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Hindenburg Research, the firm known for its high-profile report on Indian billionaire Gautam Adani, announced its closure on Thursday. The company gained global attention after its 2023 investigations into the Adani Group led to a $150 billion selloff in the conglomerate’s shares. The impact of Hindenburg’s report wiped billions off Adani’s wealth, leading to a wave of financial scrutiny, though Adani and his companies have consistently denied the allegations.

Hindenburg Research, Which Accused Gautam Adani Of Fraud, Shuts Down

The Lokpal, India’s anti-corruption ombudsman, has sought an explanation from SEBI Chairperson Madhabi Puri Buch regarding allegations of impropriety and conflict of interest. The complaints were filed by a Lok Sabha member and two others, citing a report by U.S.-based short-seller Hindenburg Research. The SEBI chief has four weeks to respond to these allegations, providing explanations for each of the complaints.

Hindenburg Research, in its report, alleged that Buch and her husband held stakes in offshore funds implicated in a reported money-laundering scheme tied to the Adani Group. These claims were denied by Buch, who labelled them as character assassination attempts aimed at undermining the SEBI's credibility. The Lokpal had previously ruled on September 20 that one of the complaints did not justify a probe. However, with two additional complaints filed by October, the Lokpal requested Buch to clarify her position on each issue.

Trinamool Congress MP Mahua Moitra was among those filing complaints, urging Lokpal to forward the case to the Enforcement Directorate or the CBI for further investigation. The Lokpal, while asking Buch for her response, emphasized that this procedural directive does not indicate any decision on the allegations. The matter will be heard on December 19, following Buch’s affidavit on these conflict-of-interest claims.

The Lokpal, India’s anti-corruption ombudsman, has sought an explanation from SEBI Chairperson Madhabi Puri Buch regarding allegations of impropriety and conflict of interest.

The Lokpal, India’s anti-corruption ombudsman, has sought an explanation from SEBI Chairperson Madhabi Puri Buch regarding allegations of impropriety and conflict of interest. The complaints were filed by a Lok Sabha member and two others, citing a report by U.S.-based short-seller Hindenburg Research. The SEBI chief has four weeks to respond to these allegations, providing explanations for each of the complaints. Hindenburg Research, in its report, alleged that Buch and her husband held stakes in offshore funds implicated in a reported money-laundering scheme tied to the Adani Group. These claims were denied by Buch, who labelled them as character assassination attempts aimed at undermining the SEBI's credibility. The Lokpal had previously ruled on September 20 that one of the complaints did not justify a probe. However, with two additional complaints filed by October, the Lokpal requested Buch to clarify her position on each issue. Trinamool Congress MP Mahua Moitra was among those filing complaints, urging Lokpal to forward the case to the Enforcement Directorate or the CBI for further investigation. The Lokpal, while asking Buch for her response, emphasized that this procedural directive does not indicate any decision on the allegations. The matter will be heard on December 19, following Buch’s affidavit on these conflict-of-interest claims.

India's watchdog seeks SEBI Chief's clarification on multiple allegations

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24.

Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

The PAC postponed its meeting slated for today after Buch expressed her inability to attend.

PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider.

He said that was the reason the SEBI Chief was summoned.

The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence.

Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel.

Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present."

According to media reports, a stormy session was expected at Buch's deposition.

With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks.

But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions.

He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day."

A political firestorm is brewing after the PAC moved the meeting to a later date.

Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative.

According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions.

There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda.

Venugopal's decision to call Buch, however, alarmed members of the ruling party.

Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting.

SEBI Chief Madhabi Puri Buch has skipped the Parliamentary Accounts Committee (PAC) deposition scheduled for October 24. Buch cited personal work which cannot be avoided as the reason for not attending the meeting. The PAC postponed its meeting slated for today after Buch expressed her inability to attend. PAC Chairman and Congress General Secretary KC Venugopal said the committee, in its first meeting, had agreed to have a suo moto issue for regulatory bodies to consider. He said that was the reason the SEBI Chief was summoned. The parliamentary panel has now decided to postpone the meeting after Buch informed the committee about her absence. Buch and four other representatives of the SEBI were slotted for the deposition on October 24th after her earlier request for exemption was denied by the panel. Venugopal said, "First of all, they sought an exemption, and the SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present." According to media reports, a stormy session was expected at Buch's deposition. With reports quoting sources calling for the ruling party members to stand off against the opposition party's politically targeted attacks. But with Buch skipping the meeting, Venugopal said her absence could be construed as an attempt to avoid the panel's questions. He said: "Today morning at 9:30 she informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day." A political firestorm is brewing after the PAC moved the meeting to a later date. Media reports show Ravi Shankar Prasad, a BJP MP and its members, charged that chairman Venugopal made choices on his own initiative. According to Ravi Shankar Prasad, several PAC members, including BJP leaders, complained to the speaker of the Lok Sabha over Venugopal's actions. There was no objection to the committee's plan to include the performance review of regulatory bodies on its agenda. Venugopal's decision to call Buch, however, alarmed members of the ruling party. Buch has been at the centre of a political controversy sparked by accusations made against her by Hindenburg and the opposition party - the Congress.

SEBI Chief skips parliamentary committee meeting

In a surprising turn of events, the Securities and Exchange Board of India (SEBI) has withdrawn its press release issued on September 4th, which addressed claims of an unprofessional work culture within the organization. The regulator stated that these concerns are "misplaced" and reaffirmed that employee-related issues will be managed internally through appropriate mechanisms as detailed in a report by Press Trust of India.

SEBI retracts press release on work culture concerns after employee protests

The Congress party has intensified its criticism of Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). New allegations surfaced during a press conference held by party spokesperson Pawan Kheda on September 14, 2024. The Congress claims that Buch engaged in significant trading activities and invested in Chinese funds while serving at SEBI.

