Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds
Hindenburg
US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents thatMadhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked tothe Adani Group's alleged financial misconduct.
Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch,requested to transfer their investments into his sole controlto avoid any scrutiny that may come with the high-profile regulatory job, the report said.
"She had a100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.
It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked toassociates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.
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.
The reportcomes 18 months after Hindenburg released its 'expose' on Adani --questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale.
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WATCH |Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further
Opposition reacts
The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively.
“SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh.
Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”.
“Crony Capitalism at its finest,” she wrote on X.
Buch reacts
On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination".
"Our life and finances are an open book," said Buch in a joint statement with her husband.
"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.
(With inputs from agencies)