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


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

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

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

<p><meta name="uuid" content="uuid3pzPMQ0mhMLF" /></p>

<p>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&nbsp;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.</p>

<p>Citing whistleblower documents,&nbsp;Hindenburg&nbsp;said Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani, who is chairman of the Adani Group.</p>

<p><strong>Also read |&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">Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds</a></strong></p>

<p>This report by Hindenburg comes more than a year after the short-seller&nbsp;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.&nbsp;</p>

<h2><strong>Opposition reacts</strong></h2>

<p>In a post on X, senior Congress leader Jairam Ramesh issued a statement on the report's findings. "SEBI's strange reluctance to investigate the Adani mega scam has been long noted, by the Supreme Court's expert committee. The committee pointed out in its report that SEBI had in 2018 diluted and in 2019, entirely deleted the reporting requirements relating to the ultimate beneficial ownership of foreign funds," the statement said.</p>

<p>"This had tied its hands to the extent that the securities market regulator suspects wrongdoing, but also finds compliance with various stipulations in attendant regulations...It is this dichotomy that has led to SEBI drawing a blank worldwide," it said, citing the expert committee.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Here is the statement by Shri <a href="https://twitter.com/Jairam_Ramesh?ref_src=twsrc%5Etfw">@Jairam_Ramesh</a>, MP, General Secretary (Communications), AICC,<br />
on the latest Hindenburg Research revelations. <a href="https://t.co/FMpFIuvYgu">pic.twitter.com/FMpFIuvYgu</a></p>
— Congress (@INCIndia) <a href="https://twitter.com/INCIndia/status/1822349708905333070?ref_src=twsrc%5Etfw">August 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>"Under public pressure, after the Adani horse had bolted, SEBI's board reintroduced stricter reporting rules on June 28, 2023. It told the expert committee on August 25, 2023, that it was investigating 13 suspicious transactions. Yet the investigations never bore fruit," Ramesh added.</p>

<p>He pointed out that Hindenburg's report on Saturday showed that SEBI chairperson Madhabi Buch and her husband invested in the same Bermuda and Mauritius-based offshore funds in which Vinod Adani and his close associates invested funds from the over-invoicing of power equipment. "These funds are also believed to have been used to amass large stakes in the Adani Group companies in violation of SEBI regulations," Ramesh added.</p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="hi">हिंडनबर्ग खुलासे की भनक लग गई थी 3 दिन पहले मोदी ने संसद का सत्र समाप्त कर दिया।<br />
मोदी सरकार सिर से पाँव तक भ्रष्टाचार में डूबी है।अपने दोस्त अडानी को बचाने के लिए मोदी जी ने उसी SEBI अध्यक्ष से जाँच कराई जिसने अडानी के साथ मिलकर घोटाला किया।<br />
SC अपने फ़ैसले पर पुनर्विचार करे।<br />
इस…</p>
— Sanjay Singh AAP (@SanjayAzadSln) <a href="https://twitter.com/SanjayAzadSln/status/1822474748376580243?ref_src=twsrc%5Etfw">August 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>The senior Congress leader urged the central government to act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani.</p>

<p>The Aam Aadmi Party (AAP), meanwhile, said that the&nbsp;Hindenburg revelations were hinted at three days before the Parliament session ended.</p>

<p>"Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani," AAP said in a post on X.</p>

<h2><strong>SEBI chief hits out at Hindenburg</strong></h2>

<p>Reacting to Hindenburg's allegations, Madhabi Puch and her husband accused the American short-seller&nbsp;of attempting to assassinate their character.&nbsp;</p>

<p>"Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them," the couple said in a statement.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/who-is-madhabi-buch-the-sebi-chief-named-in-hindenburgs-latest-adani-report-749092">Who is Madhabi Buch? The SEBI chief named in Hindenburg's latest Adani report</a></strong></p>

<p>"Further, in the interest of complete transparency, we would be issuing a detailed statement in due course," they added.</p>

<h2><strong>Adani Group's reaction</strong></h2>

<p>"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law," the Adani Group said in a statement.&nbsp;</p>

<p>"We completely reject these allegations against the Adani Group, which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in January 2024. It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," it added.&nbsp;</p>

<h2><strong>What happens next?</strong></h2>

<p>According to reliable sources, there might be a big fallout due to the report within the upper hierarchy of SEBI. Reports indicate that Adani Group has already begun lobbying for the next SEBI chairperson, and the name of Dinesh Khara, the recently retired State Bank of India (SBI) chief, is doing the rounds.&nbsp;</p>

<p>As for confidence in the Indian market and economy -- the opposition has started pressuring the Narendra Modi government to act quickly and remove Buch from the top position in SEBI.</p>


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

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

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

<p>Madhabi Puri Buch, the chairperson of the Indian market regulator&nbsp;Securities and Exchange Board of India (SEBI), has come under heavy scrutiny after US-based short seller Hindenburg Research published a damning report, linking her to Adani Group's alleged financial misconduct.&nbsp;</p>