Congress targets SEBI Chief with financial misconduct

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

Swiss authorities have reportedly frozen six bank accounts worth $310 million (CHF263 million) of an individual whom they believe to be "a frontman" for the Indian conglomerate Adani Group.

This is based on reports, and comes as the Indian giant is accused of money laundering and financial fraud.According to reports, the Federal Criminal Court's ruling disclosed that charges of criminal behaviour and money laundering involving Adani had been investigated in Switzerland since at least December 2021.

The decision rejected an appeal against the "sequestration" orders.

A Financial Times report showed the investigation was initiated before US-based short-selling company Hindenburg Research published a report in January 2023 accusing Adani of orchestrating the "biggest con in corporate history" by employing front persons to influence the Group's stock market valuation.

According to the FT, the judgement said that Swiss prosecutors believe the so-called "frontman" is "not the actual beneficial owner" of the firm with the $310 million that is frozen.

The court ruling showed prosecutors believe that the Adani group entrusted him with large quantities of money, which he then invested in Adani's listed firms in a way that violated stock market regulations, fraudulently inflating their value.

The judgement did not reach any other conclusions beyond determining to uphold the freezing order in light of the accusations.

Reports showed that while the Swiss criminal court did not name the parties involved, the top court's description referenced Hindenburg's dossier.

In response to WION's request for comments on media reports, Claudia Balzli, Communication Specialist at the office of the Attorney General of the Swiss Confederation (OAG) replied in French.&nbsp;

The google translation reads, 'As indicated in the TPF decision...-page 2 - on July 20, 2023, the Public Prosecutor's Office of the Confederation - MPC - took over criminal proceedings in the canton of Geneva. In the context mentioned in the said decision, the MPC is currently carrying out investigations for forgery of securities - art. 251 CP- and aggravated money laundering -art. 305bis ch. 1 and 2 CP- Investigations are ongoing, which is why the MPC cannot give you further information at this stage. As always, the presumption of innocence applies.'

And a Financial Times' follow-up coverage links Adani to the Taiwanese tycoon Chang Chung-Ling, who is believed to have served as the company's "frontman."

Hindenburg ups the ante

<a href="https://x.com/HindenburgRes/status/1834265857515499620">The US short seller tweeted on Wednesday</a> that the Adani group is involved in money laundering, referring to the freezing of Swiss bank accounts.

According to Hindenburg's tweet on social media platform X, the investigation into the Adani group's financial dealings with opaque offshore entities and money laundering began in 2021.

Quoting a Swiss media report, Hindenburg said that even before it levelled allegations of fraud, the Geneva public prosecutor's office looked into possible violations by the Indian giant.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">https://x.com/HindenburgRes/status/1834265857515499620</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Adani Group responds

In response, the Adani group stated that its "overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," adding that the company has not received any requests for clarification or information.

In a media statement, the Group said, "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. 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."

The Indian conglomerate added, "We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws."

Who is Chang Chung-Ling? And does he have links to the Adani Group?

The FT reported that the Adani group has known Chang Chung-Ling for a long time.

A person working for Vinod Adani, the brother of the conglomerate's founder, oversaw the arrangement wherein he and another investor exchanged Adani stocks using offshore corporations that concealed Chang's name.

The FT previously revealed this.

When FT questioned if he was an acquaintance of Adani, who covertly bought shares for them, Chang responded, "I know nothing about this.".

He then hung up after speculating that the reporter at FT "might be AI."

According to the FT, Chang allegedly charged Adani $2 billion for coal in the last several years, using a company registered to his Taiwanese home address, even though the rates seemed higher than market value.

What does the FT say about the Swiss judgement?

According to the Swiss judgement, in December 2021, the public prosecutor of Geneva began an investigation into allegations of money laundering and document forgery based on a report from the Money Laundering Reporting Office.

In July 2023, Federal prosecutors assumed control of the case.

The ruling said prosecutors were sceptical of the company's intention to use the Adani investments as collateral for a credit line, stating that this "would be likely to constitute an attempted fraud given the suspected overvaluation of the securities."

The online journal Gotham City broke the news of the verdict first.

In March of this year, the business with the frozen assets lodged its appeal.

The court concluded that the facts were enough to uphold the order since "the appellant is clearly unable to provide the federal prosecutor's office with the explanations — in the form of supporting documents — which it should be able to provide in order to dispel the doubts legitimately raised."

Congress vs Adani &amp; SEBI chief

In India, calls for a thorough and independent probe into the allegations against the Adani group have risen.

The allegations, denials, and counter-allegations saga continues, with India's market regulator in the crosshairs.

Since Hindenburg's allegations of conflicts of interest against SEBI chief Madhabu Puri Buch, India's main opposition party, the Congress, has upped its attacks on the market regulator's chief.

The Congress party's top leaders have come up with new evidence supporting their accusations against the SEBI chief.

Separately, Hindenburg also questioned Buch's silence on the series of allegations levelled at her.

In response, SEBI chief Madhabi Puri Buch and her husband, Daval Buch, denied all the allegations in a joint media statement.

The statement quoting companies brought into the controversy dismissed the accusations.

In addition, the press note also highlighted Daval Buch's work experience to quash conflict of interest claims.

A case against Buch

Separately, Indian minister Mahua Moitra filed a Lokpal complaint against the Sebi Chief over alleged Adani links.

In India, a Lokpal complaint is a case filed against a public servant for an alleged offence under the Prevention of Corruption Act, 1988.

In a tweet on social media X, Mitra said, "My Lokpal complaint against Ms Puri-Buch has been filed electronically &amp; in physical form. Lokpal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry."

She added that "every single entity involved needs to be summoned &amp; every link investigated."

Swiss authorities have reportedly frozen six bank accounts worth $310 million (CHF263 million) of an individual whom they believe to be "a frontman" for the Indian conglomerate Adani Group.

