Hindenburg attacking credibility, attempting character assassination: SEBI chief Madhabi, husband issue detailed rebuttal

Buchs defend against Hindenburg allegations, clarifying investments and associations, denouncing attacks on SEBI credibility.

U.S.-based short-seller Hindenburg Research is attacking capital markets regulator SEBI’s credibility and attempting a character assassination of its chief, Madhabi Puri Buch and her husband Dhaval said on Sunday (August 11, 2024).

In a detailed statement issued this evening, the Buchs clarified on the raft of allegations made by Hindenburg in a report on Saturday (August 10, 2024).

"They have chosen to attack the credibility of Sebi and attempt character assassination of the Sebi chairperson," the statement said.

Hindenburg had alleged that it suspects SEBI’s unwillingness to act against Adani Group may be because Ms. Madhabi had stakes in offshore funds linked to the conglomerate. The Buchs had immediately termed the allegations “baseless” in an early morning statement.

While Ms. Madhabi serves as the chairperson of SEBI, her husband is a senior advisor with Blackstone.

In the fresh statement, the Buchs said their investment in a fund promoted by IIFL Wealth Management was as Singapore-based private citizens, and made two years before Ms. Madhabi joined SEBI as a whole-time member in 2017.

According to the statement, Buchs decided to invest in the two funds on advice of Mr. Dhaval's childhood friend, Anil Ahuja.