<p>The report stated that Madhabi and her husband,&nbsp;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.</p>

<p>"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," Hindenburg said.&nbsp;</p>

<p>It added that weeks before Madhabi's appointment as the SEBI boss, Dhaval&nbsp;requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job.&nbsp;</p>

<h2><strong>Who is&nbsp;Madhabi Puri Buch?</strong></h2>

<p>Buch was born in Mumbai in 1966 and spent her formative years in the city. She graduated from St Stephen's College of Delhi University before earning her MBA from the renowned Indian Institute of Management-Ahmedabad (IIM-A).&nbsp;</p>

<p>Afterwards, she joined the ICICI Group where she had a 17-year-long career - serving as the executive director for 12 years before donning the hat of MD and CEO for ICICI securities for two years between February 2009 and May 2011.</p>

<p><a href="https://www.wionews.com/india-news/hindenburg-report-alleges-market-regulator-chief-her-spouse-held-stake-in-adani-groups-offshore-funds-749068"><strong>Also read |&nbsp;Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds</strong></a>&nbsp;</p>

<p>Having left ICICI, Madhabi joined Greater Pacific Capital LLP - a private equity firm,&nbsp;as head of the country in Singapore in 2011. She served as founder-director of Agora Advisory Pvt Ltd and also worked with Shanghai’s New Development Bank for the next three years.&nbsp;</p>

<p>After returning to India, she held non-executive positions on the boards of major companies, including Idea Cellular and NIIT Limited. She was appointed as a Whole Time Member (WTM) of SEBI in 2017, where she managed mutual fund portfolios.&nbsp;</p>

<p>In March 2022, she became the first woman to lead SEBI. Her initial contract is due to expire in 2025 and according to rules, can be extended for two years.&nbsp;</p>

<p>Notably, Madhabi got engaged to Dhaval at the age of 18 when the latter was a director at FMCG multinational, Unilever. They got married when she turned 21.&nbsp; &nbsp;</p>

<p><a href="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548"><strong>Watch |&nbsp;Adani group struggles to shake off Hindenburg's impact</strong></a></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/adani-group-struggles-to-shake-off-hindenburgs-impact-601548/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>&nbsp;</p>

<h2><strong>What next?</strong></h2>

<p>According to reliable sources, there might be a big fallout due to the report within the upper hierarchy of the Indian market regulator. 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;</p>

<p>As for the confidence in the Indian markets and economy, especially with an eye on&nbsp;the foreign investors -- the opposition has started pressuring the Indian government to act and remove the SEBI chief.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


Madhabi Puri Buch, the chairperson of the Indian market regulator Securities and Exchange Board of India (SEBI), has come under heavy scrutiny after US-based short seller Hindenburg Research published a damning report, linking her to Adani Group's alleged financial misconduct.

Madhabi Puri Buch, the chairperson of the Indian market regulator Securities and Exchange Board of India (SEBI), has come under heavy scrutiny after US-based short seller Hindenburg Research published a damning report, linking her to Adani Group's alleged financial misconduct. The 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. "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," Hindenburg said. It added that weeks before Madhabi's appointment as the SEBI boss, Dhaval requested to transfer their investments into his sole control to avoid any scrutiny that may come with the high-profile regulatory job. Who is Madhabi Puri Buch? Buch was born in Mumbai in 1966 and spent her formative years in the city. She graduated from St Stephen's College of Delhi University before earning her MBA from the renowned Indian Institute of Management-Ahmedabad (IIM-A). Afterwards, she joined the ICICI Group where she had a 17-year-long career - serving as the executive director for 12 years before donning the hat of MD and CEO for ICICI securities for two years between February 2009 and May 2011. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds Having left ICICI, Madhabi joined Greater Pacific Capital LLP - a private equity firm, as head of the country in Singapore in 2011. She served as founder-director of Agora Advisory Pvt Ltd and also worked with Shanghai’s New Development Bank for the next three years. After returning to India, she held non-executive positions on the boards of major companies, including Idea Cellular and NIIT Limited. She was appointed as a Whole Time Member (WTM) of SEBI in 2017, where she managed mutual fund portfolios. In March 2022, she became the first woman to lead SEBI. Her initial contract is due to expire in 2025 and according to rules, can be extended for two years. Notably, Madhabi got engaged to Dhaval at the age of 18 when the latter was a director at FMCG multinational, Unilever. They got married when she turned 21. Watch | Adani group struggles to shake off Hindenburg's impact × What next? According to reliable sources, there might be a big fallout due to the report within the upper hierarchy of the Indian market regulator. 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 with an eye on the foreign investors -- the opposition has started pressuring the Indian government to act and remove the SEBI chief. (With inputs from agencies)

Who is Madhabi Buch? The SEBI chief named in Hindenburg's latest Adani report