SEBI Chair Madhabi Puri Buch Cancels Appearance at NaBFID Event Amid Controversy

SEBI Chair Madhabi Puri Buch Cancels Appearance at NaBFID Event Amid Controversy

 Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), abruptly canceled her scheduled keynote address at the National Bank for Financing Infrastructure and Development (NaBFID) Infrastructure Conclave held in Mumbai on Thursday. The sudden change saw Pramod Rao, SEBI’s executive director, stepping in to deliver the speech in her place.

Buch's cancellation comes amid a swirl of controversy surrounding her leadership at SEBI. Recent reports have surfaced alleging multiple conflicts of interest, bribery, and violations of SEBI’s code of conduct. These allegations have led to heightened scrutiny and criticism of her role as the head of India's primary securities regulator.

The NaBFID Infrastructure Conclave was a significant event focused on the future of infrastructure financing in India, making Buch's absence notably conspicuous. Buch was initially slated to deliver a keynote address that would have provided insights into SEBI’s role in overseeing financial regulations and its impact on infrastructure development.

In her absence, Pramod Rao addressed the attendees, covering key regulatory updates and SEBI’s strategic priorities. Rao's speech touched upon the importance of robust regulatory frameworks in supporting infrastructure growth and ensuring transparency and accountability in financial markets.

The controversy surrounding Buch has intensified over the past few weeks, with critics alleging that her conduct has undermined the integrity of SEBI. Reports suggest that the issues include accusations of holding an office of profit, which is seen as a breach of regulatory norms, and concerns about personal financial dealings that could conflict with her regulatory duties.

These allegations have prompted calls from various quarters for a thorough investigation into her actions and a reassessment of her role at SEBI. The growing scrutiny highlights the challenges facing India’s financial regulatory environment and the need for stringent governance standards.

SEBI has not yet issued a formal response to the allegations, and Buch has remained publicly silent on the matter. As the regulatory body continues to navigate these issues, the impact on its operations and public trust in its leadership remains a point of concern for stakeholders across the financial sector.

The NaBFID event, which continues to be a focal point for discussions on infrastructure development, will now proceed with a focus on the contributions of various industry leaders and experts, with Rao's remarks expected to provide valuable insights into SEBI’s ongoing initiatives and regulatory approach.