SEBI chief Madhabi Puri Buch’s earnings under scrutiny for rule breach amid Hindenburg controversy
Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), is facing allegations of a conflict of interest. Documents reviewed by Reuters show that Buch continued to earn revenue from Agora Advisory Pvt Ltd, a consultancy firm where she holds a 99% stake, during her tenure at SEBI. This situation raises questions about potential violations of SEBI’s 2008 policy, which prohibits officials from holding other professional positions that could lead to a conflict of interest.
Revenue and Shareholding Details
Buch joined SEBI in April 2017 and became its Chairperson in March 2022. Over her seven-year tenure, Agora Advisory, based in Mumbai, generated ₹37.1 million (approximately $442,025) in revenue. Although Buch has stated that both Agora Advisory and its Singapore-based counterpart were disclosed to SEBI and became dormant after her appointment, records indicate that Agora Advisory remains active.
Despite Buch’s assertion that the consultancy firms became «immediately dormant» after her appointment, records indicate that Agora Advisory remains active. For the fiscal year 2023-24, the firm reported revenue of ₹1.395 million, down from ₹4.082 million the previous year, with a net profit of ₹809,882.
A report by Scroll highlighted that Agora Advisory shares its address with its auditor, Shah & Savla LLP, located at 201, RNJ Corporate, Jawahar Road, Ghatkopar, Mumbai. Experts described this practice as “shady” and “lazy,” often associated with the informal sector, raising additional questions
