Hindenburg alleges SEBI head’s past investments linked to Adani Group

Hindenburg Research has accused SEBI head Madhabi Puri Buch of previously investing in offshore funds linked to the Adani Group. Buch has dismissed the allegations as baseless, affirming that all required disclosures were properly made.

Hindenburg claims that Buch and her husband held stakes in a Bermuda-based fund in 2015, which reportedly had connections to Adani Group associates. The Adani Group rejected these claims, calling them an attempt to tarnish the company’s reputation.

The allegations have sparked demands from opposition parties for a parliamentary investigation. This comes amid an ongoing SEBI probe into Adani Group following a previous Hindenburg report in January 2023, which accused the conglomerate of stock manipulation and misuse of tax havens.

Buch emphasized the transparency of her and her husband’s finances, with the fund in question confirming that it had no involvement in Adani shares and that the Buchs’ investment made up less than 1.5% of its total inflow.

The Congress party has called for a thorough investigation to address any potential conflicts of interest in the SEBI-Adani probe.