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

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

India's principal opposition party Congress&nbsp;on Tuesday (August 13)&nbsp;announced that it&nbsp;will launch a nationwide agitation on August 22 over US short-seller Hindenburg's latest report claiming a nexus between the SEBI chairperson and the Adani Group.&nbsp;

The Congress party is demanding the removal of SEBI chairperson Madhabi Puri Buch following the&nbsp;accusations made by&nbsp;Hindenburg.&nbsp;

Congress leader and former Union minister Jairam Ramesh made the announcement on Tuesday after a meeting of&nbsp;party general secretaries, in-charges, and state chiefs, chaired by Congress president Mallikarjun Kharge.

Also Read |&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">Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION</a>

"We had a discussion about one of the biggest scams happening in the country right now: the Hindenburg revelations, the scam related to Adani and SEBI,"&nbsp;Ramesh said.

He also said that the Congress party's leadership unanimously decided to launch agitation&nbsp;by demanding a joint parliamentary committee investigation into the alleged Adani scam.

"We unanimously decided to have nationwide agitation on this issue, demanding two things, one is a JPC inquiry on Adani mega scam in which the Prime Minister is fully involved, and in which the financial market regulation has now been found to have been severely compromised...,"&nbsp;Ramesh added.

Also watch |&nbsp;Hindenburg vs SEBI Chief Saga: Indian stocks move in caution

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The political furore comes after Hindenburg Research alleged a conflict of interest between India’s stock market regulator SEBI and its chief over fresh instances of financial impropriety tied to the Adani Group.

Hindenburg Research said that whistleblower documents show the SEBI chief and her husband had a stake in obscure offshore entities used in the Adani money syphoning&nbsp; scandal.&nbsp;

SEBI chief&nbsp;Buch and her husband have since denied accusations of leniency towards Indian&nbsp;business tycoon Gautam Adani and his group of companies.

In a joint statement, the Buchs described the claims as "baseless allegations and insinuations" devoid of truth.

(With inputs from agencies)

India's principal opposition party Congress on Tuesday (August 13) announced that it will launch a nationwide agitation on August 22 over US short-seller Hindenburg's latest report claiming a nexus between the SEBI chairperson and the Adani Group.

India's principal opposition party Congress on Tuesday (August 13) announced that it will launch a nationwide agitation on August 22 over US short-seller Hindenburg's latest report claiming a nexus between the SEBI chairperson and the Adani Group. The Congress party is demanding the removal of SEBI chairperson Madhabi Puri Buch following the accusations made by Hindenburg. Congress leader and former Union minister Jairam Ramesh made the announcement on Tuesday after a meeting of party general secretaries, in-charges, and state chiefs, chaired by Congress president Mallikarjun Kharge. Also Read | Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION "We had a discussion about one of the biggest scams happening in the country right now: the Hindenburg revelations, the scam related to Adani and SEBI," Ramesh said. He also said that the Congress party's leadership unanimously decided to launch agitation by demanding a joint parliamentary committee investigation into the alleged Adani scam. "We unanimously decided to have nationwide agitation on this issue, demanding two things, one is a JPC inquiry on Adani mega scam in which the Prime Minister is fully involved, and in which the financial market regulation has now been found to have been severely compromised...," Ramesh added. Also watch | Hindenburg vs SEBI Chief Saga: Indian stocks move in caution × The political furore comes after Hindenburg Research alleged a conflict of interest between India’s stock market regulator SEBI and its chief over fresh instances of financial impropriety tied to the Adani Group. Hindenburg Research said that whistleblower documents show the SEBI chief and her husband had a stake in obscure offshore entities used in the Adani money syphoning scandal. SEBI chief Buch and her husband have since denied accusations of leniency towards Indian business tycoon Gautam Adani and his group of companies. In a joint statement, the Buchs described the claims as "baseless allegations and insinuations" devoid of truth. (With inputs from agencies)

Congress to launch nationwide agitation over Hindenburg’s SEBI chief-Adani nexus claim

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings.

Petitioner, advocate Vishal Tiwari, reminded that the Supreme Court, in its judgment on January 3, had given SEBI three months to complete 24 investigations into Hindenburg’s earlier report accusing the Adani Group of share price manipulations and violations of securities law.

SEBI completed most of its investigations into the Adani Group, with only two pending due to required information from external sources. Given recent developments, the application urges the court to set a specific deadline for concluding these final probes.

Also read:&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">Ex-FinMin official asks Sitharaman to probe SEBI chief over Hindenburg report</a>

The application said, “It is important in the public interest and for the sake of the Investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani Group. The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.”

Tiwari referred to Hindenburg's claims that SEBI chief Madhabi Buch and her husband had financial ties to offshore funds allegedly involved in the Adani Group's financial misconduct.

The report cited “whistleblower documents”.

Notably, the report comes a year and a half after Hindenburg’s damaging report on the Adani Group that had far-reaching consequences, including the cancellation of the company’s flagship ₹20,000 crore (23,82,044.00 USD) follow-on public offer.

