Hindenburg's latest 'expose': US hedge fund accuses Sebi chief of malpractice

Sebi, Madhabi Buch rebutt allegations, say they are baseless

US short-seller Hindenburg Research alleged that it suspects SEBI's unwillingness to act against Adani group may be because of its head Madhabi Puri Buch had stakes in offshore funds linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch.

Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices.

Responding to the allegations, SEBI on Sunday said it has completed all but one of the 24 investigations into allegations against the Adani group as it responded to US short-seller Hindenburg Research's charge of going slow on the probe, potentially because its chairperson was invested in funds at the heart of the probe - an allegation market regulator head said was "baseless" and an attempted "character assassination".

Only 1 out of 24 probes pending, says Sebi