Swiss authorities have reportedly frozen six bank accounts worth $310 million (CHF263 million) of an individual whom they believe to be "a frontman" for the Indian conglomerate Adani Group. This is based on reports, and comes as the Indian giant is accused of money laundering and financial fraud.According to reports, the Federal Criminal Court's ruling disclosed that charges of criminal behaviour and money laundering involving Adani had been investigated in Switzerland since at least December 2021. The decision rejected an appeal against the "sequestration" orders. A Financial Times report showed the investigation was initiated before US-based short-selling company Hindenburg Research published a report in January 2023 accusing Adani of orchestrating the "biggest con in corporate history" by employing front persons to influence the Group's stock market valuation. According to the FT, the judgement said that Swiss prosecutors believe the so-called "frontman" is "not the actual beneficial owner" of the firm with the $310 million that is frozen. The court ruling showed prosecutors believe that the Adani group entrusted him with large quantities of money, which he then invested in Adani's listed firms in a way that violated stock market regulations, fraudulently inflating their value. The judgement did not reach any other conclusions beyond determining to uphold the freezing order in light of the accusations. Reports showed that while the Swiss criminal court did not name the parties involved, the top court's description referenced Hindenburg's dossier. In response to WION's request for comments on media reports, Claudia Balzli, Communication Specialist at the office of the Attorney General of the Swiss Confederation (OAG) replied in French. The google translation reads, 'As indicated in the TPF decision...-page 2 - on July 20, 2023, the Public Prosecutor's Office of the Confederation - MPC - took over criminal proceedings in the canton of Geneva. In the context mentioned in the said decision, the MPC is currently carrying out investigations for forgery of securities - art. 251 CP- and aggravated money laundering -art. 305bis ch. 1 and 2 CP- Investigations are ongoing, which is why the MPC cannot give you further information at this stage. As always, the presumption of innocence applies.' And a Financial Times' follow-up coverage links Adani to the Taiwanese tycoon Chang Chung-Ling, who is believed to have served as the company's "frontman." Hindenburg ups the ante The US short seller tweeted on Wednesday that the Adani group is involved in money laundering, referring to the freezing of Swiss bank accounts. According to Hindenburg's tweet on social media platform X, the investigation into the Adani group's financial dealings with opaque offshore entities and money laundering began in 2021. Quoting a Swiss media report, Hindenburg said that even before it levelled allegations of fraud, the Geneva public prosecutor's office looked into possible violations by the Indian giant. https://x.com/HindenburgRes/status/1834265857515499620 × Adani Group responds In response, the Adani group stated that its "overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws," adding that the company has not received any requests for clarification or information. In a media statement, the Group said, "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. 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." The Indian conglomerate added, "We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws." Who is Chang Chung-Ling? And does he have links to the Adani Group? The FT reported that the Adani group has known Chang Chung-Ling for a long time. A person working for Vinod Adani, the brother of the conglomerate's founder, oversaw the arrangement wherein he and another investor exchanged Adani stocks using offshore corporations that concealed Chang's name. The FT previously revealed this. When FT questioned if he was an acquaintance of Adani, who covertly bought shares for them, Chang responded, "I know nothing about this.". He then hung up after speculating that the reporter at FT "might be AI." According to the FT, Chang allegedly charged Adani $2 billion for coal in the last several years, using a company registered to his Taiwanese home address, even though the rates seemed higher than market value. What does the FT say about the Swiss judgement? According to the Swiss judgement, in December 2021, the public prosecutor of Geneva began an investigation into allegations of money laundering and document forgery based on a report from the Money Laundering Reporting Office. In July 2023, Federal prosecutors assumed control of the case. The ruling said prosecutors were sceptical of the company's intention to use the Adani investments as collateral for a credit line, stating that this "would be likely to constitute an attempted fraud given the suspected overvaluation of the securities." The online journal Gotham City broke the news of the verdict first. In March of this year, the business with the frozen assets lodged its appeal. The court concluded that the facts were enough to uphold the order since "the appellant is clearly unable to provide the federal prosecutor's office with the explanations — in the form of supporting documents — which it should be able to provide in order to dispel the doubts legitimately raised." Congress vs Adani & SEBI chief In India, calls for a thorough and independent probe into the allegations against the Adani group have risen. The allegations, denials, and counter-allegations saga continues, with India's market regulator in the crosshairs. Since Hindenburg's allegations of conflicts of interest against SEBI chief Madhabu Puri Buch, India's main opposition party, the Congress, has upped its attacks on the market regulator's chief. The Congress party's top leaders have come up with new evidence supporting their accusations against the SEBI chief. Separately, Hindenburg also questioned Buch's silence on the series of allegations levelled at her. In response, SEBI chief Madhabi Puri Buch and her husband, Daval Buch, denied all the allegations in a joint media statement. The statement quoting companies brought into the controversy dismissed the accusations. In addition, the press note also highlighted Daval Buch's work experience to quash conflict of interest claims. A case against Buch Separately, Indian minister Mahua Moitra filed a Lokpal complaint against the Sebi Chief over alleged Adani links. In India, a Lokpal complaint is a case filed against a public servant for an alleged offence under the Prevention of Corruption Act, 1988. In a tweet on social media X, Mitra said, "My Lokpal complaint against Ms Puri-Buch has been filed electronically & in physical form. Lokpal must within 30 days refer it to CBI/ED for a preliminary investigation and then a full FIR enquiry." She added that "every single entity involved needs to be summoned & every link investigated."

Are Swiss prosecutors investigating the Adani Group, and who is Chang Chung-Ling?

