Who is Madhabi Puri Buch, SEBI Chairperson Accused by Hindenburg of Involvement in Adani Offshore Fund Scandal

Hindenburg alleged that Madhabi Puri Buch, the chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal.

Madhabi Puri Buch
SEBI Chairperson Madhabi Puri Buch.

US-based short-seller Hindenburg Research has made serious allegations against SEBI Chairperson Madhabi Puri Buch, claiming that she and her husband held stakes in obscure offshore funds linked to the alleged Adani “money siphoning scandal.”

Hindenburg, known for its critical reports, criticized SEBI’s handling of the Adani investigation, stating that 18 months after its initial report, “SEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.”

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Citing whistleblower documents, Hindenburg alleged that “Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal.” These funds, allegedly controlled by Vinod Adani, the elder brother of Gautam Adani, were reportedly used to round-trip funds and manipulate stock prices.

Who is Madhabi Puri Buch?

Born in 1966, Madhabi Puri Buch is the current Chairperson of the Securities and Exchange Board of India (SEBI), and the first woman to hold this position.

She completed her schooling at Fort Convent School in Mumbai and the Convent of Jesus and Mary in Delhi. Madhabi graduated from St. Stephen’s College in Delhi with a degree in Mathematics and later earned an MBA from IIM Ahmedabad.

Madhabi Puri Buch began her career at ICICI Bank and later became the CEO of ICICI Securities in 2009. She also worked with the BRICS’ New Development Bank before her tenure at SEBI. Madhabi is married to Dhawal Buch, and the couple has a son named Abhay.

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Madhabi Puri Buch’s Career in SEBI

Madhabi Puri Buch was appointed as a Whole-Time Director at SEBI in April 2017. After her tenure, she joined a seven-member technology committee to help design SEBI’s in-house technological systems.

Hindenburg’s Allegations Against the SEBI Chief

Hindenburg’s report includes a declaration of funds signed by a principal at IIFL, which states that the source of the investment was “salary” and that the couple’s net worth is estimated at Rs 83 crore ($10 million).

Hindenburg further alleged that despite overseeing the regulation of thousands of mainstream Indian mutual funds, Madhabi Buch and her husband had stakes in a “multi-layered offshore fund structure” with minimal assets, operating in high-risk jurisdictions and overseen by a company linked to the Wirecard scandal. The same entity, reportedly managed by an Adani director, was allegedly used by Vinod Adani in the purported money siphoning scheme.

The report concluded with a pointed remark: “If SEBI really wanted to find the offshore fund holders, perhaps the SEBI chairperson could have started by looking in the mirror,” suggesting that SEBI’s reluctance to pursue the investigation might be tied to its own leadership.

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