Winning Bizness Desk
Mumbai. The name Madhabi Puri Buch has recently come under intense scrutiny following allegations by the American short-seller Hindenburg Research. The report claims that Buch, the Chairperson of India's Securities and Exchange Board (SEBI), along with her husband, had stakes in offshore entities allegedly involved in the Adani Group's money siphoning scandal. While these accusations have thrust her into the limelight, Buch's journey to becoming the first woman to lead SEBI is a story of resilience, determination, and the unwavering support of her family.
A Remarkable Journey from Early Engagement to Professional Success
Born in 1966, Madhabi Puri Buch was raised in a family where education and achievement were highly valued. Her father worked in the corporate sector, while her mother, a political science scholar, instilled in her a love for learning. Buch's academic journey began in Delhi and Mumbai, eventually leading her to St. Stephen's College, Delhi, where she completed her bachelor's degree. Her pursuit of excellence continued at the Indian Institute of Management, Ahmedabad, where she earned her MBA.
At the tender age of 19, Madhabi got engaged to Dhaval Buch, who later rose to a prominent position in a multinational corporation. They married at 21, a step that could have derailed many career aspirations, but not for Madhabi. She viewed her marriage not as an obstacle but as a source of strength, describing her husband as her friend, philosopher, and guide. Their partnership has been a cornerstone of her success.
Balancing Career and Family: A Story of Strength
Madhabi Puri Buch's career is marked by a series of impressive accomplishments. After completing her MBA, she briefly worked with an NGO before joining ICICI Bank in 1989. Her professional journey took her to England, where she served as a lecturer at West Cheshire College. Returning to India, she climbed the corporate ladder, joining ICICI Securities in 2006 and becoming the Managing Director and CEO in 2009.
Her career continued to flourish as she moved to Singapore in 2011 to work with Greater Pacific Capital. Between 2011 and 2017, Buch held executive director positions at several leading companies, including Zensar Technologies, Innoven Capital, and Max Healthcare. She also served as an independent director at the Indian School of Development Management (ISDM) and as a consultant to the New Development Bank. In April 2017, Buch's career reached a new height when she was appointed a full-time director at SEBI. Her leadership and expertise eventually led to her historic appointment as SEBI's first female chairperson on March 1, 2022.
The Hindenburg Allegations: A New Challenge
Despite her impressive career, Buch now faces a serious challenge. In a blog post released 18 months after its previous report on the Adani Group, Hindenburg Research has accused her of a conflict of interest. The report claims that SEBI, under Buch's leadership, has shown a lack of interest in investigating Adani's alleged network of undeclared offshore entities. The short-seller further alleges, citing whistleblower documents, that Buch and her husband had stakes in the shadowy offshore funds connected to the Adani scandal.
While these allegations have raised questions, Buch's life story is a testament to her resilience. Throughout her journey, she has balanced the demands of a high-profile career with her personal life, consistently finding strength in her family. As she navigates this latest challenge, Madhabi Puri Buch's focus remains on upholding the integrity of SEBI and continuing to break new ground in her field.
