In her first public appearance since facing conflict-of-interest allegations from Hindenburg Research, SEBI chief Madhabi Puri Buch emphasised that regulatory compliance should not be a burden for companies, likening it to a ‘low hum in the background.’ Speaking at the Global Fintech Fest, she highlighted the importance of compliance for maintaining investor trust in the markets.
Buch also noted the positive reception of SEBI’s regulations for small and medium REITs (Real Estate Investment Trusts). On August 10, Hindenburg Research, a U.S.-based short-seller, alleged a conflict of interest in her investigation of the Adani Group’s corporate misconduct. Both Buch and the Adani Group have denied these allegations.
Additionally, Buch mentioned that SEBI received over 6,000 comments on its consultation paper proposing extensive changes to the rules governing index-based derivative contracts. She pointed out that the regulator is using technology to efficiently process these comments, a task that would have been overwhelming without such tools.
Buch explained that the small and medium REIT regulations were introduced after industry participants, who were previously unregulated and struggled with investor trust issues, approached SEBI. These new norms aim to increase investor participation in the REIT market and promote fractional ownership of real estate properties.
In its report, Hindenburg highlighted that Puri Buch’s husband, Dhaval Buch, joined Blackstone, a key player in India’s REIT sector, while she was a whole-time member at SEBI. The report accused her of influencing REIT regulations after her husband’s appointment. Both Puri Buch and her husband have denied these allegations.
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