In a series of tweets on X (formerly Twitter), Hindenburg Research has responded to statements made by SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, concerning allegations that Hindenburg raised on August 10, 2024. The Buchs had addressed the accusations by clarifying their investment in a fund, which they stated was made in 2015 while they were private citizens residing in Singapore, nearly two years before Madhabi Buch joined SEBI as a Whole Time Member.
The Buchs explained that the decision to invest in the fund was influenced by the presence of Anil Ahuja, the Chief Investment Officer, who was a childhood friend of Dhaval Buch and an experienced investor with a strong career background, having worked at Citibank, JP Morgan, and 3i Group plc. The statement also asserted that at no point did the fund invest in any bonds, equities, or derivatives of Adani Group companies, as confirmed by Ahuja.
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Hindenburg, however, was quick to counter the Buchs' explanation. The research firm stated that SEBI Chairperson Madhabi Buch’s response contained several significant admissions and raised critical new questions.
The response, according to Hindenburg, publicly confirmed her investment in what it described as an 'obscure' Bermuda/Mauritius fund structure, which was allegedly connected to funds purportedly siphoned by Vinod Adani. Hindenburg also highlighted that the fund was managed by a childhood friend of Dhaval Buch, who, at the time, was an Adani director—a detail that, according to the firm, could signal a conflict of interest.
Hindenburg further pointed out that SEBI had been tasked with investigating investment funds linked to the Adani Group, which might include funds that Buch herself was invested in, thereby raising questions about a potential conflict of interest.
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Moreover, according to Hindenburg, Madhabi Buch claimed that the two consulting companies she established—one in India and another in Singapore—became dormant immediately after her appointment at SEBI in 2017. However, her husband reportedly took over the businesses in 2019. Hindenburg says that Madhabi Buch still owns 99% of the Indian entity, Agora Advisory Limited, which is active and generating consulting revenue. The Singaporean entity, Agora Partners Singapore, was also entirely owned by Buch until March 16, 2022—during her tenure as a Whole Time Member of SEBI—before she transferred ownership to her husband shortly after becoming SEBI Chairperson.
Hindenburg further tweeted that the Indian entity, Agora Advisory Limited, generated INR 23.985 million (approximately USD 312,000) in revenue during the financial years 2022, 2023, and 2024, while Madhabi Buch was serving as SEBI Chairperson. The firm raised concerns about potential undisclosed business activities, citing whistleblower documents that allege Madhabi Buch used her personal email to conduct business under her husband’s name during her time at SEBI.
Adding to the allegations, Hindenburg claimed that weeks before her appointment as SEBI Whole Time Member in 2017, Madhabi Buch ensured that accounts with ties to Adani were registered solely in her husband’s name. The firm also referenced a private email allegedly sent by Buch a year into her SEBI term, which showed that she redeemed stakes in the funds through her husband’s name.
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The research firm questioned what other investments or business dealings the SEBI Chairperson might have conducted through her husband while serving in her official capacity. Hindenburg urged Buch to release a full list of consulting clients and details of engagements through both the Singaporean and Indian consulting firms, as well as any other entities she or her husband might be involved in. The firm also called for a full, transparent, and public investigation into these issues, citing Buch’s promise of a “commitment to complete transparency.”
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