Congress attacks Sebi chief’s ties with consultancy firm, alleges conflict of interest, criminal conspiracy | India News – Times of India

NEW DELHI: The Congress on Tuesday levelled fresh allegations of “conflict of interest” against Sebi Chairman Madhabi Puri Buch. According to the Congress, a consultancy firm in which she held 99% stake provided consultancy services to Mahindra and Mahindra Group, Dr Reddy’s, ICICI, Pidilite Industries, Sembcorp and Visu Leasing and Finance while she held senior positions at the regulator.
At a press conference, Congress spokesperson Pawan Khera said that the Sebi chief’s husband Dhaval Buch had received nearly Rs 4.8 crore from M&M Group, while the consulting firm Agora Advisory had received nearly Rs 2.6 crore from the company, accounting for 88% of its turnover of just under Rs 3 crore. He said the payments were made while Puri Book was handling cases against the M&M Group.
The regulator’s spokesman declined to comment on the allegations.
Referring to the joint statement the couple issued on August 11 after short-seller Hindenburg Research first disclosed their stakes in two consulting firms — one in India and the second in Singapore — Khera alleged that contrary to Dhaval and Puri Buch’s claims that the entities are dormant, the Indian entity has been “actively providing advisory/consulting services.” Late on August 11, Hindenburg had demanded that Puri Buch make public the full list of clients.
Congress alleged that Agora Advisory was providing services to six companies, and all of them are listed companies regulated by Sebi. “This is not just a case of deliberate concealment; it is a case of deliberate lying… Today’s revelations will prove that it is not just corruption – it is a criminal conspiracy, absolutely brazen and shameless in its execution,” the Congress official said.
Alleging a nexus between payments and the adjudication of the case, Congress said Dhaval received Rs 1.7 crore from M&M Group in 2019-20 and over Rs 3 crore in 2020-21, coinciding with five settlement orders passed by the regulator.
Khera said that any income received by Agora Advisory from these companies amounted to a conflict of interest and was in violation of Section 5 of the Sebi Code on Conflict of Interest for Directors (2008).