The Indian National Congress (INC), the country's principal Opposition party, has levelled fresh allegations against SEBI chairperson Madhabi Puri Buch. Congress said Buch was employed at&nbsp;Greater Pacific Capital (GPC) during her tenure at ICICI Bank between 2011 and 2013.

Congress said GPC is a private equity fund where Shaurya Doval, son of National Security Adviser (NSA), Ajit Doval, is part of the leadership team.&nbsp;

"Today, a news report says that Ms Buch did have two employments when she was at ICICI. She was also employed in a private equity fund called Greater Specific Capital," said&nbsp;Chairman of Professionals' Congress and Data Analytics, Praveen Chakravarty.&nbsp;

"Buch may have been recruited as a finance professional, but this raises a long list of allegations and questions. Doesn't it raise more concern?"

Chakravarty added that "many internal documents" on the matter had been shared by insiders.&nbsp;

"There are several more in the financial industry who want to volunteer information, documents, and other evidence anonymously. There is a whistleblower website for this purpose which collects documents 100 per cent securely and anonymously."

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185/embed" width="560"></iframe>

<h2>What did Congress previously claim?</h2>

The claim comes a couple of days after Congress said Buch received salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest.&nbsp;

The party claimed that "between 2017-2021, as a whole time member of SEBI, the current SEBI chairperson received a salary from ICICI Bank amounting to Rs 12.63 crore ($1.5 million)".

Afterwards, ICICI Bank released a clarification stating it had paid no salary to Buch.&nbsp;

"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank.

Also read |&nbsp;<a bis_size="{&quot;x&quot;:8,&quot;y&quot;:244,&quot;w&quot;:696,&quot;h&quot;:34,&quot;abs_x&quot;:41,&quot;abs_y&quot;:1980}" href="https://www.wionews.com/india-news/sebi-chief-madhabi-puri-buch-oversaw-adani-probe-despite-conflict-of-interest-claims-board-member-754803">SEBI chief Madhabi Puri Buch oversaw Adani probe despite conflict of interest, claims board member</a>&nbsp;

Not satisfied by the reply, Congress questioned how Buch's&nbsp;retiral benefits from her stint at the bank were more than the salary she drew.

"How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questioned Congress leader Pawan Khera in a press conference.

The Indian market regulator chair has been under scrutiny ever since US-based short seller Hindenburg Research released a report earlier this month, alleging that Buch had a serious conflict of interest throughout the investigation process against Adani Group due to her investments abroad.

(With inputs from agencies)

The Indian National Congress (INC), the country's principal Opposition party, has levelled fresh allegations against SEBI chairperson Madhabi Puri Buch. Congress said Buch was employed at Greater Pacific Capital (GPC) during her tenure at ICICI Bank between 2011 and 2013.

The Indian National Congress (INC), the country's principal Opposition party, has levelled fresh allegations against SEBI chairperson Madhabi Puri Buch. Congress said Buch was employed at Greater Pacific Capital (GPC) during her tenure at ICICI Bank between 2011 and 2013. Congress said GPC is a private equity fund where Shaurya Doval, son of National Security Adviser (NSA), Ajit Doval, is part of the leadership team. "Today, a news report says that Ms Buch did have two employments when she was at ICICI. She was also employed in a private equity fund called Greater Specific Capital," said Chairman of Professionals' Congress and Data Analytics, Praveen Chakravarty. "Buch may have been recruited as a finance professional, but this raises a long list of allegations and questions. Doesn't it raise more concern?" Chakravarty added that "many internal documents" on the matter had been shared by insiders. "There are several more in the financial industry who want to volunteer information, documents, and other evidence anonymously. There is a whistleblower website for this purpose which collects documents 100 per cent securely and anonymously." Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report What did Congress previously claim? The claim comes a couple of days after Congress said Buch received salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest. The party claimed that "between 2017-2021, as a whole time member of SEBI, the current SEBI chairperson received a salary from ICICI Bank amounting to Rs 12.63 crore ($1.5 million)". Afterwards, ICICI Bank released a clarification stating it had paid no salary to Buch. "ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank. Also read | SEBI chief Madhabi Puri Buch oversaw Adani probe despite conflict of interest, claims board member Not satisfied by the reply, Congress questioned how Buch's retiral benefits from her stint at the bank were more than the salary she drew. "How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questioned Congress leader Pawan Khera in a press conference. The Indian market regulator chair has been under scrutiny ever since US-based short seller Hindenburg Research released a report earlier this month, alleging that Buch had a serious conflict of interest throughout the investigation process against Adani Group due to her investments abroad. (With inputs from agencies)

SEBI chair Madhabi Puri Buch was employed at another firm during ICICI Bank tenure, Congress claims

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator.

