All posts tagged: Madhabi Puri Buch

Lokpal Gives Clean Chit To Former SEBI Chief Madhabi Puri Buch

Lokpal Gives Clean Chit To Former SEBI Chief Madhabi Puri Buch

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Last Updated:May 28, 2025, 19:57 IST The Lokpal termed the charges against former SEBI chief Madhabi Puri Buch as “presumptions and assumptions” not supported by any verifiable material Madhabi Puri Buch, who took over as the SEBI chief on March 2, 2022, demitted office on February 28 after the completion of her tenure. (Image: News18) Anti-corruption ombudsman Lokpal on Wednesday gave a clean chit to former SEBI chief Madhabi Puri Buch, disposing of complaints alleging impropriety and conflict of interest based on a Hindenburg Research report. The Lokpal termed the charges as “presumptions and assumptions” not supported by any verifiable material and said the complaints, including the one by TMC MP Mahua Moitra, filed last year were essentially founded on the report “by a known short seller trader…”. The complaints were disposed of by a six-member bench headed by Lokpal chairperson Justice AM Khanwilkar. In its order, the Lokpal “concluded that the allegations in the complaint(s) are more on presumptions and assumptions and not supported by any verifiable material and do not attract the ingredients …

Bombay HC extends interim stay on order directing FIR against ex-Sebi chief | Mumbai News

Bombay HC extends interim stay on order directing FIR against ex-Sebi chief | Mumbai News

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The Bombay High Court on Tuesday extended an interim stay on a special PMLA Court order that had directed filing an FIR against six people, including former Sebi chairperson Madhabi Puri Buch, in a case of alleged stock market fraud and regulatory violations. A single-judge bench of Justice Shivkumar G Dige had on March 4 stayed the March 1 order of a special court designated under the Prevention of Money Laundering Act. The special court had directed the Anti-Corruption Bureau (ACB), Mumbai, to register an FIR based on a complaint by Dombivali resident Sapan Shrivastava, who alleged that he and his family had suffered losses after investing in Cal Refineries. Story continues below this ad Buch and others had approached the HC against the said order. “It appears that the special Judge has passed the order mechanically without going into the details and without attributing any specific role to all the applicants, hence order is stayed till the next date,” the HC had observed while staying the special court order On Tuesday, Justice Dige granted …

SEBI As Court Orders FIR Against Its Former Chief, Officials

SEBI As Court Orders FIR Against Its Former Chief, Officials

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Mumbai: A special court ordered that a case be filed against former SEBI (Securities and Exchange Board of India) chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations. The court has said it will monitor the probe, and sought a status report (of the case) within 30 days. The SEBI has said it would contest the order, contending that the court was acting on a “frivolous” petition and had not given the board a chance to present its side. “There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe,” special court judge Shashikant Eknathrao Bangar said in response to the petition filed by  a reporter, Sapan Shrivastava, who sought an investigation. The allegations disclose a cognisable offence, making investigation necessary and the inaction by law enforcement agencies and SEBI “necessitates judicial intervention” the judges said. The SEBI said it would be “initiating appropriate legal steps to challenge this order”.  Arguing that the officials named were not holding their respective positions …

Stock Market ‘Fraud’: Court Orders FIR Against Ex-Sebi Chief Madhabi Puri Buch, 5 Others

Stock Market ‘Fraud’: Court Orders FIR Against Ex-Sebi Chief Madhabi Puri Buch, 5 Others

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Last Updated:March 02, 2025, 16:46 IST A special court here has directed the AntiCorruption Bureau (ACB) to register an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations. Ex-SEBI chief Madhabi Puri Buch A special court here has directed the Anti-Corruption Bureau (ACB) to register an FIR against former Sebi chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations. “There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe,” the special ACB court judge, Shashikant Eknathrao Bangar, said in the order passed on Saturday. The court said it will monitor the probe, and sought a status report (of the case) within 30 days. The court order also noted that the allegations disclose a cognisable offence, necessitating an investigation. The inaction by law enforcement (agencies) and the Securities and Exchange Board of India (SEBI) necessitates judicial intervention under the provisions of the CrPC (Criminal Procedure Code), it added. …

Sebi has ‘adequate internal mechanisms’ for addressing conflict of interest issues: Finance Ministry on allegations against Madhabi Puri Buch | Business News

Sebi has ‘adequate internal mechanisms’ for addressing conflict of interest issues: Finance Ministry on allegations against Madhabi Puri Buch | Business News

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The Finance Ministry on Monday said the Securities and Exchange Board of India (Sebi) has “adequate internal mechanisms for addressing issues relating to conflict of interest” on the allegations against Sebi Chairperson Madhabi Puri Buch of having investments in an offshore fund used by Adani Group and her continuing position in ICICI Bank. For the complaint by Sebi employees against Buch, the Ministry said employee-related matters are addressed through “appropriate internal mechanisms”. In a written response to a question in Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the Sebi Board has adopted a “Code on Conflict of interests for its board members, including the Chairperson, to ensure that the Board conducts itself in a manner that does not compromise its ability to accomplish its mandate or undermine the public confidence in the ability of member(s) to discharge his responsibilities”. “Securities and Exchange Board of India (Sebi) has adequate internal mechanisms for addressing issues relating to conflict of interest, which include a disclosure framework and provisions for recusal,” he said. Story continues below …

Govt seeks applications for SEBI chief’s post; Congress takes swipe at ad for it | Latest News India

Govt seeks applications for SEBI chief’s post; Congress takes swipe at ad for it | Latest News India

