The Securities and Exchange Board of India (SEBI), under the leadership of its chairperson Madhavi Puri Buch, recently found itself in the spotlight following fresh allegations by the U.S.-based short-selling firm, Hindenburg Research. In a report released on Saturday, Hindenburg questioned the integrity of SEBI’s ongoing investigation into the Adani Group, casting doubt on the impartiality of the regulator and its chairperson.
Hindenburg’s Allegations: A Summary
Hindenburg’s latest report accused SEBI of delaying the investigation into the Adani case and raised concerns about a potential conflict of interest involving Buch and her husband, Dhaval Buch. According to the report, the couple had invested in a fund—Mauritius’ IPE Plus 1 Fund—managed by 360 One (formerly IIFL Wealth), which allegedly played a role in inflating Adani Group share prices. The report also suggested that Dhaval Buch’s association with private equity firm Blackstone could have influenced SEBI’s decisions regarding Real Estate Investment Trusts (REITs), as Blackstone is a significant investor in India’s real estate sector.
SEBI’s Response: Allegations Denied
In a series of statements, SEBI and the Buch couple categorically denied the allegations, labeling them as baseless and defamatory. SEBI clarified that 23 out of the 24 investigations into the Adani-Hindenburg case have been completed, with the final one nearing conclusion. The regulator emphasized that its decisions are made through a rigorous process involving public consultations and board approvals, ensuring no favoritism toward any entity.
The Buch couple provided detailed clarifications about their investment in the IPE Plus 1 Fund. They highlighted that their investment constituted only 1.5% of the fund’s total corpus and that they had never invested in Adani Group securities during their tenure. Additionally, they pointed out that the investment was made while they were residing in Singapore and that the decision was influenced by their personal connection with the fund’s Chief Investment Officer, Anil Ahuja, who was a childhood friend of Dhaval Buch.
Political Reactions and Support
While SEBI and the Buch couple received support from legal experts and industry bodies like the Association of Mutual Funds in India (AMFI), the allegations also sparked political reactions. Some political parties demanded the formation of a joint parliamentary committee to further investigate the matter. However, SEBI maintained its stance, underscoring its internal control framework designed to handle conflicts of interest, including a disclosure framework and provisions for recusal when necessary.
The Adani Group’s Position
The Adani Group also responded to Hindenburg’s latest report, dismissing the allegations as “malicious and mischievous.” The conglomerate reiterated that these claims were a rehash of previous allegations intended to tarnish its reputation and had already been thoroughly investigated and found baseless.
Hindenburg’s Motives Questioned
SEBI, in its statement, urged investors to exercise caution before reacting to reports like those from Hindenburg Research. The regulator highlighted the disclaimer in Hindenburg’s report, which suggests that the firm may have short positions in the securities it covers, implying a potential financial motive behind the allegations.
The Path Ahead
As SEBI nears the completion of its investigation into the Adani-Hindenburg case, the regulator remains committed to transparency and fairness in the Indian securities market. While the allegations have stirred controversy, SEBI’s defense, backed by legal frameworks and industry support, underscores its determination to uphold the integrity of its processes. The ongoing deliberations and the market’s response in the coming weeks will likely shape the future discourse around this high-profile case.
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SIR ADANI PROVIDE ELECTRICITY TO SHRILANKA & BANGLADESH WITH HIGH COST.LOOK AT BOTH COUNTYRY WHAT HAPPENED.
ADANI NOT GIVEN MONEY TO GUJRAT GOVERMENT OF COAL WHICH COAL SOLD BY ADANI IN BANGLADESH.SEBI CHAR PERSON NEED TO RESIGN.
Supreme court need to deside.
Sebi person need to file case against Hindenburge in America.Vinod Adani used this money for stock pump from out side country.Sebi chairperson invested that fund which is used by Vinod Adani to jump & pumps share from outside country.
Retailer stock buy on higher vallu.& Adani himself creat short position from outside country .
Adani buy stock when came bottom
Adani short stock when stock become higher vallued. Both case Adani generate income.Retailer ka loss ho raha hai.Adani ka nahi.Huge druge found in Adani port. what happen that druge.
Last time Hindenburge report came
Adani share price 50% decrease.
That time Ambani support Adani by buying stock .
Gujrati Bhai Bhai
Sir 80.000 employee cut by Adani
Why
Ambani having 15 lakh crore rupees.
Still Ambani 80,000 employee remove by Ambani.ise me desh kaise pragati karta hai.
Kisaan Anaj paida karta hai..lekin jab fasal tayyar hoti hai to Mandi me usko aade dam me lete hai.SIR WATER BOTTLE 20 RUPEES & Milk rate in dairy is 22 rupees.kissn mar raha hai .Politician
Politics me aane ke baad har politician ki AMDANI HAJARO GUNA KYO BAD JATI HAI.
ISI KOI YOJANA HAI KYA KISANO KI AMDANI 2 GUNA BADHANE KI.
INDIA GOVERMENT NOT DISCLOSE 20000 CRORE INVESTED IN ADANI IPO.
Who is invested this money in Adani IPO. Jach hone do dudh ka dudh aur pani ka pani honga.Dar kis baat ka.?????