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator. The firm came under scrutiny after the recent report by US-based short seller Hindenburg highlighted it as part of possible conflicts of interest on the part of Buch. The shared address issue was reported by Scroll website earlier this week citing the consulting firm's regulatory filings. The Scroll report, published on August 13, said the firm was identified as Agora Advisory Private Limited. The Hindenburg report had alleged that Buch previously held investments in offshore funds also used by the Adani Group. The report said that Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani Group Chairman Gautam Adani. Both the Buchs and the Adani group denied the allegations. A look at the consulting firm Citing documents with the Registrar of Companies, the Scroll report on Tuesday said that Agora Advisory Private Limited was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors. Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore. Agora Advisory Private Limited is located at 201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai. This address was cited in the firm's latest balance sheets for the year 2023-24. Also read | Money-Wise: How can Indian market investors be saved from sudden crises like Hindenburg-Adani case? Scroll reported that these balance sheets were audited by a chartered accountancy firm called Shah and Savla LLP. But here's the catch: Shah and Savla LLP's address is the same as that of Agora Advisory Private Limited. The report pointed out that two other firms operated by Buch - Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation - also have the same address. She had stepped down from these firms before joining SEBI in 2017. Her husband Dhaval has been a director in these firms since 2019. Experts told the publication that a firm and its auditor sharing the same address was a “shady” and a “lazy” practice usually restricted to medium, small and micro enterprises in the informal sector. An expert, who chose to remain anonymous, said this was usually a sign of bad corporate governance. Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at? × Another expert highlighted that an auditor sharing its address with the auditee firm might not necessarily be a red flag, but could lead to questions about other links. Is Agora Advisory dormant or active? Apart from the controversy over Buch's firm and its auditor sharing the same address, Scroll reported citing documents that Madhabi Buch continued to hold a 99 per cent stake in Agora Advisory Private Limited till as late as March this year, despite resigning from the consulting firm in 2017. The firm has said that it is engaged in management consultancy services. Hindenburg had highlighted that the firm reported revenue of Rs 1.98 crore (around $236,063) in 2021-’22, more than four times Buch’s salary as the SEBI chief. (With inputs from agencies)

Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report

Ever since US-based short seller Hindenburg Research released its new, damning report linking the Securities and Exchange Board of India (SEBI) chairperson Madbhabi Puri Buch and Adani conglomerate, the&nbsp; Indian market regulator's credibility has taken a nosedive.&nbsp;

This is because SEBI appears reluctant to open an investigation against its&nbsp;chairperson about her alleged investment in funds linked to the Adani money siphoning scandal, as highlighted in the Hindenburg report.&nbsp;

After the report was released on August 10, SEBI released its cookie-cutter response via a press release and to this date, it is the only form of clarification that the regulator has issued on the matter. Neither the board of directors nor the finance ministry, which oversees SEBI, have come up with their version of the events.&nbsp;

Additionally, the clarification rather skims past the fact that Madhabi, alongside her husband Dhaval Buch, invested in funds that were used by Vinod Adani, the brother of Adani Group chief Gautam Adani.&nbsp;&nbsp;

In April earlier this year, media reports claimed that investigation against 12 offshore companies that invested in Adani stocks would be settled. A couple of months later, a showcause notice was issued to Hindenburg over its report, which suggests that something had transpired behind the scenes.

Reports also claim that Madhabi held two meetings with Gautam Adani while the investigation was underway.&nbsp;

Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at?

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-what-are-experts-opinions-hinting-at-751070/embed" width="560"></iframe>

<h2>Calls grow for probe against Madhabi</h2>

Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief.&nbsp;

Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, then "who would be held responsible?"&nbsp;

“Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr&nbsp;Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi.&nbsp;

<a href="https://www.wionews.com/business-economy/hindenburg-vs-sebi-chief-madhabi-buchs-consulting-firm-shares-address-with-its-auditor-says-report-751099">Also read |&nbsp;Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report</a>

Meanwhile,&nbsp;former finance ministry secretary EAS Sarma told WION that an&nbsp;independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson.&nbsp;

"Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added.&nbsp;

Last week,&nbsp;a petition was filed in the Supreme Court, urging it to direct the completion of a probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create an ‘atmosphere of doubt’.

(With inputs from agencies)

Ever since US-based short seller Hindenburg Research released its new, damning report linking the Securities and Exchange Board of India (SEBI) chairperson Madbhabi Puri Buch and Adani conglomerate, the Indian market regulator's credibility has taken a nosedive.

Ever since US-based short seller Hindenburg Research released its new, damning report linking the Securities and Exchange Board of India (SEBI) chairperson Madbhabi Puri Buch and Adani conglomerate, the Indian market regulator's credibility has taken a nosedive. This is because SEBI appears reluctant to open an investigation against its chairperson about her alleged investment in funds linked to the Adani money siphoning scandal, as highlighted in the Hindenburg report. After the report was released on August 10, SEBI released its cookie-cutter response via a press release and to this date, it is the only form of clarification that the regulator has issued on the matter. Neither the board of directors nor the finance ministry, which oversees SEBI, have come up with their version of the events. Additionally, the clarification rather skims past the fact that Madhabi, alongside her husband Dhaval Buch, invested in funds that were used by Vinod Adani, the brother of Adani Group chief Gautam Adani. In April earlier this year, media reports claimed that investigation against 12 offshore companies that invested in Adani stocks would be settled. A couple of months later, a showcause notice was issued to Hindenburg over its report, which suggests that something had transpired behind the scenes. Reports also claim that Madhabi held two meetings with Gautam Adani while the investigation was underway. Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at? Calls grow for probe against Madhabi Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief. Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, then "who would be held responsible?" “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report Meanwhile, former finance ministry secretary EAS Sarma told WION that an independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson. "Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added. Last week, a petition was filed in the Supreme Court, urging it to direct the completion of a probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create an ‘atmosphere of doubt’. (With inputs from agencies)

Madhuri Buch-Adani links: Why is SEBI’s credibility at an all-time low after latest Hindenburg report?