The application alleged, “Hindenburg claimed in a blog post that 18 months after its preliminary report on Adani, the Securities and Exchange Board of India (SEBI) has shown an unexpected lack of interest in investigating Adani’s alleged web of undisclosed Mauritius and offshore shell entities.”&nbsp;

According to Hindenburg, Tiwari said, an announcement of funds signed by a principal at IIFL stated that the source of the investment was salary, and the couple’s net worth was estimated at $10 million. Hindenburg claimed that just weeks before her appointment as SEBI chairperson in March 2017, Madhabi Buch's husband requested sole control over their offshore accounts from Mauritius fund administrator Trident Trust.

<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>

The email, allegedly obtained from a whistleblower, appeared to indicate an attempt to move the assets out of his wife’s name ahead of her politically sensitive appointment.

"The SEBI chief has dismissed the allegations as unfounded. While the court has ruled that third-party reports are inadmissible, the claims have nonetheless created public and investor uncertainty. Under these circumstances," the application said.

(With inputs from agencies)

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings.

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings. Petitioner, advocate Vishal Tiwari, reminded that the Supreme Court, in its judgment on January 3, had given SEBI three months to complete 24 investigations into Hindenburg’s earlier report accusing the Adani Group of share price manipulations and violations of securities law. SEBI completed most of its investigations into the Adani Group, with only two pending due to required information from external sources. Given recent developments, the application urges the court to set a specific deadline for concluding these final probes. Also read: Ex-FinMin official asks Sitharaman to probe SEBI chief over Hindenburg report The application said, “It is important in the public interest and for the sake of the Investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani Group. The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.” Tiwari referred to Hindenburg's claims that SEBI chief Madhabi Buch and her husband had financial ties to offshore funds allegedly involved in the Adani Group's financial misconduct. The report cited “whistleblower documents”. Notably, the report comes a year and a half after Hindenburg’s damaging report on the Adani Group that had far-reaching consequences, including the cancellation of the company’s flagship ₹20,000 crore (23,82,044.00 USD) follow-on public offer. The application alleged, “Hindenburg claimed in a blog post that 18 months after its preliminary report on Adani, the Securities and Exchange Board of India (SEBI) has shown an unexpected lack of interest in investigating Adani’s alleged web of undisclosed Mauritius and offshore shell entities.” According to Hindenburg, Tiwari said, an announcement of funds signed by a principal at IIFL stated that the source of the investment was salary, and the couple’s net worth was estimated at $10 million. Hindenburg claimed that just weeks before her appointment as SEBI chairperson in March 2017, Madhabi Buch's husband requested sole control over their offshore accounts from Mauritius fund administrator Trident Trust. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? The email, allegedly obtained from a whistleblower, appeared to indicate an attempt to move the assets out of his wife’s name ahead of her politically sensitive appointment. "The SEBI chief has dismissed the allegations as unfounded. While the court has ruled that third-party reports are inadmissible, the claims have nonetheless created public and investor uncertainty. Under these circumstances," the application said. (With inputs from agencies)

Hindenburg Vs SEBI: Supreme Court plea seeks directive to complete Adani Group probe

Hindenburg vs SEBI Chief Saga: Indian stocks move in caution

Sebi chief Madhabi Buch and Adani vs Hindenburg row:&nbsp;An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13).&nbsp;

Hindenburg Research alleged that Securities and Exchange Board of India chairperson Madbhabi Buch and her husband had investments in an offshore fund that was linked to Adani, even as Sebi under her leadership&nbsp;was probing earlier allegations made by the US-based activist short-seller firm.&nbsp;

Questions are being raised about whether Buch properly disclosed her investments to Adani-linked funds. In two separate statements, Buch and her husband defended their investment record.

"The Sebi chairman, or any member, if they make any disclosure, that should be to the ministry of finance...and cabinet committee on appointments which appoints them. She cannot give a clean chit to herself," Sarma told WION. "This is a matter that requires further enquiry".

"Did she make a disclosure to the Ministry of Finance? Was the cabinet committee on appointments and the cabinet made aware of all this? This is much more important."

<h2>Sarma explains his reasons for seeking a judicial probe into Madhabi Buch-Adani links</h2>

"Once there is a doubt like this, somebody has to investigate," Sarma said. "Can Sebi do that? No, it can't," he said, pointing out that regulatory authorities have recently been "compromised," and their integrity was under scrutiny. "People are losing credibility in some of these institutions."

Sarma suggested an independent judicial commission, whose head should be nominated by the Chief Justice of India, to conduct the probe in a time-bound manner and submit the report to parliament.

<a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589" target="_blank">Watch |&nbsp;Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589/embed" width="560"></iframe>

<h2>'Shadow economy of offshore shell companies flourishing'</h2>

Sarma pointed out that the larger issue here is the shadow economy of shell companies flourishing in the absence of regulation.

"I have written many times to the finance minister...about a shadow economy actually flourishing outside India. Many overseas shell companies have been set up. Some of these business houses are cashing their illicit wealth in these overseas shell companies," Sarma told WION.

"They're using them to evade taxes... and also probably to manipulate the stock market."

He pointed out that there's&nbsp;no proper definition of a shell company available in India, unlike in the US and Europe, which led to a legislative gap.

