Congress Claims Sebi Chief's Advisory Firm Agora Profited from M&M, ICICI, Others

The Congress has levied fresh charges on Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch. Speaking at a press conference, Congress spokesperson Pawan Pawan Khera mentioned that Buch earned money from several companies, including Mahindra and Mahindra Limited, Dr. Reddy’s, Pidilite, ICICI, Sembcorp and Visu Leasing & Finance. 

The party claimed in a press conference that despite claims that Buch’s advisory company, Agora Private Limited, ceased operations when she took office, the company continued to function and generate revenue. Further, the party mentioned that Agora Private Limited earned Rs 2.95 crore between 2016 and 2024. To add to it, Mahindra and Mahindra, Dr. Reddy’s, Pidilite, ICICI, Sembcorp and Vi are some of the active clients of Agora Private Limited. 

The party reportedly said, “Strangely, of the total Rs 2.95 crore received by Agora Advisory Private Limited, 2.59 crore has come from one entity alone—the Mahindra & Mahindra Group. It accounts for 88 percent of the total money that Agora Advisory received.” 

Read: Congress Brings in Fresh Allegations Against Madhabi Puri Buch as PAC Calls for SEBI Performance Review

To add to it, the party has also claimed that the Sebi chief’s husband, Dhaval Buch, received Rs 4.78 crore as income in a personal capacity from M&M. The party reportedly mentioned in a statement, “This comes at a time when his wife, as a Whole Time Member of Sebi, was adjudicating cases of the same group.” 

As per the party, the income received by Agora Private Limited is in violation of Section 5 of Sebi's code on conflict of interest for members of the board. Under this section, any activity that appears as a conflict of interest should be disclosed by the said person. Further, any holding must be disclosed within 15 days of coming to office. 

Hindenburg Sebi Chairperson Row 

This comes weeks after Hindenburg Research launched a fresh broadside against market regulator Sebi chairperson Madhabi Buch, alleging that she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. 

Sebi Chairman Buch and her husband have denied the allegations leveled against them as baseless and asserted that their finances are an open book. Adani Group had also termed Hindenburg Research's allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband. 

The Congress has been alleging financial regularities against the Adani Group and favors being given by the government to the conglomerate to augment its profits. The opposition party has been persistent in its attack on the government since Adani Group stocks took a beating on the bourses in the wake of the Hindenburg Research making a litany of allegations, including fraudulent transactions and share-price manipulation on the conglomerate headed by industrialist Gautam Adani. The Adani Group had dismissed the charges as lies, saying it complies with all laws and disclosure requirements. 

(With inputs from PTI)