Sebi chief Madhabi Puri Buch's IIM batchmates slam allegations against her: 'Clearly false'

Madhabi Puri Buch's IIM classmates defended her, asserting that the narrative lacks truth as they emphasized significance of her role for credibility of Sebi.

Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch's IIM–Ahmedabad batchmates dismissed allegations against the market regulator's chief and said that the narrative around her did not “ring true” to them.

Sebi chairperson Madhabi Puri Buch during the Global Fintech Fest, in Mumbai. (PTI)

Madhabi Puri Buch passed out of the top management B-school of the country in 1988. The allegations have implications not just for her personally but for the credibility of an “important democratic institution”, they said in a statement.

Her batchmates said that they spoke with "people familiar with the questions" and accessed publicly available documents to verify the claims after which “not surprisingly, we found that the narrative being built around her, while rooted in data apparently sourced from her income tax returns themselves, is clearly false”, they said.

This comes after it was reported that Parliament’s public accounts committee (PAC) is set to investigate the Sebi boss and may summon her later this month after Hindenburg Research accused Madhabi Puri Buch of conflict of interest over Sebi's investigation into the allegations against Adani Group.