US short-seller Hindenburg Research on August 10 released a new report alleging market watchdog Sebi chairperson Madhabi Buch. The report alleged that Madhabi and her husband Dhaval Buch were involved in Adani Group's offshore funds. The report said that these obscure financial systems were allegedly used in the “money siphoning scandal." While the Congress and the Trinamool and Shiv Sena (UBT) reacted strongly. In a statement, Congress leader Jairam Ramesh demanded a JPC and said that in light of the new allegations, there are fresh concerns around Madhabi Puri Buch's 2022 meetings with Gautam Adani. However, at the centre of the storm, the SEBI chairperson and her husband issued a joint statement denying all charges. They said that it was an attempt of "character assassination.
Capital markets regulator Securities and Exchange Board of India (SEBI) refuted Hindenburg's claims of Chairperson Madhabi Puri Buch's involvement in implementing a raft of legislation on real estate investment trusts or REITs to benefit Blackstone, one of the largest Reits sponsors to India.
SEBI said that claims of such regulations or changes in regulations or circulars issued related to Reits “are inappropriate." The markets regulator also highlighted that SEBI Chairperson Buch had made relevant disclosures from time to time about the holdings of the securities and their transfers. “Chairperson has also recused herself in matters involving potential conflicts of interest," said SEBI in the statement released on Sunday, August 11.
Shobhit Rajan asked investors to remain calm and exercise due diligence before reacting to reports amid Hindenburg allegations.
US-based short seller Hindenburg Research has alleged that SEBI chairperson Madhabi Puri Buch had a stake in obscure offshore entities used in Adani's ‘money siphoning scandal’ in its new investigative report.
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