Sebi chief Madhabi Buch accuses Hindenburg of attempting character assassination, denies short-seller's al

Dismissing the allegations made by Hindenburg Research as “baseless ”, Sebi chief Madhabi Puri Buch and her husband Dhaval Buch today said the US-based short-seller is resorting to character assassination in response to a show-cause notice issued by the regulator in the Adani controversy.

“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,” the husband-wife duo said in a late night statement.

Earlier on Saturday night, Hindenburg published a report on its website claiming that the Buchs had stakes in Bermuda and Mauritius-based offshore funds used by Gautam Adani's brother Vinod Adani “to amass and trade large positions in shares of the Adani Group”.

“In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book,” the Buchs said in the statement.

The family said all disclosures as required have already been furnished to SEBI over the years and that they have no hesitation in disclosing any and all financial documents, including those that relate to the period when they were strictly private citizens, to any and every authority that may seek them.

“Further, in the interest of complete transparency, we would be issuing a detailed statement in due course,” they said.

The Hindenburg report, citing whistleblower documents, claimed that the Buchs appeared to have opened their account with IPE Plus Fund 1 on June 5th, 2015 in Singapore. The offshore Mauritius fund is said to have been set by an Adani director through IIFL and is registered in tax haven Mauritius.

"In brief, despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI Chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal," the report said.

It said Adani's confidence in continuing to operate without the risk of serious regulatory intervention can be "explained through Adani's relationship with SEBI Chairperson, Madhabi Buch."

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Aiden Powers

Sebi chief Madhabi Buch accuses Hindenburg of attempting character assassination, denies short-seller's al

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