SEBI Chairperson Madhabi Puri Buch
SEBI Chef Madhabi Puri-Buch seems to have failed the market regulator’s critical assessment regarding conflict of interest for its senior officials, as she continues to receive income from a domestic consultancy firm where she is the principal shareholder.
According to documents submitted to the registrar of companies, Puri-Buch possessed 9,900 of the 10,000 shares issued, equating to 99 percent of her ownership in Agora Advisory Private Ltd, based in Ghatkopar, Mumbai, as of March 31 this year.
This reveals that Puri-Buch has not entirely cut her ties with the advisory firm since her appointment as a whole-time member of Sebi in April 2017, having remained the primary shareholder of Agora Advisory for more than seven years.
Hindenburg Research
Recently, Puri-Buch became embroiled in controversy when Hindenburg Research, a US short-seller, released new information derived from whistleblower documents. These findings indicated that she and her husband Dhaval had made investments in a Mauritius offshore fund, which was also linked to the Adani group. This revelation has further complicated the already intricate narrative of misconduct involving the Gautam Adani-led conglomerate that surfaced early last year.
Agora Advisory firms
Two Agora Advisory firms were established in 2013, with one located in Singapore and the other in India.
Agora Advisory remains listed as an “active” entity with the Registrar of Companies. According to its most recent submissions to the RoC, the company reported earnings of Rs 6 lakh from “sales and supply of services” for the fiscal year 2023-24, along with an additional Rs 13,95,225 classified as “other income,” resulting in total revenue exceeding Rs 13.95 lakh. The net profit for FY24 amounted to Rs 8,09,882.
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