Allegations mount against India market regulator amid bull run

Published On Sep 9, 2024, 3:48 AM

India’s market regulator, the Securities and Exchange Board of India (Sebi), is facing a credibility crisis due to multiple allegations against its chairperson, Madhabi Puri Buch. Accusations center around conflicts of interest, including links to an offshore fund allegedly benefiting the controversial Adani Group. Despite a booming equity market where foreign investments have surged, dissent within Sebi's staff has emerged, leading to protests and demands for Buch's resignation. Analysts indicate this situation could influence investor sentiment if not resolved quickly and transparently. Buch's current term ends in February 2025, and concerns grow over whether she can maintain her position amidst these allegations and the call for more stringent disclosure norms in regulatory bodies.