'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification
SEBI chief Madhabi Puri Buch
US-based short seller Hindenburg Research has doubled down on its allegations against Indian market regulator (SEBI) chief, Madhabi Puri Buch, after the latter published a clarification on Sunday (Aug 11).
Madhabi, in a joint statement with her husband, Dhawal Buch,accused Hindenburg of attempting a "character assassination" of the Buchs.
However, the research firm said the SEBI chair's response to the report included "several important admissions" that raised numerous "new critical questions".
Hindenburg alleged that Madhabi confirmed she had invested in an obscure Bermuda/Mauritius fundalongside money allegedly siphoned by Vinod Adani -brother of Gautam Adani, who is chairman of Adani Group.
"SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg added.
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The research firm also quizzed if Madhabi would "release the full list of consulting clients and details of the engagements"both through the offshore Singaporean consulting firm, the Indian consulting firm or any other entity she may have an interest in.
What did the report claim?
The report published on Saturday (Aug 10), citing whistleblower documents claimed that the SEBI chief had a conflict of interest when the regulator investigated the Adani Group for an earlier 'expose' by Hindenburg.
Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said.
The report also highlighted the SEBI chief's role inpromoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.Prior to his adviser role,Dhaval had not worked for a fund, in real estate or capital markets.
Watch |SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report
SEBI chief to quit?
According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out.
Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds.
As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief.
(With inputs from agencies)