SEBI chief Madhabi Buch earned revenue in potential rules violation: Report
New Delhi: Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), is facing scrutiny over a potential conflict of interest following revelations about her 99% ownership in a consultancy firm. According to Reuters, Agora Advisory Pvt Ltd, in which Buch holds a significant stake, earned Rs 3.71 crore over the past seven years since she joined SEBI as a whole-time member. This financial relationship could violate SEBI's 2008 policy that prohibits board members from engaging in profit-making activities.
Buch has been accused by U.S. short seller Hindenburg Research of having a conflict of interest in her investigations of the Adani Group due to previous investments. Buch has denied these allegations, calling them an attempt at "character assassination."
Hindenburg’s latest report highlights Buch and her husband operated two consultancy firms, Agora Partners in Singapore and Agora Advisory in India. Despite Buch’s claims that she transferred her shares in Agora Partners to her husband in March 2022, records show she still holds shares in Agora Advisory.
Her holdings potentially violate a 2008 SEBI policy that prohibits whole-time members from holding an office of profit or engaging in other professional activity which entails salary or professional fees.
Former SEBI board member Subhash Chandra Garg criticized Madhabi’s consultancy ties and termed it as a “very serious” breach of conduct. He told Reuters that there is no justification for her to continue to own the firm after she joined the board. He added that this makes her position completely untenable at the regulator.
The allegations levelled by Hindenburg Research has sparked a political firestorm with several parties calling for Madhabi’s resignation.
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4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