"In the companies act, in the prevention of money laundering legislation and in Sebi regulations, everywhere you should define it...I think they appointed a task force but it never saw the light of the day. They've deliberately left a legislative gap that has given a cover for these overseas shell companies to operate."

Noting that there was a 2014 regulation that foreign portfolio investors should reveal 'beneficial ownership' of their funds, he said that in 2018, "for very strange reasons," Sebi relaxed it, "making it easy for FPIs to hide their beneficiary owners."

He pointed out there were some investigations into Adani-linked companies in the past after the first Hindenburg report. "We don't know what really happened."

Sarma highlighted in 2022, the Department of Economic Affairs issued an order further relaxing how shell companies operate. "It literally made it easy for people to stash money in these companies and then round-trip it via third countries to India."

He pointed out that a former chairman of Sebi joined the board of the Adani group,&nbsp;which had raised eyebrows.

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Hindenburg vs SEBI: 'The accusations made against the chairperson of SEBI are only accusations, they are not yet proven' 
 
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… <a href="https://t.co/ROpYYbotwb">pic.twitter.com/ROpYYbotwb</a>
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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

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies. This comes after the US-based short seller's most recent report, which alleged a conflict of interest involving SEBI chairperson Madhabi Puri Buch.

Vishal Tiwari has submitted the latest plea. Tiwari was the petitioner in the 2023 lawsuits that sought an inquiry by the SIT or CBI into the claims made by Hindenburg in January 2023. Back then, Hindenburg had published a scathing report about the Adani group's alleged stock market manipulation.

The supreme court had rejected the request for a CBI/SIT probe in January this year, supporting the SEBI's inquiry. Although the court rejected the petitions, it did urge the SEBI to finish the investigations 'preferably' within three months.

The SEBI has closed 22 of the 24 investigations and said external agencies' inputs on the remaining two enquiries are still awaited. The new application stated that, given recent events, it would be wise to set a deadline for the outstanding investigations to be completed.

Tiwari cited Hindenburg's latest allegations on the SEBI chief and her husband's involvement with the Adani group's scam. The petitioner also stated, 'It becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations" due to the report's reputation for sowing an atmosphere of doubt.'

The application argued that 'it is important in the public interest and for the interest of the investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani group.' The plea added, 'The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.' 
&nbsp;

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies.

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies. This comes after the US-based short seller's most recent report, which alleged a conflict of interest involving SEBI chairperson Madhabi Puri Buch. Vishal Tiwari has submitted the latest plea. Tiwari was the petitioner in the 2023 lawsuits that sought an inquiry by the SIT or CBI into the claims made by Hindenburg in January 2023. Back then, Hindenburg had published a scathing report about the Adani group's alleged stock market manipulation. The supreme court had rejected the request for a CBI/SIT probe in January this year, supporting the SEBI's inquiry. Although the court rejected the petitions, it did urge the SEBI to finish the investigations 'preferably' within three months. The SEBI has closed 22 of the 24 investigations and said external agencies' inputs on the remaining two enquiries are still awaited. The new application stated that, given recent events, it would be wise to set a deadline for the outstanding investigations to be completed. Tiwari cited Hindenburg's latest allegations on the SEBI chief and her husband's involvement with the Adani group's scam. The petitioner also stated, 'It becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations" due to the report's reputation for sowing an atmosphere of doubt.' The application argued that 'it is important in the public interest and for the interest of the investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani group.' The plea added, 'The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.'

Hindenburg vs SEBI chief: New plea in Supreme Court on Adani probe

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

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar. The similarity in both cases has sent social media on overdrive.

Hindenburg research raised severe claims against SEBI chair Buch and her spouse Dhaval Buch as well. The research house ASO questions the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. That is eerily similar to Chanda Kochhar and her husband, Deepak Kochhar, suspected of irregularities in a 3,000-crore rupee loan to the Videocon group during her time as ICICI Bank CEO.

The similarities don't end there. In 2018, Kochhar stepped down from her role as CEO of ICICI Bank after facing allegations of corruption. With Hindenburg alleging Buch's investment in funds linked to the Adani group's fraud, there is increasing pressure on Buch to resign as SEBI chief.&nbsp;

The other connection between Kochhar and Buch is that the SEBI chief once worked at ICICI Bank as an executive director. Before the dramatic downfall, Kochhar was one of Time magazine's 100 most powerful women in 2015 and Forbes' most powerful women seven times.

These high-profile cases bring several questions to the fore. Should the government try and bridge the gap in regulations to make sure such scenarios don't repeat? Beyond politics, what is important is to keep the confidence in India's regulatory bodies? Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario?

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar.

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar. The similarity in both cases has sent social media on overdrive. Hindenburg research raised severe claims against SEBI chair Buch and her spouse Dhaval Buch as well. The research house ASO questions the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. That is eerily similar to Chanda Kochhar and her husband, Deepak Kochhar, suspected of irregularities in a 3,000-crore rupee loan to the Videocon group during her time as ICICI Bank CEO. The similarities don't end there. In 2018, Kochhar stepped down from her role as CEO of ICICI Bank after facing allegations of corruption. With Hindenburg alleging Buch's investment in funds linked to the Adani group's fraud, there is increasing pressure on Buch to resign as SEBI chief. The other connection between Kochhar and Buch is that the SEBI chief once worked at ICICI Bank as an executive director. Before the dramatic downfall, Kochhar was one of Time magazine's 100 most powerful women in 2015 and Forbes' most powerful women seven times. These high-profile cases bring several questions to the fore. Should the government try and bridge the gap in regulations to make sure such scenarios don't repeat? Beyond politics, what is important is to keep the confidence in India's regulatory bodies? Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario?

