Hindenburg's research's latest attack on the Adani group and a separate fresh Salvo on SEBI Chief Madhabi Puri Buch. The U.S. Short seller in tweet on Wednesday said the Adani group is involved in money laundering with reference Swiss Bank accounts. In response, the Adani Group, in a media statement, denied those allegations and called the claims "Baseless".

Adani-Hindenburg Saga

We look at Hindenburg Research's latest attack on the Adani group. The US short seller in tweet said the Adani group is involved in Swiss Bank accounts. The Adani group in a media statement denied those allegations and called the claims "baseless".

Hindenburg's fresh salvo on Adani group

In an ongoing saga that has captured the attention of investors globally, the Adani Group has reacted firmly to allegations made by US-based short-seller Hindenburg Research. The accusations revolve around the freezing of $310 million in Swiss bank accounts linked to the conglomerate, as detailed by The Economic Times in a report. The Adani Group has categorically stated that the allegations are baseless, with their spokesperson asserting, "Our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws."<o:p></o:p>

Adani Group’s full press release <o:p></o:p>

The Adani Group came out with a response against the most recent allegations from Hindenburg Research through a press release on September 12. The complete press release is as follows:<o:p></o:p>

"We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the Adani Group said in a statement.<o:p></o:p>

"Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," the Adani Group said.<o:p></o:p>

"These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," it said.<o:p></o:p>

"The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you to refrain from publishing this story. Should you decide to proceed, we request that you include our statement in full," the Adani Group said.<o:p></o:p>

Details about the allegations against the Adani Group<o:p></o:p>

The allegations date back to a probe initiated in 2021 when the US short-seller accused the conglomerate of utilising opaque offshore entities to manipulate financial operations. According to Hindenburg, Swiss criminal court records detail how an individual associated with Adani invested heavily in questionable BVI, Mauritius, and Bermuda funds that primarily held Adani stock. These assertions have raised significant concerns over the financial practices employed by the company.<o:p></o:p>

Hindenburg’s tweet on September 12, 2024<o:p></o:p>

Adani Group’s response was against the most recent tweet of Hindenburg Research. The complete tweet is as follows:<o:p></o:p>

“Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.”<o:p></o:p>

“Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet”<o:p></o:p>

Swiss authorities investigate alleged wrongdoing<o:p></o:p>

The Swiss authorities, now investigating these claims, have purportedly frozen six bank accounts linked to Gautam Adani. A report published by the Geneva Public Prosecutor's Office states that investigations had commenced well before the first allegations made by Hindenburg in January 2023, which previously accused the Adani Group of using tax havens to evade local market regulations.<o:p></o:p>

Hindenburg-SEBI Showdown<o:p></o:p>

Meanwhile, the controversy deepens as the opposition Congress party has intensified its scrutiny of SEBI chairperson Madhabi Buch, alleging a potential conflict of interest that might influence the ongoing investigations. The party claims that Buch holds a 99 per cent stake in a company providing consultancy services, although both Buch and Adani have denied any wrongdoing.<o:p></o:p>

Buch has rebuffed Hindenburg's claims as "character assassination" and clarified that her investments predate her appointment as SEBI chairperson. She termed Hindenburg's allegations as an attempt at "character assassination" following the regulator's enforcement action and "show cause" notice to the US&nbsp;based shortseller for violating Indian rules. A show cause notice signals an intention to take disciplinary action if satisfactory explanations are not provided.<o:p></o:p>

Buch's term is due to conclude in March next year, and she faces increasing political pressure in the wake of these allegations. As the situation unfolds, global investors will be watching closely to see how this saga develops and what implications it may hold for the Adani Group's operations going forward.

SEBI Chief issues a fresh rebuttal; opposition MP files complaint against her

Madhabi Puri Buch and Dhaval Buch have firmly denied recent allegations questioning their integrity, labelling the accusations as false and defamatory in a press release on September 13.&nbsp;

In their statement, the couple described the accusations as “completely false, malicious and defamatory,” stressing that the allegations were "motivated to mislead the public" and designed to “tarnish the reputation of individuals, respected corporates, as well as institutions of the country.”

Further, as the controversy snowballs, Trinamool Congress (TMC) Member of Parliament Mahua Moitra has also lodged a formal complaint with the Lokpal against Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (SEBI). The complaint, filed on September 11, accuses Buch of improper conduct and engaging in quid pro quo arrangements that allegedly threaten India's national interests. As this is a developing issue it is to be seen how the parties involved respond to the ongoing controversy surrounding the SEBI chief.&nbsp;

<o:p>&nbsp;</o:p>

In an ongoing saga that has captured the attention of investors globally, the Adani Group has reacted firmly to allegations made by US-based short-seller Hindenburg Research.

In an ongoing saga that has captured the attention of investors globally, the Adani Group has reacted firmly to allegations made by US-based short-seller Hindenburg Research. The accusations revolve around the freezing of $310 million in Swiss bank accounts linked to the conglomerate, as detailed by The Economic Times in a report. The Adani Group has categorically stated that the allegations are baseless, with their spokesperson asserting, "Our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." Adani Group’s full press release The Adani Group came out with a response against the most recent allegations from Hindenburg Research through a press release on September 12. The complete press release is as follows: "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," the Adani Group said in a statement. "Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," the Adani Group said. "These allegations are clearly preposterous, irrational, and absurd. We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group's reputation and market value," it said. "The Adani Group remains steadfastly committed to transparency and compliance with all legal and regulatory requirements. We strongly condemn this effort and urge you to refrain from publishing this story. Should you decide to proceed, we request that you include our statement in full," the Adani Group said. Details about the allegations against the Adani Group The allegations date back to a probe initiated in 2021 when the US short-seller accused the conglomerate of utilising opaque offshore entities to manipulate financial operations. According to Hindenburg, Swiss criminal court records detail how an individual associated with Adani invested heavily in questionable BVI, Mauritius, and Bermuda funds that primarily held Adani stock. These assertions have raised significant concerns over the financial practices employed by the company. Hindenburg’s tweet on September 12, 2024 Adani Group’s response was against the most recent tweet of Hindenburg Research. The complete tweet is as follows: “Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021.” “Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius & Bermuda funds that almost exclusively owned Adani stocks, according to newly released Swiss criminal court records reported by Swiss media outlet” Swiss authorities investigate alleged wrongdoing The Swiss authorities, now investigating these claims, have purportedly frozen six bank accounts linked to Gautam Adani. A report published by the Geneva Public Prosecutor's Office states that investigations had commenced well before the first allegations made by Hindenburg in January 2023, which previously accused the Adani Group of using tax havens to evade local market regulations. Hindenburg-SEBI Showdown Meanwhile, the controversy deepens as the opposition Congress party has intensified its scrutiny of SEBI chairperson Madhabi Buch, alleging a potential conflict of interest that might influence the ongoing investigations. The party claims that Buch holds a 99 per cent stake in a company providing consultancy services, although both Buch and Adani have denied any wrongdoing. Buch has rebuffed Hindenburg's claims as "character assassination" and clarified that her investments predate her appointment as SEBI chairperson. She termed Hindenburg's allegations as an attempt at "character assassination" following the regulator's enforcement action and "show cause" notice to the US based shortseller for violating Indian rules. A show cause notice signals an intention to take disciplinary action if satisfactory explanations are not provided. Buch's term is due to conclude in March next year, and she faces increasing political pressure in the wake of these allegations. As the situation unfolds, global investors will be watching closely to see how this saga develops and what implications it may hold for the Adani Group's operations going forward. SEBI Chief issues a fresh rebuttal; opposition MP files complaint against her Madhabi Puri Buch and Dhaval Buch have firmly denied recent allegations questioning their integrity, labelling the accusations as false and defamatory in a press release on September 13. In their statement, the couple described the accusations as “completely false, malicious and defamatory,” stressing that the allegations were "motivated to mislead the public" and designed to “tarnish the reputation of individuals, respected corporates, as well as institutions of the country.” Further, as the controversy snowballs, Trinamool Congress (TMC) Member of Parliament Mahua Moitra has also lodged a formal complaint with the Lokpal against Madhabi Puri Buch, the current chairperson of the Securities and Exchange Board of India (SEBI). The complaint, filed on September 11, accuses Buch of improper conduct and engaging in quid pro quo arrangements that allegedly threaten India's national interests. As this is a developing issue it is to be seen how the parties involved respond to the ongoing controversy surrounding the SEBI chief.

