Hindenburg-Adani Case: Who is Dhaval Buch, mentioned with SEBI chairperson in US short-seller’s investigative report?

Hindenburg-Adani case: US short seller firm Hindenburg research has in their latest report alleged that “SEBI Chairperson has bought stakes in obscure offshore entities used in Adani money siphoning scandal”. The allegations come a year after Hindenburg research published a report accusing the Adani Group of financial irregularities, which caused a dramatic decline in the company's stock prices.

Adani group and chairman Gautam Adani have on multiple occasions vehemently denied all the allegations leveled by Hindenburg Research in January 2023 report.

The Hindenburg report alleges, “The current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani.”

We have reached out to SEBI for a response on the latest report by Hindenburg Research. The story will be updated once we receive response

Who is Dhaval Buch accused in Hindenburg report?

•Dhaval Buch's LinkedIn profile mentions he is a Senior Advisor at Blackstone and Alvarez & Marsal. Buch has been working with Blackstone since July 2019. “Blackstone has been one of the largest investors and sponsors of REITS, a Nascent Asset class in India”, Hindenburg report says.

• Dhaval Buch has worked with Bristlecone and Hindustan Unilever before working with Blackstone

•Dhaval Buch's LinkedIn profile confirms he also serves as a non-executive director on the Board of Gildan.

•An IIT-Delhi alum, Dhaval Buch has a Bachelors in Mechanical Engineering

• The Hindenburg report mentions, “Dhaval Buch, the husband of SEBI Chairperson Madhabi Buch, describes himself as having deep experience in procurement and all aspects of the supply chain”, per his Linkedin. He spent most of his time at consumer company Unilever, rising to become Chief Procurement Officer, according to his Linkedin.”

What Hindenburg alleges against Dhaval Buch?

Following are the allegations made by Hindenburg Research in their latest investigative report. Mint could not independently verify the allegations.

• He (Dhaval Buch) was with Unilever when the alleged investment in Vinod Adani firms occurred, according to the whistleblower documents cited by Hindenburg.

• During Madhabi Buch’s tenure as a whole time member at SEBI, her husband was appointed as a senior advisor to Blackstone in 2019, reads Hindenburg's new investigative report

• He had not worked for a fund, in real estate or capital markets before, per his LinkedIn profile, alleges Hindenburg

• Despite the lack of experience in these areas, he joined Blackstone, a global private equity firm and large investor in India, as a “Senior Advisor” in July 2019, per his Linkedin.

• During Dhaval Buch’s time as senior advisor, while his wife was a SEBI official, Blackstone sponsored Mindspace and Nexus Select Trust, India’s second and fourth REIT to receive SEBI approval to publicly IPO, alleges Hindenburg.