Sebi Chief and husband denounce conflict of interest claims as baseless and malicious

Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have categorically rejected claims of conflict of interest as "false, malicious, and defamatory."

The couple issued a joint statement on Friday, denouncing allegations made by the Congress party. They asserted that the claims targeting Dhaval Buch's consulting work and their rental income were unfounded.

According to the statement, Dhaval Buch's consulting assignments with companies like Mahindra & Mahindra, Pidilite, Dr. Reddy’s, and Alvarez & Marsal were secured based on professional merit long before Madhabi Puri Buch assumed her role at Sebi. They emphasized that such positions were based on Dhaval’s expertise, not nepotism or undue influence.

Mahindra & Mahindra, a major client of Dhaval's consultancy firm, Agora Advisory, confirmed that his appointment in 2019 was for his supply chain management expertise, and was unrelated to Madhabi’s position at Sebi. Pidilite and Dr. Reddy’s also affirmed that there was no favoritism involved.

The Buchs further refuted allegations concerning their rental income from a property leased to a Wockhardt associate, stating that Madhabi Puri Buch had no role in any Sebi investigations involving the company. They confirmed that all rental agreements and disclosures were made in accordance with Sebi's requirements since Madhabi's appointment in 2017.

Addressing claims about Madhabi’s Employee Stock Options (ESOPs) from ICICI Bank, the Buchs clarified that the options were exercised according to the bank’s standard rules for retired employees, contrary to suggestions of irregularities.