Investors’ confidence has been shaken by a growing number of complaints against Madhabi Puri Buch, the head of India’s stock market regulator, SEBI. Despite India’s stock market attracting significant global investments, with over $6 billion in inflows so far, recent controversies have cast a shadow over Buch’s leadership.
American firm Hindenburg has raised a series of complaints against Buch, and it’s been suggested that she has connections through her husband to prominent industrialist Gautam Adani. Additionally, the Congress party has raised concerns about her salary from ICICI Bank, and Subhash Chandra Goyal, chairman of Zee Media, has voiced his dissatisfaction with her actions.
In a rare move, thousands of employees have protested at SEBI’s headquarters, demanding Buch’s resignation. Buch has denied all allegations and protests. Her current tenure is set to run until February 2025, but sources within the central government indicate that a return as SEBI chairman seems unlikely. The final decision will depend on how the Indian government addresses these issues.