“It is disappointing to see SEBI chief Madhabi Puri Buch being cornered despite her strong moral values and integrity. Diplomacy may not be her forte, and it seems she has made some enemies because of it. However, I am confident that she Rise above it all and come back stronger,” Goenka tweeted.
Earlier in the day, scores of disgruntled Sebi employees gathered around the market regulator’s headquarters in Mumbai and staged a silent protest demanding the withdrawal of Wednesday’s statement blaming “external forces” for the protests and also the resignation of their boss Madhbi Puri. Butch.
then Economic Times Sebi officials reportedly lodged an unprecedented complaint with the finance ministry last month accusing the top leadership of promoting a toxic work culture, with the regulator issuing a press release on Wednesday evening saying that employees were being misled by external elements regarding HRA (House Rent Allowance). is coming ) matters with the intention of targeting the credibility of SEBI and its leadership.
This infuriated the protesting employees and took the rare step of protesting outside their office building and under the glare of the media.
Sriram Subramaniam of a proxy advisory firm said, “This is very strange. It is one thing to write a letter and another to come out to protest. The timing of his letter to the finance ministry and now this protest shows that someone may be inciting him, ” InGovern Research told ETMarkets.
In a press release issued on Wednesday evening, Sebi said the employees, who had been demanding a 55% increase in HRA, had twisted the story to make it a “work culture” issue after their earlier protest yielded no results.
Back in March, Buch had called herself the “Unilever Wife” on a public forum and explained how she had spent Rs. 250 Working on Sachetization of Mutual Fund with SIP. Her husband Dhaval Butch worked globally at HUL and Unilever for 35 years before joining Blackstone.
Hindenburg saw a connection. “During Dhaval Buch’s time as Blackstone’s advisor, SEBI proposed, approved and facilitated major changes in REIT regulations. These included 7 consultation papers, 3 consolidated updates, 2 new regulatory frameworks and nomination rights for entities, particularly private equity like Blackstone. Companies benefit,” he said.
The short seller’s main allegation against Buch is investing in offshore funds linked to Adani. All parties have denied the allegations.
Following this, on Monday, Indian National Congress (INC) party spokesperson Pawan Khera alleged that Buch continued to receive salary from ICICI Bank while he was a member of SEBI, which, he said, represented a serious breach of ethics and accountability. public service.
Joining other rebels, Zee group chief Subhash Chandra has also leveled several allegations against the Sebi chief and even called him “corrupt”.
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