SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have strongly refuted recent allegations of conflict of interest, calling them “false, malicious, and defamatory.” The allegations, raised by the Congress party, suggest improper conduct in Dhaval Buch’s consulting roles and the couple’s rental income.
In a joint statement, the Buchs clarified that Dhaval’s consulting assignments with companies like Mahindra & Mahindra, Pidilite, and Dr. Reddy’s were merit-based and predated Madhabi’s appointment as SEBI chairperson. They emphasized that these contracts were awarded solely on professional expertise.
Mahindra & Mahindra confirmed that Dhaval Buch was hired in 2019, before Madhabi assumed her role at SEBI, dismissing any notion of favoritism. The couple also addressed the rental income from a property leased to a Wockhardt associate, explaining that all relevant disclosures had been made to SEBI since 2017.
The Buchs criticized the allegations as baseless and intended to mislead the public. They also addressed concerns about Madhabi’s Employee Stock Options (ESOPs) from ICICI Bank, stating that her actions were fully compliant with bank rules.
“These allegations are devoid of factual support and seek to tarnish the reputation of individuals and respected institutions,” the statement concluded.
