“My LokPal complaint against Ms. Puri-Buch been filed electronically & in physical form. LokPal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry.Every single entity involved needs to be summoned & every link investigated,” Mahua said in a post on X.
The complaint highlighted Buch’s alleged misconduct during her tenure as a Whole Time Member of SEBI from April 2017 to October 2021 and subsequently as the Chairperson since March 2022. The TMC MP in her complaint claimed that Buch engaged in actions that constitute impropriety and entered into quid pro quo arrangements, potentially threatening India’s “national interests”.
“Madhabi Puri Buch (Ms Buch) was appointed as a Whole Time Member of the Securities and Exchange Commission of India (SEBI) from April 2017 to October 2021 and subsequently as the Chairperson of SEBI in March 2022. However, based on the revelations coming to light, almost on a daily basis, it appears that Ms Buch is a serial offender who has engaged in actions that constitute impropriety on part of a public servant and has also entered into quid pro quo arrangements, which potentially threaten India’s national interests,” the complaint read.
Moitra’s complaint also raised concerns about Buch receiving regular income from ICICI Bank and ICICI Prudential while serving at SEBI. Moitra has demanded a probe for violations under the Prevention of Corruption Act, 1988.
“On 5 September 2024, another documented evidence revealed that Ms Buch, during her tenure at ICICI Bank between 2011 and 2013, was also employed at Greater Pacific Capital, a private equity fund where Mr. Shaurya Doval (son of NSA Ajit Doval), is a member of the leadership team9. A news report dated 4 September 2024 regarding the engagement of Ms Buch with Greater Pacific Capital is enclosed with my complaint as Enclosure 9,” the complaint said.
In August, Hindenburg Research, a US short-seller, alleged that Buch and her husband had invested in the same offshore vehicles as Vinod Adani, elder brother of Gautam Adani, to invest in Adani group‘s stocks.
The Adani group has refuted all of Hindenburg’s allegations.
The report alleged that Sebi’s “drew a blank” in its probe against Adani due to the alleged investments by Buch and her husband in the offshore funds. Meanwhile, Madhabi Puri Buch and her husband Dhaval Buch have refuted the allegations made against them by Hindenburg Research.
The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures. They emphasized that their life and finances are transparent and that they have consistently provided all necessary disclosures to SEBI over the years.