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

A section of SEBI employees has&nbsp;demanded that the market regulator delete a 'false and misleading' press release and also issue a public apology. The demand comes a day after SEBI issued the press release denying claims of an unprofessional work culture levelled by some employees.&nbsp;

"The achievements of SEBI are the result of collective efforts, not the work of a solitary leader. The leadership must take responsibility for the current state of affairs and work towards fostering a respectful and dignified work environment, rather than dismissing legitimate concerns with false and misleading statements," read the document dated September 5.&nbsp;

"Therefore, we demand that the leadership withdraw the false and misleading PR immediately and issue a public apology," it added.&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>

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<h2>What did the SEBI&nbsp;release claim?</h2>

Notably, a letter dated August 6 by the SEBI employees alleged that a toxic work culture was prevalent under the leadership of chairperson Madhabi Puri Buch.&nbsp;The issues, detailed in a letter titled 'Grievances of Sebi Officers-A Call for Respect,' highlighted several disturbing aspects of the work culture at SEBI.

In response, the market regulator denied the claims, citing high employee standards and condemning a few "external elements" behind employee protests.&nbsp;

“Junior officers have been receiving messages from external elements outside their group, effectively instigating them to go to the media, the (finance) ministry and the board, perhaps to serve their own purpose,” the five-page statement from SEBI read.&nbsp;

However, the SEBI employees said the PR was "misleading" as well as "riddled with factual inaccuracies".&nbsp;

<a href="https://www.wionews.com/india-news/congress-intensifies-attack-on-sebi-chief-for-receiving-more-retiral-benefit-than-salary-from-icici-bank-755562">Also read |&nbsp;Congress intensifies attack on SEBI chief for receiving more retiral benefit than salary from ICICI Bank</a>

SEBI has come under heavy scrutiny in recent weeks after US-based short seller, Hindenburg Research released a report, alleging that Buch had a conflict of interest while serving as the chief of the market regulator.&nbsp;

A SEBI board member last week revealed that Buch&nbsp;did not recuse herself from the investigation launched into the alleged stock manipulation carried out by the Adani Group.&nbsp;

The member, speaking on condition of anonymity to the publication, stated that Buch oversaw SEBI’s Adani probe “because it was ordered by the Supreme Court”.

If Buch did indeed oversee the investigation, it contradicts the position taken by the market regulator when it released a statement stating that Buch had “recused herself in matters involving potential conflicts of interest”.

(With inputs from agencies)

A section of SEBI employees has demanded that the market regulator delete a 'false and misleading' press release and also issue a public apology. The demand comes a day after SEBI issued the press release denying claims of an unprofessional work culture levelled by some employees.

A section of SEBI employees has demanded that the market regulator delete a 'false and misleading' press release and also issue a public apology. The demand comes a day after SEBI issued the press release denying claims of an unprofessional work culture levelled by some employees. "The achievements of SEBI are the result of collective efforts, not the work of a solitary leader. The leadership must take responsibility for the current state of affairs and work towards fostering a respectful and dignified work environment, rather than dismissing legitimate concerns with false and misleading statements," read the document dated September 5. "Therefore, we demand that the leadership withdraw the false and misleading PR immediately and issue a public apology," it added. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report What did the SEBI release claim? Notably, a letter dated August 6 by the SEBI employees alleged that a toxic work culture was prevalent under the leadership of chairperson Madhabi Puri Buch. The issues, detailed in a letter titled 'Grievances of Sebi Officers-A Call for Respect,' highlighted several disturbing aspects of the work culture at SEBI. In response, the market regulator denied the claims, citing high employee standards and condemning a few "external elements" behind employee protests. “Junior officers have been receiving messages from external elements outside their group, effectively instigating them to go to the media, the (finance) ministry and the board, perhaps to serve their own purpose,” the five-page statement from SEBI read. However, the SEBI employees said the PR was "misleading" as well as "riddled with factual inaccuracies". Also read | Congress intensifies attack on SEBI chief for receiving more retiral benefit than salary from ICICI Bank SEBI has come under heavy scrutiny in recent weeks after US-based short seller, Hindenburg Research released a report, alleging that Buch had a conflict of interest while serving as the chief of the market regulator. A SEBI board member last week revealed that Buch did not recuse herself from the investigation launched into the alleged stock manipulation carried out by the Adani Group. The member, speaking on condition of anonymity to the publication, stated that Buch oversaw SEBI’s Adani probe “because it was ordered by the Supreme Court”. If Buch did indeed oversee the investigation, it contradicts the position taken by the market regulator when it released a statement stating that Buch had “recused herself in matters involving potential conflicts of interest”. (With inputs from agencies)

Agitated SEBI employees seek apology from regulator, removal of 'false and misleading' press release

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

A financial technology company, Tingo group, targeted by Hindenburg research, is in legal mess. A federal judge found Tingo group and its chief executive officer liable for fraud after the company failed to respond to a US securities and exchange commission (sec) lawsuit. The sec accused them of overstating financial results.

Hindenburg target Tingo fails to respond to sec fraud lawsuit

Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch on Thursday (August 29), said that Sebi has started working on a standard Application Programming Interface (API) for exchanges and depositories.&nbsp;

The Sebi chief was speaking at the Global Fintech Fest in Mumbai, where she emphasised that the regulatory body has been working on a standard application programming interface (API), adding that the&nbsp;technology will also be used by performance validation agencies.&nbsp;

However, when asked about the latest set of allegations alleged by the&nbsp;Hindenburg,&nbsp;she refused to take questions.&nbsp;

<h2>Hindenburg's direct attack on Sebi's chief&nbsp;</h2>

Earlier this month, US-based short-seller Hindenburg accused Sebi chairperson Madhabi Puri Buch and the regulatory body, alleging that Buch and her husband had previously held investments in offshore funds, also used by the Adani group.&nbsp;

Moreover, the Hindenburg report further stated that Sebi has shown a lack of interest in proving the Adani group's alleged undisclosed network of shell entities. They further connected the alleged links of Buch's family with the Adani group for the delay in the investigation.&nbsp;

However, the Sebi chief and her husband have denied the charges.&nbsp;

<a href="https://www.wionews.com/india-news/why-sebi-chief-madhabi-puri-buchs-ties-with-blackstone-warrant-an-investigation-752404">Also read:&nbsp;Why SEBI chief Madhabi Puri Buch’s ties with Blackstone warrant an investigation</a>

<h2>Application Programming Interface</h2>

Further talking about API, Sebi chief said that the regulator has been concentrating on ensuring that all the market institution infrastructure (MIIs) have been adopting APIs 100 per cent.&nbsp;

She said, "The process of file upload and file download has many limitations and is also vulnerable to errors. If everything is API-enabled then the fintech industry leverages the entire market ecosystem."

