In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations.

A report by the Indian Express shows the web of funds &amp; investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group. SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch's investment in Mauritius-based IPE plus fund 1 is now at the centre of the controversy. According to the report, this fund also had several investments from Vinod Adani and is part of two of the 13 offshore funds which form a part of the web under SEBI's scrutiny.

Hindenburg's latest report said, 'Madhabi Buch's response includes several admissions...and raises numerous new critical questions.' The US firm has demanded the SEBI chairperson's client list. The research firm challenged the SEBI chief to 'commit to a full, transparent and public investigation into these issues'

Hindenburg has also questioned the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds.

Stock market reaction

The controversy has had limited reaction from the Indian stock market. Early on Monday, the Sensex index fell as much as 500 points but recovered to close nearly flat. The scenario was the same for Adani group stocks. That suggests investors have broadly moved ahead beyond the controversy. On Tuesday, the index crashed nearly 700 points to below the 79,000 level. However, broader global cues were the driving force.

Still, the saga poses several important questions. Calls for an independent probe have increased, and so have the demands for the SEBI chief to step down.

In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations. A report by the Indian Express shows the web of funds & investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group.

In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations. A report by the Indian Express shows the web of funds & investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group. SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch's investment in Mauritius-based IPE plus fund 1 is now at the centre of the controversy. According to the report, this fund also had several investments from Vinod Adani and is part of two of the 13 offshore funds which form a part of the web under SEBI's scrutiny. Hindenburg's latest report said, 'Madhabi Buch's response includes several admissions...and raises numerous new critical questions.' The US firm has demanded the SEBI chairperson's client list. The research firm challenged the SEBI chief to 'commit to a full, transparent and public investigation into these issues' Hindenburg has also questioned the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. Stock market reaction The controversy has had limited reaction from the Indian stock market. Early on Monday, the Sensex index fell as much as 500 points but recovered to close nearly flat. The scenario was the same for Adani group stocks. That suggests investors have broadly moved ahead beyond the controversy. On Tuesday, the index crashed nearly 700 points to below the 79,000 level. However, broader global cues were the driving force. Still, the saga poses several important questions. Calls for an independent probe have increased, and so have the demands for the SEBI chief to step down.

'Web of funds': Hindenburg demands SEBI Chief's client list

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

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'Web of funds': Hindenburg demands SEBI Chief's client list

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