Adani Group responds to $310 million allegation amidst ongoing Hindenburg controversy

The interim government of Bangladesh, led by Muhammad Yunus, is set to scrutinise Indian businesses, including the Adani group. At the center of the review is a 2017 power purchase agreement, under which Adani Power’s Jharkhand unit exports almost 1500 megawatt of electricity to Bangladesh.

Bangladesh: Yunus govt probes Indian power contracts

In her first public appearance since Hindenburg's scathing attack, SEBI Chief Madhabi Puri Buch presented the regulator's plan at an event on Thursday. This comes when calls for an independent probe into US Short seller's allegations against the SEBI chief are growing. However, Buch did not address Hindenburg's allegations.

SEBI Chief's first public appearance since Hindenburg report

Amid the ongoing controversy between Hindenburg and the Adani Group, the family business of billionaire Gautam Adani plans to sell 500 million dollars worth shares of Ambuja cements. Watch in for more details!

Adani founders to raise $500 mn from cement unit share sale

Adani group is considering new funding for its flagship firm; the conglomerate has taken action to allay fears about its liquidity risk. The group said it has sufficient cash on hand to satisfy debt payments for over 30 months. This comes as the Hindenburg controversy is turning messy by the day, with the SEBI chief now in the crosshairs.

Adani Group cites cash pile to ease Hindenburg-led concerns

In the Hindenburg vs Adani saga, markets have looked past the face-off. However, 42,000 crore rupees of mutual funds money is riding on the Adani group firms' stocks. The market impact has waned this time around. However, Hindenburg's allegations could weigh heavily on small investors.

Hindenburg vs SEBI Chief: What are experts' opinions hinting at?

Hindenburg vs SEBI Chief: What are the key issues of conflict allegations

Major controversy hits India’s financial sector as SEBI Chairperson Madhabi Puri Buch faces allegations of conflict of interest from US short-seller Hindenburg research. Was there an undisclosed link to the Adani group? Watch WION Decodes as we break down the high-stakes drama and its potential impact on India's financial markets.

SEBI Chief Accused: Controversial ties

Hindenburg vs Adani: Is the mutual fund market at risk?

Hindenburg vs Adani: Investors look past Hindeburg's allegations

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks. The latest market reaction is not particularly painful.&nbsp;

After the latest salvo from Hindenburg attacking the SEBI chief, Indian stocks have barely moved on that news. The fall on Tuesday was largely driven by a broader selloff in stocks on regular global news flow &nbsp;

On the other hand, instead, recent listings on Indian indices have been favourable, with Ola electric making an impressive debut. In its first two days of trading, the e-scooter maker saw a 44 per cent jump in its stock price, hitting the upper trade limit on both days.&nbsp;

On the other hand, Adani group stocks have been volatile this week, but traders are still hopeful. Since May, the three-month volatility skew has risen to its highest level. This indicates an increase in the stock price. This skew measures the difference in implied volatility across different options.&nbsp;

Despite the volatility domestic interest in Indian shares and Adani group stocks remained steady. Foreign investor's enthusiasm for Indian stock markets, though, is declining however, the selloff in the previous two weeks is mostly correlated with the increasing risk aversion in global markets.&nbsp;

This has shaved nearly $2 billion from domestic equities. The world's fourth-biggest stock market is hurt by a lacklustre earnings season and the government's hike in taxes on stock gains&nbsp;

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks.

Let's look at the Indian stock market reaction to the latest in the 19-month Hindenburg versus Adani group controversy. Compared to last year's over $150 billion rout in Adani group stocks and a crash in Indian benchmarks. The latest market reaction is not particularly painful. After the latest salvo from Hindenburg attacking the SEBI chief, Indian stocks have barely moved on that news. The fall on Tuesday was largely driven by a broader selloff in stocks on regular global news flow On the other hand, instead, recent listings on Indian indices have been favourable, with Ola electric making an impressive debut. In its first two days of trading, the e-scooter maker saw a 44 per cent jump in its stock price, hitting the upper trade limit on both days. On the other hand, Adani group stocks have been volatile this week, but traders are still hopeful. Since May, the three-month volatility skew has risen to its highest level. This indicates an increase in the stock price. This skew measures the difference in implied volatility across different options. Despite the volatility domestic interest in Indian shares and Adani group stocks remained steady. Foreign investor's enthusiasm for Indian stock markets, though, is declining however, the selloff in the previous two weeks is mostly correlated with the increasing risk aversion in global markets. This has shaved nearly $2 billion from domestic equities. The world's fourth-biggest stock market is hurt by a lacklustre earnings season and the government's hike in taxes on stock gains

Domestic traders look past Hindenburg row

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group.&nbsp;

"Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC," the FSC said.

The Mauritian regulator also clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country.&nbsp;

"The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," it said.

The US-based short-seller had alleged that Madhabi and her husband, Dhawal Buch, opened an account with a wealth management firm in Singapore to invest an 'undisclosed' amount of money in a Mauritius-registered offshoot for a Bermuda-based fund.&nbsp;

The report highlighted that the Mauritian fund was run by&nbsp;Adani chief Gautam Adani's brother, Vinod Adani and was&nbsp;used by the company to inflate stock prices, as mentioned in an 'expose' last year.&nbsp;

<a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589" target="_blank">Watch |&nbsp;Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589/embed" width="560"></iframe>

<h2>Calls for probe grow against Madhabi</h2>

Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief.&nbsp;

Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, "who would be held responsible?"&nbsp;

“Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr&nbsp;Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi.&nbsp;

<a href="https://www.wionews.com/business-economy/hindenburg-vs-adani-sebi-chief-madhabis-link-needs-judicial-probe-ex-official-eas-sarma-tells-wion-749745">Also read |&nbsp;Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION</a>

Meanwhile,&nbsp;former finance ministry secretary EAS Sarma told WION that an&nbsp;independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson.&nbsp;

(With inputs from agencies)

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group.

