The controversy surrounding SEBI chief Madhabi Puri Buch has raised serious questions about her conduct in handling potential conflicts of interest, particularly in relation to the ongoing investigations into the Adani Group. Key concerns center around whether she fully disclosed her financial interests to the government and if she recused herself from cases where she or her husband had a direct or indirect stake.
According to an Indian Express report, former SEBI chairpersons and board members have emphasized the importance of understanding whether Buch made the necessary disclosures and followed the appropriate recusal process while dealing with these sensitive cases. They argue that her role as SEBI chief during the investigations into Adani-related entities demands absolute transparency.
SEBI has issued a statement asserting that Buch adhered to all disclosure and recusal norms, stating that she and her husband, Dhaval Buch, followed the necessary procedures diligently. They highlighted that Buch had recused herself from matters involving potential conflicts of interest, including her husband’s association with Blackstone Group.
However, doubts persist about whether Buch stepped aside from the Adani Group investigations, as her statement did not explicitly confirm this. Public information suggests that her tenure at SEBI coincides with the regulator’s probe into 13 offshore entities holding stakes in Adani Group companies.
Former regulators, drawing comparisons to past instances where SEBI chiefs recused themselves over potential conflicts, have reiterated the importance of transparency in such matters. The public expects clear and unambiguous actions from SEBI to ensure impartiality and maintain public trust in the regulatory process. The controversy surrounding Buch’s conduct highlights the critical need for robust mechanisms to address conflicts of interest, especially when dealing with high-profile investigations involving prominent business groups.
