New report on Madhabi Buch's consulting firm raises more doubts on Sebi chief

Sebi Madhabi Puri Buch has been in the news since a fresh report by US-based short seller Hindenburg was published. Buch is facing allegations of a conflict of interest. The report suggests that Buch’s previous investments and her consultancy’s earnings could have influenced her handling of the Adani case.

Now a recent report by Scroll highlighted that a consultancy set up by Madhabi Puri Buch before she became the chairperson of SEBI, is registered at the same address as its statutory auditor. It has raised more doubts about the past practices of Buch. The firm, Agora Advisory Private Limited, came under scrutiny after the recent report by Hindenburg highlighted possible conflicts of interest on the part of Buch. 

Documents with the Registrar of Companies show Agora was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors, said the Scroll report published on August 13. Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore.

The firm's incorporation certificate states its address as “201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai”. The same address has been cited in the firm’s latest balance sheets for year 2023-24. These balance sheets have been audited by a chartered accountancy firm, Shah and Savla LLP. According to its filings as well as its website, its registered address is “201, 2nd floor, RNJ corporate bldg, Jawahar Road, Ghatkopar East, Mumbai” – the same as Buch’s consulting firm.

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

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