‘Madhabi Invested In Chinese Firms During SEBI Stint’: Know What All Has Cong Alleged So Far

New Delhi: Levelling fresh allegations, The Congress Party on Saturday claimed that Securities and Exchange Board of India (SEBI) chairperson, Madhabi Puri Buch, had invested in Chinese funds in addition to trading listed securities for Rs 36.9 crore during her tenure at market regulator.

The party had been bringing up allegations against the SEBI chief since September 2, and has claimed that she ‘has been deceiving the people of India.’ Here’s a rundown on the allegations Congress has raised so far:

1) September 2: It was alleged that the SEBI chief drew an income of Rs 16.8 crore from ICICI Bank and ICICI Prudential (in the form of salary, ESOPS, TDS on ESOPs) while also taking a salary from SEBI. During this period, SEBI was also adjudicating complaints against ICICI and its affiliates.

2) September 6: The party alleged Buch rented her property to ‘Carol Info Services Limited’, an affiliate of Wockhardt Limited, between 2018 and 2024. Wockhardt has been under SEBI’S investigation for cases, including that of insider trading.

3) September 10: The Congress claimed to have exposed Buch’s lies regarding Agora Advisory Pvt Ltd, her consultancy company. Though she claimed that it became ‘immediately dormant’ upon her joining SEBI, Congress claimed that she still held a 99% stake in the company, and actively provided consultancy/advisory services, receiving Rs 2.95 crore from six SEBI-regulated entities between 2016 and 2024. The party claimed that Reddy’s Laboratories and Pidilite had allegedly confirmed that they had made payments to Dhaval Buch—SEBI chief’s husband— via Agora Advisory Private Limited.

4) Payments from listed companies, which are regulated by SEBI, to Agora Advisory Private Limited violate Section 5 of Code on Conflict of Interests for Members of Board (2008), the party stated. The party stated that Mahindra & Mahindra must clarify whether they paid large sums to both Dhaval Buch personally and his joint consultancy, Agora Advisory Private Limited.

5) September 14: The Congress revealed allegations of conflicts of interest beyond the borders of India. Between 2017 and 2023—when the current SEBI chief was a Whole-Time member and later became the chairperson—traded in listed securities worth Rs 36.9 crore, allegedly violating section 6 of SEBI’S Code on Conflict of Interest for Members of Board (2008), Congress leader, Pawan Khera alleged.

6) Foreign links: Madhabi Buch has been accused by the Congress of possessing foreign assets, including investments in Chinese funds, between 2017 and 2023. Demanding an answer as to which government agency Buch notified about these assets, and when, the party alleged that Global X MSCI China Consumer (CHIQ) and Invesco China Technology ETF (CQQQ) were two of the four foreign funds that Buch had allegdely invested in.

What did the Buchs said?

Madhabi Puri Buch and her husband Dhaval Buch had denied all such allegations. Last month, they released a joint statement addressing the status of two consulting firms she had established during her time in Singapore. The statement claimed that both companies, in India and Singapore, were rendered inactive as she became the SEBI Chairperson.

‘Agora Advisory is listed as active’

The Ministry of Corporate Affairs (MCA) data last month showed that Agora Advisory is listed as “active”, stated a Buisness Today report. The data, which was apparently accessed by Hindenburg Research, showed Agora generated Rs 2.54 crore as income between 2020-21 and 2023-24. According to the MCA, Agora Advisory, launched in May 2013, offers advisory and consultancy services to governments, business, commerce, industry, non-profit organisations and other entities.