Hindenburg allegations on SEBI chief invoke Chandra Kochhar's case

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

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

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

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

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent&nbsp;lower and Adani Power is down nearly 5 per cent at 10:24 AM. 
&nbsp; 
Hindenburg responded to the SEBI chief's initial response with a series of tweets:&nbsp;

Excerpts of Hindenburg's tweets

'Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.'

'SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch WAS PERSONALLY INVESTED IN and funds by the same sponsor, which were specifically highlighted in our original report. This is obviously a massive conflict of interest.'

(This is a developing story)

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent lower and Adani Power is down nearly 5 per cent at 10:24 AM.

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent lower and Adani Power is down nearly 5 per cent at 10:24 AM. Hindenburg responded to the SEBI chief's initial response with a series of tweets: Excerpts of Hindenburg's tweets 'Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.' 'SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch WAS PERSONALLY INVESTED IN and funds by the same sponsor, which were specifically highlighted in our original report. This is obviously a massive conflict of interest.' (This is a developing story)

Adani stocks open in red post the ongoing Hindenburg and SEBI chief saga

Hindenburg Vs SEBI saga explodes again; Hindenburg counter SEBI's chief rebuttal

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed.&nbsp;

Currently, there are 11 Adani Group companies listed in the Indian markets and barring New Delhi Television (NDTV) - the mutual fund managers have parked investors' money in every single company, according to Moneycontrol.

<ul>
	<li>Ambuja Cements</li>
	<li>ACC</li>
	<li>Adani Ports and SEZ</li>
	<li>Adani Enterprises</li>
	<li>Adani Power</li>
	<li>Adani Energy Solutions</li>
	<li>Adani Green Energy</li>
	<li>Adani Total Gas</li>
	<li>Sanghi Industries</li>
	<li>Adani Wilmar</li>
	<li>New Delhi Television (NDTV)</li>
</ul>

As of July 2024, Adani Ports and SEZ had the highest mutual fund exposure at $1.5 billion (Rs 13,024), followed by Ambuja Cements at $1.07 billion (Rs 8999.25 crore).&nbsp;

After the Hindenburg report was released on Saturday (Aug 10), the Indian stock market opened in red on Monday (Aug 12) with all Adani stocks experiencing a significant dip.&nbsp;Adani Ports and SEZ was down 2.33 per cent by the end of the day while Adani Enterprises closed at Rs 3,140 - down 2.46 per cent from the last trading session.&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>

<h2>What did the report claim?&nbsp;</h2>

The Hindenburg&nbsp;report published on Saturday (Aug 10), citing whistleblower documents claimed that market regulator SEBI chief, Madhabi Puri Buch, had a conflict of interest due to investments made by her in funds&nbsp;linked to the Adani Group's alleged financial misconduct.

The money was invested in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.

"She had a&nbsp;100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.&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">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

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.

(With inputs from agencies)

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed.

As much as $4.98 billion (Rs 41,814 crore) worth of investments have been made by mutual funds in 10 companies belonging to the Adani Group, a report by US-based short-seller Hindenburg Research has revealed. Currently, there are 11 Adani Group companies listed in the Indian markets and barring New Delhi Television (NDTV) - the mutual fund managers have parked investors' money in every single company, according to Moneycontrol. Ambuja Cements ACC Adani Ports and SEZ Adani Enterprises Adani Power Adani Energy Solutions Adani Green Energy Adani Total Gas Sanghi Industries Adani Wilmar New Delhi Television (NDTV) As of July 2024, Adani Ports and SEZ had the highest mutual fund exposure at $1.5 billion (Rs 13,024), followed by Ambuja Cements at $1.07 billion (Rs 8999.25 crore). After the Hindenburg report was released on Saturday (Aug 10), the Indian stock market opened in red on Monday (Aug 12) with all Adani stocks experiencing a significant dip. Adani Ports and SEZ was down 2.33 per cent by the end of the day while Adani Enterprises closed at Rs 3,140 - down 2.46 per cent from the last trading session. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report What did the report claim? The Hindenburg report published on Saturday (Aug 10), citing whistleblower documents claimed that market regulator SEBI chief, Madhabi Puri Buch, had a conflict of interest due to investments made by her in funds linked to the Adani Group's alleged financial misconduct. The money was invested in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group. "She had a 100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. 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. (With inputs from agencies)

Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies

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

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

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

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

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

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

US-based short seller Hindenburg Research has doubled down on its allegations against Indian market regulator (SEBI) chief, Madhabi Puri Buch, after the latter published a clarification on Sunday (Aug 11).

Madhabi, in a joint statement with her husband, Dhawal Buch,&nbsp;accused Hindenburg of attempting a "character assassination" of the Buchs.

