Hindenburg Escalates Feud with Sebi Chief Madhabi Buch
Hindenburg Research has intensified its dispute with India’s Securities and Exchange Board of India (Sebi) and its chairperson, Madhabi Puri Buch. The firm has leveled new allegations, claiming Buch and her husband were involved in offshore funds connected to the Adani Group. These allegations raise serious concerns about conflicts of interest and financial impropriety.
The US-based short-seller’s latest claims follow vehement denials from Sebi and the Buchs regarding any leniency towards Gautam Adani and his conglomerate. The Buchs have described Hindenburg’s allegations as “baseless” and lacking in evidence.
Hindenburg, which published a controversial report in January of the previous year accusing the Adani Group of corporate misconduct and stock manipulation, has cited new whistleblower documents to substantiate its recent claims. The firm argues that Sebi Chairperson Madhabi Buch’s response to their report includes several admissions that highlight new critical issues.
According to Hindenburg, Buch’s response indirectly confirms her and her husband’s investment in a Bermuda/Mauritius fund linked to Vinod Adani, Gautam Adani’s brother. This fund, allegedly managed by a childhood friend of Buch’s husband, raises concerns about potential conflicts of interest. Hindenburg asserts that Sebi, under Buch’s leadership, was responsible for investigating funds related to the Adani matter, including those in which Buch was personally invested.
The short-seller also accuses Buch of maintaining active consulting firms while serving as Sebi chief. One of these firms, Agora Advisory Limited (India), reportedly remains 99 percent owned by Buch and continues to generate revenue. This situation prompts questions about Buch’s transparency and the propriety of her consulting activities.
Hindenburg further alleges that Buch used her personal email for business transactions under her husband’s name while serving as a Sebi Whole Time Member. The firm has called for a comprehensive and public investigation into these matters.
In response, the Buchs and their associated firm, 360-One, have denied all allegations. They assert that the fund in question did not invest in Adani securities and that the Buchs held only a minor stake with no influence over investment decisions.
Sebi has defended its handling of the Adani-Hindenburg case, noting that 23 of 24 investigations are complete, with the final one nearing conclusion. The regulator has attributed the lengthy process to complex enforcement procedures. Additionally, Sebi has initiated proceedings against Hindenburg Research, accusing the firm of misleading disclosures aimed at profiting from short selling.
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