Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), has received strong support from her batchmates from the Indian Institute of Management (IIM) Ahmedabad. Her batchmates have come forward to dismiss the recent allegations against her, calling them “clearly false” and defending her integrity and leadership.
Buch, who graduated from IIM Ahmedabad in 1988, faces allegations of conflict of interest concerning SEBI’s investigation into the Adani Group. The accusations, initiated by Hindenburg Research, raised questions about her actions as SEBI’s head. In response, her batchmates released a joint statement rejecting these claims, stating that the allegations “do not ring true” to them.
Her batchmates took it upon themselves to investigate the allegations. They spoke with people knowledgeable about the situation and reviewed publicly available documents, including data reportedly from Buch’s income tax returns. After their review, they concluded that the allegations were misleading and based on false interpretations.
The group emphasized that such baseless accusations could harm both Buch’s reputation and the credibility of SEBI, an important democratic institution that safeguards the interests of investors and maintains financial market stability. They expressed concern that false claims could undermine trust in SEBI and urged for fair treatment based on facts.
As the Parliament’s Public Accounts Committee (PAC) prepares to investigate the matter and possibly summon Buch, her batchmates remain confident in her integrity and leadership. They believe she has always acted in the best interest of the public and the markets.
Her batchmates’ statement is a plea for fairness, emphasizing Buch’s long history of ethical behavior and urging the public not to rush to judgment. They remain hopeful that the truth will come out and that Buch will continue to lead SEBI with integrity and strength.