Hindenburg Research has accused SEBI Chairperson Madhabi Puri Buch of maintaining silence over allegations that her private consulting firm, Agora Advisory Private Limited, accepted payments from multiple listed companies, including Mahindra & Mahindra, ICICI Bank, Dr. Reddy's Laboratories, and Pidilite Industries. The Congress party has also raised conflict of interest concerns, alleging Buch's firm earned nearly ₹3 crore from these companies while she held senior positions at SEBI. Additionally, Congress claims her husband, Dhaval Buch, received ₹4.78 crore from Mahindra & Mahindra for consultancy services. Both Mahindra & Mahindra and Dr. Reddy's have denied any wrongdoing, asserting that payments were for legitimate consultancy work unrelated to SEBI activities. Despite the denials, calls for stricter regulatory controls and transparency are intensifying.