The Financial Services Commission (FSC) of Mauritius has issued a statement rebuffing claims that the country was a 'tax haven' after Hindenburg Research published a report last week and alleged that Indian market regulator chairperson, Madhabi Buch, was in bed with conglomerate Adani Group. "Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC," the FSC said. The Mauritian regulator also clarified that the funds mentioned in the report that tie the SEBI chief to conflict of interest allegations were neither licensed by FSC nor domiciled in the country. "The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," it said. The US-based short-seller had alleged that Madhabi and her husband, Dhawal Buch, opened an account with a wealth management firm in Singapore to invest an 'undisclosed' amount of money in a Mauritius-registered offshoot for a Bermuda-based fund. The report highlighted that the Mauritian fund was run by Adani chief Gautam Adani's brother, Vinod Adani and was used by the company to inflate stock prices, as mentioned in an 'expose' last year. Watch | Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case Calls for probe grow against Madhabi Leader of Opposition (LoP) in Lok Sabha (Lower House of Indian Parliament) and Indian National Congress (INC) leader, Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) inquiry into the charges against the watchdog chief. Gandhi asked the government if something were to go wrong and investors were to lose their hard-earned money, "who would be held responsible?" “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION Meanwhile, former finance ministry secretary EAS Sarma told WION that an independent judicial panel should probe the alleged links between Adani Group and the SEBI chairperson. (With inputs from agencies)

Adani-Hindenburg row: Mauritius banking regulator issues statement on funds linking SEBI chief to Adani

A report by the Indian Express shows Mauritius-based IPE Plus Fund 1 is in prime focus in the scandal surrounding SEBI Chief Madhabi Puri Buch and her husband Dhaval Buch. According to the report, this fund had investments from Vinod Adani. Watch in for more details!

Hindenburg vs SEBI Chief Saga: Web of funds & investments under SEBI probe

Hindenburg vs SEBI Chief Saga: Indian stocks move in caution

Sebi chief Madhabi Buch and Adani vs Hindenburg row:&nbsp;An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13).&nbsp;

Hindenburg Research alleged that Securities and Exchange Board of India chairperson Madbhabi Buch and her husband had investments in an offshore fund that was linked to Adani, even as Sebi under her leadership&nbsp;was probing earlier allegations made by the US-based activist short-seller firm.&nbsp;

Questions are being raised about whether Buch properly disclosed her investments to Adani-linked funds. In two separate statements, Buch and her husband defended their investment record.

"The Sebi chairman, or any member, if they make any disclosure, that should be to the ministry of finance...and cabinet committee on appointments which appoints them. She cannot give a clean chit to herself," Sarma told WION. "This is a matter that requires further enquiry".

"Did she make a disclosure to the Ministry of Finance? Was the cabinet committee on appointments and the cabinet made aware of all this? This is much more important."

<h2>Sarma explains his reasons for seeking a judicial probe into Madhabi Buch-Adani links</h2>

"Once there is a doubt like this, somebody has to investigate," Sarma said. "Can Sebi do that? No, it can't," he said, pointing out that regulatory authorities have recently been "compromised," and their integrity was under scrutiny. "People are losing credibility in some of these institutions."

Sarma suggested an independent judicial commission, whose head should be nominated by the Chief Justice of India, to conduct the probe in a time-bound manner and submit the report to parliament.

<a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589" target="_blank">Watch |&nbsp;Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589/embed" width="560"></iframe>

<h2>'Shadow economy of offshore shell companies flourishing'</h2>

Sarma pointed out that the larger issue here is the shadow economy of shell companies flourishing in the absence of regulation.

"I have written many times to the finance minister...about a shadow economy actually flourishing outside India. Many overseas shell companies have been set up. Some of these business houses are cashing their illicit wealth in these overseas shell companies," Sarma told WION.

"They're using them to evade taxes... and also probably to manipulate the stock market."

He pointed out that there's&nbsp;no proper definition of a shell company available in India, unlike in the US and Europe, which led to a legislative gap.

"In the companies act, in the prevention of money laundering legislation and in Sebi regulations, everywhere you should define it...I think they appointed a task force but it never saw the light of the day. They've deliberately left a legislative gap that has given a cover for these overseas shell companies to operate."

Noting that there was a 2014 regulation that foreign portfolio investors should reveal 'beneficial ownership' of their funds, he said that in 2018, "for very strange reasons," Sebi relaxed it, "making it easy for FPIs to hide their beneficiary owners."

He pointed out there were some investigations into Adani-linked companies in the past after the first Hindenburg report. "We don't know what really happened."

Sarma highlighted in 2022, the Department of Economic Affairs issued an order further relaxing how shell companies operate. "It literally made it easy for people to stash money in these companies and then round-trip it via third countries to India."

He pointed out that a former chairman of Sebi joined the board of the Adani group,&nbsp;which had raised eyebrows.

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Hindenburg vs SEBI: 'The accusations made against the chairperson of SEBI are only accusations, they are not yet proven' 
 
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<h2>Sarma's letter to Finance Minister Sitaraman</h2>

Sarma's exclusive comments to WION came after he wrote a letter to Finance Minister Nirmala Sitaraman seeking a&nbsp;judicial probe into claims made&nbsp;by Hindenburg Research against Sebi chief Madhabi&nbsp;Buch.&nbsp;

In the letter, Sarma highlighted Buch's 'conflict of interest' concerning Adani, adding that Sebi should conduct an impartial probe into the previous allegations made by Hindenburg too.

"If the accusations made by Hindenburg are factually found to be correct, all investigations conducted during the last few years by the stock market regulator on external manipulation of stock market indices by a few corporate entities through their benami agencies need to be subject to a re-investigation," said Sarma in the letter.

"Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added.&nbsp;

<a href="https://www.wionews.com/india-news/hindenburg-report-ex-finance-ministry-official-urges-nirmala-sitharaman-to-probe-sebi-chief-madhabi-buch-749633">Also read |&nbsp;Hindenburg report: Ex-Finance Ministry official urges Nirmala Sitharaman to probe SEBI chief Madhabi Buch</a>

<h2>Madhabi Buch- Adani link: Oppn leader Rahul Gandhi demands probe; petition filed in Supreme Court</h2>

Earlier, Rahul Gandhi, India's Leader of Opposition, demanded a Joint Parliamentary Committee (JPC) inquiry into the claims made by Hindenburg. 
 
