SEBI chief, spouse had stake in offshore entities linked to Adani, alleges Hindenburg Research
The allegations also suggested a quid pro quo between SEBI chief Madhabi Buch and private equity firm Blackstone, where her husband is an advisor.
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Securities and Exchange Board of India Chairperson Madhabi Buch and her husband Dhaval Buch had “hidden stakes” in offshore entities tied to stock price manipulation and money laundering by the Adani Group, American short-seller Hindenburg Research alleged on Saturday citing whistleblower documents.
Madhabi and Dhaval Buch denied the allegations in a statement to the press. The Adani Group has also denied the allegations, calling Hindenburg’s report “malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering”.
“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing,” the conglomerate said in an exchange filing.
This came 18 months after Hindenburg Research presented evidence in support of its claim that the Adani Group was behind “the largest con in corporate history”.
Hindenburg Research had said in January 2023 that the Adani Group’s companies were on a “precarious financial footing” and had amassed substantial debt by pledging overvalued shares. It accused the group of accounting fraud and money laundering using offshore tax havens.
India’s markets regulator, led by Madhabi Buch, had “drawn a blank” in its investigation of the allegations last year and told a Supreme Court-appointed panel that further enquiry could be a “journey without a destination.”
In July, Hindenburg Research said it...
