Sebi chief's clarification on Adani link claims by Hindenburg report
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SEBI chairperson Madhabi Puri Buch and her husband have dismissed Hindenburg Research's allegations about their involvement in the 'Adani money siphoning scandal,' stating that the claims are "completely untrue."
SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have denied allegations from US short-seller Hindenburg Research, which accused them of having stakes in offshore funds linked to the 'Adani money siphoning scandal.' They dismissed the claims as "baseless" and an attempt at "character assassination," stating in a joint statement that their finances are transparent and "devoid of any truth" to the allegations.
In response to the allegations made in the Hindenburg Report dated August 10, 2024, we strongly deny the claims and suggestions made against us. These allegations are completely untrue. Our lives and finances are transparent and open to scrutiny. All required disclosures have been provided to SEBI over the years. We are fully willing to share any financial documents, even from the time when we were private citizens, with any authority that requests them.
The SEBI chief and her husband also mentioned that they would release a detailed statement soon "to ensure complete transparency."
Criticizing the report, the couple stated, "It's unfortunate that Hindenburg Research, which SEBI has taken enforcement action against and issued a show-cause notice to, has chosen to respond with an attempt at character assassination." On Saturday, Hindenburg Research cited whistleblower documents to claim that Madhabi Puri Buch, who is in charge of investigating allegations of wrongdoing and stock manipulation within the Adani Group, and her husband had stakes in obscure offshore funds involved in the Adani money siphoning case, raising concerns about a potential conflict of interest.
In a blog post, Hindenburg noted that 18 months after its critical report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."
Opposition parties, including the Congress, have sharply criticized the government over Hindenburg's allegations, demanding immediate action to remove any conflicts of interest in SEBI's investigation of the Adani Group.