A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator.

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator. The firm came under scrutiny after the recent report by US-based short seller Hindenburg highlighted it as part of possible conflicts of interest on the part of Buch. The shared address issue was reported by Scroll website earlier this week citing the consulting firm's regulatory filings. The Scroll report, published on August 13, said the firm was identified as Agora Advisory Private Limited. The Hindenburg report had alleged that Buch previously held investments in offshore funds also used by the Adani Group. The report said that Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani Group Chairman Gautam Adani. Both the Buchs and the Adani group denied the allegations. A look at the consulting firm Citing documents with the Registrar of Companies, the Scroll report on Tuesday said that Agora Advisory Private Limited was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors. Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore. Agora Advisory Private Limited is located at 201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai. This address was cited in the firm's latest balance sheets for the year 2023-24. Also read | Money-Wise: How can Indian market investors be saved from sudden crises like Hindenburg-Adani case? Scroll reported that these balance sheets were audited by a chartered accountancy firm called Shah and Savla LLP. But here's the catch: Shah and Savla LLP's address is the same as that of Agora Advisory Private Limited. The report pointed out that two other firms operated by Buch - Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation - also have the same address. She had stepped down from these firms before joining SEBI in 2017. Her husband Dhaval has been a director in these firms since 2019. Experts told the publication that a firm and its auditor sharing the same address was a “shady” and a “lazy” practice usually restricted to medium, small and micro enterprises in the informal sector. An expert, who chose to remain anonymous, said this was usually a sign of bad corporate governance. Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at? × Another expert highlighted that an auditor sharing its address with the auditee firm might not necessarily be a red flag, but could lead to questions about other links. Is Agora Advisory dormant or active? Apart from the controversy over Buch's firm and its auditor sharing the same address, Scroll reported citing documents that Madhabi Buch continued to hold a 99 per cent stake in Agora Advisory Private Limited till as late as March this year, despite resigning from the consulting firm in 2017. The firm has said that it is engaged in management consultancy services. Hindenburg had highlighted that the firm reported revenue of Rs 1.98 crore (around $236,063) in 2021-’22, more than four times Buch’s salary as the SEBI chief. (With inputs from agencies)

Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report

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

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

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

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

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

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

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

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

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

The ruling Bharatiya Janata Party (BJP) in India on Monday (Aug 12) lashed out at US-based short seller Hindenburg over its report which alleged that the Securities and Exchange Board of India's (SEBI) chairperson Madhabi Puri Buch held investments in offshore funds also used by the Adani Group.

The ruling Bharatiya Janata Party (BJP) in India on Monday (Aug 12) lashed out at US-based short seller Hindenburg over its report which alleged that the Securities and Exchange Board of India's (SEBI) chairperson Madhabi Puri Buch held investments in offshore funds also used by the Adani Group. Addressing a press conference, senior BJP leader and former Union Minister Ravi Shankar Prasad questioned who was investing in Hindenburg. Prasad alleged that Hungarian-American philanthropist George Soros was the main investor in Hindenburg. Also read | Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification "Do you know this gentleman George Soros who regularly runs propaganda against India...He is the main investor there...," he told reporters. Not the first time BJP sparred with Soros This is not the first time that the BJP-led Modi government has sparred with Soros. It all started last year when Hindenburg released a report that alleged Gautam Adani (Adani Group's chairperson) improperly used tax havens and flagged concerns about high debt levels at the company. In February 2023, Soros said that Indian Prime Minister Narendra Modi's fate was ‘intertwined’ with Adani's. #WATCH | On the recent report of Hindenburg Research, BJP MP Ravi Shankar Prasad says, "Today we want to raise some issues. Whose investment is there in Hindenburg? Do you know this gentleman George Soros who regularly runs propaganda against India...He is the main investor… pic.twitter.com/52B78GGFBC — ANI (@ANI) August 12, 2024 × “Modi and business tycoon Adani are close allies. Their fate is intertwined. Adani is accused of stock manipulation and his stock collapsed like a house of cards. Modi is silent on the subject, but he will have to answer questions from foreign investors and in Parliament,” Soros said during the Munich Security Conference on February 16. The BJP was quick to counter that Soros wanted to destroy India's democracy and wanted some "hand-picked" people to run the government. “A foreign power at the centre of which is a man named George Soros has announced that he will hurt India’s democratic structure. He has announced that Prime Minister Narendra Modi will be his main target," then-Union minister Smriti Irani said last year. He has also announced that he will help build a system in India that will protect his interests,” she added. A dig at Congress During Monday's press conference, BJP's Ravi Shankar Prasad took a dig at the opposition Congress party over the Hindenburg-SEBI chief issue. "In their pathological hatred against Narendra Modi, the Congress Party today has developed hatred against India itself," Prasad. Also read | Did SEBI Chief Madhabi Buch fail to disclose Adani links, recuse from probes? As Adani Group's stocks fell earlier in the day, Prasad said, "If India's stock market gets disturbed, will the small investors be troubled or not?" He further alleged that the Congress wanted "to crash the entire stock market, stop the capital investment of small investors and ensure that there should be no economic investment in India..."