He asked who would be held responsible if investors were to lose their hard-earned money. “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi.&nbsp;

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348" target="_blank">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

On Tuesday (Aug 13), a petition was filed in the Supreme Court, asking it to direct the completion of a&nbsp;probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create&nbsp;an ‘atmosphere of doubt’.&nbsp;

The petitioner, advocate Vishal Tiwari, highlighted that the apex court had on January 3 given Sebi three months to complete 24 probes into Hindenburg’s earlier report accusing the Adani Group of stock price inflation and other violations of securities law.

(With inputs from agencies) 
&nbsp;

Sebi chief Madhabi Buch and Adani vs Hindenburg row: An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13).

Sebi chief Madhabi Buch and Adani vs Hindenburg row: An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13). Hindenburg Research alleged that Securities and Exchange Board of India chairperson Madbhabi Buch and her husband had investments in an offshore fund that was linked to Adani, even as Sebi under her leadership was probing earlier allegations made by the US-based activist short-seller firm. Questions are being raised about whether Buch properly disclosed her investments to Adani-linked funds. In two separate statements, Buch and her husband defended their investment record. "The Sebi chairman, or any member, if they make any disclosure, that should be to the ministry of finance...and cabinet committee on appointments which appoints them. She cannot give a clean chit to herself," Sarma told WION. "This is a matter that requires further enquiry". "Did she make a disclosure to the Ministry of Finance? Was the cabinet committee on appointments and the cabinet made aware of all this? This is much more important." Sarma explains his reasons for seeking a judicial probe into Madhabi Buch-Adani links "Once there is a doubt like this, somebody has to investigate," Sarma said. "Can Sebi do that? No, it can't," he said, pointing out that regulatory authorities have recently been "compromised," and their integrity was under scrutiny. "People are losing credibility in some of these institutions." Sarma suggested an independent judicial commission, whose head should be nominated by the Chief Justice of India, to conduct the probe in a time-bound manner and submit the report to parliament. Watch | Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case 'Shadow economy of offshore shell companies flourishing' Sarma pointed out that the larger issue here is the shadow economy of shell companies flourishing in the absence of regulation. "I have written many times to the finance minister...about a shadow economy actually flourishing outside India. Many overseas shell companies have been set up. Some of these business houses are cashing their illicit wealth in these overseas shell companies," Sarma told WION. "They're using them to evade taxes... and also probably to manipulate the stock market." He pointed out that there's no proper definition of a shell company available in India, unlike in the US and Europe, which led to a legislative gap. "In the companies act, in the prevention of money laundering legislation and in Sebi regulations, everywhere you should define it...I think they appointed a task force but it never saw the light of the day. They've deliberately left a legislative gap that has given a cover for these overseas shell companies to operate." Noting that there was a 2014 regulation that foreign portfolio investors should reveal 'beneficial ownership' of their funds, he said that in 2018, "for very strange reasons," Sebi relaxed it, "making it easy for FPIs to hide their beneficiary owners." He pointed out there were some investigations into Adani-linked companies in the past after the first Hindenburg report. "We don't know what really happened." Sarma highlighted in 2022, the Department of Economic Affairs issued an order further relaxing how shell companies operate. "It literally made it easy for people to stash money in these companies and then round-trip it via third countries to India." He pointed out that a former chairman of Sebi joined the board of the Adani group, which had raised eyebrows. Hindenburg vs SEBI: 'The accusations made against the chairperson of SEBI are only accusations, they are not yet proven' I have written many times to the finance minister and others about the shadow economy flourishing outside India. Many overseas shell companies have been set… pic.twitter.com/ROpYYbotwb — WION (@WIONews) August 13, 2024 × Sarma's letter to Finance Minister Sitaraman Sarma's exclusive comments to WION came after he wrote a letter to Finance Minister Nirmala Sitaraman seeking a judicial probe into claims made by Hindenburg Research against Sebi chief Madhabi Buch. In the letter, Sarma highlighted Buch's 'conflict of interest' concerning Adani, adding that Sebi should conduct an impartial probe into the previous allegations made by Hindenburg too. "If the accusations made by Hindenburg are factually found to be correct, all investigations conducted during the last few years by the stock market regulator on external manipulation of stock market indices by a few corporate entities through their benami agencies need to be subject to a re-investigation," said Sarma in the letter. "Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added. Also read | Hindenburg report: Ex-Finance Ministry official urges Nirmala Sitharaman to probe SEBI chief Madhabi Buch Madhabi Buch- Adani link: Oppn leader Rahul Gandhi demands probe; petition filed in Supreme Court Earlier, Rahul Gandhi, India's Leader of Opposition, demanded a Joint Parliamentary Committee (JPC) inquiry into the claims made by Hindenburg. He asked who would be held responsible if investors were to lose their hard-earned money. “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? On Tuesday (Aug 13), a petition was filed in the Supreme Court, asking it to direct the completion of a probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create an ‘atmosphere of doubt’. The petitioner, advocate Vishal Tiwari, highlighted that the apex court had on January 3 given Sebi three months to complete 24 probes into Hindenburg’s earlier report accusing the Adani Group of stock price inflation and other violations of securities law. (With inputs from agencies)

Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION

Hindenburg vs SEBI Chief Saga: Hindenburg demands SEBI Chief's client list

Hindenburg vs SEBI Chief Saga: SEBI Chief's investment part of structure?

While a face-off between the US short seller and SEBI chief is escalating India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial, with back-and-forth remarks being exchanged between Hindenburg and the SEBI Chief.

Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case

Hindenburg vs SEBI Chief Saga: SEBI Chair says allegations are baseless

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated&nbsp;the stock prices of Adani group firms in the past, and why she didn't recuse&nbsp;herself from recent SEBI investigations into Adani when she was chairperson.

Buch, the chief of the Indian stock market regulator Securities and Exchanges Board of India, or SEBI, is at the eye of a storm after the activist short-selling firm Hindenberg Research made fresh claims about her alleged&nbsp;links to the Indian conglomerate Adani.

<h2>Why it's important to make disclosures</h2>

From a retail investor upwards, one is expected to make disclosures to their employers on stock market investments that could involve a conflict of interest or potential insider trading. Several financial organisations, for instance, would require their staff to disclose the stocks they've invested in.

Ideally, this should apply all the way up to the top of the food chain.

SEBI chairperson, being the head of a government agency, is supposed to make such disclosure to the government. Buch is the first private sector person, and woman, to be made SEBI chief, a post she assumed in 2022 for a three-year term.

While Buch, being a private sector person and not a civil servant, has the right to own shares of, or be in the board of, various companies or related entities, each of these investments - directly or indirectly- should have been known to the government to avoid potential future conflict of interest.

