Hindenburg allegations: What you need to know about SEBI Chief Madhabi Puri Buch

The Chairman of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, finds herself at the centre of controversy following an expose by Hindenburg Research on Saturday night. According to Hindenburg Research, SEBI’s chief is alleged to have held stakes in offshore accounts linked to the Adani scandal.

Puri Buch has served as the Chairperson of SEBI since March 1, 2022, becoming the first woman to hold this position. She is also the youngest individual to lead SEBI and the first from the private sector. She succeeded Ajay Tyagi, whose five-year term concluded prior to her appointment.

An alumna of the Indian Institute of Management, Ahmedabad (IIM-A), Puri Buch brings over thirty years of experience in financial markets to her role. Her career began in 1989 at ICICI Bank, where she worked as an investment banker. She later led a prominent broking firm, held a senior position at a major private equity firm, and had a brief tenure at the New Development Bank established by the BRICS nations.

Puri Buch’s extensive experience also includes founding Agora Advisory Pvt Ltd, a consulting and incubation firm, and serving as a Consultant to the New Development Bank in Shanghai. She was Head of the Singapore office at Greater Pacific Capital and held the roles of Managing Director and CEO at ICICI Securities Limited, as well as Executive Director on the Board of ICICI Bank.

She holds an MBA from IIM Ahmedabad and a graduate degree in Mathematics from St. Stephen’s College, New Delhi. In her current role at SEBI, she oversees key departments related to regulation, supervision, and surveillance. She also leads economic and policy analysis, investor assistance, education, and IT departments, and directly supervises the National Institute of Securities Markets (NISM). During her tenure as a whole-time member (WTM) of SEBI from April 5, 2017, to October 4, 2021, she managed critical portfolios including surveillance, mutual funds, and collective investment schemes, and worked closely with Tyagi.

In addition to her professional roles, Puri Buch has established a foundation supporting grassroots NGOs and has served as a non-executive director on various company boards.