SEBI’s chairperson linked to Adani Group’s financial misconduct in Hindenburg report

• American establishment ‘Hindenburg Research’ claims

• Chairperson Madhabi Buch called the allegations baseless

New York (USA) – Hindenburg Research Corporation, an American investment research organisation, made very serious allegations against India’s Adani Group last year. The allegations were dismissed by the Supreme Court in January 2024 as baseless. However, the organisation has now directly accused the current chairperson of the Government body Securities and Exchange Board of India (SEBI) Madhabi Puri Buch and her husband Dhaval Buch of being involved in the Adani scam.

What did the Hindenburg Research say ?

Madhabi and Dhaval Buch are alleged to have stakes in offshore entities linked to the Adani Group’s financial misconduct. The same entities were used by Vinod Adani, Gautam’s elder brother, to siphon funds. Therefore, SEBI did not take any action in such a big scam case and was surprisingly lenient. Interestingly, SEBI had reliable knowledge of the scam; however, it sent a notice to Hindenburg instead without taking any action in this matter.

We submitted a 106-page report to SEBI on the Adani Group scams, Hindenburg said. SEBI avoided action against the Adani group, citing insufficient evidence.

All our financial transactions are like an open book : Chairperson of SEBI

SEBI Chairperson Madhabi Buch and her husband issued a joint statement on the Hindenburg allegations, saying all these allegations are baseless, and all our financial transactions are like an open book. We have submitted all relevant documents to SEBI. Besides this, we have no hesitation in releasing documents before assuming the chairpersonship of SEBI. It is an attempt of character assassination because an enforcement action and show cause notice was issued to the Nate Anderson-led US-based short seller last month.

All allegations are malicious and tampering with the facts : Adani Group of Companies

On the other hand, Adani Group of Industries has also stated its position on the matter. The Group said all allegations made by Hindenburg Research in the new report are malicious and misrepresented. We completely deny all these allegations made against us. All the allegations made earlier were proved to be completely baseless. Our overseas financial structure is fully transparent. All facts and details are regularly displayed in numerous public documents. Furthermore, the individuals or incidents mentioned in this deliberate defamation attempt have no business connection with the Adani Group !

Editorial Perspective

The opposition parties are engaged in holding Prime Minister Modi accountable by alleging that the Adani Group has direct links with the PM. After all the allegations made by Hindenburg Research last year were proved to be baseless, it has now accused a Government organisation. A political conspiracy behind this cannot be denied !