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Hindenburg Research has levelled new accusations against Madhabi Puri Buch, the chairperson of SEBI (Securities and Exchange Board of India), alleging that she held stakes in obscure offshore entities implicated in a financial scandal involving the Adani Group.
This latest claim comes after Hindenburg’s January 2023 report, which accused the Adani Group of stock manipulation and accounting fraud. Those allegations were denied by Adani and did not result in court-mandated investigations by the Supreme Court.
According to Hindenburg, their new report is based on whistleblower documents that link Buch to these offshore entities. The firm contends that SEBI has not adequately addressed questionable actions by other Adani shareholders.
The controversy has sparked widespread debate and political demands for a more thorough investigation. The Congress party has proposed forming a Joint Parliamentary Committee to examine the issue further.
In response, Madhabi Puri Buch and her husband have firmly denied the allegations, calling them baseless attacks on their character. They claim that their financial dealings are transparent and have been disclosed as required over the years. Despite these denials, political figures from Congress and the Trinamool Congress have increased their calls for Buch’s resignation.
The situation has been further complicated by communications allegedly from Buch’s husband, Dhaval Buch, regarding the management of assets in a politically sensitive context before Madhabi Puri Buch’s appointment to SEBI. These assets were reportedly linked to a Mauritius-registered fund associated with Vinod Adani.
The Buchs have pledged to release a detailed statement to clarify their position and reaffirm their commitment to fully cooperating with any official investigations to demonstrate their integrity.
Madhabi Puri Buch’s tenure at SEBI and her extensive career in finance and banking, including roles at ICICI Bank and Greater Pacific Capital, continue to be scrutinized amidst these allegations.