<h2>Why is the issue of recusal important for SEBI chairperson?</h2>

In simple terms, it's mandatory that if a SEBI official has a direct or indirect interest or stake in a company or person being investigated by SEBI, the official should reveal so and excuse him/herself from such investigations. There is precedent to this: former chairperson CB Bhave recused himself when the SEBI board was discussing the issue of National Securities Depository Limited's lack of oversight over a depository participant because Bhave was the managing director of NSDL at the time.&nbsp;

A former SEBI board member told the paper that&nbsp;there had been an instance in the past when the chairperson recused himself over what could be seen as a conflict of interest.&nbsp;

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185/embed" width="560"></iframe>

It should be noted that Adani had been investigated by SEBI just last year, following earlier allegations by Hindenburg, and was given a clean chit. Buch was at the helm of SEBI at the time. Her conduct as a whole-time member or the chairperson of SEBI, when Adani-related complaints or investigations came to her desk, is at issue here, Indian Express (IE) newspaper cited a former SEBI chief as saying. "Did she recuse herself?”

A SEBI official who once investigated a stock exchange scam told IE&nbsp;that he was told not to send his probe files to the SEBI chairman at the time because there were allegations against him too. “In the present case too with allegations of a conflict of interest being thrown around, the chairperson could and maybe should have recused herself from the Adani investigation,” IE quoted him as saying.

<a href="https://www.wionews.com/india-news/hindenburg-report-alleges-market-regulator-chief-her-spouse-held-stake-in-adani-groups-offshore-funds-749068" target="_blank">Also read |&nbsp;Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds</a>&nbsp;

<h2>What is SEBI chief Buch and husband Dhaval Buch's link to Adani?</h2>

 
It has been alleged&nbsp;that Buch and her husband Dhaval Buch had direct or indirect interest in Adani-related stocks or global funds. In its latest report, Hindenburg Research has accused the couple of having a stake in offshore funds that had artificially inflated shares of Adani Group companies in the past. Buch said she had invested in a global fund in 2015 that had Adani-linked stocks before she became a whole-time member of SEBI in 2017. That investment was redeemed in 2018, she said.

For their part, Madhabi Puri Buch and Dhaval Buch said in a statement, “SEBI has strong institutional mechanisms of disclosure and recusal norms as per the code of conduct applicable to its officers. Accordingly, all disclosures and recusals have been diligently followed, including disclosures of all securities held or subsequently transferred.”

In her statement, Madhabi Buch also said that after her husband was appointed as Senior Advisor to Blackstone Group, the company was added to SEBI's recusal list for her. 
 
The point to note however is that her time in SEBI since 2017 overlaps with its probe into 13 offshore entities which held stake in Adani group companies, the IE report&nbsp;quoted another former SEBI chief as saying, who cited public domain information.

<a href="https://www.wionews.com/india-news/her-response-now-confirms-hindenburg-claps-back-at-madhabi-buch-after-sebi-chief-issues-clarification-749330">Also read |&nbsp;'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification</a>

<h2>SEBI under scrutiny: Who will watch the watchdog?</h2>

Being a government-appointed, independent regulator of Indian markets, SEBI is not further investigated by other government agencies like the Central Vigilance Commission (CVC). Notably, CVC can investigate probe agencies like the Central Bureau of Investigation and Enforcement Directorate, but not SEBI.

Former Chief Vigilance Commissioner Pradeep Kumar was quoted by IE as saying, “The SEBI is an independent market regulatory body and the CVC has a limited role in its supervision, if at all.&nbsp; There is certainly no superintendence of the CVC over the SEBI, say, as it has over the CBI and the ED.”

The SEBI board consists of members from the finance ministry and the Reserve Bank of India, the country's central bank, which in itself is seen as self-regulation. Also, SEBI orders can be further questioned at the Securities Appellate Tribunal, which is another oversight mechanism.

(With inputs from agencies)

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated the stock prices of Adani group firms in the past, and why she didn't recuse herself from recent SEBI investigations into Adani when she was chairperson.

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated the stock prices of Adani group firms in the past, and why she didn't recuse herself from recent SEBI investigations into Adani when she was chairperson. Buch, the chief of the Indian stock market regulator Securities and Exchanges Board of India, or SEBI, is at the eye of a storm after the activist short-selling firm Hindenberg Research made fresh claims about her alleged links to the Indian conglomerate Adani. Why it's important to make disclosures From a retail investor upwards, one is expected to make disclosures to their employers on stock market investments that could involve a conflict of interest or potential insider trading. Several financial organisations, for instance, would require their staff to disclose the stocks they've invested in. Ideally, this should apply all the way up to the top of the food chain. SEBI chairperson, being the head of a government agency, is supposed to make such disclosure to the government. Buch is the first private sector person, and woman, to be made SEBI chief, a post she assumed in 2022 for a three-year term. While Buch, being a private sector person and not a civil servant, has the right to own shares of, or be in the board of, various companies or related entities, each of these investments - directly or indirectly- should have been known to the government to avoid potential future conflict of interest. Why is the issue of recusal important for SEBI chairperson? In simple terms, it's mandatory that if a SEBI official has a direct or indirect interest or stake in a company or person being investigated by SEBI, the official should reveal so and excuse him/herself from such investigations. There is precedent to this: former chairperson CB Bhave recused himself when the SEBI board was discussing the issue of National Securities Depository Limited's lack of oversight over a depository participant because Bhave was the managing director of NSDL at the time. A former SEBI board member told the paper that there had been an instance in the past when the chairperson recused himself over what could be seen as a conflict of interest. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report It should be noted that Adani had been investigated by SEBI just last year, following earlier allegations by Hindenburg, and was given a clean chit. Buch was at the helm of SEBI at the time. Her conduct as a whole-time member or the chairperson of SEBI, when Adani-related complaints or investigations came to her desk, is at issue here, Indian Express (IE) newspaper cited a former SEBI chief as saying. "Did she recuse herself?” A SEBI official who once investigated a stock exchange scam told IE that he was told not to send his probe files to the SEBI chairman at the time because there were allegations against him too. “In the present case too with allegations of a conflict of interest being thrown around, the chairperson could and maybe should have recused herself from the Adani investigation,” IE quoted him as saying. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds What is SEBI chief Buch and husband Dhaval Buch's link to Adani? It has been alleged that Buch and her husband Dhaval Buch had direct or indirect interest in Adani-related stocks or global funds. In its latest report, Hindenburg Research has accused the couple of having a stake in offshore funds that had artificially inflated shares of Adani Group companies in the past. Buch said she had invested in a global fund in 2015 that had Adani-linked stocks before she became a whole-time member of SEBI in 2017. That investment was redeemed in 2018, she said. For their part, Madhabi Puri Buch and Dhaval Buch said in a statement, “SEBI has strong institutional mechanisms of disclosure and recusal norms as per the code of conduct applicable to its officers. Accordingly, all disclosures and recusals have been diligently followed, including disclosures of all securities held or subsequently transferred.” In her statement, Madhabi Buch also said that after her husband was appointed as Senior Advisor to Blackstone Group, the company was added to SEBI's recusal list for her. The point to note however is that her time in SEBI since 2017 overlaps with its probe into 13 offshore entities which held stake in Adani group companies, the IE report quoted another former SEBI chief as saying, who cited public domain information. Also read | 'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification SEBI under scrutiny: Who will watch the watchdog? Being a government-appointed, independent regulator of Indian markets, SEBI is not further investigated by other government agencies like the Central Vigilance Commission (CVC). Notably, CVC can investigate probe agencies like the Central Bureau of Investigation and Enforcement Directorate, but not SEBI. Former Chief Vigilance Commissioner Pradeep Kumar was quoted by IE as saying, “The SEBI is an independent market regulatory body and the CVC has a limited role in its supervision, if at all. There is certainly no superintendence of the CVC over the SEBI, say, as it has over the CBI and the ED.” The SEBI board consists of members from the finance ministry and the Reserve Bank of India, the country's central bank, which in itself is seen as self-regulation. Also, SEBI orders can be further questioned at the Securities Appellate Tribunal, which is another oversight mechanism. (With inputs from agencies)

Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?

