FM Sitharaman Urges Consideration Of Facts Amid Sebi Chief Allegations

Finance Minister Nirmala Sitharaman has called for a careful consideration of facts in light of the allegations against Sebi Chairperson Madhabi Puri Buch. This comes after Congress accused Buch of violating conflict of interest rules by engaging in investments in listed securities and foreign funds, including those linked to China.

At a media event, Sitharaman stated, “ "I think a few of the allegations are being answered by the Buchs. They are putting out facts to contradict the allegations by Congress. I think the facts are to be taken on board. Madhabi Buch and her husband are putting out facts to contradict the allegations.”

The response follows a statement from Madhabi Puri Buch and her husband, Dhaval Buch, regarding their consultancy firm, Agora Advisory. The Buchs clarified that since her appointment at Sebi, Madhabi Puri Buch has not handled any files related to Agora Advisory or the business groups implicated in the allegations.

They stated,"In keeping with the highest standards of governance, Madhabi has never dealt with any file involving Agora Advisory, Agora Partners, the Mahindra Group, Pidilite, Dr Reddy’s, Alvarez and Marsal, Sembcorp, Visu Leasing or ICICI Bank at any stage after her joining Sebi. As evident from the above facts and the communications from the companies, the allegations are completely false, malicious and defamatory.”