NEW DELHI: SEBI Chief Madhabi Puri Buch and her spouse have rejected the accusations made by Hindenburg Research, dismissing them as unfounded. The couple emphasised their financial transparency, stating that their records are fully accessible for scrutiny.
Meanwhile, the Adani conglomerate issued a statement declaring that it has never engaged in any business dealings with Buch.
In an official filing with regulators, the Adani group also criticised Hindenburg's allegations. They characterised the short seller's claims as "malicious, mischievous, and manipulative".
The Securities and Exchange Board of India (SEBI) has responded strongly to allegations made by US short-seller Hindenburg Research, asserting that it has completed all but one investigation into the Adani group. The market regulator's statement comes amidst a growing political storm over claims of potential conflicts of interest involving SEBI Chairperson Madhabi Puri Buch.
The controversy erupted when Hindenburg alleged on Saturday that SEBI Chairperson Madhabi Puri Buch and her husband had undisclosed investments in offshore funds in Bermuda and Mauritius. These entities, Hindenburg claimed, were allegedly used by Vinod Adani, elder brother of Gautam Adani, for round-tripping funds and inflating stock prices of Adani Group companies.
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