However, the research firm said the SEBI chair's response to the report included "several important admissions" that raised numerous "new critical questions".

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
SEBI Chairperson Madhabi Buch’s response to our report includes several important admissions and raises numerous new critical questions. 
 
(1/x) <a href="https://t.co/Usk0V6e90K">https://t.co/Usk0V6e90K</a>
— Hindenburg Research (@HindenburgRes) <a href="https://twitter.com/HindenburgRes/status/1822691385730040048?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Hindenburg alleged that Madhabi confirmed she had invested in an obscure Bermuda/Mauritius fund&nbsp;alongside money allegedly siphoned by Vinod Adani -&nbsp;brother of Gautam Adani, who is chairman of Adani Group.

"SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg added.&nbsp;

The research firm also quizzed if Madhabi would "release the full list of consulting clients and details of the engagements"&nbsp;both through the offshore Singaporean consulting firm, the Indian consulting firm or any other entity she may have an interest in.&nbsp;

<a href="https://www.wionews.com/business-economy/adani-stocks-open-in-red-post-the-ongoing-hindenburg-and-sebi-chief-saga-749298">Also read |&nbsp;Adani stocks open in red amid Hindenburg-SEBI chief saga</a>

<h2>What did the report claim?&nbsp;</h2>

The report published on Saturday (Aug 10), citing whistleblower documents claimed that the SEBI chief had a conflict of interest when the regulator investigated the Adani Group for an earlier 'expose' by Hindenburg.&nbsp;

Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said.

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

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&nbsp;

<h2>SEBI chief to quit?</h2>

According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out.

Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds.&nbsp;

As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief.

(With inputs from agencies)

US-based short seller Hindenburg Research has doubled down on its allegations against Indian market regulator (SEBI) chief, Madhabi Puri Buch, after the latter published a clarification on Sunday (Aug 11).

US-based short seller Hindenburg Research has doubled down on its allegations against Indian market regulator (SEBI) chief, Madhabi Puri Buch, after the latter published a clarification on Sunday (Aug 11). Madhabi, in a joint statement with her husband, Dhawal Buch, accused Hindenburg of attempting a "character assassination" of the Buchs. However, the research firm said the SEBI chair's response to the report included "several important admissions" that raised numerous "new critical questions". SEBI Chairperson Madhabi Buch’s response to our report includes several important admissions and raises numerous new critical questions. (1/x) https://t.co/Usk0V6e90K — Hindenburg Research (@HindenburgRes) August 11, 2024 × Hindenburg alleged that Madhabi confirmed she had invested in an obscure Bermuda/Mauritius fund alongside money allegedly siphoned by Vinod Adani - brother of Gautam Adani, who is chairman of Adani Group. "SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg added. The research firm also quizzed if Madhabi would "release the full list of consulting clients and details of the engagements" both through the offshore Singaporean consulting firm, the Indian consulting firm or any other entity she may have an interest in. Also read | Adani stocks open in red amid Hindenburg-SEBI chief saga What did the report claim? The report published on Saturday (Aug 10), citing whistleblower documents claimed that the SEBI chief had a conflict of interest when the regulator investigated the Adani Group for an earlier 'expose' by Hindenburg. Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said. The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report × SEBI chief to quit? According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out. Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds. As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief. (With inputs from agencies)

'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties.

Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct.

In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023.

The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation.

What are Hindenburg's allegations?

The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI.

Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group.

SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI.

Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja.

The statement denying any link to the Adani group added:

‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’

Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’

Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’

Broader implications

These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

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

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties. Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct. In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023. The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation. What are Hindenburg's allegations? The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI. Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group. SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI. Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja. The statement denying any link to the Adani group added: ‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’ Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’ Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’ Broader implications These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

Hindenburg vs SEBI Chief: US short-seller counters SEBI chief's rebuttal statement

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

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

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Bangladesh's ousted prime minister Sheikh Hasina claimed that had she allowed the US to take over the St. Martin's Island, she would have still been the country's prime minister.

