Who Is Madhabi Puri Buch? The Trailblazing First Female SEBI Chief and Recent Allegations
News Mania Desk/Agnibeena Ghosh/11th August 2024
Madhabi Puri Buch made history in March 2022 when she became the first woman to lead the Securities and Exchange Board of India (SEBI), India’s market regulator. Her appointment marked a significant milestone, as she brought an extensive background in finance and regulatory oversight to the role, playing a crucial part in enhancing the integrity and transparency of India’s financial markets. Recently, however, Madhabi Puri Buch has found herself in the spotlight due to allegations raised by the US-based short-seller Hindenburg Research.
The Hindenburg Research report accused both Madhabi Puri Buch and her husband, Dhaval Buch, of having stakes in an offshore fund that received substantial investments from Vinod Adani, brother of the renowned Indian businessman Gautam Adani. The report claimed that Dhaval Buch contacted Trident Trust, a Mauritius-based fund administrator, on March 22, 2017, just days before Madhabi Puri Buch assumed her role as SEBI chairperson, regarding their investment in the Global Dynamic Opportunities Fund (GDOF). These allegations have generated significant attention, given Madhabi Puri Buch’s position as a key regulator in the Indian financial landscape.
Despite the controversy, it is essential to recognize Madhabi Puri Buch’s remarkable achievements and contributions to the financial sector. Before her appointment as SEBI chairperson, she served as a Whole-Time Member of SEBI until October 2021. During her tenure, she oversaw several critical departments, including Market Regulation, Market Intermediaries Regulation & Supervision, and Integrated Surveillance. Her leadership was instrumental in enhancing SEBI’s regulatory framework, ensuring stricter oversight of market activities, and fostering investor confidence.
Madhabi Puri Buch’s career is not limited to her role at SEBI. She has held various prominent positions in the global financial arena. She served as a consultant to the New Development Bank in Shanghai and led the Singapore office of the private equity firm Greater Pacific Capital. Additionally, she was the Managing Director and CEO of ICICI Securities Limited, where she demonstrated her expertise in managing complex financial operations. Her academic credentials are equally impressive, with an MBA from the prestigious Indian Institute of Management, Ahmedabad, and a graduate degree in Mathematics from St. Stephen’s College, New Delhi.
The recent allegations against Madhabi Puri Buch have also brought her husband, Dhaval Buch, into the limelight. Dhaval Buch is a senior advisor with Blackstone and Alvarez & Marsal and serves as a non-executive director on the Board of Gildan. An alumnus of the Indian Institute of Technology, Delhi (IIT-D), he graduated with a degree in mechanical engineering in 1984. His career has been distinguished by his expertise in strategic advisory roles, and he has built a reputation as a respected figure in the business community.
As the investigation into the Hindenburg allegations unfolds, Madhabi Puri Buch remains a pivotal figure in India’s financial sector. Her career achievements and contributions to SEBI have left an indelible mark on the regulatory landscape. Whether the recent allegations will impact her legacy remains to be seen, but her trailblazing role as SEBI’s first female chief and her dedication to advancing market integrity are undeniable. The outcome of this situation will undoubtedly have significant implications for both her career and the broader financial regulatory environment in India.
