Madhabi Buch's 'Singapore Connection': The Indian stock market, where investors invest their hard-earned money, is today grappling with some serious questions. Had the country's largest regulator, SEBI, itself become an arena for such a 'profit game' where rules were ignored and a select few benefited? The question has become even more profound after the Jane Street scandal. The story is not just about a regulatory failure but about the tenure of former SEBI chairperson Madhabi Puri Buch, her decisions, and the serious allegations of 'personal interest' against her.

The story is not just about the looting of Rs 4,843 crores by an American firm. As per sources, this figure can reach up to Rs 1 lakh crore. This is the story of the tenure of former SEBI chairperson Madhabi Puri Buch, who is now facing serious allegations not only of failure but also of 'vested interest'.

What sources told

• Buch had vested interests, as she had some investments via her Singapore family route. So she never was keen enough to start the investigation even though NSE sent her all the details and kept their follow-ups.
• She was enjoying her profits made in thousands of crores.
• NSE sources say that since January 2024, they have been flagging noticeable spikes to SEBI, but the cautions have been falling on deaf ears.
• Before January 2024 also, there were spikes, but they were not big and were reported as procedure.
• Sources say that she had invested via the FPI structure in Singapore and was busy enjoying profits, so she did not pay any heed to the red flags.