Madhabi Puri Buch, the first woman to chair the Securities and Exchange Board of India (SEBI), has become a prominent figure in the country’s financial landscape. Her appointment in March 2022 marked a significant milestone for the market regulator. However, her tenure has been marked by controversy, with US-based firm Hindenburg Research alleging that she and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani Group financial scandal.
Buch has firmly denied these allegations, calling them attempts to damage SEBI’s credibility and tarnish her character.
Born and raised in Mumbai, Buch hails from an academic and corporate background. Her father, Kamal Puri, worked in the corporate sector while her mother was a political science scholar with a doctorate. Buch married Dhaval Buch at the age of 21, and the couple has a son, Abhay.
Dhaval Buch’s LinkedIn profile reveals he currently serves as a Senior Advisor at Blackstone and Alvarez & Marsal, roles he has held since July 2019. His previous experience includes positions at Bristlecone and Hindustan Unilever. He is also a non-executive director on the Board of Gildan.
Buch’s career in finance began in 1989 with ICICI Bank, where she spent 17 years. Her rise within the organization culminated in her becoming an executive director. She also led ICICI Securities as Managing Director and CEO for over two years, from February 2009 to May 2011. Beyond ICICI, Buch has held positions at ICICI Web Trade Ltd, ICICI HFC Ltd, and Greater Pacific Capital, a PE firm based in Singapore.
From 2011 to 2017, Buch served as an executive director for various companies, including Zensar Technologies, InnoVen Capital, and Max Healthcare. She has also held non-executive director roles on the boards of NIIT Limited, Max Healthcare, and Idea Cellular Ltd.
Buch’s educational credentials include a Bachelor’s degree in Mathematics from St Stephen’s College, Delhi University, and an MBA from the Indian Institute of Management (IIM) Ahmedabad.
Buch’s leadership at SEBI has been marked by both praise and controversy. Her supporters highlight her extensive experience in the financial sector and her commitment to regulatory reform. Critics, however, point to the recent allegations and the potential conflicts of interest they raise. The ongoing investigation into the Hindenburg Research claims will undoubtedly have a significant impact on Buch’s future at SEBI and on the reputation of the institution itself.