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The government on Monday invited applications for the Securities and Exchange Board of India (SEBI) chairperson’s post around a month before Madhabi Puri Buch’s three-year term as the securities and commodity market regulatory body head ends on February 28. Buch assumed the charge in March 2022. The economic affairs department under the Union finance ministry issued an advertisement for the new SEBI chief’s appointment. (REUTERS) The SEBI chief came under the spotlight after US-based short-seller Hindenburg Research, which has since announced it was shutting down, accused Buch and her husband, Dhaval Buch, of having a stake in obscure offshore entities used in “the Adani money siphoning scandal”. The allegations sparked a political row with Opposition Congress demanding a parliamentary probe into the charges. The ruling Bharatiya Janata Party (BJP) attacked the Congress, questioning why it was against the Indian companies, whether government or private, and defended the foreign ones. The Adani Group dismissed the charges as “malicious, mischievous and manipulative selections of publicly available information” and the Buchs called them a “character assassination” attempt. On …

Political row erupts as Sebi chief Madhabi Puri Buch skips Public Accounts Committee meeting | Latest News India

Political row erupts as Sebi chief Madhabi Puri Buch skips Public Accounts Committee meeting | Latest News India

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Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch skipped a meeting of Parliament’s public accounts committee (PAC) on Thursday citing “personal exigency”, prompting panel chief and Congress lawmaker KC Venugopal to postpone the sitting. Madhabi Puri Buch. (PTI) Soon after the meeting was deferred, panel members from the Bharatiya Janata Party (BJP) lodged a protest with Lok Sabha Speaker Om Birla, accusing PAC chairperson Venugopal of taking unilateral decisions. “In the first meeting of the committee itself, we decided to have a suo motu subject for review of our regulatory bodies. That is why we called for a review of SEBI this morning… First of all, SEBI chairperson sought an exemption from appearing before the committee which we denied. After that, she confirmed she and her team would be present on this committee. Today at 9.30 am, she [SEBI chief] informed that due to a personal exigency she is not in a position to travel to Delhi. Considering a woman’s request, we thought it better to postpone today’s meeting for another day,” …

‘Who is behind the plan?’: Rahul Gandhi’s jab after SEBI chief skips PAC meeting | Latest News India

‘Who is behind the plan?’: Rahul Gandhi’s jab after SEBI chief skips PAC meeting | Latest News India

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Congress leader Rahul Gandhi attacked SEBI chairperson Madhabi Puri Buch after she skipped the Public Accounts Committee of Parliament’s meeting on Thursday, wondering why she was reluctant to answer the panel’s questions. Congress leader and Lok Sabha LoP, Rahul Gandhi.(ANI) In a post on X, Rahul Gandhi asked who was planning to protect her from answering PAC’s questions. “Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee (PAC) of Parliament? Who is behind the plan to protect her from being answerable to the PAC?” the Congress leader asked. What happened during the meeting? After Buch skipped the meeting, the panel’s head K C Venugopal postponed the sitting. Later, ruling NDA’s members accused him of making unilateral decisions, reported PTI.The committee’s proceedings remained deadlocked even during its second sitting, where the TRAI chairperson appeared briefly, amid the NDA members’ demand that Venugopal allow a vote on agenda items like summoning the heads of regulatory bodies. Venugopal, a senior Congress member, insisted that there cannot be any voting on the subjects which were …

PAC meeting postponed after SEBI chief Buch expresses inability to attend | Latest News India

PAC meeting postponed after SEBI chief Buch expresses inability to attend | Latest News India

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Oct 24, 2024 04:05 PM IST After the PAC meeting was postponed, its member and BJP MP Ravi Shankar Prasad accused Venugopal of taking suo motu decisions Parliament’s Public Accounts Committee (PAC) postponed its meeting on Thursday after Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch expressed her inability to attend citing a personal emergency. Ravi Shankar Prasad said Puri should not have been called adding that Venugopal’s words were “suo moto” decided. (Reuters photo) “In the first meeting of the committee itself, we decided to have a suo moto subject for review of our regulatory bodies. That is why we called for a review of SEBI this morning. The committee branch sent the notice to the concerned people. First of all, they sought an exemption, SEBI chairperson sought an exemption from appearing before the committee which we denied. After that, she confirmed she and her team would be present on this committee. …Today morning, at 9:30am, she [SEBI chairperson, Madhabi Puri Buch] informed me that due to a personal exigency she …

Sebi is working on a dozen AI projects to increase speed and efficiency, chairperson Madhabi Puri Buch says

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Sep 27, 2024 11:43 AM IST With half of Sebi’s AI projects to facilitate faster approvals, the regulator looks to ensure no IPO document exceeds three months from the date of application Sebi Chairperson Madhabi Puri Buch talked about the increasing use of artificial intelligence (AI) at the market regulator for speeding up processes and boosting efficiency, according to a Moneycontrol report. Sebi Chairperson Madhabi Puri Buch during the inauguration of investor awareness initiatives by the Association of Mutual Funds in India (AMFI), in Mumbai, Thursday, Sept. 26, 2024(Kunal Patil/PTI) “At SEBI, we today have around a dozen projects on AI,” the report quoted Buch as saying at the annual board meeting of the Association of Mutual Funds in India (AMFI). “Half of them are to facilitate faster approvals and faster provisions.” Also Read: Elon Musk slams OpenAI again over for-profit shift: ‘This is deeply wrong’ The adoption and use of AI can significantly help the regulator become more responsive and dynamic, the report read. “Now we are looking at IPOs so that no IPO …