Recent allegations made by Hindenburg are unwarranted: Indian venture and alternate capital association backs SEBI chief

Recent allegations made by Hindenburg are unwarranted: Indian venture capital association backs SEBI chief Madhabi Puri Buch

Indian venture and alternate capital association (IVCA) has come out in support of Sebi chairperson Madhabi Puri Buch after US short seller Hindenburg Research on Saturday made allegations against Sebi chief Madhabi Puri Buch and her husband, Dhaval Buch, accusing them of conflicts of interest and questionable financial dealings linked to offshore entities.

"The alternate capital industry (IVCA) stands firmly behind SEBI Chairperson Madhabi Buch during these challenging times. As the regulator of India's capital markets, SEBI plays a crucial role in maintaining the integrity and stability of our financial ecosystem," said IVCA in its statement to press on 11 August, 2024.

"Under Ms. Buch’s leadership, SEBI has consistently demonstrated an unwavering commitment to market integrity, regulatory governance, and investor protection. We believe that the recent allegations made by Hindenburg are unwarranted and reflect a lack of understanding of the Indian regulatory environment. Ms. Buch's statement in response to these allegations thoroughly addresses the discrepancies in timelines, the disclosures made, and the misinterpretations by the research firm," added IVCA.

The IVCA also commended Buch's success in establishing a strong financial framework for India. "India is one of the fastest-growing markets in South Asia, and much of this success is due to the robust framework and oversight provided by SEBI under Ms. Buch’s leadership. Her contributions have been instrumental in fostering a well-functioning market that continues to attract both domestic and international investments. The alternate asset industry, in particular, has experienced phenomenal growth in recent years, with global and domestic investors expressing immense confidence in India," the release noted.

"The IVCA expresses full confidence in Ms. Buch's leadership and her ability to navigate these allegations with the same diligence and integrity that have characterized her tenure. We remain committed to working closely with SEBI and its leadership to ensure the continued growth and success of the Indian capital markets," IVCA concluded.

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