Hindenburg chose to attempt character assassination, says Sebi chief Madhabi Puri Buch; denies allegations as ‘baseless’

Sebi chairperson Madhabi Puri Buch has denied the allegations levied by the US-based short-seller Hindenburg Research in its latest report, terming them ‘baseless’ and an attempted ‘character assassination’.

In a statement, capital market regulator Securities & Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhaval Buch said that they had no hesitation in disclosing any and all financial documents and Hindenburg Research had chosen to ‘attempt character assassination’ in response to Sebi's Enforcement action and a show cause notice issued to it.

“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,” a press statement by Sebi Chief Madhabi Puri Buch and her husband Dhaval Buch said.

US-based short seller Hindenburg Research, in its latest report on August 10, alleged that capital market regulator Securities & Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch had a stake in obscure offshore entities used in Adani’s ‘money siphoning scandal’.

Hindenburg alleged that the Indian market regulator was unwilling to act on its earlier Adani report published in January 2023 because SEBI chairperson Madhabi Puri Buch had investments in offshore funds that had links with the Adani Group.

Hindenburg Research’s allegation comes over a year after it levelled allegations against Indian businessman Gautam Adani’s ports-to-power conglomerate. In January 2023, Hindenburg Research published a report accusing the Adani Group of insider trading, stock manipulations, and financial irregularities.

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