Watch:&nbsp;Hindenburg vs SEBI Chief: Credibility crisis staring at SEBI Chief?

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The Sebi chairperson emphasised that if a fintech company has reached a certain level of maturity, it wants to go for IPO and Sebi should not waste time in giving approvals.&nbsp;

She added that today, most of the pending IPOs are in the realm of judicial intervention or where the regulatory approval is pending from another regulator.&nbsp;

Buch further mentioned that Sebi is working on more than a dozen Artificial Intelligence (AI)-powered technologies, with an aim to improve surveillance and processing using AI.&nbsp;

(With inputs from agencies)

Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch on Thursday (August 29), said that Sebi has started working on a standard Application Programming Interface (API) for exchanges and depositories.

Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch on Thursday (August 29), said that Sebi has started working on a standard Application Programming Interface (API) for exchanges and depositories. The Sebi chief was speaking at the Global Fintech Fest in Mumbai, where she emphasised that the regulatory body has been working on a standard application programming interface (API), adding that the technology will also be used by performance validation agencies. However, when asked about the latest set of allegations alleged by the Hindenburg, she refused to take questions. Hindenburg's direct attack on Sebi's chief Earlier this month, US-based short-seller Hindenburg accused Sebi chairperson Madhabi Puri Buch and the regulatory body, alleging that Buch and her husband had previously held investments in offshore funds, also used by the Adani group. Moreover, the Hindenburg report further stated that Sebi has shown a lack of interest in proving the Adani group's alleged undisclosed network of shell entities. They further connected the alleged links of Buch's family with the Adani group for the delay in the investigation. However, the Sebi chief and her husband have denied the charges. Also read: Why SEBI chief Madhabi Puri Buch’s ties with Blackstone warrant an investigation Application Programming Interface Further talking about API, Sebi chief said that the regulator has been concentrating on ensuring that all the market institution infrastructure (MIIs) have been adopting APIs 100 per cent. She said, "The process of file upload and file download has many limitations and is also vulnerable to errors. If everything is API-enabled then the fintech industry leverages the entire market ecosystem." Watch: Hindenburg vs SEBI Chief: Credibility crisis staring at SEBI Chief? × The Sebi chairperson emphasised that if a fintech company has reached a certain level of maturity, it wants to go for IPO and Sebi should not waste time in giving approvals. She added that today, most of the pending IPOs are in the realm of judicial intervention or where the regulatory approval is pending from another regulator. Buch further mentioned that Sebi is working on more than a dozen Artificial Intelligence (AI)-powered technologies, with an aim to improve surveillance and processing using AI. (With inputs from agencies)

Global Fintech Fest: SEBI chief refuses to take questions on 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

Amid ongoing controversy between Hindenburg Research and the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, the latter’s ties with US equity major Blackstone have also come under greater scrutiny. Experts are calling for an investigation over Buch’s alleged conflict of interest in all Blackstone-related matters as SEBI chairperson.

Notably, Madhabi’s husband Dhaval Buch has been serving as a senior advisor at Blackstone since July 2019. Earlier, Madhabi&nbsp;had stated that she recused herself from Blacktone-related issues but her statement didn’t clarify her position on matters related to companies indirectly involved with Blackstone or its subsidiaries.

In its report, Hindenburg had alleged that during Dhaval’s time as an advisor to Blackstone; SEBI proposed, approved and facilitated major Real estate investment trusts (REITs) regulations changes.

"Since Madhabi Buch became Chairperson in March 2022, SEBI has proposed and implemented a raft of REIT legislation, of significant benefit to Blackstone as one of the largest REIT sponsors in India, whom her husband works for," the Hindenburg report said.

In her statement, Buch, who became a full-time member at SEBI in April 2017 and later became its chief in March 2022, just dismissed these allegations, without providing any details.

“Blackstone is heavily invested in India. It is the promoter of many companies in India. That (Buch) has recused herself from Blackstone matters isn’t enough given the amount of investment they have in India," a veteran fund manager, requesting anonymity told The Morning Context.

There are several firms related to Blackstone, like Indiabulls Housing Finance (now Sammaan Capital), Aadhar Housing Finance, asset and wealth management firm ASK Investment Managers, hospital chain Care Hospitals and IT services provider Mphasis.

Also read:&nbsp;<a data-ved="2ahUKEwj69onF64iIAxVkRmwGHaKQGIoQxfQBKAB6BAgJEAE" href="https://www.wionews.com/business-economy/what-is-sebi-chief-madhabi-puri-buchs-link-with-asset-manager-blackstone-all-about-751106" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/business-economy/what-is-sebi-chief-madhabi-puri-buchs-link-with-asset-manager-blackstone-all-about-751106&amp;ved=2ahUKEwj69onF64iIAxVkRmwGHaKQGIoQxfQBKAB6BAgJEAE">What is SEBI chief Madhabi Puri Buch`s link with asset manager Blackstone all about?</a>

These firms come under Blackstone group's $50 billion umbrella in India, including $30bn in real estate only.

Now, there are concerns that SEBI chief Buch may have violated norms in dealing with certain firms. For instance, in May 2024, Aadhar Housing Finance (backed by Blackstone) went public, only after SEBI cleared its draft red herring prospectus.

