Character Assassination”: Madhabi, Dhaval Respond to Hindenburg Report

The Chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Buch, and her husband, Dhaval Buch, have vehemently denied the latest allegations levelled against them by Hindenburg Research. In a strong response to the accusations, the Buchs stated that the claims made by Hindenburg are baseless and devoid of any truth, emphasising that their “life and finances are an open book” and that all required disclosures have been furnished to SEBI over the years.

Hindenburg’s recent report accused Madhabi Buch and her husband of holding stakes in offshore funds tied to the Adani Group’s alleged money-laundering activities. Specifically, the report claims that the Buchs were involved with the IPE Plus Fund 1, a Mauritius-based offshore fund allegedly linked to Vinod Adani, the brother of Adani Group founder Gautam Adani. The report suggests that this connection represents a deep-seated conflict of interest within SEBI, as Madhabi Buch assumed her role as a Whole-Time Member of the regulatory body just two years after her husband reportedly transferred assets to distance her from the offshore fund.

Here is the full press statement by SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch:

“In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book.  All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same.”