Bangladesh's ousted prime minister Sheikh Hasina claimed that had she allowed the US to take over the St. Martin's Island, she would have still been the country's prime minister. In India, the short seller Hindenbrug's latest report on the Indian stock regulator chairperson's alleged stakes in an Adani-linked offshore funds has raised some pressing questions. Click here to read more: Bangladesh's St. Martin Island: What a potential US airbase could mean for region A three square kilometre stretch of land, St Martin's Island in the northeastern part of the Bay of Bengal, has emerged as the point of focus in the ongoing Bangladesh crisis that led to the fall of Sheikh Hasina's government earlier this week. 'Disaster waiting to happen': Uganda garbage landslide death toll rises to 12; rescue efforts ongoing Death toll from the garbage landslide at a landfill in Uganda's capital Kampala has gone up to 12, said the police on Sunday (August 11). A day earlier, on Saturday (August 10), the Kiteezi landfill, triggered by torrential rains, had a massive collapse engulfing homes, livestock, and people under piles of rubbish. Gaza war: Israel expands evacuation orders in Gaza Strip following school attack The Israeli military expanded evacuation orders in the Gaza Strip's Khan Younis late Saturday (Aug 10), forcing tens of thousands of Palestinian residents and displaced families to leave as explosions from tank shelling reverberated around them. Exclusive: Arshad Nadeem's first coach Fayaz Bukhari speaks to WION × Modi govt steeped in corruption...: Indian opposition reacts to Hindenburg's report on SEBI chief, 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. Joe Biden warns of ‘bloodbath’, calls Donald Trump a ‘genuine danger’ to democracy: ‘Mark my words...’ In his first televised interview after stepping back from the 2024 presidential race, President Joe Biden has issued a stark warning about Republican candidate Donald Trump, labelling him "a genuine danger to American security." US bans imports from five Chinese companies linked to Uighur forced labour and 'genocide' To tackle forced labour, the United States has banned imports from five more Chinese companies. It has targeted China-based firms accused of using Uighur forced labour for profit. India athlete Neeraj Chopra's next dream is not Olympic gold but to... India's javelin thrower Neeraj Chopra wants to compete with international stars in India. His comments came after winning a silver medal in men's javelin throw event at the Paris Olympics 2024. Neeraj had won the gold medal in the same event in Tokyo 2021. Taylor Swift plot suspect's lawyer plays down attack plan The lawyer of the main suspect in a foiled plot to carry out an attack at Taylor Swift concert in Vienna on Sunday sought to play down the seriousness of the plan, saying her client was only "playing with ideas".

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The recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, have ignited a political storm, with opposition parties demanding a Joint Parliamentary Committee (JPC) to investigate the matter. Now Leader of Opposition in Lok Sabha, Rahul Gandhi has commented that the integrity of SEBI "has been gravely compromised".&nbsp;

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:103,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:1979}">Rahul Gandhi slams PM Modi</h2>

"The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson," alleged the Rae Bareli MP.

Slamming Indian Prime Minister Narendra Modi, Gandhi said, "It is now abundantly clear why Prime Minister Modi is so afraid of a JPC probe and what it might reveal."

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Addressing the Indian public, Gandhi asked them to imagine "an international cricket match between India and Australia, and every single person who is watching the match and those playing the match know that the umpire is compromised."

"What would happen to the match? What would happen to the fairness of the match and the outcome? How would you feel as somebody who is participating in the match? This is exactly what is happening in the Indian stock market," he said in the video message.

Gandhi said that honest investors across India have pressing questions for the Modi government.&nbsp;

"Why hasn't SEBI Chairperson Madhabi Puri Buch resigned yet?" asked Gandhi.&nbsp;

"If investors lose their hard-earned money, who will be held accountable—PM Modi, the SEBI Chairperson, or Gautam Adani?"

Watch what he said here:

<div bis_size="{&quot;x&quot;:8,&quot;y&quot;:594,&quot;w&quot;:723,&quot;h&quot;:236,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2470}" class="ui-state-default" contenteditable="false">
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<blockquote bis_size="{&quot;x&quot;:121,&quot;y&quot;:605,&quot;w&quot;:495,&quot;h&quot;:215,&quot;abs_x&quot;:154,&quot;abs_y&quot;:2481}" class="twitter-tweet" data-media-max-width="560">
The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its Chairperson. 
 
Honest investors across the country have pressing questions for the government: 
 
- Why… <a bis_size="{&quot;x&quot;:336,&quot;y&quot;:751,&quot;w&quot;:154,&quot;h&quot;:14,&quot;abs_x&quot;:369,&quot;abs_y&quot;:2627}" href="https://t.co/vZlEl8Qb4b">pic.twitter.com/vZlEl8Qb4b</a>
— Rahul Gandhi (@RahulGandhi) <a bis_size="{&quot;x&quot;:445,&quot;y&quot;:779,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:478,&quot;abs_y&quot;:2655}" href="https://twitter.com/RahulGandhi/status/1822638113753317572?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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He also questioned whether India's top court will look into the "very serious allegation".

"In light of the new and very serious allegations that have surfaced, will the Supreme Court look into this matter suo moto once again?"

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:932,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2808}">'Colonial arrogance of days bygone'</h2>

Senior advocate Mahesh Jethmalani has dismissed the Hindenburg allegations as a "pathetic damp squib".

"The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets," alleged the&nbsp;former Rajya Sabha MP from the Bhartiya Janata Party.

"This reeks of colonial arrogance of days bygone and contempt by a rich country national fortified by safe harbour, of the economic sovereignty of an emerging nation," he added.