Also read:&nbsp;<a data-ved="2ahUKEwjjnNzM64iIAxVQRmcHHcjQCxgQxfQBKAB6BAgHEAE" href="https://www.wionews.com/india-news/hindenburg-vs-buch-how-the-1998-general-pinochet-case-serves-as-a-lesson-for-sebi-752031" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/hindenburg-vs-buch-how-the-1998-general-pinochet-case-serves-as-a-lesson-for-sebi-752031&amp;ved=2ahUKEwjjnNzM64iIAxVQRmcHHcjQCxgQxfQBKAB6BAgHEAE">Hindenburg vs Buch: How the 1998 General Pinochet case serves as a lesson for SEBI</a>

SEBI also cleared the IPO of a company controlled by Blackstone under the watch of Buch.

Now the question is, did Buch recuse herself from these cases as well? Only a detailed investigation against the SEBI chief may provide an answer.

(With inputs from agencies)

Amid ongoing controversy between Hindenburg Research and the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, the latter’s ties with US equity major Blackstone have also come under greater scrutiny.

Amid ongoing controversy between Hindenburg Research and the Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, the latter’s ties with US equity major Blackstone have also come under greater scrutiny. Experts are calling for an investigation over Buch’s alleged conflict of interest in all Blackstone-related matters as SEBI chairperson. Notably, Madhabi’s husband Dhaval Buch has been serving as a senior advisor at Blackstone since July 2019. Earlier, Madhabi had stated that she recused herself from Blacktone-related issues but her statement didn’t clarify her position on matters related to companies indirectly involved with Blackstone or its subsidiaries. In its report, Hindenburg had alleged that during Dhaval’s time as an advisor to Blackstone; SEBI proposed, approved and facilitated major Real estate investment trusts (REITs) regulations changes. "Since Madhabi Buch became Chairperson in March 2022, SEBI has proposed and implemented a raft of REIT legislation, of significant benefit to Blackstone as one of the largest REIT sponsors in India, whom her husband works for," the Hindenburg report said. In her statement, Buch, who became a full-time member at SEBI in April 2017 and later became its chief in March 2022, just dismissed these allegations, without providing any details. “Blackstone is heavily invested in India. It is the promoter of many companies in India. That (Buch) has recused herself from Blackstone matters isn’t enough given the amount of investment they have in India," a veteran fund manager, requesting anonymity told The Morning Context. There are several firms related to Blackstone, like Indiabulls Housing Finance (now Sammaan Capital), Aadhar Housing Finance, asset and wealth management firm ASK Investment Managers, hospital chain Care Hospitals and IT services provider Mphasis. Also read: What is SEBI chief Madhabi Puri Buch`s link with asset manager Blackstone all about? These firms come under Blackstone group's $50 billion umbrella in India, including $30bn in real estate only. Now, there are concerns that SEBI chief Buch may have violated norms in dealing with certain firms. For instance, in May 2024, Aadhar Housing Finance (backed by Blackstone) went public, only after SEBI cleared its draft red herring prospectus. Also read: Hindenburg vs Buch: How the 1998 General Pinochet case serves as a lesson for SEBI SEBI also cleared the IPO of a company controlled by Blackstone under the watch of Buch. Now the question is, did Buch recuse herself from these cases as well? Only a detailed investigation against the SEBI chief may provide an answer. (With inputs from agencies)

Why SEBI chief Madhabi Puri Buch’s ties with Blackstone warrant an investigation

In the ongoing saga between Hindenburg and the SEBI Chief, calls for an independent probe have gained traction. Media stories suggested a probe is underway. However, separate media reports quoting finance ministry sources show the government has no plans to initiate an investigation at this point. This rise in speculation has highlighted the silence of the government and the SEBI on Hindenburg's allegations.

Hindenburg vs SEBI Chief Saga

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research.&nbsp;

Consolidated financial highlights&nbsp;

According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30.&nbsp;

The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations.&nbsp;

Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious.

"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023."&nbsp;

"It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017."&nbsp;

"The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws."&nbsp;

Debt on the Adani group&nbsp;

It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research. Consolidated financial highlights According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30. The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations. Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious. "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws." Debt on the Adani group It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

Adani Group touts cash pile to soothe Hindenburg-fuelled concerns

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

Charges of a conflict of interest have been levelled against SEBI Chief Madhabi Puri Buch. The question now doing the rounds is: Did Buch potentially violate SEBI's 2008 policy on officials holding other professional jobs?

SEBI chief's earnings under scrutiny

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has&nbsp;come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real&nbsp; Estate Investment Trusts as a promising asset class.&nbsp;

Now, it has emerged that&nbsp;Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/hindenburg-vs-sebi-chief-madhabi-buchs-consulting-firm-shares-address-with-its-auditor-says-report-751099">Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report</a>

Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal."

She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson.&nbsp;

Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported.

Also watch |&nbsp;Hindenburg vs SEBI Chief: What experts are saying

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Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies.&nbsp;

Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled.&nbsp;

The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest.

(With inputs from agencies)

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group.

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real Estate Investment Trusts as a promising asset class. Now, it has emerged that Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts. Also read | Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal." She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson. Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported. Also watch | Hindenburg vs SEBI Chief: What experts are saying × Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies. Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled. The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest. (With inputs from agencies)

What is SEBI chief Madhabi Puri Buch's link with asset manager Blackstone all about?

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

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group.

The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year.

This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group.

Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.

It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion.

In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.'

This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India.

Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed.

A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.'

The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported.

The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.'

It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.'

Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research.

According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani.

The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.

