On Sunday, SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, issued a detailed statement refuting the allegations made by US short-seller Hindenburg Research. The Buchs explained that their investment in the fund, which Hindenburg alleged is connected to the ‘Adani stock manipulation,’ was made two years before Madhabi joined SEBI.
SEBI Chief Madhabi Puri Buch and her husband Dhaval Buch releases a statement in the context of allegations made by Hindenburg on 10th Aug 2024 against them.
“The investment in the fund referred to in the Hindenburg report was made in 2015 when they were both private citizens… pic.twitter.com/g0Ui18JVNT
— ANI (@ANI) August 11, 2024
Allegations and Investment Clarification
In 2023, Hindenburg Research claimed that the Adani Group was involved in stock manipulation and financial misconduct using shell companies and offshore funds. The firm has recently alleged that the Buchs hold stakes in a fund connected to the purported Adani stock manipulation.
In response, the Buchs clarified that their investment in the fund was made in 2015, 2 years before Madhabi Puri Buch joined SEBI as a whole-time member. They explained that the decision to invest was based on the reputation of Anil Ahuja, the Chief Investment Officer and a longtime friend of Dhaval Buch, who has an extensive background in finance. They emphasized that the fund never invested in any Adani Group bonds, equities, or derivatives.
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Criticism of Hindenburg’s Approach
The Buchs expressed frustration that instead of addressing the show cause notice issued to them for regulatory violations, Hindenburg Research has chosen to attack the credibility of SEBI and engage in character assassination.
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