Hindenburg vs SEBI Chief Saga: Hindenburg counters SEBI Chief's rebuttal statement

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign.

Hindenburg Research, an activist short-seller firm, had alleged citing whistleblower documents that the fund in which the Sebi chief and her husband had held stakes was also used by associates of Vinod Adani, brother of Adani group chairman Gautam Adani, who allegedly used it to inflate Adani stocks in the past.

Speaking to WION on the Hindenburg vs Adani row, veteran global investor Mark Faber said the Sebi chief should resign.

"Some people associated with SEBI have a conflict of interest. We have to assume that these allegations are true. If they are true then the people involved have to resign, there is no question about this," said Faber, the publisher of ‘The Gloom, Boom &amp; Doom Report’.

He added, "How the stock market moves is not always reflective of actual economic conditions."&nbsp;

Meanwhile, economist and tech analyst&nbsp;Daniel Geltrude also suggested that Buch should resign, warning that corruption involving offshore funds can erode foreign inflows.&nbsp;

"I think there's a real concern here because if the chair [of Sebi] is actually linked to this situation, it's going to destroy investor confidence in India," Geltrude told WION.

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185/embed" width="560"></iframe>

He added: "So to have a situation here where there appears to be some improprieties... and when we are talking about offshore accounts that always raises a red flag. The people are going to be sceptical."

"If you have a scandal involving the chair of the security exchange board, well that's something we have to &nbsp;take very very seriously and the question becomes, is resignation in order here?"

In his comments to WION, Faber pointed out that India’s Sebi as well as the SEC in the US were formed to protect the interests of small investors, but alleged that they instead shield big business groups, investment banks and brokers.

"They are not interested in the interest of the small investors at all, but it is presented to the public as if they have the interest of the public in mind."

While pointing out that, being a global investor, he could not verify all the authenticity of the report by Hindenburg, Faber added: "But let's assume that it's correct, of course, the member of Sebi that essentially violated securities law, they would have to be taken into account."

"The first step would have to be that they resign," Faber said.

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

<h2>Madhabi Buch, husband issue second statement, Hindenburg digs heels on allegations</h2>

The investors' comments came even as Hindenburg doubled down on its allegations and responded to a second, more detailed statement from Madhabi Puri Buch and her husband Dhaval Buch.&nbsp;

The couple categorically denied claims by Hindenburg, while sharing more details about their investments.&nbsp;

In its response, Hindenburg posted on X that the couple's new statement includes "several important admissions” and raises “numerous new critical questions". &nbsp;

(With inputs from agencies)

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign.

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign. Hindenburg Research, an activist short-seller firm, had alleged citing whistleblower documents that the fund in which the Sebi chief and her husband had held stakes was also used by associates of Vinod Adani, brother of Adani group chairman Gautam Adani, who allegedly used it to inflate Adani stocks in the past. Speaking to WION on the Hindenburg vs Adani row, veteran global investor Mark Faber said the Sebi chief should resign. "Some people associated with SEBI have a conflict of interest. We have to assume that these allegations are true. If they are true then the people involved have to resign, there is no question about this," said Faber, the publisher of ‘The Gloom, Boom & Doom Report’. He added, "How the stock market moves is not always reflective of actual economic conditions." Meanwhile, economist and tech analyst Daniel Geltrude also suggested that Buch should resign, warning that corruption involving offshore funds can erode foreign inflows. "I think there's a real concern here because if the chair [of Sebi] is actually linked to this situation, it's going to destroy investor confidence in India," Geltrude told WION. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report He added: "So to have a situation here where there appears to be some improprieties... and when we are talking about offshore accounts that always raises a red flag. The people are going to be sceptical." "If you have a scandal involving the chair of the security exchange board, well that's something we have to take very very seriously and the question becomes, is resignation in order here?" In his comments to WION, Faber pointed out that India’s Sebi as well as the SEC in the US were formed to protect the interests of small investors, but alleged that they instead shield big business groups, investment banks and brokers. "They are not interested in the interest of the small investors at all, but it is presented to the public as if they have the interest of the public in mind." While pointing out that, being a global investor, he could not verify all the authenticity of the report by Hindenburg, Faber added: "But let's assume that it's correct, of course, the member of Sebi that essentially violated securities law, they would have to be taken into account." "The first step would have to be that they resign," Faber said. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? Madhabi Buch, husband issue second statement, Hindenburg digs heels on allegations The investors' comments came even as Hindenburg doubled down on its allegations and responded to a second, more detailed statement from Madhabi Puri Buch and her husband Dhaval Buch. The couple categorically denied claims by Hindenburg, while sharing more details about their investments. In its response, Hindenburg posted on X that the couple's new statement includes "several important admissions” and raises “numerous new critical questions". (With inputs from agencies)

Hindenburg vs Adani: Global investors say Sebi chief Madhabi Buch should resign to restore confidence

Opposition parties in India have strongly reacted to the US-based short-seller Hindenburg's allegations on Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and the Adani group. In its report, Hindenburg alleged on Saturday (Aug 10) that Buch previously held investments in certain offshore funds that were also used by Adani Group.

SEBI chief vs Hindenburg: Whistle-blower exposes SEBI Chief in new report

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter. Now Leader of Opposition in Lok Sabha, Rahul Gandhi has commented that the integrity of SEBI "has been gravely compromised".&nbsp;

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:103,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:1979}">Rahul Gandhi slams PM Modi</h2>

"The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," alleged the Rae Bareli MP.

Slamming Indian Prime Minister Narendra Modi, Gandhi said, "It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal."

Also read |&nbsp;<a bis_size="{&quot;x&quot;:8,&quot;y&quot;:264,&quot;w&quot;:692,&quot;h&quot;:34,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2140}" href="https://www.wionews.com/india-news/hindenburg-allegations-on-sebi-chief-adani-opposition-reacts-to-reports-findings-749103">Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, Adani Group</a>

Addressing the Indian public, Gandhi asked them to imagine "an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised."

