Hindenburg Research alleged that SEBI chairperson Madhabi Puro Buch and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal

PTI

Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch. File | Photo Credit: PTI

Capital markets regulator SEBI Chairman Madhabi Puri Buch and her husband on Saturday (August 10, 2024) denied allegations levelled against them by short seller Hindenburg as baseless and asserted that their finances are an open book.

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Citing “whistleblower documents”, it said, “Madhabi Buch, the current chairperson Of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal.” Responding to the allegation, Buchs said in their statement, “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,” the statment said. Buchs further said they 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.

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“Further, in the interest of complete transparency, we would be issuing a detailed statement in due course,” the added.

Adani Group denies ‘malicious, mischievous’ Hindenburg allegations

In a filing dated August 11, the Adani Group spokesperson informed stock exchange that its overseas holding structure is “fully transparent”, with all relevant details disclosed regularly in numerous public documents. The spokesperson said that Adani Group has “absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing”.

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On Saturday, the Congress demanded the Centre act immediately to eliminate all conflicts of interest in the regulator’s investigation of the Adani Group.

The opposition party also said the “seeming complicity of the highest officials of the land” can only be resolved by setting up a Joint Parliamentary Committee to investigate the full scope of the “scam”.