Yet another blow has come to Gautam Adani, one of the world's richest men and the founder of Adani Group. The latest set of accusations by activist short-seller Hindenburg Research this week led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters. However, the losses are nothing compared to last year. This comes after Hindenburg Research, based out of New York, accused the head of India's capital markets regulator of links to an offshore fund structure also used by the Adani Group. Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct. It's not the first time it has tanked Adani Group's market value. In 2023, after Hindenburg Research first made accusations against Adani Group in January, its stock value shaved off some $150 billion. In a report titled 'How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History,' Hindenburg accused the group of extensive misuse of tax havens and running stock manipulation and fraud 'over decades.' This resulted in probes into the group's vast multibillion-dollar empire by the Supreme Court of India in conjunction with the Securities and Exchange Board of India. Citing whistleblower documents, Hindenburg said that the head of SEBI, Madhabi Puri Buch, had a conflict of interest in investigating Adani. She and her husband held stakes in offshore entities used to artificially inflate the shares of companies owned by the Adani Group, Hindenburg claimed. A statement by the couple said they 'strongly deny the baseless allegations and insinuations made in the report.' The regulator also published a separate statement saying it had probed allegations made by Hindenburg Research against the Adani Group, Reuters reported. The Adani Group denied all the accusations, adding a note to its website which described the report as 'malicious, mischievous and manipulative selections of publicly available information.' It had further accused Hindenburg of coming to 'pre-determined conclusions for personal profiteering with wanton disregard for facts and the law.' Adani's wealth surged in 2022, making him the third richest person in the world at the start of 2023; now he slipped to 22nd place in the Bloomberg Billionaires Index after allegations by Hindenburg Research. According to the Index, his net worth is $104 billion, making him the 12th wealthiest man in the world at the moment and the next individual after the richest man in Asia, Mukesh Ambani. The latest allegations come at a hard time for Adani as his company is trying to expand internationally. Last week, Business Insider reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a significant trading hub.

Adani empire in the spotlight as Hindenburg strikes with fresh allegations

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group. Hindenburg further charged that chairperson Madhabi Puri Buch has a conflict of interest arising from investments that she and her husband have in offshore firms related to the Adani conglomerate.

Conflict of Interest Allegations

Sebi had earlier charged Hindenburg with leaking the findings to a New York-based hedge fund manager, who was able to make money out of those. According to reports, Hindenburg has earned more than $4 million through its short-selling position on Adani stocks. The allegations against Buch have given rise to apprehensions about Sebi's inability to conduct the probe impartially.

Hindenburg Research is a noted short seller who predicts a company's fall in stock prices. Its reports result in huge price plummets, thereby allowing it to gain from the same. It hogged the limelight with its report on electric vehicle maker Nikola Corp, whose founder was subsequently charged with criminal offences.

Short Selling Explained

Short selling can be defined as the act of borrowing shares and selling them at the current market price, aiming to repurchase them later at a lower price. There is unlimited risk involved in this approach, if the price of the stock rises instead of falling, then the short seller has to buy it back at a higher price, resulting in significant losses.

In 2023, Hindenburg published a report accusing of stock manipulation and financial misconduct against the Adani Group. This report erased more than $100 billion in market value for the company. After the report, Sebi began investigating the matter involving the Adani Group but was criticised for not making significant progress.

Sebi's Response

Sebi has termed the allegations by Hindenburg as 'inappropriate' and added that its chairperson Buch has made all necessary disclosures and has recused from conflicts of interest. Yet, questions over Sebi's independence in the probe into the Adani Group continue to linger. 
The Indian government has chosen not to intervene with Hindenburg's report on Sebi. This now leaves Sebi in the dock over how it treated the allegations against Adani Group and if there were any conflicts of interest at top levels.

Hindenburg Research has stood its ground by saying that Sebi needs to address these issues in a transparent manner.

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group.

The US-based Hindenburg Research, known for its forensic financial investigations and short-selling strategies, claimed that the Securities and Exchange Board of India had failed to act on its report from 2023 in which it levelled charges of financial misconduct by the Adani Group. Hindenburg further charged that chairperson Madhabi Puri Buch has a conflict of interest arising from investments that she and her husband have in offshore firms related to the Adani conglomerate. Conflict of Interest Allegations Sebi had earlier charged Hindenburg with leaking the findings to a New York-based hedge fund manager, who was able to make money out of those. According to reports, Hindenburg has earned more than $4 million through its short-selling position on Adani stocks. The allegations against Buch have given rise to apprehensions about Sebi's inability to conduct the probe impartially. Hindenburg Research is a noted short seller who predicts a company's fall in stock prices. Its reports result in huge price plummets, thereby allowing it to gain from the same. It hogged the limelight with its report on electric vehicle maker Nikola Corp, whose founder was subsequently charged with criminal offences. Short Selling Explained Short selling can be defined as the act of borrowing shares and selling them at the current market price, aiming to repurchase them later at a lower price. There is unlimited risk involved in this approach, if the price of the stock rises instead of falling, then the short seller has to buy it back at a higher price, resulting in significant losses. In 2023, Hindenburg published a report accusing of stock manipulation and financial misconduct against the Adani Group. This report erased more than $100 billion in market value for the company. After the report, Sebi began investigating the matter involving the Adani Group but was criticised for not making significant progress. Sebi's Response Sebi has termed the allegations by Hindenburg as 'inappropriate' and added that its chairperson Buch has made all necessary disclosures and has recused from conflicts of interest. Yet, questions over Sebi's independence in the probe into the Adani Group continue to linger. The Indian government has chosen not to intervene with Hindenburg's report on Sebi. This now leaves Sebi in the dock over how it treated the allegations against Adani Group and if there were any conflicts of interest at top levels. Hindenburg Research has stood its ground by saying that Sebi needs to address these issues in a transparent manner.

How does Hindenburg Research capitalise on its high-profile revelations?

There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch. The charges are, however, being denied by the Financial Services Commission of Mauritius, saying that the funds are "not domiciled" in the island nation.

'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,' the regulator stated in a statement as it took cognisance of the contents of the new Hindenburg Research report.

