Madhabi Puri Buch has been transparent about her past roles at ICICI Securities and her husband’s position at Blackstone with the market regulator, and she avoids any involvement in matters concerning these entities, as per a source familiar with the situation.
Recently, US short-seller Hindenburg Research raised concerns that Securities and Exchange Board of India (Sebi) chairperson Buch may have played a role in approving real estate investment trusts (REITs), where Blackstone was a significant investor, due to her husband Dhaval Buch’s ties to the private equity firm. However, Buch has refuted these allegations in a statement issued last night.
Buch had a successful career at ICICI Bank, where she held roles such as executive director for consumer banking and corporate banking before serving as CEO of ICICI Securities. Despite her connection to ICICI Securities and Blackstone, the source emphasized that Buch does not handle matters involving these companies.
REIT Regulations
Hindenburg Research also pointed out that Sebi proposed and implemented major changes in REIT regulations during Dhaval Buch’s tenure as an advisor to Blackstone.
One notable example is Embassy REIT, India’s first REIT supported by Blackstone, which launched its public offering in April 2019.
Since 2019, Madhabi Buch’s husband Dhaval has been working as an operating advisor at Blackstone in Singapore. These operating advisors play a crucial role in assisting with investments post-acquisition, complementing the work of investment partners who lead acquisition efforts.
Blackstone Hirings
The appointment of former Hindustan Unilever CEO Harish Manwani as global executive advisor and the recruitment of Dhaval Buch as a supply chain specialist by Blackstone showcase the firm’s strategic hiring practices.
Dhaval Buch focuses on procurement and supply chain-related matters for private equity firms in Asia, leveraging his expertise in the field. It’s worth noting that he was recruited based on his qualifications and has not been involved in real estate REIT or regulatory interactions during his time at Blackstone.
