SEBI chief accuses Hindenburg of character assasination, denies its claims linked to Adani Group

Reacting to serious allegations made by US-based short-seller Hindenburg Research, SEBI Chairperson Madhabi Buch and her husband, Dhaval Buch, have strongly refuted claims that they hold stakes in offshore entities linked to the Adani Group. The couple described the accusations as a deliberate attempt to tarnish their reputation following "enforcement action" against Hindenburg by the market regulator.

In a report released on Saturday, Hindenburg Research alleged that the Buchs were involved in "obscure offshore entities used in the Adani money siphoning scandal." The report suggested that the couple had hidden stakes in offshore Bermuda and Mauritius funds connected to the Adani Group, further alleging that this relationship explained the Adani conglomerate's apparent immunity from serious regulatory scrutiny.

Madhabi Buch and her husband, in a joint statement, vehemently denied the accusations, calling them "baseless allegations and insinuations." The couple emphasized that their financial records are fully transparent and have been consistently disclosed to SEBI over the years.

"Our life and finances are an open book," the statement read. "All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any 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 will be issuing a detailed statement in due course."

The controversy comes in the wake of Hindenburg Research's previous report, which accused the Adani Group of large-scale financial irregularities. The new allegations suggest that the Adani Group operated with confidence, allegedly due to its relationship with Madhabi Buch.