The American firm accused the SEBI in its report of having a "surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities" because of Buch's hidden financial interest in the conglomerate. According to Hindenburg, Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius—the very entities allegedly used by one Vinod Adani, brother of Gautam Adani, to manipulate the financial markets.

'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,'&nbsp;stated the Mauritius regulator in clarification that they do not permit the creation of shell companies.

According to FSC, Mauritius adheres to international best practices and has been assessed as compliant with the standards of the Organisation for Economic Co-operation and Development (OECD).

'As per the peer review conducted by the OECD Forum on Harmful Tax Practices, the OECD is satisfied that Mauritius does not have any harmful features in its tax regimes, thus recognising Mauritius as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be termed as a tax haven,' it said.

There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch.

There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch. The charges are, however, being denied by the Financial Services Commission of Mauritius, saying that the funds are "not domiciled" in the island nation. '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,' the regulator stated in a statement as it took cognisance of the contents of the new Hindenburg Research report. The American firm accused the SEBI in its report of having a "surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities" because of Buch's hidden financial interest in the conglomerate. According to Hindenburg, Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius—the very entities allegedly used by one Vinod Adani, brother of Gautam Adani, to manipulate the financial markets. '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,' stated the Mauritius regulator in clarification that they do not permit the creation of shell companies. According to FSC, Mauritius adheres to international best practices and has been assessed as compliant with the standards of the Organisation for Economic Co-operation and Development (OECD). 'As per the peer review conducted by the OECD Forum on Harmful Tax Practices, the OECD is satisfied that Mauritius does not have any harmful features in its tax regimes, thus recognising Mauritius as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be termed as a tax haven,' it said.

Financial commission of Mauritius debunks Hindenburg's offshore allegations

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations.

Hindenburg Research had alleged that Securities and Exchange Board of India chief Madhabi Buch and her husband had invested in an offshore fund that was also used by Adani Group operatives to inflate stock prices of the group companies. Buch has denied the allegations, but the US-based short-seller firm is sticking to its guns. 
 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/how-does-hindenburg-research-capitalise-on-its-high-profile-revelations-749977">How does Hindenburg Research capitalise on its high-profile revelations?</a>

Senior market analyst Hemindra Hazari said it is "regrettable" that any investigation by Sebi takes so long to close, and this has been going on for many years.

It is only after the Supreme Court's intervention that certain timelines were given to the regulator to investigate allegations about Adani, he noted, while speaking to WION.

"Now if your investigation takes so long, the question is: Is the regulator competent enough to get all the details or not?"&nbsp;

"And why should it be taking so long? These things should be done quickly and should be resolved quickly," he said.

WATCH:&nbsp;Hindenburg vs SEBI Chief: Hindenburg keeps spotlight on Adani group

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&nbsp;

Hazari noted that there are three basic issues in this controversy: 
 
1. Are the documents pertaining to Madhvi Buch's investments and her husband's authentic?

2. Did Buch make the necessary disclosures to Sebi, the government of India, and the Supreme Court of India?

3. Did she recuse herself from the Adani investigations?

Also read:&nbsp;<a href="https://www.wionews.com/india-news/hindenburg-report-reveals-5-billion-mutual-fund-money-invested-in-10-adani-group-companies-749467">Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies</a>

 
Prof Vikas Singh, economist and author, said the Adani-Hindenburg saga has highlighted critical gaps in corporate governance and regulatory oversight.

"India must expedite investigations, ensuring transparency and accountability," Singh said.

<h2>'Sebi under scrutiny'</h2>

Singh pointed out that the Hindenburg-Adani saga has intensified scrutiny on Sebi's role in regulating India's capital markets.&nbsp;

"Allegations of lax oversight and potential conflicts of interest have eroded public trust in the regulator. While SEBI has initiated investigations, restoring credibility and ensuring investor protection are paramount," Singh told WION.

"The episode underscores the need for a robust regulatory framework and transparent governance within market watchdogs."

(With inputs from agencies)

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations.

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations. Hindenburg Research had alleged that Securities and Exchange Board of India chief Madhabi Buch and her husband had invested in an offshore fund that was also used by Adani Group operatives to inflate stock prices of the group companies. Buch has denied the allegations, but the US-based short-seller firm is sticking to its guns. Also read: How does Hindenburg Research capitalise on its high-profile revelations? Senior market analyst Hemindra Hazari said it is "regrettable" that any investigation by Sebi takes so long to close, and this has been going on for many years. It is only after the Supreme Court's intervention that certain timelines were given to the regulator to investigate allegations about Adani, he noted, while speaking to WION. "Now if your investigation takes so long, the question is: Is the regulator competent enough to get all the details or not?" "And why should it be taking so long? These things should be done quickly and should be resolved quickly," he said. WATCH: Hindenburg vs SEBI Chief: Hindenburg keeps spotlight on Adani group × Hazari noted that there are three basic issues in this controversy: 1. Are the documents pertaining to Madhvi Buch's investments and her husband's authentic? 2. Did Buch make the necessary disclosures to Sebi, the government of India, and the Supreme Court of India? 3. Did she recuse herself from the Adani investigations? Also read: Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies Prof Vikas Singh, economist and author, said the Adani-Hindenburg saga has highlighted critical gaps in corporate governance and regulatory oversight. "India must expedite investigations, ensuring transparency and accountability," Singh said. 'Sebi under scrutiny' Singh pointed out that the Hindenburg-Adani saga has intensified scrutiny on Sebi's role in regulating India's capital markets. "Allegations of lax oversight and potential conflicts of interest have eroded public trust in the regulator. While SEBI has initiated investigations, restoring credibility and ensuring investor protection are paramount," Singh told WION. "The episode underscores the need for a robust regulatory framework and transparent governance within market watchdogs." (With inputs from agencies)

Hindenburg vs Adani and Sebi chief Madhabi's role: Is watchdog competent to probe? Experts weigh in

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