Congress raises questions about SEBI chief's firms after Scroll reports they are not 'dormant’
Party MP Jairam Ramesh said that a firm and its auditor sharing the same address was a sign of poor corporate governance.
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The Congress on Tuesday reiterated its call for a Joint Parliamentary Committee to investigate the “Adani scandal” and the “integrity” of the Securities and Exchange Board of India, following reports by Scroll about the markets regulator’s chairperson Madhabi Buch and the firms set up by her.
“More questions have emerged about potential malpractice by the SEBI [Securities and Exchange Board of India] Chairperson Madhabi Puri Buch,” Congress MP Jairam Ramesh said in a post on X.
“Regulatory filings from a consulting firm established by her before her appointment as SEBI Chairperson reveal that the firm is registered at the same address as its statutory auditor,” he said.
This followed a report published earlier in the day by Scroll about the consultancy firm, Agora Advisory Private Limited, and its statutory auditor being registered at the same address. The report also cited documents filed with the Registrar of Companies showing that Madhabi Buch continued to hold 99% stake in Agora Advisory till as late as March 2024, even though she had stepped down as director in 2017.
Documents filed with the Registrar of Companies also showed that Agora Advisory made Rs 3.63 crore in revenue from its operations between 2019 and 2024. This contradicts the SEBI chairperson’s claim that the firms she set up became immediately dormant...
