SEBI Update: SEBI Chief's crown is full of thorns...
SEBI Update: SEBI Chief's crown is full of thorns...Short seller Hindenburg Research has leveled a volley of allegations against Madhabi puri Buch, chairperson of stock market regulator SEBI (Securities Exchange Board of India). The short seller said in its allegations that according to the whistleblower document, Madhabi puri Buch and her husband have stakes in Obscure Offshore Funds which have been used to embezzle adani Group's money (Adani Money Siphoning Scandal). Rejecting Hindenburg's allegations, the SEBI chairperson issued a clarification accusing the short seller of character assassination and said that Hindenburg has been issued a notice for several types of violations. It is very sad that instead of responding to these notices, Hindenburg is raising questions on the credibility of SEBI.Many SEBI chiefs have been linked to controversiesMadhabi puri Buch's three-year term as SEBI chairperson will end on 28 february 2025. Many opposition parties including the congress party are demanding the removal of Buch from the post. But this is not the first time that a SEBI chief has been embroiled in controversies. Before Madhabi puri Buch, there have been three such chairmen of SEBI whose tenure has been marred by controversies.Questions raised on C B Bhave due to conflict of interestFormer SEBI chairman C B Bhave's name has been in controversies. C B Bhave was the chairman of SEBI from 19 february 2008 to 17 february 2011. Before becoming SEBI chairman, he was also the chairman of National Depository Limited (NSDL) which came into the news between 2003 and 2005 for failing to monitor shoddy and fake IPO applications. When CB Bhave came to SEBI from NSDL, questions were raised about conflict of interest. While being SEBI chairman, CB Bhave had distanced himself from the NSDL case. This issue again came up while giving extension to CB Bhave, after which he was not given extension after his 3-year tenure.