Blackstone likely to cite no conflict of interest on Dhaval Buch's role at firm

The clarification follows Hindenburg Research’s August 10 report, which alleged that whistleblower documents revealed both SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch

Amid recent allegations from Hindenburg Research, sources close to private equity firm Blackstone said that there is no relation between Dhaval Buch, Senior Advisor to Blackstone Private Equity since 2009, and Blackstone's Real Estate Investment Trusts (REITs) or any involvement in capital markets.

The sources said that Dhaval Buch, who was appointed as a Senior Advisor well before his wife Madhabi Puri Buch became SEBI Chairperson, has never been involved with real estate, REITs, or any regulatory matters while at the firm. His role at Blackstone is limited to advising private equity companies across Asia on procurement and supply chain topics, areas in which he holds extensive expertise, the sources added. Buch’s appointment followed a series of interviews and was based on his experience as the former Chief Procurement Officer at Unilever, the sources said.

Sources added that Blackstone is likely to issue a statement clarifying the same in coming days.

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Hindenburg Research’s August 10 report alleged that whistleblower documents revealed both SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore entities purportedly linked to the Adani case.

According to his LinkedIn profile, Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez & Marsal, a global consulting firm. He also serves as a non-executive director on the Board of Gildan, an apparel retailer. Hindenburg estimates his current net worth at $10 million.

In its report, Hindenburg said that during Dhaval Buch’s time as Advisor to Blackstone, SEBI has proposed, approved and facilitated major REIT regulations changes.

"Since Madhabi Buch became Chairperson in March 2022, SEBI has proposed and implemented a raft of REIT legislation, of significant benefit to Blackstone as one of the largest REIT sponsors in India, whom her husband works for," the Hindenburg report said.