On Tuesday Sebi Chairperson Madhabi Puri Buch was cleared of allegations of conflict of interest and financial misconduct following a government investigation. The investigation was triggered when the Congress party and the US short-seller Hindenburg Research accused her of mismanaging funds and having conflicts of interest.
According to the report, government sources today indicated that there was no evidence against her, and she was allowed to continue with her performance, a part which is expected to end in February 2025.
One of the key charges against Buch centered around her promotion of Real Estate Investment Trusts (REITs), which some claimed benefited her husband’s association with Blackstone, a major global investment firm. Critics argued that she was misusing her position to favor Blackstone.
Also read: 5-Crore Cash Seized from Pune’s Khed Shivpur Post Toll Alleged Shinde-Led Shiv Sena link
It’s important to note that the concept of REITs was introduced back in 2007 during the UPA government, and SEBI only formalized the regulations in 2016. Buch accepted her position as SEBI Chairperson on March 1, 2022, succeeding Ajay Tyagi.
While she has been credited with executing effective reforms that affected numerous global players, including Blackstone, government sources told India Today TV that the allegations are “politically motivated and baseless”.
However, the government has reached the conclusion that Buch will retain her position to maintain stability within SEBI during these various hardships.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
