SEBI chief, husband deny Hindenburg’s ‘baseless’ claims

Madhabi Puri Buch

Capital markets regulator Sebi Chairman Madhabi Puri Buch and her husband on Saturday denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book. In a statement, Madhabi Puri Buch and Dhaval Buch also said it is unfortunate that Hindenburg Research against whom Sebi has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.

US short-seller Hindenburg Research lslleged that Sebi chairperson Madhabi Puro Buch and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities."

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Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response.

Integrity of SEBI gravely compromised: Rahul

Congress leader Rahul Gandhi said integrity of SEBI has been gravely compromised by the allegations against and asked whether the Supreme Court would look into this matter suo motu once again. In a post on X, Gandhi said, "The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson." "Honest investors across country have pressing questions for government: Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet? If investors lose their hard-earned money, who will be held accountable? PM Modi, the SEBI Chairperson, or Gautam Adani?" he said.

Report malicious, manipulative: Adani

Adani Group termed Hindenburg's allegations as malicious, manipulative of select public information, saying it has no commercial relationship with SEBI chairperson or her husband. "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law," the group said.

SEBI: Chairperson's disclosures hold up

Allegations against the Adani Group have been "duly investigated", and Chairperson Madhabi Puri Buch disclosed and recused herself from time to time when dealing with matters, Sebi said on Sunday. In its first comments following a new report by Hindenburg Research, the capital markets regulator said the investigation in only one of the 26 aspects it was probing is pending and the same is close to completion. Buch has made "relevant disclosures" from time to time, and also recused herself in matters involving potential conflicts of interest, the Sebi said.

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