SEBI chief Madhabi Puri Buch, her husband Dhaval Buch
In a report by Hindenburg Research, one after another, questions were raised about the role of market regulator SEBI’s chief Madhabi Puri Buch, following which the ongoing controversy over her name shows no signs of stopping. The Congress, the main opposition party, is also continuously criticising the appointment of Madhabi Puri Buch for his working style and “conflict of interest”. In such a situation, some questions were asked to SEBI about him under the Right to Information (RTI), to which SEBI refused to respond.
Under the Right to Information (RTI) Act, SEBI has been asked to provide information regarding the information Madhabi Puri Buch has provided to the government and the SEBI board regarding her assets. Along with this, information regarding the SEBI chairperson’s abstention from matters related to potential conflicts of interest is also required.
SEBI refused to respond on this grounds.
Regarding this request by RTI activist Lokesh Batra, SEBI said it is unable to give any information “at the moment” on distancing itself from cases related to a possible conflict of interest of Madhabi Puri Butch. Not only this, it will have to spend unnecessarily to gather this information.
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On the question related to Madhabi Puri Buch’s property, SEBI has said that the information provided by Madhabi Puri Buch to the government and the SEBI board about her properties and assets etc. cannot be copied, because these details are her “personal information” and their disclosure could put her security in “jeopardy”. SEBI also refused to provide information on the dates on which the SEBI chief submitted the details to the government and the board.
In response to RTI, SEBI stated that this information was eligible for exemption under Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005. Madhabi Puri Buch has cited Section 7(9) of the RTI Act for failing to provide information regarding instances where she has recused herself due to potential conflict of interest during her tenure.
SEBI had stated in the press conference
SEBI had recently issued a press release saying that the SEBI Chairperson had recused herself from matters involving potential conflicts of interest. The SEBI Chairperson had made necessary disclosures from time to time regarding share holdings and their transfers.
The controversies surrounding SEBI chief Madhabi Puri Buch began with a report by Hindenburg Research. In its report it had said that SEBI’s reluctance to take action against the Adani Group was likely because Madhabi Puri Buch had stakes in foreign funds linked to the group. Hindenburg had said that Madhabi and her husband Dhawal Buch had invested in a foreign fund that was allegedly being used by Vinod Adani. It also raised questions about Dhawal’s association with private equity firm Blackstone.
