The Securities and Exchange Board of India (Sebi) and its chairperson, Madhabi Puri Buch, on Sunday rebutted fresh allegations made by New York-headquartered Hindenburg Research in the Adani matter.
In a new report on Saturday, Hindenburg questioned the delay in the Adani probe and Sebi's objectivity in the matter, alleging Buch and her husband, Dhaval, were conflicted parties because they had invested in a fund that was allegedly used to inflate stock prices of the Adani group companies.
Besides raising eyebrows over the use of a foreign fund structure, the US short-seller also accused the Indian securities regulator of promoting real estate investment trusts (REIT) due to Dhaval Buch's association with private equity major Blackstone, a large investor in the domestic realty space.
Both Sebi and the Buchs issued separate statements rebutting all the allegations, terming them baseless and an attempt at character assassination. The Buchs found support from legal experts and market participants such as Amfi, the mutual fund industry body, which backed her credibility and questioned the US short-seller's intent.
However, the Sebi chairperson faced criticism from certain political parties, which called for a joint parliamentary committee to probe the allegations.the Buchs Citing whistleblower documents, Hindenburg had on Saturday issued a report on the couple's investments in IPE Plus 1 Fund, a Mauritiusbased segregated fund under the Global Dynamic Opportunities Fund (GDOF) managed by IIFL Wealth (now 360-One) The Buchs and 360-One clarified the fund, accused of having links to the Adani group, had never invested in any Adani securities throughout its tenure.
Further, the holdings of the Buchs were only 1.5 per cent of the fund's corpus and they never had any say in the investment decisions.
This story is from the August 12, 2024 edition of Business Standard.
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This story is from the August 12, 2024 edition of Business Standard.
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