<div bis_size="{&quot;x&quot;:8,&quot;y&quot;:1108,&quot;w&quot;:723,&quot;h&quot;:190,&quot;abs_x&quot;:41,&quot;abs_y&quot;:2984}" class="ui-state-default" contenteditable="false">
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<a bis_size="{&quot;x&quot;:198,&quot;y&quot;:1157,&quot;w&quot;:74,&quot;h&quot;:14,&quot;abs_x&quot;:231,&quot;abs_y&quot;:3033}" href="https://twitter.com/hashtag/Hindenburg?src=hash&amp;ref_src=twsrc%5Etfw">#Hindenburg</a>’s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… <a bis_size="{&quot;x&quot;:379,&quot;y&quot;:1219,&quot;w&quot;:147,&quot;h&quot;:14,&quot;abs_x&quot;:412,&quot;abs_y&quot;:3095}" href="https://t.co/QeKNO4gEFp">https://t.co/QeKNO4gEFp</a>
— Mahesh Jethmalani (@JethmalaniM) <a bis_size="{&quot;x&quot;:462,&quot;y&quot;:1247,&quot;w&quot;:93,&quot;h&quot;:14,&quot;abs_x&quot;:495,&quot;abs_y&quot;:3123}" href="https://twitter.com/JethmalaniM/status/1822586469812236409?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
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Also read |&nbsp;<a bis_size="{&quot;x&quot;:88,&quot;y&quot;:1314,&quot;w&quot;:565,&quot;h&quot;:16,&quot;abs_x&quot;:121,&quot;abs_y&quot;:3190}" href="https://www.wionews.com/india-news/for-a-discredited-short-seller-adani-group-hits-back-over-hindenburg-report-749115">'For a discredited short-seller...': Adani Group hits back over Hindenburg report</a>

<h2 bis_size="{&quot;x&quot;:8,&quot;y&quot;:1350,&quot;w&quot;:723,&quot;h&quot;:26,&quot;abs_x&quot;:41,&quot;abs_y&quot;:3226}">Hindenburg research allegations</h2>

On Saturday, US short seller Hindenburg alleged SEBI chairperson Madhabi Buch was in cahoots with Adani.

"We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani’s relationship with SEBI Chairperson, Madhabi Buch."

"What we hadn't realised: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," said the US firm.

It said that its allegations were based on documents provided by a whistleblower and investigations carried out by other entities.

<h2>SEBI urges calm, points to ‘short positions’ disclaimer in report</h2>

India’s market regulator SEBI has meanwhile issued a statement on Sunday and urged investors to remain calm and conduct due diligence before reacting to the Hindenburg Research report, pointing out that it includes a disclaimer that the short-seller may hold short positions in the securities covered. 
 
“Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” the statement read.

(With inputs from agencies)

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

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

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

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

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

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report&nbsp;which claimed that market regulator Securities and Exchange Board of India (SEBI) chief,&nbsp;Madhabi Puri Buch,&nbsp;had connections with the conglomerate.&nbsp;

Adani Group called&nbsp;Hindenburg a 'discredited' short-seller whose allegations were&nbsp;“malicious, mischievous and manipulative”.

"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," the group said.

"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."

As for the alleged relationship with the SEBI chief and if it altered the investigation against the company, Adani Group said: "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing."

The Hindenburg report stated that Madhabi and her husband, Dhaval Buch, held 'clandestine' stakes in obscure offshore funds that were part of a complex financial structure used by the Adani Group. Their money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group.

<a href="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548" target="_blank">Watch |&nbsp;Adani group struggles to shake off Hindenburg's impact</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548/embed" width="560"></iframe>

<h2>SEBI chief statement</h2>

Reacting to Hindenburg's allegations, Madhabi and her husband released a joint statement, accusing Hindenburg of 'character assassination'.&nbsp;

"Our life and finances are an open book," said Buch in a joint statement with her husband.&nbsp;

<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;

"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.&nbsp;

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.

Notably, SEBI sent a show-cause notice to Hindenburg earlier this year, accusing the short-seller of falsely claiming that it had no direct or indirect exposure to Adani Group shares listed in India.&nbsp;&nbsp;

SEBI said that Hindenburg's January 2023 report on the Adani Group included misleading disclosures.

<h2>SEBI chief to quit?</h2>

According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out.

Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds.&nbsp;

As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief.

(With inputs from agencies)

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report which claimed that market regulator Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, had connections with the conglomerate.

The Adani Group on Sunday (Aug 11) rejected the claims made by short-seller Hindenburg Research in its latest report which claimed that market regulator Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, had connections with the conglomerate. Adani Group called Hindenburg a 'discredited' short-seller whose allegations were “malicious, mischievous and manipulative”. "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," the group said. "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." As for the alleged relationship with the SEBI chief and if it altered the investigation against the company, Adani Group said: "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing." The Hindenburg report stated that Madhabi and her husband, Dhaval Buch, held 'clandestine' stakes in obscure offshore funds that were part of a complex financial structure used by the Adani Group. Their money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group. Watch | Adani group struggles to shake off Hindenburg's impact SEBI chief statement Reacting to Hindenburg's allegations, Madhabi and her husband released a joint statement, accusing Hindenburg of 'character assassination'. "Our life and finances are an open book," said Buch in a joint statement with her husband. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added. 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. Notably, SEBI sent a show-cause notice to Hindenburg earlier this year, accusing the short-seller of falsely claiming that it had no direct or indirect exposure to Adani Group shares listed in India. SEBI said that Hindenburg's January 2023 report on the Adani Group included misleading disclosures. SEBI chief to quit? According to reliable sources, a big fallout due to the report within the upper hierarchy of SEBI may not be ruled out. Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson and the name of Dinesh Khara, the recently retired former State Bank of India chief, is doing the rounds. As for the confidence in the Indian markets and economy, especially the foreign investors, the opposition has started pressuring the Indian government to act and remove the SEBI chief. (With inputs from agencies)

'For a discredited short-seller...': Adani Group hits back over Hindenburg report

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that&nbsp;Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to&nbsp;the Adani Group's alleged financial misconduct.

Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch,&nbsp;requested to transfer their investments into his sole control&nbsp;to avoid any scrutiny that may come with the high-profile regulatory job, the report said.&nbsp;

"She had a&nbsp;100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said.&nbsp;

It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to&nbsp;associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group.

The report also highlighted the SEBI chief's role in&nbsp;promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser.&nbsp;Prior to his adviser role,&nbsp;Dhaval had not worked for a fund, in real estate or capital markets.&nbsp;

The report&nbsp;comes 18 months after Hindenburg released its 'expose' on Adani --&nbsp;questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale.

<a href="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787" target="_blank">WATCH |&nbsp;Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/wikipedia-accuses-adani-staff-of-manipulation-while-adani-groups-market-rout-deepens-further-564787/embed" width="560"></iframe>

<h2>Opposition reacts&nbsp;</h2>

The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively.&nbsp;

“SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh.

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— Jairam Ramesh (@Jairam_Ramesh) <a href="https://twitter.com/Jairam_Ramesh/status/1822336942228287625?ref_src=twsrc%5Etfw">August 10, 2024</a></blockquote>
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Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”.

“Crony Capitalism at its finest,” she wrote on X.

<a href="https://www.wionews.com/business-economy/indias-market-regulator-slams-hindenburg-with-show-cause-notice-736946">Also read |&nbsp;India's market regulator slams Hindenburg Research with show-cause notice</a>

<h2>Buch reacts</h2>

On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination".&nbsp;

"Our life and finances are an open book," said Buch in a joint statement with her husband.&nbsp;

"It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added.&nbsp;

(With inputs from agencies)

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct.

US-based short seller Hindenburg Research on Saturday (Aug 10) released a report citing whistleblower documents that Madhabi Buch, chairperson of market regulator Securities and Exchange Board of India (SEBI), and her husband, had stakes in offshore entities linked to the Adani Group's alleged financial misconduct. Weeks before Buch's appointment to SEBI, her husband, Dhaval Buch, requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job, the report said. "She had a 100 per cent interest in an offshore Singaporean consulting firm, called Agora Partners. On March 16, 2022, two weeks after her appointment as SEBI chairperson, she quietly transferred the shares to her husband," the report said. It added that the couple's investments were siphoned through a complex, multi-layered offshore structure - raising suspicions over the purpose and legitimacy of the entire operation. Moreover, the money was parked in a fund, linked to associates of Vinod Adani, brother of Gautam Adani, who is chairman of Adani Group. The report also highlighted the SEBI chief's role in promoting Real Estate Investment Trusts (REITs) in India - an asset class that significantly benefitted Blackstone, where her husband is a senior adviser. Prior to his adviser role, Dhaval had not worked for a fund, in real estate or capital markets. The report comes 18 months after Hindenburg released its 'expose' on Adani -- questioning the group's debt levels and use of tax havens. At the time, the report sent the conglomerate's fortunes into a tailspin which forced the company to abandon a $2.5 billion share sale. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further Opposition reacts The Opposition has latched onto the new report and said it was now evident why the market regulator had not investigated the Adani Group comprehensively. “SEBI's strange reluctance to investigate the Adani MegaScam has been long noted, not least by the Supreme Court's Expert Committee. That Committee had pointed out in its report that SEBI had in 2018 diluted and, in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial (i.e. actual) ownership of foreign funds,” said senior Congress leader Jairam Ramesh. Here is our statement on the latest Hindenberg revelations Quis Custodiet Ipsos Custodies pic.twitter.com/D1wGN2uJop — Jairam Ramesh (@Jairam_Ramesh) August 10, 2024 × Meanwhile, Trinamool Congress (TMC) MP Mahua Moitra also took a dig over the allegations, saying that “in true Adani style, even the SEBI chairman is an investor in his group”. “Crony Capitalism at its finest,” she wrote on X. Also read | India's market regulator slams Hindenburg Research with show-cause notice Buch reacts On Sunday (Aug 11), Buch described the allegations against her as "baseless" and an attempt at "character assassination". "Our life and finances are an open book," said Buch in a joint statement with her husband. "It is unfortunate that Hindenburg Research, against whom SEBI has taken enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same," they added. (With inputs from agencies)

Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds

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

Kotak Bank in Adani-Hindenburg crossfire

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

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

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

Hindenburg refutes allegations from Indian regulator on Adani short bet

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

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

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

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

US-based short-seller Hindenburg Research wrote in a note on Monday that it has received a show cause notice from market regulator Securities and Exchange Board of India (SEBI) in the Adani Group case.

Indian regulator Sebi sends notice to Hindenburg

Data centre giant Equinix is facing a storm after short seller Hindenburg research released a report accusing the company of manipulating its accounting metrics. Hindenburg alleges Equinix inflated its key profitability metric, adjusted funds from operations (AFFO), by at least 22% in 2023. Watch to know more!

Hindenburg research alleges accounting manipulation by Equinix

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