Madhabi Puri Buch, a trailblazer in the field of finance, has recently been embroiled in controversy following allegations by the research firm Hindenburg. The firm’s report released on Saturday claims that both Madhabi and her husband, Dhaval Buch, allegedly had stakes in offshore funds linked to the Adani Group’s financial system. These allegations have raised serious questions about the integrity of the Securities and Exchange Board of India (SEBI), where Madhabi has been serving as the chairperson since March 2022.
Born and raised in Mumbai in 1966, Madhabi has had a remarkable career in finance. She was recognized for her talent early on, starting her journey in the financial world in 1989 at ICICI Bank. Over the years, she held various roles at ICICI, from investment banking to product and marketing, eventually becoming the first woman to serve as Managing Director and CEO of ICICI Securities in 2009.
After her successful stint at ICICI, Madhabi worked as a consultant for the New Development Bank in Shanghai, where she led the Singapore office of Greater Pacific Capital, a private equity firm. She later returned to India and took on non-executive director roles on the boards of several major corporate entities, including NIIT Limited and Idea Cellular Ltd. In 2022, she was appointed as a Whole Time Member of SEBI.
Madhabi’s appointment as the chairperson of SEBI in March 2022 marked a significant milestone, as she became the first woman to lead the market regulator. Since then, she has focused on regulation and surveillance, playing a critical role in advancing the National Institute of Securities Markets.
However, the recent allegations by Hindenburg have cast a shadow over her achievements. The report claims that Madhabi and her husband had stakes in Mauritius and Bermuda funds, which were allegedly part of the Adani Group’s obscure financial system. Despite these allegations, Madhabi’s contributions to the field of finance cannot be understated.
