The head of SEBI (Securities and Exchange Board of India), Madhabi Puri Buch, is the target of a fresh allegation by Hindenburg Research, which states that she owned shares in unidentified offshore companies that were purportedly involved in a financial scandal involving the Adani Group.
These accusations from Hindenburg comes after their prior accusations of accounting fraud and stock manipulation against the group in January 2023, which Adani refuted and for which the Supreme Court did not order an investigation.
Hindenburg claims that this most recent investigation links Buch to these offshore entities through papers leaked by whistleblowers and that SEBI has not yet addressed dubious acts by other Adani owners.
The controversy has generated a great deal of discussion and political demands for a more thorough investigation. The Congress has even proposed the creation of a Joint Parliamentary Committee to look into the issue.
In reaction, Madhabi Puri Buch and her spouse have vehemently refuted these accusations, characterizing them as baseless assaults on their integrity. They claim that all of their financial transactions are transparent and have been over the years disclosed as necessary. Political leaders, such as those from the Congress and the Trinamool Congress, have stepped up their demands for Buch’s resignation in spite of these denials.
#HindenburgAdaniCase #HindenbergReport claims that SEBI Chief had stakes in #AdaniGroup that were used for siphoning money.
— BuzzWee (@The_buzzwee) August 11, 2024
know more about it at https://t.co/LuxNzZ0oQF pic.twitter.com/TKBlV7zjzq
The current circumstance has exposed correspondence purportedly between Dhaval Buch, Buch’s spouse, and a fund administrator regarding the management of assets in a possibly politically sensitive setting prior to Buch’s appointment to SEBI. These assets were allegedly connected to a fund registered in Mauritius that was also connected to Vinod Adani.
The pair has committed to providing a thorough statement outlining their stance and reaffirming their willingness to assist with all governmental investigations in order to demonstrate their honesty.
The prolonged investigation and accusations are compounded by Madhabi Puri Buch’s position as chairman of SEBI and her long history in finance and banking, which included positions at ICICI Bank and Greater Pacific Capital.
