Sebi's Madhabi Buch worked at ICICI and a PE firm between 2011 and 2013
ICICI Bank and continued to have worked until October 2013, according to an executive familiar with the developments at the bank. This is corroborated by ICICI Bank’s response to stock exchanges on 2 September, when it disclosed that Buch retired from ICICI Group on 31 October 2013. However, Buch’s profile on professional networking platform LinkedIn states she worked with Greater Pacific Capital, a Singapore-headquartered private equity firm, as head of business developments between 2011 and 2013.
A press release by Sebi when Buch was appointed a whole-time member in 2017 mentions her stint with the private equity firm. “Ms. Buch also served as the head of the Singapore office of the private equity firm, Greater Pacific Capital.
She also served as the managing director and chief executive officer at ICICI Securities Ltd and as executive director, on the board of ICICI Bank," said a Sebi press release dated 5 April, 2017. Buch served as a whole-time member of Sebi between 2017 and 2021, before taking over as chairperson in March 2022. Incidentally, Buch returned from the bank's brokerage arm when Chanda Kochhar was at the helm at ICICI Bank.
“Ms Buch was with the bank until October 2013. This can be seen from the bank’s formal release sent to the exchanges," said an ICICI Bank executive. “But I’m not aware of her role or designation." Emails sent to Sebi, Greater Pacific Capital’s chief executive Ketan Patel and ICICI Bank seeking comment went unanswered.
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