Sebi Chairperson Madhabi Puri Buch and Husband Slam Hindenburg’s “Baseless” Allegations

GG News Bureau
New Delhi, 11th August. Sebi Chairperson Madhabi Puri Buch and her husband Dhaval have vehemently rejected the allegations made against them by Hindenburg Research, calling the claims as “baseless” and a blatant attempt at character assassination.

In a defiant statement released late Saturday, the Buchs expressed outrage over what they describe as a deliberate smear campaign by the U.S. short seller. They accused Hindenburg of leveraging false claims following Sebi’s issuance of a show cause notice against the Adani Group, seeking to undermine their reputations and distract from genuine regulatory issues.

Hindenburg Research had alleged that Buch and her husband were involved in offshore funds linked to significant investments from associates of Vinod Adani, Gautam Adani’s brother. The report suggested these funds were implicated in the alleged Adani money siphoning scandal and criticized Sebi for its alleged negligence in investigating Adani’s offshore entities.

Responding robustly, the Buchs dismissed these accusations as devoid of any factual basis, asserting that their financial affairs are transparent and well-documented. They emphasized that all required disclosures have been made to Sebi over the years and pledged full cooperation, promising a detailed rebuttal to ensure complete transparency.

The controversy has also sparked fierce criticism from opposition leaders. Congress General Secretary Jairam Ramesh questioned the integrity of regulatory oversight, suggesting the abrupt adjournment of Parliament sessions was linked to these revelations. Trinamool Congress MP Mahua Moitra decried the situation as “crony capitalism at its finest,” demanding that the CBI and ED investigate under the Prevention of Corruption Act and Prevention of Money Laundering Act.

Buch, who made history as Sebi’s first female chairperson in March 2022, has been recognized for her contributions to market efficiency, including the introduction of T+0 settlement in equity markets. Her husband, Dhaval, a senior advisor at Blackstone and Alvarez & Marsal, has a reported net worth of $10 million, according to the Hindenburg report.