper and wrong”. Sucheta Dalal said  it’s likely that at SEBI Madhabi Buch would have both had access to unpublished price sensitive information and also would have taken decisions that affect ICICI, directly or indirectly, both of which in turn would have impacted the shares she had. Sucheta Dalal says this is “a big concern”.  
  
  how is it that SEBI, “an institution with over three decades of experience”, does not have “robust mechanisms” amounting to detailed and stringent rules that apply to the investments, salary and ESOPs of people who work in and, particularly, head a regulatory organization. She said the finger of responsibility and blame for this goes all the way up to the Appointments Committee which chooses the Chairperson of SEBI. In this instance, the Appointments Committee comprises the Prime Minister and the Home Minister.  
  
  Talking about the “toxic work culture” at SEBI, which has provoked protests by hundreds of its employees, Sucheta Dalal asked how come the Board of Directors of SEBI is silent and has not felt the need to speak about and address this issue. It’s silence is clearly a sign that its failing to do its job. Board Members listed in https://www.sebi.gov.in/sebiweb/boardmember/BoardMemberAction.do?doBoardMember=yes on 6-09-2024   
  
  Ms. Madhabi Puri Buch, Chairperson, SEBI  
  Shri. Ashwani Bhatia   Whole-Time Member, SEBI  
   Shri Ananth Narayan G  Whole-Time Member, SEBI  
  Shri Amarjeet Singh     Whole-Time Member, SEBI  
  Shri Kamlesh Chandra Varshney     Whole-Time Member, SEBI   
  Shri Ajay Seth     Part-Time Member, SEBI    Secretary, Department of Economic Affairs  
  Shri M. Rajeshwar Rao     Part-Time Member, SEBI,    Deputy Governor, Reserve Bank of India  
   Ms. Deepti Gaur Mukerjee   Part-Time Member, SEBI     Secretary, Ministry of Corporate Affairs, Government of India

Agora Advisory, the Indian consulting firm set up by Madhabi Buch, was active between 2019 and 2024 and had made Rs 3.63 crore in revenue while she was a whole-time member at SEBI. https://thewire.in/political-economy/sebi-chiefs-firm-named-in-hindenburg-report-not-dormant-shares-address-with-auditor 

 SEBI chief Madhabi Buch claimed that both of her consulting firms flagged in the latest Hindenburg Research report went “dormant” immediately after her appointment at the market regulator. However, that is not the case, statutory documents have revealed. One of the consulting firms also shares its address with its statutory auditor, Scroll has reported. Two of Buch’s consulting firms – Agora Advisory, based in India, and Agora Consulting, based in Singapore – came into the limelight on August 10 when US-based short seller Hindenburg Research highlighted them as potential conflicts of interest with her role as SEBI chairperson.

 Hindenburg Hits Out At SEBI Chief’s Response Says Massive Conflict Of Interest Evident | India Today

Hindenburg Research has released a new report targeting the Adani Group, alleging the involvement of SEBI chairperson Madhavi Puri Baj and her husband in an offshore fund receiving investments from Adani. SEBI has refuted these allegations, stating that the chairperson has made necessary disclosures and recused herself in cases of conflict of interest. The opposition has questioned the integrity of SEBI and demanded the resignation of the chairperson. The Supreme Court is also expected to review these new allegations.

 Hindenburg Showdown 2.0: Amid Hindenburg-SEBI Conflict, NIFTY, SENSEX Flourish In Green | 6PM Prime
India Today https://www.youtube.com/watch?v=4saaFvEe4gs
The Securities and Exchange Board of India (Sebi) on Sunday, in a detailed statement, rejected Hindenburg Research's allegations that Sebi's changes to the Real Estate Investment Trust (REIT) rules benefited a multinational company where Sebi Chairperson Madhabi Buch's husband Dhaval Buch was employed.

Buch said the allegations were "baseless" and "devoid of any truth", and asserted that their finances were an open book.