Who is Madhabi Puri Buch? Know all about SEBI boss allegedly linked to Adani offshore entities in new Hindenburg report

Securities and Exchange Board of India chairperson Madhabi Puri Buch has been named in a new report by Hindenburg Research alleging links to Adani Group’s offshore businesses.

The research firm on Saturday released a report, which claimed that the Madhabi and her husband Dhaval Buch allegedly had stakes in Adani Group’s fund-siphoning businesses. The report alleged that both Madhabi and her husband had stakes in Mauritius and Bermuda funds. These funds, the report alleges, were part of Adani Group’s obscure financial system

Despite the latest allegations, Madhabi Puri Buch has been a real trailblazer in the field of finance. Born and raised in Mumbai in 1966, Madhabi was good in mathematics and finance. She went on to earn her MBA from the renowned IIM-Ahmedabad. She began her journey in the world of finance in 1989. Joining the ICICI Bank, Madhabi was recognised for her talent and she rose to the ranks.

From investment banking to product to marketing, Madhabi held a variety of roles at ICICI. In 2009, she became the first woman to serve as Managing Director and CEO of ICICI Securities. After her remarkable stint at ICICI, Madhabi worked as a Consultant for Shanghai’s New Development Bank, where she led the Singapore office of Greater Pacific Capital, a PE firm.  Later, she returned home and took on non-executive director roles on the boards of several major corporate entities such as NIIT Limited and Idea Cellular Ltd. In 2017, she was appointed as a Whole Time Member of SEBI.

In March 2022, Madhabi Puri Buch scripted history as she became the first woman to lead the market regulator SEBI. As SEBI boss, she focused especially on regulation and surveillance. She played a critical role in advancing the National Institute of Securities Markets.

Who is Dhaval Buch? Know about Madhabi Puri’s husband

Madhabi’s husband Dhaval Buch also enjoyed a successful corporate career, albeit less public. The latest Hindenburg report has allegedly linked both Dhaval and Madhabi Buch to obscure Adani funds.

Dhaval Buch’s LinkedIn profile reveals his current role as a Senior Advisor at Blackstone and Alvarez & Marsal, a position he has held since July 2019. According to the Hindenburg report, "Blackstone has been one of the largest investors and sponsors of REITs, a nascent asset class in India." Before Blackstone's stint, Buch worked with Bristlecone and Hindustan Unilever. His LinkedIn profile also indicates that he serves as a non-executive director on the Board of Gildan.

Meanwhile, Madhabi and Dhaval Buch issued a joint statement regarding the latest Hindenburg report. "In the context of allegations made in the Hindenburg Report dated August 10, 2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book," they said in the statement.

"All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," they further said.