SEBI Chairperson and Husband Refute Hindenburg Research Allegations

In a recent development, Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), along with her husband Dhaval Buch, have strongly refuted allegations made by the US-based short-seller Hindenburg Research. The allegations, part of a report released on August 10, 2024, claim that the couple had undisclosed stakes in offshore entities allegedly involved in the Adani money siphoning scandal.

In a joint statement, Madhabi Puri Buch and her husband categorically denied these claims, labeling them as “baseless” and “devoid of any truth.” The couple emphasized the transparency of their financial dealings, stating, “Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them.”

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The Buchs also expressed disappointment over what they perceive as a character assassination attempt by Hindenburg Research. They noted that SEBI had previously taken enforcement action against Hindenburg, issuing a show cause notice. In response, they believe the short-seller has resorted to unfounded personal attacks.

Hindenburg Research’s report claims to be based on information provided by a whistleblower and other investigations. The report alleges that the couple had hidden stakes in offshore funds based in Bermuda and Mauritius, which were reportedly part of a complex structure linked to Vinod Adani. Additionally, the report mentions that Madhabi and Dhaval Buch had opened an account with IPE Plus Fund 1 in Singapore in 2015, declaring a net worth of $10 million at that time.

The controversy follows a previous Hindenburg report from January 2023, which accused the Adani Group of financial irregularities, leading to a sharp decline in the company’s stock value. The Adani Group had vehemently denied those allegations, which Hindenburg claimed involved stock manipulation and fraud, resulting in losses exceeding $100 billion for Adani-related companies.

As the situation unfolds, the Buchs have promised to release a more detailed statement to further clarify their position and address the allegations in full transparency.