New report on Madhabi Puri Buch and consultancy firm linked to her, raised fresh doubts about SEBI chairperson’s past practices.

A consultancy set up by Madhabi Puri Buch before she became the Chairperson of the SEBI, is registered at the same address as its statutory auditor, claimed the report. It has raised more doubts about the past practices of India’s market regulator head. The firm came under scrutiny after the recent report by US-based short seller Hindenburg highlighted it as part of possible conflicts of interest on the part of Buch. 

Media website ‘Scroll’ raised the issue related to ‘Same Address’ citing the consulting firm’s regulatory filings. The Scroll report, published on August 13, said the firm was identified as Agora Advisory Private Limited. The same report, cited documents with the Registrar of Companies and claimed that Agora Advisory Private Limited was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors.

Report On Madhabi Puri Buch Linked Consultancy Firm Address

Madhabi Puri Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore.

Agora Advisory Private Limited is located at 201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai. This address was cited in the firm’s latest balance sheets for the year 2023-24.

These balance sheets have been audited by a chartered accountancy firm called Shah and Savla LLP. Its registered address, according to its filings as well as its website, is “201, 2nd floor, RNJ corporate bldg, Jawahar Road, Ghatkopar East, Mumbai” – the same as Buch’s consulting firm, claimed Scroll report.

Scroll report also claimed that two other firms founded by Madhabi Buch, Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation, also have the same address. She resigned from their boards before joining SEBI in 2017. Dhaval Buch has been a director in these firms since 2019.

Hindenburg Accusation Linked To ‘Agora’ 

Hindenburg’s report earlier questioned Madhabi Buch’s undisclosed income and potential conflicts with Sebi’s regulatory duties, stating that Madhabi holds 99% ownership in her India consulting firm Agora Advisory.

Hindenburg’s report also said that the Sebi chief transferred all her shares in her Singapore consulting entity Agora Partners to her husband only in March, 2022, and continued to hold stakes in the Indian consulting firm.

Reuters claimed that, Public documents reviewed by them shows Madhabi Puri Buch continued to earn revenue from Agora Advisory Pvt Ltd, where she holds 99% stake, while continuing her tenure at Sebi.