The Indian National Congress alleged that Madhabi Puri Buch, then chair of India’s securities regulator SEBI, and her husband, Dhaval Buch, earned ₹2.95 crore through Agora Advisory from six companies between 2016 and 2024. The figure and the alleged payments are claims reported by Scroll, not an independently verified total or a finding that a conflict-of-interest violation occurred.
What Congress alleged about Agora Advisory
Scroll reported in 2024 that Congress alleged the Buchs received a total of ₹2.95 crore through Agora Advisory from six companies: Mahindra & Mahindra, ICICI Bank, Dr Reddy’s, Pidilite, Sembcorp, and Visu Leasing and Finance. Congress’s allegation covered the period from 2016 through 2024. The report does not establish how the alleged payments were divided among the companies or between the Buchs. Scroll’s report
The allegation concerns earnings through Agora Advisory. It should not be conflated with a separate Congress claim about Dhaval Buch’s personal-capacity income from Mahindra & Mahindra, or with a separate claim about Madhabi Buch and ICICI-related payments.
How the Buchs responded
In a response dated September 13, 2024, the Buchs said the allegations relied on tax details obtained illegally and deliberately distorted. They also said Madhabi Buch had not handled files related to the named corporate groups after joining SEBI. These are the Buchs’ stated positions; the reports cited here do not independently verify either the alleged payments or their characterization. Business Standard’s report on their response
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Two other payment allegations are separate
Dhaval Buch and Mahindra & Mahindra
Congress separately alleged that Dhaval Buch received ₹4.78 crore personally from Mahindra & Mahindra during 2019–2021. India Today reported Mahindra & Mahindra’s position that the work was appropriate to his professional experience. This claim has a different recipient and payment category from the alleged ₹2.95 crore routed through Agora Advisory. India Today’s report
Madhabi Buch and ICICI Bank-related payments
In another allegation, Congress said Madhabi Buch received ₹16.80 crore from ICICI Bank and related entities during 2017–2024. ICICI Bank said it had not paid her salary or granted her employee stock options after her retirement, apart from retiral benefits. This is a distinct dispute and does not describe the alleged Agora Advisory payments. Hindustan Times’ report on the allegation and ICICI Bank’s statement
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What is—and is not—established
The reports describe allegations and responses. The material cited here does not include underlying tax records, company filings, a SEBI order, or a court ruling that resolves the claims. It therefore does not establish the accuracy of the reported amounts, how any payments were categorized, or whether an authority determined that a conflict existed. Treat the figures as attributed allegations, not as confirmed findings of misconduct.
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- Corporate Finance 13th Edition by Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor (Author), Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin. (Author), Jeffrey Jaffe , Bradford D Jordan Professor
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