"What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market," he said in the video message.

Gandhi said that honest investors across India have pressing questions for the Modi government.&nbsp;

"Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet?" asked Gandhi.&nbsp;

"If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?"

Watch what he said here:

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The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. 
 
Honest investors across the country have pressing questions for the government: 
 
- Why… <a bis_size="{&quot;x&quot;:336,&quot;y&quot;:751,&quot;w&quot;:154,&quot;h&quot;:14,&quot;abs_x&quot;:369,&quot;abs_y&quot;:2627}" href="https://t.co/vZlEl8Qb4b">pic.twitter.com/vZlEl8Qb4b</a>
— Rahul Gandhi (@RahulGandhi) <a bis_size="{&quot;x&quot;:445,&quot;y&quot;:779,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:478,&quot;abs_y&quot;:2655}" href="https://twitter.com/RahulGandhi/status/1822638113753317572?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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He also questioned whether India's top court will look into the "very serious allegation".

"In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?"

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:932,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2808}">'Colonial arrogance of days bygone'</h2>

Senior advocate Mahesh Jethmalani has dismissed the Hindenburg allegations as a "pathetic damp squib".

"The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets," alleged the&nbsp;former Rajya Sabha MP from the Bhartiya Janata Party.

"This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation," he added.

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<blockquote bis_size="{&quot;x&quot;:121,&quot;y&quot;:1119,&quot;w&quot;:495,&quot;h&quot;:169,&quot;abs_x&quot;:154,&quot;abs_y&quot;:2995}" class="twitter-tweet">
<a bis_size="{&quot;x&quot;:198,&quot;y&quot;:1157,&quot;w&quot;:74,&quot;h&quot;:14,&quot;abs_x&quot;:231,&quot;abs_y&quot;:3033}" href="https://twitter.com/hashtag/Hindenburg?src=hash&amp;ref_src=twsrc%5Etfw">#Hindenburg</a>’s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… <a bis_size="{&quot;x&quot;:379,&quot;y&quot;:1219,&quot;w&quot;:147,&quot;h&quot;:14,&quot;abs_x&quot;:412,&quot;abs_y&quot;:3095}" href="https://t.co/QeKNO4gEFp">https://t.co/QeKNO4gEFp</a>
— Mahesh Jethmalani (@JethmalaniM) <a bis_size="{&quot;x&quot;:462,&quot;y&quot;:1247,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:495,&quot;abs_y&quot;:3123}" href="https://twitter.com/JethmalaniM/status/1822586469812236409?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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Also read |&nbsp;<a bis_size="{&quot;x&quot;:88,&quot;y&quot;:1314,&quot;w&quot;:565,&quot;h&quot;:16,&quot;abs_x&quot;:121,&quot;abs_y&quot;:3190}" href="https://www.wionews.com/india-news/for-a-discredited-short-seller-adani-group-hits-back-over-hindenburg-report-749115">'For a discredited short-seller...': Adani Group hits back over Hindenburg report</a>

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:1350,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:3226}">Hindenburg research allegations</h2>

On Saturday, US short seller Hindenburg alleged SEBI chairperson Madhabi Buch was in cahoots with Adani.

"We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch."

"What we hadn't realised: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," said the US firm.

It said that its allegations were based on documents provided by a whistleblower and investigations carried out by other entities.

<h2>SEBI urges calm, points to ‘short positions’ disclaimer in report</h2>

India’s market regulator SEBI has meanwhile issued a statement on Sunday and urged investors to remain calm and conduct due diligence before reacting to the Hindenburg Research report, pointing out that it includes a disclaimer that the short-seller may hold short positions in the securities covered. 
 
“Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the statement read.

(With inputs from agencies)

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter.

The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter. Now Leader of Opposition in Lok Sabha, Rahul Gandhi has commented that the integrity of SEBI "has been gravely compromised". Rahul Gandhi slams PM Modi "The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," alleged the Rae Bareli MP. Slamming Indian Prime Minister Narendra Modi, Gandhi said, "It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal." Also read | Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, Adani Group Addressing the Indian public, Gandhi asked them to imagine "an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised." "What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market," he said in the video message. Gandhi said that honest investors across India have pressing questions for the Modi government. "Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet?" asked Gandhi. "If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?" Watch what he said here: The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. Honest investors across the country have pressing questions for the government: - Why… pic.twitter.com/vZlEl8Qb4b — Rahul Gandhi (@RahulGandhi) August 11, 2024 × He also questioned whether India's top court will look into the "very serious allegation". "In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?" 'Colonial arrogance of days bygone' Senior advocate Mahesh Jethmalani has dismissed the Hindenburg allegations as a "pathetic damp squib". "The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets," alleged the former Rajya Sabha MP from the Bhartiya Janata Party. "This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation," he added. #Hindenburg’s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… https://t.co/QeKNO4gEFp — Mahesh Jethmalani (@JethmalaniM) August 11, 2024 × Also read | 'For a discredited short-seller...': Adani Group hits back over Hindenburg report Hindenburg research allegations On Saturday, US short seller Hindenburg alleged SEBI chairperson Madhabi Buch was in cahoots with Adani. "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realised: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," said the US firm. It said that its allegations were based on documents provided by a whistleblower and investigations carried out by other entities. SEBI urges calm, points to ‘short positions’ disclaimer in report India’s market regulator SEBI has meanwhile issued a statement on Sunday and urged investors to remain calm and conduct due diligence before reacting to the Hindenburg Research report, pointing out that it includes a disclaimer that the short-seller may hold short positions in the securities covered. “Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the statement read. (With inputs from agencies)

Hindenburg report: Rahul Gandhi says SEBI integrity ‘gravely compromised’, demands accountability from PM Modi

SEBI chief vs Hindenburg: Hindenburg targets SEBI Chief in new report

SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report

Now, we turn our attention to how Asia's richest banker is caught in the Adani-Hindenburg crossfire. As part of their investigation of the short seller onslaught against gautam adani's company, regulators have asked the institution owned by Asia's wealthiest banker, Uday Kotak, to assist them. This move shows that Indian firms that allow foreign capital to access local markets are being closely watched.

Kotak Bank in Adani-Hindenburg crossfire

Hindenburg&nbsp;Research&nbsp;refuted allegations on Monday (July 1) from India's securities regulator accusing the company of colluding with a US&nbsp;asset manager to use non-public information to set up its short bet against Adani Group last year.

In a statement posted to its website, US-based short-seller&nbsp;Hindenburg&nbsp;provided a copy of a 46-page show cause notice from the Securities and Exchange Board of India (SEBI) outlining the allegations that six entities including&nbsp;Hindenburg, asset manager Kingdon Capital Management and a Mauritus-based trading fund set up by Kotak Mahindra Bank violated certain rules under the Prevention of Fraud and Unfair Trade Practices regulation.

While SEBI has not made the notice public, two sources at the regulator with direct knowledge of the matter confirmed its authenticity.

