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SEBI Chief’s 15-Point Rebuttal: Accuses Hindenburg of Character Assassination, Undermining Credibility

SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have issued a strong rebuttal to allegations made by Hindenburg Research, accusing the U.S.-based short seller of attempting to undermine the credibility of India’s securities market regulator and engaging in a character assassination of Madhabi. In their detailed statement, the Buchs clarified that their investment in a fund managed by IIFL Wealth Management was made as private citizens while living in Singapore, two years before Madhabi joined SEBI in 2017. They emphasized that all consulting companies associated with Madhabi became dormant upon her SEBI appointment, and Dhaval, who is a senior advisor at Blackstone, has no ties to the real estate sector of the firm.

The Buchs explained that their investment decision was based on the trust in Anil Ahuja, the Chief Investment Officer at the time, who is a long-time friend of Dhaval. They also clarified that when Ahuja left his position in 2018, they redeemed their investment. Additionally, they confirmed that at no point did the fund invest in any Adani group company. The statement criticized Hindenburg for opting to attack SEBI’s credibility instead of responding to a show cause notice for various violations in India.

In a related development, the Adani Group dismissed Hindenburg’s allegations as “malicious and manipulative,” asserting that the claims are a rehash of previously discredited accusations that have been investigated and dismissed by the Supreme Court in March 2023. The Adani Group maintained that it has no commercial relationship with the entities mentioned in Hindenburg’s report and reiterated its commitment to transparency and legal compliance.

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