SEBI chief continued to earn revenue from her firm, potentially violating regulator’s rules: Report
Agora Advisory, in which Madhabi Buch holds 99% stake, made Rs 3.63 crore in revenue from its operations between 2017 and 2024, Reuters reported.
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Madhabi Buch, the chief of the Securities and Exchange Board of India, continued to earn revenue from her consultancy firm during her seven-year term in the markets regulator, potentially breaching rules for regulatory officials, Reuters reported on Friday.
American short-seller Hindenburg Research had flagged in its report on August 10 that Buch had set up two firms before she joined SEBI: Agora Partners, an offshore Singaporean consulting firm, and an Indian consulting business, Agora Advisory.
In her response to the report, Buch and her husband Dhaval claimed that the two firms had become “immediately dormant” on her appointment as a member of SEBI. “These companies [and her shareholding in them] were explicitly part of her disclosures to SEBI,” the Buchs said in their statement on August 11.
Madhabi Buch had joined SEBI in 2017 and was appointed as its chief in March 2022.
According to a 2008 SEBI policy, officials of the markets regulator are prohibited from holding an office of profit, receiving salary or professional fees from other professional activities, Reuters reported.
As first reported by Scroll, documents filed with the Registrar of Companies revealed that Madhabi Buch continued to hold 99% stake in Agora Advisory till March 2024, even though she had stepped down as the director of the firm in 2017. Her husband, Dhaval Buch,...
