Supreme Court should take note of allegations levelled by Hindenburg against SEBI chief: Aam Aadmi Party

Hindenburg Research accuses SEBI chief of conflict of interest in Adani probe, denied by SEBI and accused as baseless.

The Aam Aadmi Party (AAP) on Sunday (August 11, 2024) demanded that the Supreme Court take note of the allegations levelled by U.S. short seller Hindenburg against SEBI chief Madhabi Puri Buch.

Hindenburg Research has alleged that it suspects SEBI's unwillingness to act against Adani Group may be because Madhabi Puri had stakes in offshore funds linked to the conglomerate – an allegation that the SEBI head called "baseless" and an attempt of "character assassination".

Addressing a press conference, AAP Rajya Sabha MP Sanjay Singh said the SEBI had told a Supreme Court panel that the investigation into the Adani group was "directionless".

Also Read: Adani Group denies ‘malicious, mischievous’ Hindenburg allegations, says company has no commercial relationship with SEBI chief

"SEBI chief and her husband's money was invested in shell companies. Why were these facts hidden from the Supreme Court? The apex Court should take note of the new developments and how facts were hidden," he said.

The Securities and Exchange Board of India (SEBI) in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. The investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters.

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