Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), along with her husband Dhaval Buch, has vehemently denied recent allegations made by Hindenburg Research, a US-based short-seller. The accusations, outlined in a report released on August 10, 2024, claim that the Buchs were involved with offshore entities implicated in the Adani money siphoning scandal.
In a joint statement issued shortly after the report’s release, the Buchs labeled the allegations as “baseless” and “devoid of any truth.” They emphasized their commitment to transparency, stating, “Our life and finances are an open book. We have consistently provided all required disclosures to SEBI over the years and are prepared to share any additional documents with relevant authorities.”
The couple criticized Hindenburg Research for what they described as an attempt at character assassination in retaliation for regulatory actions taken against the firm. They expressed their dismay at the timing of the allegations, given that SEBI has already issued a show-cause notice to Hindenburg in response to its prior reports.
Hindenburg Research’s report alleges that Madhabi and Dhaval Buch held hidden stakes in offshore funds based in Bermuda and Mauritius, part of a network used by Vinod Adani. Additionally, it claims that the Buchs opened an account with IPE Plus Fund 1 in Singapore in June 2015, declaring a net worth of $10 million.
The allegations come in the wake of Hindenburg’s earlier report, published in January 2023, which accused the Adani Group of financial misconduct. The revelations led to a sharp decline in the Adani Group’s stock value, which fell by over $100 billion in market capitalization. The Adani Group has strongly denied these allegations.
In their statement, the Buchs reiterated their openness to scrutiny and pledged to issue a more detailed response in due course.
