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Sebi-Hindenburg controversy: A timeline of allegations, the Buchs’ defence and market reaction

Sebi chair Madhabi Puri Buch said she made all required disclosures, and no conflict of interest exists.

August 13, 2024 / 14:49 IST
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Adani Group stocks | over the weekend, Hindenburg released a fresh report. It alleged that SEBI chairperson Madhabi Puri Buch may not have conducted a proper investigation into impropriety at Adani group firms because of a potential conflict of interest from having invested in same funds that were used by the Adani executives for moving money.

Short seller Hindenburg Research made allegations of impropriety against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch in an August 10 report.

The report alleged that Madhabi Puri Buch and her husband Dhaval Buch invested in offshore funds linked to the Adani Group, which SEBI was investigating.

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The Buch couple and the market regulator, in separate statements, refuted the allegations, asserting that SEBI chair Madhabi Buch made all required disclosures and that no conflict of interest exists.

Here’s a detailed timeline of key events, from Hindenburg Research’s initial cryptic post on X about a major exposé to the weekend release of the report and ending with the market’s reaction to allegations of conflict of interest and impropriety involving Madhabi Buch when trading resumed on Monday.

August 10, 2024

August 10, 2024 August 11, 2024 August 12, 2024

Shaleen Agrawal
first published: Aug 13, 2024 02:49 pm

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