Hindenburg-SEBI chief row: 'George Soros is...,' BJP lashes out at US-based short seller over its report

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

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

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

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

Opposition parties in India have strongly reacted to the US-based short-seller Hindenburg's allegations on Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and the Adani group.

Opposition parties in India have strongly reacted to the US-based short-seller Hindenburg's allegations on Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and the Adani group. In its report, Hindenburg alleged, on Saturday (Aug 10), that Buch previously held investments in certain offshore funds that were also used by Adani Group. Citing whistleblower documents, Hindenburg said Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds This report by Hindenburg comes more than a year after the short-seller alleged improper use of tax havens and stock manipulation by Adani Group, setting off a $150 billion sell-off in the conglomerate's stocks despite its denials of wrongdoing. Opposition reacts In a post on X, senior Congress leader Jairam Ramesh issued a statement on the report's findings. "SEBI's strange reluctance to investigate the Adani mega scam has been long noted, by the Supreme Court's expert committee. The committee pointed out in its report that SEBI had in 2018 diluted and in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial ownership of foreign funds," the statement said. "This had tied its hands to the extent that the securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations...It is this dichotomy that has led to SEBI drawing a blank worldwide," it said, citing the expert committee. Here is the statement by Shri @Jairam_Ramesh, MP, General Secretary (Communications), AICC, on the latest Hindenburg Research revelations. pic.twitter.com/FMpFIuvYgu — Congress (@INCIndia) August 10, 2024 × "Under public pressure, after the Adani horse had bolted, SEBI's board reintroduced stricter reporting rules on June 28, 2023. It told the expert committee on August 25, 2023, that it was investigating 13 suspicious transactions. Yet the investigations never bore fruit," Ramesh added. He pointed out that Hindenburg's report on Saturday showed that SEBI chairperson Madhabi Buch and her husband invested in the same Bermuda and Mauritius-based offshore funds in which Vinod Adani and his close associates invested funds from the over-invoicing of power equipment. "These funds are also believed to have been used to amass large stakes in the Adani Group companies in violation of SEBI regulations," Ramesh added. हिंडनबर्ग खुलासे की भनक लग गई थी 3 दिन पहले मोदी ने संसद का सत्र समाप्त कर दिया। मोदी सरकार सिर से पाँव तक भ्रष्टाचार में डूबी है।अपने दोस्त अडानी को बचाने के लिए मोदी जी ने उसी SEBI अध्यक्ष से जाँच कराई जिसने अडानी के साथ मिलकर घोटाला किया। SC अपने फ़ैसले पर पुनर्विचार करे। इस… — Sanjay Singh AAP (@SanjayAzadSln) August 11, 2024 × The senior Congress leader urged the central government to act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani. The Aam Aadmi Party (AAP), meanwhile, said that the Hindenburg revelations were hinted at three days before the Parliament session ended. "Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani," AAP said in a post on X. SEBI chief hits out at Hindenburg Reacting to Hindenburg's allegations, Madhabi Puch and her husband accused the American short-seller of attempting to assassinate their character. "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them," the couple said in a statement. Also read | Who is Madhabi Buch? The SEBI chief named in Hindenburg's latest Adani report "Further, in the interest of complete transparency, we would be issuing a detailed statement in due course," they added. Adani Group's reaction "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," the Adani Group said in a statement. "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 January 2024. It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," it added. What happens next? According to reliable sources, there might be a big fallout due to the report within the upper hierarchy of SEBI. Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson, and the name of Dinesh Khara, the recently retired State Bank of India (SBI) chief, is doing the rounds. As for confidence in the Indian market and economy -- the opposition has started pressuring the Narendra Modi government to act quickly and remove Buch from the top position in SEBI.

Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, Adani Group