The allegations, if proven, could result in monetary penalties and the payback of any illegal gains.

Hindenburg&nbsp;responded saying the notice is "nonsense" and an attempt to silence and intimidate by alleging that&nbsp;Hindenburg's report contained misrepresentations and inaccurate statements meant to mislead readers.

"In our view, SEBI has neglected its responsibility, seemingly doing more to protect those perpetrating fraud than to protect the investors being victimized by it,"&nbsp;Hindenburg&nbsp;said.

The disclosure of the SEBI notice adds a new twist in the saga that began last year when&nbsp;Hindenburg, founded by Nathan Anderson, alleged improper business dealings by Adani.

Adani, which refuted the allegations, suffered a loss of as much as $150 billion in combined market value after the report, but has since rebounded.

In the notice, SEBI alleges&nbsp;Hindenburg&nbsp;colluded with its client Kingdon Capital Management by providing a draft of its report on Adani Group before it was released publicly.

SEBI alleges that Mark Kingdon, the owner of Kingdon Capital, then set up a fund able to trade Indian equities known as K Indian Opportunities Fund. That fund created short positions in Adani group stocks between Jan. 10, 2023, and Jan. 20, 2023, five days ahead of the&nbsp;Hindenburg&nbsp;report being published, according to the SEBI documents.

In its statement,&nbsp;Hindenburg&nbsp;said a Mauritius registered unit of Kotak Mahindra Bank, an Indian firm, created and oversaw an offshore fund structure that was used by its "investor partner" to bet against Adani's shares.

The positions were squared off in February, leading to gains of $22.25 million, the SEBI documents said.

Hindenburg&nbsp;in its statement does not comment on its relationship with Kingdon.

An email to&nbsp;Hindenburg&nbsp;Research&nbsp;and Kingdon Capital was not immediately answered.

SEBI has not replied to a request for comment on&nbsp;Hindenburg's statement and to confirm the authenticity of the show cause order.

Kotak did not reply to a request for comment.

Hindenburg's response sheds some light on the mechanics of its Adani short trade, the details of which intrigued other investors because Indian securities rules make it hard for foreigners to bet against companies there.

Hindenburg&nbsp;said it made $4.1 million in gross revenue through "gains related to Adani shorts from that investor relationship" and just $31,000 through its short position of Adani's U.S. bonds. It did not name the investor.

"It was a tiny position," it said. "But, to date, our&nbsp;research&nbsp;on Adani is by far the work we are most proud of."

Hindenburg Research refuted allegations on Monday (July 1) from India's securities regulator accusing the company of colluding with a US asset manager to use non-public information to set up its short bet against Adani Group last year.

Hindenburg Research refuted allegations on Monday (July 1) from India's securities regulator accusing the company of colluding with a US asset manager to use non-public information to set up its short bet against Adani Group last year. In a statement posted to its website, US-based short-seller Hindenburg provided a copy of a 46-page show cause notice from the Securities and Exchange Board of India (SEBI) outlining the allegations that six entities including Hindenburg, asset manager Kingdon Capital Management and a Mauritus-based trading fund set up by Kotak Mahindra Bank violated certain rules under the Prevention of Fraud and Unfair Trade Practices regulation. While SEBI has not made the notice public, two sources at the regulator with direct knowledge of the matter confirmed its authenticity. The allegations, if proven, could result in monetary penalties and the payback of any illegal gains. Hindenburg responded saying the notice is "nonsense" and an attempt to silence and intimidate by alleging that Hindenburg's report contained misrepresentations and inaccurate statements meant to mislead readers. "In our view, SEBI has neglected its responsibility, seemingly doing more to protect those perpetrating fraud than to protect the investors being victimized by it," Hindenburg said. The disclosure of the SEBI notice adds a new twist in the saga that began last year when Hindenburg, founded by Nathan Anderson, alleged improper business dealings by Adani. Adani, which refuted the allegations, suffered a loss of as much as $150 billion in combined market value after the report, but has since rebounded. In the notice, SEBI alleges Hindenburg colluded with its client Kingdon Capital Management by providing a draft of its report on Adani Group before it was released publicly. SEBI alleges that Mark Kingdon, the owner of Kingdon Capital, then set up a fund able to trade Indian equities known as K Indian Opportunities Fund. That fund created short positions in Adani group stocks between Jan. 10, 2023, and Jan. 20, 2023, five days ahead of the Hindenburg report being published, according to the SEBI documents. In its statement, Hindenburg said a Mauritius registered unit of Kotak Mahindra Bank, an Indian firm, created and oversaw an offshore fund structure that was used by its "investor partner" to bet against Adani's shares. The positions were squared off in February, leading to gains of $22.25 million, the SEBI documents said. Hindenburg in its statement does not comment on its relationship with Kingdon. An email to Hindenburg Research and Kingdon Capital was not immediately answered. SEBI has not replied to a request for comment on Hindenburg's statement and to confirm the authenticity of the show cause order. Kotak did not reply to a request for comment. Hindenburg's response sheds some light on the mechanics of its Adani short trade, the details of which intrigued other investors because Indian securities rules make it hard for foreigners to bet against companies there. Hindenburg said it made $4.1 million in gross revenue through "gains related to Adani shorts from that investor relationship" and just $31,000 through its short position of Adani's U.S. bonds. It did not name the investor. "It was a tiny position," it said. "But, to date, our research on Adani is by far the work we are most proud of."

Hindenburg refutes allegations from Indian regulator on Adani short bet

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks.&nbsp;

Hindenburg responded to SEBI in a <a href="https://hindenburgresearch.com/adani-update-sebi/">blog post</a>. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.'

The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations.

The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year.

The Securities and Exchange Board of India (SEBI) has slammed US-based short-seller Hindenburg Research with a show-cause notice over suspected violations of Indian regulations during the showdown with Adani last year. Hindenburg published a report alleging Adani was 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.' This triggered a $150 billion rout in Adani stocks. Hindenburg responded to SEBI in a blog post. The firm starts by saying, 'We have been aware that Indian securities regulator SEBI has been grappling with how they are going to respond to us, a U.S.-based research firm with no presence or operations in India, after we presented overwhelming evidence in January 2023 of why we believed Indian conglomerate Adani Group was operating “the largest con in corporate history. We had anticipated fierce opposition to our report before we ever published it, regardless of how comprehensive and truthful our body of evidence was.' The post mentioned how Kotak Mahindra Bank created and oversaw an offshore fund structure that was used by its 'investor partner' to bet against the conglomerate. Interestingly, Hindenburg revealed making $4.1 million in gross revenue through 'gains related to Adani shorts from that investor relationship', and $31,000 from their short position on Adani US bonds. SEBI is yet to respond to the allegations. The post also mentioned how 'Big-4' auditor Deloitte resigned from its role as statutory auditor for Adani Ports, citing undisclosed related-party transactions flagged in the report.

India's market regulator slams Hindenburg Research with show-cause notice

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