Meet Dhaval Buch, SEBI Chairperson's husband mentioned in Hindenburg report

New Delhi: US-based short-seller Hindenburg Research on Saturday accused Securities Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, of holding stakes in an offshore fund linked to Vinod Adani, brother of billionaire Gautam Adani. According to Hindenburg, this offshore fund was allegedly part of a network used by Vinod Adani to divert substantial sums of money.

The report raised concerns about potential conflicts of interest, questioning SEBI’s impartiality in light of these revelations. Hindenburg highlighted an email dated March 22, 2017, sent by Dhaval Buch to the Mauritius-based Trident Trust fund administrator, just before Madhabi Puri Buch's appointment as SEBI chairperson. The email allegedly requested that Dhaval Buch be the sole person authorized to operate the accounts associated with the Global Dynamic Opportunities Fund (GDOF), which was reportedly connected to the Adani Group. The timing of this request has sparked allegations that the assets were deliberately moved out of Madhabi Puri Buch's name before her politically sensitive appointment.

Who is Dhaval Buch?

Dhaval Buch is a seasoned professional with a background in engineering and a successful career spanning several industries. An alumnus of the Indian Institute of Technology, Delhi (IIT-D), he graduated with a degree in mechanical engineering in 1984. He has held prominent roles, including Executive Director at Unilever and Chief Procurement Officer, where he gained extensive experience in procurement and supply chain management.

Currently, Dhaval Buch serves as a senior advisor at Blackstone and Alvarez & Marsal and sits on the board of Gildan as a non-executive director. His LinkedIn profile indicates a net worth of $10 million, and he was reportedly involved with Vinod Adani’s firms during his tenure at Unilever, according to whistleblower documents cited by Hindenburg. The report also alleged that during Dhaval Buch's advisory role at Blackstone, the firm sponsored Mindspace and Nexus Select Trust, India’s second and fourth REITs, to receive SEBI approval for public IPOs.