SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch strongly denied the allegation levelled by Hindenburg Research in a joint statement issued at 1:40 AM on August 11.
“In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them," the couple said in the joint statement.
"Further, in the interest of complete transparency, we would be issuing a detailed statement in due course,” they said.
“It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same,” the statement added.
On 10 August, Hindenburg Research -- the short seller behind the 2023 report on Adani group -- in a fresh note levelled allegations of conflict of interest on SEBI chairperson Madhabi Puri Buch.
Hindenburg said that Madhabi Buch and her husband Dhaval Buch had a stake in the obscure offshore entities used in the Adani money siphoning scandal, and added that this could be the reason behind SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group.
These funds, based in Bermuda and Mauritius, are allegedly controlled by Vinod Adani, the elder brother of Gautam Adani, and were purportedly used to manipulate funds and inflate stock prices, the report said.
"The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report added.
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