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The tenure of Madhabi Puri Buch, Chief of Stock Market Regulator Securities and Exchange Board of India (SEBI), is ending next month. In such a situation, the Finance Ministry has invited applications for the appointment of a new chairman.
Butch’s tenure was for 3 years. He replaced Ajay Tyagi on 2 March 2022. Buch was a whole-time member of SEBI from 2017 to 2022. Madhabi Puri Butch is known for her strict nature.
New SEBI Chief will get salary of ₹5,62,500
The tenure of the next SEBI Chief will be maximum of 5 years or till the age of 65 years. For this, he will get salary and other facilities equal to that of a Central Government Secretary or he will get a salary of Rs 5,62,500 per month without car and house.
Started career from ICICI Bank
Butch started his career in 1989 with ICICI Bank. Was Executive Director in ICICI Bank from 2007 to 2009. She was the Managing Director and CEO of ICICI Securities from February 2009 to May 2011. She moved to Singapore in 2011 and worked at Greater Pacific Capital.
Known for her strict nature
He obtained MBA degree from Indian Institute of Management Ahmedabad. Before that he had studied from St. Stephen’s College, Delhi. The Finance Ministry had invited applications for this post in October 2021, the last date for sending which was December 6.
Madhabi has 30 years of experience in the financial sector and has previously served on various committees of SEBI. She was also on its advisory committee.
Big allegations against SEBI Chief…
Hindenburg’s allegation – SEBI Chief’s stake in offshore company linked to Adani Group
- American company Hindenburg Research released a report at 9:57 pm on Saturday (August 19). It was claimed that SEBI Chief Madhabi Puri Buch and her husband Dhaval Buch have stake in an offshore company linked to Adani Group. Based on whistleblower documents, Hindenburg claimed that Butch and her husband had stakes in the Mauritius offshore company ‘Global Dynamic Opportunity Fund’.
- Hindenburg had alleged that Vinod Adani, brother of Adani Group Chairman Gautam Adani, has allegedly invested billions of dollars in the ‘Global Dynamic Opportunities Fund’. This money was used to boost the share prices of Adani Group.
Allegation of taking salary from three places while he was SEBI Chief
- Congress party had also made allegations against SEBI Chief. Congress had accused him of taking salary from three places including ICICI Bank while being associated with SEBI.
- Congress spokesperson Kheda had said, ‘Madhabi Puri Buch was a whole-time member in SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI. PM Modi and Amit Shah are included in the cabinet that appoints the SEBI chairperson.
- However, both SEBI chief and ICICI Bank denied the allegations. The bank said, ‘After retiring from the bank, Madhavi was not given any salary or employee stock option. He only took retirement benefits.
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Hindenburg’s new report, allegations against SEBI Chief: Madhabi Puri Buch had stake in offshore entities linked to Adani Group
Hindenburg Research, a firm known for its report on Adani Group, has leveled allegations against Securities Exchange Board of India (Sebi) Chief Madhabi Puri Buch. American short-selling firm Hindenburg has claimed in its new report that the SEBI chief had stakes in shadowy offshore entities used in the money misappropriation scandal through the Adani Group.
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Hindenburg’s allegation against SEBI Chief: Madhabi Buch’s stake in the same foreign fund in which Adani invested; Butch said- Our life is an open book
American company Hindenburg on Saturday made serious allegations against the Chairperson of the Securities Exchange Board of India (SEBI). Hindenburg claimed in his report that Madhabi Puri Buch and her husband Dhaval Buch have stake in an offshore company linked to Adani Group.
Buch has described the allegations as “baseless” and an attempt at “character assassination”. SEBI Chairperson expressed willingness to declare all financial records. In a joint statement with her husband Dhaval Butch, she said, ‘Our life and finances are an open book.’
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SEBI Chief accused of taking benefits from 3 places: Congress said – took ₹ 16.80 crore salary from ICICI; The bank said- only for retirement benefits
Security and Exchange Board of India (SEBI) Chief Madhabi Puri Buch is on the target of Congress. Congress spokesperson Pawan Kheda held a press conference on Monday and accused Madhavi of taking salary from three places including ICICI Bank while she was associated with SEBI.
Kheda said, ‘Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI. PM Modi and Amit Shah are included in the cabinet that appoints the SEBI chairperson.
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