US-based firm Hindenburg Research on August 10 alleged that SEBI's Chairperson Madhabi Puri Buch and her husband Dhaval Buch had a stake in "both the obscure offshore entities used in the Adani money siphoning scandal." However, the duo responded, "They have chosen to attack the credibility of Sebi and attempt character assassination of the Sebi chairperson."
Who is Madhabi Puri Buch?
Madhabi is the first woman chairperson to lead SEBI. She is also the first person from the private sector to be appointed to this position. Since April 2017, the 58-year-old has been functioning closely as a whole-time member of SEBI with the former chairperson Ajay Tyagi.
Madhabi Puri Buch's family
She was born and brought up in Mumbai. Her father is Kamal Puri, who worked for the corporate sector while her mother was an academic with a doctorate in political science. Madhabi married Dhawal Buch when she turned 21. The duo have a son, Abhay.
According to Dhaval Buch’s LinkedIn profile, he is currently a Senior Advisor at Blackstone and Alvarez & Marsal. He has been in the position since July 2019. Before this, he worked with Bristlecone and Hindustan Unilever. He serves as a non-executive director on the Board of Gildan, as per his LinkedIn profile.
Madhabi Puri Buch's career
She began her career in the world of finance in 1989 with ICICI Bank. Madhabi had a 17-year-long career, reaching the post of an executive director at ICICI Bank in a 12-year stint and leading ICICI Securities as MD and CEO for over two years from February 2009 to May 2011. She has also had stints with ICICI Web Trade Ltd and ICICI HFC Ltd. Between 1993 and 1995, Buch worked as lecturer at West Cheshire College in England.
She moved to Singapore to join Greater Pacific Capital, a PE firm. Between 2011 and 2017 she worked in various capacities as executive director of many companies like Zensar Technologies, InnoVen Capital, and Max Healthcare. Madhabi also served as an independent director of the Indian School of Development Management (ISDM) and as a consultant for the New Development Bank (BRICS bank). Later, she returned home and took on non-executive director roles on the boards of several major corporate entities such as NIIT Limited, Max Healthcare and Idea Cellular Ltd.
Career at SEBI
In 2017, she was appointed as a Whole Time Member of SEBI. In March 2022, Madhabi became the first woman to lead the market regulator.
Madhabi Puri Buch's qualifications
She graduated from St Stephen's College in Mathematics at Delhi University. She also holds an MBA degree from the Indian Institute of Management (IIM) Ahmedabad.
